Green Bay PEA confirms Scale, Long Life and Strong Returns

Key points

• Preliminary Economic Assessment confirms strong financial returns
• Potential for doubling production to 100kt CuEq per annum
• Initial capital cost of A$513M with rapid payback of 1.9 years
• Regulatory approvals received to commence early works
• Equity raising of A$180M to support project development

Full summary

Firefly Metals Ltd. announced the results of the Green Bay Ming Mine Preliminary Economic Assessment (PEA) and an updated Mineral Resource Estimate (MRE) for the Green Bay Ming Mine Copper-Gold Project. The PEA demonstrated the project's potential as a large-scale, long-life copper-gold project with high-grade mineralization, robust economics, and a substantial resource endowment. The study considered two production scenarios: a 1.8Mtpa (4,800tpd) base case and a larger 4.6Mtpa (12,500tpd) alternative. Both scenarios returned positive economic results. The base case scenario showed an after-tax Net Present Value (NPV7%) of approximately A$2.2B and an Internal Rate of Return (IRR) of 42%, with a rapid payback of just 1.9 years. The larger 4.6Mtpa alternative scenario showed an after-tax NPV7% of approximately A$3.0B and an IRR of 40%. Regulatory approvals have been received to commence early works, which will fast-track construction timelines with potential for first concentrate production in mid-2029. Firefly is also undertaking a A$180 million equity raising to support project development.

Guidance

Initial capital cost of A$513M with rapid payback of 1.9 years

Outlook

The Green Bay project has the potential to double production to 100kt CuEq per annum with strong financial returns and growth potential.