Green Bay Project Leads Canada by Capital Efficiency in Copper Production

FireFly Metals' Green Bay project in north-central Newfoundland is positioned as one of Canada's top undeveloped copper projects by value and capital efficiency, according to a new economic study and resource update. The preliminary economic assessment (PEA) gives the project an A$2.2 billion net present value, discounted at 7% in a base case, with an internal rate of return (IRR) of 42%. This makes Green Bay one of Canada's top copper projects by value, behind only Seabridge Gold's KSM and Western Copper and Gold's Casino project.

The PEA also shows that Green Bay leads Canadian undeveloped copper-gold projects by capital efficiency, with an after-tax net present value more than four times higher than initial capital costs. This is ahead of Canadian Copper's Murray Brook-Caribou project in New Brunswick, whose NPV is almost triple its costs.

FireFly Managing Director Steve Parsons said the project has 'world-scale' potential and could become one of the biggest copper mines outside those owned by multi-nationals and diversified mining giants. The company plans to release a feasibility study for Green Bay in next year's first quarter, with a final investment decision in the second half of 2027.

The PEA assumes a copper price of $5 per lb., a gold price of $3,500 per oz. and a silver price of $44 per ounce. FireFly shares were flat at C$1.87 apiece on Tuesday morning in Toronto, valuing the company at C$1.4 billion.