# FireFly set to capitalise on strong copper outlook with economic studies underway Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5 Original source: https://money.tmx.com/en/quote/FFM/news/4755198520297768/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa Publisher: tmx Original announcement: 2026-01-30T00:22:59.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: FireFly Metals Ltd - Ticker: FFM - Exchange: TSX - Region: Newfoundland, Canada - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Resource update, Drill results, Capital raise - Extracted: 2026-09-12 04:25:55 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary FireFly Metals has announced a significant update to its Green Bay Copper-Gold Project's Mineral Resource Estimate, reporting a 51% increase in copper equivalent metal in the Measured & Indicated categories. The update includes the delineation of a high-grade core zone and is supported by successful step-out drilling. The company is well-funded with A$250.9 million in cash and liquid investments, enabling it to progress economic studies and an aggressive drilling program. Reasoning: FireFly Metals has significantly upgraded its Green Bay Copper-Gold Project's Mineral Resource, particularly in the higher-confidence M&I categories, and delineated a high-grade core. This, combined with a successful capital raise and strong cash position, positions the company well for advancing economic studies and further exploration in a favorable copper market. - Positive factor: Significant increase in Measured & Indicated \(M&I\) Mineral Resources for the Green Bay project, providing a strong foundation for economic studies. - Positive factor: Delineation of a high-grade core zone materially enhances development options. - Positive factor: Successful capital raising and strong cash position provide funding for aggressive exploration and development activities. - Positive factor: Exceptional drilling results extended mineralization to depth and down-plunge, including a high-grade intercept with true thickness disclosed. - Positive factor: Project is compliant with JORC Code 2012 and NI 43-101, with QP/CP sign-off, indicating high reporting standards. Facts used in scoring: 35 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The total Green Bay Mineral Resource increased to 50.4Mt M&I, representing a 35% increase in tonnage from the previous MRE. Evidence · text > Total Green Bay Mineral Resource increased to 50.4Mt @ 2.0% Copper Equivalent \(CuEq\) in the Measured & Indicated \(M&I\) categories plus 29.3Mt @ 2.5% CuEq in the Inferred category: This was a 51% increase from the previous Mineral Resource Estimate \(MRE\) of October 2024 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Contained copper increased to 863kt M&I \(+113%\) and contained gold increased to 546koz M&I \(+174%\). Evidence · text > Contained copper increased to 863kt M&I \(+113%\) plus 566kt Inferred Contained gold increased to 546koz M&I \(+174%\) plus 563koz Inferred \(+62%\) **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The proportion of higher-confidence M&I Mineral Resources at the Ming Deposit increased by 121% \(from 21.5Mt to 47.5Mt\). Evidence · text > Importantly, the highly valuable M&I categories of Mineral Resource at the Ming Deposit have grown by 121% \(from 21.5Mt to 47.5Mt\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: All technical and scientific information has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez, who is a Competent Person and Qualified Person. Evidence · text > All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology \(Masters\), Geostatistics \(Postgraduate Diploma\), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The MRE was prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code 2012\). Evidence · text > Both the Ming Deposit and Little Deer MRE have been prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \( JORC Code 2012 \) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE was prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(NI 43-101\). Evidence · text > and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects \( NI 43-101 \) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces a substantial increase to the Mineral Resource Estimate for the Green Bay Copper-Gold Project. Evidence · text > On 18 November 2025, FireFly announced a substantial increase to the Mineral Resource Estimate for the Green Bay Copper-Gold Project \(the November 2025 MRE \). **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The November 2025 MRE will underpin the Preliminary Economic Assessment \(PEA\) planned for completion in the first half of 2026. Evidence · text > The November 2025 MRE will underpin the Preliminary Economic Assessment \( PEA \) planned for completion in the first half of 2026. **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: A Feasibility Study is expected to be finalised by the end of the 2026 calendar year, supported by the upgraded Mineral Resource. Evidence · text > a Feasibility Study is expected to be finalised by the end of the 2026 calendar year **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 49.0m @ 6.1% CuEq is exceptionally high-grade for a VMS deposit. Evidence · text > 49.0m @ 6.1% CuEq \(4.9% Cu & 1.3g/t Au\) **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: The true thickness of the intercept is stated as ~39.2m. Evidence · text > ~39.2m true thickness **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The drill hole MUG25-202 is described as the furthest step-out hole to date, extending mineralization by more than 650m. Evidence · text > furthest step-out hole drilled to date from the 805L exploration drive, which intersected: 49.0m @ 6.1% CuEq \(4.9% Cu & 1.3g/t Au\) in hole MUG25-202 \(~39.2m true thickness\), including an internal massive sulphide zone grading 14.3m @ 13.7% CuEq \(10.6% Cu & 3.2% Au\), confirming that mineralisation strengthens at depth and remains open, and extended the known mineralisation by more than 650m beyond the October 2024 MRE **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release states that all technical and scientific information has been reviewed and approved by a Competent Person and Qualified Person. Evidence · text > All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez ## Extracted facts Stored fact records: 35. Some facts used in scoring do not have a stored record. ## Drill Results (3) ### MUG25-202 [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-drill-facts-32) Green Bay · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: MUG25-202 - Project: Green Bay - Commodity: copper - Region: canada\_nl - Reported Region: canada\_nl - Ticker: FFM #### Geometry - Grade: 4.9 - Grade Unit: % - Intercept: 49 m - True Width: 39.2 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This drill intercept shows exceptional copper grade over a significant true width, extending the known mineralization and indicating strong potential for further growth at depth, making it a highly material and novel result. - Positive factor: Exceptional copper grade for a VMS deposit. - Positive factor: Significant intercept length and true width disclosed. - Positive factor: Step-out drilling extended known mineralization by more than 650m. - Positive factor: Mineralization remains open in multiple directions. - Positive factor: QP/CP sign-off on technical information. Evidence · text > 49.0m @ 6.1% CuEq \(4.9% Cu & 1.3g/t Au\) in hole MUG25-202 \(~39.2m true thickness\) #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 39.2 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MUG25-202 [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-drill-facts-33) Green Bay · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MUG25-202 - Project: Green Bay - Commodity: gold - Region: canada\_nl - Reported Region: canada\_nl - Ticker: FFM #### Geometry - Grade: 1.3 - Grade Unit: g/t - Intercept: 49 m - True Width: 39.2 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This drill intercept shows strong gold grade over a significant true width, contributing to the polymetallic nature of the extension and indicating strong potential for further growth at depth. - Positive factor: Strong gold grade for a VMS deposit. - Positive factor: Significant intercept length and true width disclosed. - Positive factor: Step-out drilling extended known mineralization by more than 650m. - Positive factor: Mineralization remains open in multiple directions. - Positive factor: QP/CP sign-off on technical information. Evidence · text > 49.0m @ 6.1% CuEq \(4.9% Cu & 1.3g/t Au\) in hole MUG25-202 \(~39.2m true thickness\) #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 39.2 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MUG25-202 [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-drill-facts-34) Green Bay · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: MUG25-202 - Project: Green Bay - Commodity: copper - Region: canada\_nl - Reported Region: canada\_nl - Ticker: FFM #### Geometry - Grade: 6.1 - Grade Unit: % - Intercept: 49 m - True Width: 39.2 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 6.1 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: This drill intercept shows exceptional copper equivalent grade over a significant true width, reflecting the combined value of copper and gold, extending the known mineralization and indicating strong potential for further growth at depth. - Positive factor: Exceptional copper equivalent grade for a VMS deposit. - Positive factor: Significant intercept length and true width disclosed. - Positive factor: Step-out drilling extended known mineralization by more than 650m. - Positive factor: Mineralization remains open in multiple directions. - Positive factor: QP/CP sign-off on technical information. Evidence · text > 49.0m @ 6.1% CuEq \(4.9% Cu & 1.3g/t Au\) in hole MUG25-202 \(~39.2m true thickness\) #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 39.2 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (32) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-0) Green Bay Copper-Gold Project · copper #### Identity - Project: Green Bay Copper-Gold Project - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:37a480a1ed47bb5fa3f9 #### Resource Data - Category: measured - Tonnes: 6300000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 94 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured resource for copper at Green Bay is a high-confidence estimate with a good grade, contributing significantly to the project's overall value. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Good copper grade for a VMS deposit. Evidence · table > 1.5 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-1) Green Bay Copper-Gold Project · gold #### Identity - Project: Green Bay Copper-Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:37a480a1ed47bb5fa3f9 #### Resource Data - Category: measured - Tonnes: 6300000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 50 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured gold resource, while lower grade, adds to the overall value and polymetallic nature of the Green Bay project. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Gold contributes to the polymetallic nature of the deposit. Evidence · table > 0.3 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-2) Green Bay Copper-Gold Project · silver #### Identity - Project: Green Bay Copper-Gold Project - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:37a480a1ed47bb5fa3f9 #### Resource Data - Category: measured - Tonnes: 6300000 - Grade: 1.9 - Grade Unit: g/t - Contained Metal: 388 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured silver resource, while lower grade, adds to the overall value and polymetallic nature of the Green Bay project. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Silver contributes to the polymetallic nature of the deposit. Evidence · table > 1.9 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-3) Green Bay Copper-Gold Project · copper #### Identity - Project: Green Bay Copper-Gold Project - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:37a480a1ed47bb5fa3f9 #### Resource Data - Category: measured - Tonnes: 6300000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Metal Eq. Grade: 1.7 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured copper equivalent resource at Green Bay is a high-confidence estimate with a good grade, reflecting the combined value of copper, gold, and silver. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Good copper equivalent grade for a VMS deposit. Evidence · table > 1.7 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-4) Green Bay Copper-Gold Project · copper #### Identity - Project: Green Bay Copper-Gold Project - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:6c88d98f37d3ec93ef59 #### Resource Data - Category: indicated - Tonnes: 44100000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 769 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated copper resource at Green Bay shows substantial tonnage and good grade, contributing significantly to the project's overall value and de-risking. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Significant increase in M&I resources for the overall project. Evidence · table > 1.7 Context: 44.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-5) Green Bay Copper-Gold Project · gold #### Identity - Project: Green Bay Copper-Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:6c88d98f37d3ec93ef59 #### Resource Data - Category: indicated - Tonnes: 44100000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 496 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated gold resource, while lower grade, adds to the overall value and polymetallic nature of the Green Bay project, with a significant contained metal increase. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Gold contributes to the polymetallic nature of the deposit. - Positive factor: Significant increase in M&I resources for the overall project. Evidence · table > 0.4 Context: 44.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-6) Green Bay Copper-Gold Project · silver #### Identity - Project: Green Bay Copper-Gold Project - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:6c88d98f37d3ec93ef59 #### Resource Data - Category: indicated - Tonnes: 44100000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 4638 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated silver resource, while lower grade, adds to the overall value and polymetallic nature of the Green Bay project, with a significant contained metal increase. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Silver contributes to the polymetallic nature of the deposit. - Positive factor: Significant increase in M&I resources for the overall project. Evidence · table > 3.3 Context: 44.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-7) Green Bay Copper-Gold Project · copper #### Identity - Project: Green Bay Copper-Gold Project - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:6c88d98f37d3ec93ef59 #### Resource Data - Category: indicated - Tonnes: 44100000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Metal Eq. Grade: 2.1 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated copper equivalent resource at Green Bay shows substantial tonnage and good grade, reflecting the combined value of copper, gold, and silver, and contributing to the project's de-risking. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Good copper equivalent grade for a VMS deposit. - Positive factor: Significant increase in M&I resources for the overall project. Evidence · table > 2.1 Context: 44.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-8) Green Bay Copper-Gold Project · copper #### Identity - Project: Green Bay Copper-Gold Project - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:9aca016c55106bb5459c #### Resource Data - Category: inferred - Tonnes: 29300000 - Grade: 1.9 - Grade Unit: % - Contained Metal: 566 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred copper resource at Green Bay shows substantial tonnage and good grade, indicating significant potential for future resource conversion and growth, despite its lower confidence category. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Good copper grade for a VMS deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.9 Context: 29.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-9) Green Bay Copper-Gold Project · gold #### Identity - Project: Green Bay Copper-Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:9aca016c55106bb5459c #### Resource Data - Category: inferred - Tonnes: 29300000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 563 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred gold resource, with significant contained metal, indicates strong exploration upside and adds to the polymetallic nature of the Green Bay project, despite its lower confidence category. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Gold contributes to the polymetallic nature of the deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.6 Context: 29.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-10) Green Bay Copper-Gold Project · silver #### Identity - Project: Green Bay Copper-Gold Project - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:9aca016c55106bb5459c #### Resource Data - Category: inferred - Tonnes: 29300000 - Grade: 5.1 - Grade Unit: g/t - Contained Metal: 4810 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred silver resource, with significant contained metal, indicates strong exploration upside and adds to the polymetallic nature of the Green Bay project, despite its lower confidence category. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Silver contributes to the polymetallic nature of the deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 5.1 Context: 29.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-11) Green Bay Copper-Gold Project · copper #### Identity - Project: Green Bay Copper-Gold Project - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:9aca016c55106bb5459c #### Resource Data - Category: inferred - Tonnes: 29300000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Metal Eq. Grade: 2.5 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred copper equivalent resource at Green Bay shows substantial tonnage and good grade, reflecting the combined value of copper, gold, and silver, and indicating significant potential for future growth. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Good copper equivalent grade for a VMS deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.5 Context: 29.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-12) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:0d4285ff705979c5c49e #### Resource Data - Category: measured - Tonnes: 6300000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 94 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured resource for copper at Ming Deposit is a high-confidence estimate with a good grade, contributing significantly to the project's overall value. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Good copper grade for a VMS deposit. Evidence · table > 1.5 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-13) Ming Deposit · gold #### Identity - Project: Ming Deposit - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:0d4285ff705979c5c49e #### Resource Data - Category: measured - Tonnes: 6300000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 50 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured gold resource, while lower grade, adds to the overall value and polymetallic nature of the Ming Deposit. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Gold contributes to the polymetallic nature of the deposit. Evidence · table > 0.3 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-14) Ming Deposit · silver #### Identity - Project: Ming Deposit - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:0d4285ff705979c5c49e #### Resource Data - Category: measured - Tonnes: 6300000 - Grade: 1.9 - Grade Unit: g/t - Contained Metal: 388 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured silver resource, while lower grade, adds to the overall value and polymetallic nature of the Ming Deposit. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Silver contributes to the polymetallic nature of the deposit. Evidence · table > 1.9 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-15) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:0d4285ff705979c5c49e #### Resource Data - Category: measured - Tonnes: 6300000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Metal Eq. Grade: 1.7 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Measured copper equivalent resource at Ming Deposit is a high-confidence estimate with a good grade, reflecting the combined value of copper, gold, and silver. - Positive factor: High confidence Measured category provides a strong basis for economic studies. - Positive factor: Good copper equivalent grade for a VMS deposit. Evidence · table > 1.7 Context: 6.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-16) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:ce95900707a82a952357 #### Resource Data - Category: indicated - Tonnes: 41200000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 708 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 21500000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated copper resource at Ming Deposit shows substantial tonnage and good grade, with a significant increase in M&I resources, contributing to the project's de-risking. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Significant increase in M&I resources for the Ming Deposit. Evidence · table > 1.7 Context: 41.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 41200000 against 21500000 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-17) Ming Deposit · gold #### Identity - Project: Ming Deposit - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:ce95900707a82a952357 #### Resource Data - Category: indicated - Tonnes: 41200000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 488 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 21500000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated gold resource, with significant contained metal, adds to the overall value and polymetallic nature of the Ming Deposit, with a significant increase in M&I resources. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Gold contributes to the polymetallic nature of the deposit. - Positive factor: Significant increase in M&I resources for the Ming Deposit. Evidence · table > 0.4 Context: 41.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 41200000 against 21500000 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-18) Ming Deposit · silver #### Identity - Project: Ming Deposit - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:ce95900707a82a952357 #### Resource Data - Category: indicated - Tonnes: 41200000 - Grade: 3.2 - Grade Unit: g/t - Contained Metal: 4320 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 21500000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated silver resource, with significant contained metal, adds to the overall value and polymetallic nature of the Ming Deposit, with a significant increase in M&I resources. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Silver contributes to the polymetallic nature of the deposit. - Positive factor: Significant increase in M&I resources for the Ming Deposit. Evidence · table > 3.2 Context: 41.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 41200000 against 21500000 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-19) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:ce95900707a82a952357 #### Resource Data - Category: indicated - Tonnes: 41200000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 21500000 #### Metal Equivalent - Metal Eq. Grade: 2.1 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated copper equivalent resource at Ming Deposit shows substantial tonnage and good grade, reflecting the combined value of copper, gold, and silver, and contributing to the project's de-risking with a significant increase in M&I resources. - Positive factor: Large tonnage in the Indicated category, providing confidence for economic studies. - Positive factor: Good copper equivalent grade for a VMS deposit. - Positive factor: Significant increase in M&I resources for the Ming Deposit. Evidence · table > 2.1 Context: 41.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 41200000 against 21500000 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-20) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:55f1c058427d944463c2 #### Resource Data - Category: inferred - Tonnes: 23100000 - Grade: 2 - Grade Unit: % - Contained Metal: 456 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred copper resource at Ming Deposit shows substantial tonnage and good grade, indicating significant potential for future resource conversion and growth, despite its lower confidence category. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Good copper grade for a VMS deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.0 Context: 23.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-21) Ming Deposit · gold #### Identity - Project: Ming Deposit - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:55f1c058427d944463c2 #### Resource Data - Category: inferred - Tonnes: 23100000 - Grade: 0.7 - Grade Unit: g/t - Contained Metal: 553 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred gold resource, with significant contained metal, indicates strong exploration upside and adds to the polymetallic nature of the Ming Deposit, despite its lower confidence category. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Gold contributes to the polymetallic nature of the deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.7 Context: 23.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-22) Ming Deposit · silver #### Identity - Project: Ming Deposit - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:55f1c058427d944463c2 #### Resource Data - Category: inferred - Tonnes: 23100000 - Grade: 5.9 - Grade Unit: g/t - Contained Metal: 4379 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred silver resource, with significant contained metal, indicates strong exploration upside and adds to the polymetallic nature of the Ming Deposit, despite its lower confidence category. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Silver contributes to the polymetallic nature of the deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 5.9 Context: 23.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-23) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:55f1c058427d944463c2 #### Resource Data - Category: inferred - Tonnes: 23100000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 #### Metal Equivalent - Metal Eq. Grade: 2.6 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred copper equivalent resource at Ming Deposit shows substantial tonnage and good grade, reflecting the combined value of copper, gold, and silver, and indicating significant potential for future growth. - Positive factor: Large tonnage in the Inferred category indicates significant exploration upside. - Positive factor: Good copper equivalent grade for a VMS deposit. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.6 Context: 23.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-24) Little Deer Deposit · copper #### Identity - Project: Little Deer Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:c435bd67ac3e9f33e5b2 #### Resource Data - Category: indicated - Tonnes: 2900000 - Grade: 2.1 - Grade Unit: % - Contained Metal: 62 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 2900000 - Prior Grade: 2.1 - Prior Contained Metal: 62 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated copper resource at Little Deer is a good quality estimate, but it has not seen any growth since the previous MRE, making its novelty low. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Indicated category provides confidence for economic studies. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 2.1 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-25) Little Deer Deposit · gold #### Identity - Project: Little Deer Deposit - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:c435bd67ac3e9f33e5b2 #### Resource Data - Category: indicated - Tonnes: 2900000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 2900000 - Prior Grade: 0.1 - Prior Contained Metal: 9 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated gold resource at Little Deer, while contributing to the polymetallic nature, has not seen any growth since the previous MRE, resulting in low novelty. - Positive factor: Indicated category provides confidence for economic studies. - Positive factor: Gold contributes to the polymetallic nature of the deposit. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 0.1 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-26) Little Deer Deposit · silver #### Identity - Project: Little Deer Deposit - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:c435bd67ac3e9f33e5b2 #### Resource Data - Category: indicated - Tonnes: 2900000 - Grade: 3.4 - Grade Unit: g/t - Contained Metal: 320 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 2900000 - Prior Grade: 3.4 - Prior Contained Metal: 320 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated silver resource at Little Deer, while contributing to the polymetallic nature, has not seen any growth since the previous MRE, resulting in low novelty. - Positive factor: Indicated category provides confidence for economic studies. - Positive factor: Silver contributes to the polymetallic nature of the deposit. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 3.4 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-27) Little Deer Deposit · copper #### Identity - Project: Little Deer Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:c435bd67ac3e9f33e5b2 #### Resource Data - Category: indicated - Tonnes: 2900000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 2900000 - Prior Grade: 2.3 #### Metal Equivalent - Metal Eq. Grade: 2.3 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Indicated copper equivalent resource at Little Deer is a good quality estimate, but it has not seen any growth since the previous MRE, making its novelty low. - Positive factor: Indicated category provides confidence for economic studies. - Positive factor: Good copper equivalent grade for a VMS deposit. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 2.3 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-28) Little Deer Deposit · copper #### Identity - Project: Little Deer Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:5abd2486bddacb06ea86 #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 110 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 6200000 - Prior Grade: 1.8 - Prior Contained Metal: 110 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred copper resource at Little Deer shows good grade but has not seen any growth since the previous MRE, limiting its novelty and confidence for future development. - Positive factor: Good copper grade for a VMS deposit. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 1.8 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-29) Little Deer Deposit · gold #### Identity - Project: Little Deer Deposit - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:5abd2486bddacb06ea86 #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 6200000 - Prior Grade: 0.1 - Prior Contained Metal: 10 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred gold resource at Little Deer, while contributing to the polymetallic nature, has not seen any growth since the previous MRE, limiting its novelty and confidence. - Positive factor: Gold contributes to the polymetallic nature of the deposit. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 0.1 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-30) Little Deer Deposit · silver #### Identity - Project: Little Deer Deposit - Commodity: silver - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:5abd2486bddacb06ea86 #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 2.2 - Grade Unit: g/t - Contained Metal: 430 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 6200000 - Prior Grade: 2.2 - Prior Contained Metal: 430 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred silver resource at Little Deer, while contributing to the polymetallic nature, has not seen any growth since the previous MRE, limiting its novelty and confidence. - Positive factor: Silver contributes to the polymetallic nature of the deposit. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 2.2 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/firefly-set-to-capitalise-on-strong-copper-outlook-with-economic-studies-underwa--2c38bf88-c750-4862-8c33-e88070b8e8f5#fact-resource-facts-31) Little Deer Deposit · copper #### Identity - Project: Little Deer Deposit - Commodity: copper - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: FFM #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr Juan Gutierrez - Resource group id: resource:5abd2486bddacb06ea86 #### Resource Data - Category: inferred - Tonnes: 6200000 - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-11-18 - Prior Tonnes: 6200000 - Prior Grade: 1.8 #### Metal Equivalent - Metal Eq. Grade: 1.8 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-30T00:00:00.000Z Reasoning: The Inferred copper equivalent resource at Little Deer shows good grade but has not seen any growth since the previous MRE, limiting its novelty and confidence for future development. - Positive factor: Good copper equivalent grade for a VMS deposit. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Resource estimate remains unchanged from previous MRE, indicating no new growth. Evidence · table > 1.8 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.