FireFly Resources Boasts Strong Economics for Newfoundland Project
FireFly Resources () presented its case for the Newfoundland project at the Resources Rising Stars Gold Coast Conference, highlighting the asset's rare scale, high grade, and fast path to production. Management emphasized strong economics and a large cash balance, noting that the ore body remains open and drilling is still expanding the resource.
The company's current resource stands at 84 million tonnes at 2.5% copper equivalent, with a 25-million-tonne high-grade core at 4.3% copper equivalent. The base case outlines a 2.2-billion-AUD net present value and an upscaled case with a 3-billion-AUD net present value, both calculated at a conservative 5 AUD per pound copper price.
FireFly has 373 million AUD in cash, enough to cover the 513-million-AUD base-case initial capital cost. Management said first copper is targeted before the end of 2029, supported by existing permits, nearby port access, and low-cost hydro power.