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FireFly Metals Ltd. — Interim / Quarterly Report 2024
Jan 29, 2024
48548_rns_2024-01-29_808109a6-6767-4b84-8a3f-335fce3ac748.pdf
Interim / Quarterly Report
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ASX FFM
30 January 2024
ASX Announcement
DECEMBER QUARTERLY
Gold project with excep�onal assays in first drilling
KEY POINTS
-
Transforma�onal quarter headlined by comple�on of the Green Bay copper-gold project acquisi�on in Newfoundland, Canada
-
Green Bay has Resources of 39.2Mt at 2.1% for 811,000t CuEq[1]
-
40,000m underground diamond drilling program and 700m development drive commenced
-
Excep�onal assays from FireFly’s maiden drilling program at Green Bay; These extended the known mineralisa�on by 350m and will form part of a Resource update
-
The results included (refer ASX release dated 16 January 2024. All reported as downhole widths) :
-
46.4m @ 4.6 Cu, 1.2g/t Au, 7.5g/t Ag (5.6% CuEq) MUG23-006
-
17.8m @ 4.4% Cu, 2.2g/t Au, 18.8g/t Ag (6.65 CuEq) MUG23-006
-
14.7m @ 2.6% Cu, 5.5g/t Au, 24.2g/t Ag, 1.2% Zn (7.5% CuEq) MUG23-004
-
11.2m @ 4.9% Cu, 2.3g/t Au, 9.7g/t Ag (6.9% CuEq) MUG23-004
-
2.7m @ 13.5% Cu, 7.0g/t Au, 33.0g/t Ag (19.4% CuEq) MUG23-006
-
Analysis of historic 2022 drill holes that were only assayed for copper by the previous operator demonstrate significant quan��es of precious (gold and silver) and base metals (zinc) in the highgrade VMS zone. Results (refer ASX release dated 11 December 2023) include:
-
9.3m @ 9.4% Cu, 4.7g/t Au, 20.5g/t Ag, 1.3% Zn (13.6% CuEq) RM22-795-15
-
16.8m @ 6.7% Cu, 3.5g/t Au, 24.8g/t Ag, 4.9% Zn (11.2% CuEq) RM22-795-10
-
41.2m @ 5.9% Cu, 1.3g/t Au, 13.3g/t Ag (7.1% CuEq) RM22-795-06
-
47.2m @ 4.7% Cu, 2.2g/t Au, 14.3g/t Ag (6.8% CuEq) RM22-795-14
-
18.4m @ 4.6% Cu, 1.9g/t Au, 10.9g/t Ag (6.3% CuEq) RM22-795-02
-
31.6m @ 3.6% Cu, 1.1g/t Au, 9.8g/t Ag (4.6% CuEq) RM22-795-08
-
FireFly agreed to acquire 169sqkm of addi�onal ground adjacent to Green Bay
-
Change of name and ASX code from AuTECO Minerals Ltd (ASX: AUT) to FireFly Metals Ltd (ASX: FFM)
-
Share Purchase Plan (SPP) successfully completed and increased to $5M in response to strong demand
-
$17.1M in cash and cash equivalents at 31 December 2023
1 The Company first announced the foreign es�mate for the Green Bay Project on 31 August 2023. The foreign es�mate is prepared in accordance with Canadian Na�onal Instrument 43-101 and has not been reported in accordance with JORC 2012. A competent person has not done sufficient work to classify the foreign es�mates in accordance with the JORC Code and it is uncertain that following evalua�on and or further explora�on that a foreign es�mate will be able to be reported in accordance with the JORC Code. Further informa�on on the foreign es�mate is set out in Appendix 2.
FireFly Metals Ltd
ACN 110 336 733 Principal & Registered Office: Level 2/8 Richardson Street West Perth WA 6005
+61 8 9220 9030 [email protected] www.fireflymetals.com.au
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FireFly Metals Limited (ASX: FFM) ( FireFly or the Company ) is pleased to report on what was a highly successful quarter for the Company marked by its acquisi�on of the Green Bay copper-gold project in Newfoundland, Canada.
Following the transac�on, shareholders approved the change of the Company’s name from AuTECO Minerals to FireFly Metals.
Managing Director Steve Parsons said: “We seized what was a rare and valuable opportunity to acquire a copper project of Green Bay’s quality.
“Our technical skills, experience and network meant we were able to move quickly and effectively through the due diligence and funding phase to ensure we secured this outstanding asset.
“We were attracted to the substantial resource, high-grade mineralisation and existing infrastructure and we saw huge scope to grow the resource through drilling.
potential.
“Drilling will continue to accelerate with the use of the new underground platform and a second rig arriving on site.
“This will maximise our ability to generate strong newsflow and grow the known mineralisation ahead of a resource update”.
GREEN BAY COPPER GOLD
COMPLETION OF GREEN BAY COPPER-GOLD PROJECT ACQUISITION
On 20 October 2023, FireFly announced the comple�on the acquisi�on of all shares in Rambler Metals and Mining Canada Limited and 1948565 Ontario Inc (the Acquisi�on ). The Company now owns 100% of the Green Bay Copper-Gold Project located on the Baie Verte peninsula of north-east Newfoundland, Canada which includes a current NI 43-101 Resource of 39.2Mt @ 2.1% for 811,000t CuEq.
Terms and details of the Acquisi�on can be found in the Company’s ASX announcements including:
-
‘AuTECO to acquire Green Bay Copper-Gold Project in Newfoundland, Canada’ (31 August 2023)
-
‘Highly successful Placement paves way for imminent start to drilling at Green Bay Copper-Gold Project in Canada’ (4 September 2023)
-
‘No�ce of General Mee�ng’ (11 September 2023)
-
‘Court approves AuTECO’s acquisi�on of Green Bay Copper-Gold project, Canada’ (12 September 2023)
ASX FFM
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RESOURCE DRILLING PROGRAM
Upon comple�on of the Acquisi�on, a 40,000m underground drilling campaign and development of a 700m explora�on drill drive commenced, marking the beginning of the first phase of the Company’s growth strategy at Green Bay.
The strategy is aimed at rapidly increasing the current NI 43-101 Resource, which stands at 39.2Mt @ 2.1% for 811,000t CuEq.
Ini�al high-priority targets to be drill-tested included the upper and lower extensions of the Lower Footwall Zone and high-grade VMS Horizon.
On 16 January 2024, the Company announced the return of spectacular grades from drilling completed in the December quarter. The results reported were from the first 5 holes, where complete mul�-element assay results were returned.
The ini�al drilling successfully demonstrated that VMS mineralisa�on is present 350m down plunge from exis�ng underground development and highlights the immense resource growth poten�al. All the mineralisa�on reported is outside of the current resource. Significant drill results (all reported downhole widths) included:
-
46.4m @ 4.6% Cu, 1.2g/t Au, 7.5g/t Ag (5.6% CuEq) MUG23-006
-
17.8m @ 4.4% Cu, 2.2g/t Au, 18.8g/t Ag (6.6% CuEq) MUG23-006
-
14.7m @ 2.6% Cu, 5.5g/t Au, 24.2g/t Ag, 12% Zn (7.5% CuEq) MUG23-004
-
11.2m @ 4.9% Cu, 2.3g/t Au, 9.7g/t Ag (6.9% CuEq) MUG23-004
-
2.7m @ 13.5%, 7.0g/t Au, 33.0g/t Ag (19.4% CuEq) MUG23-006
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Figure 1: Long section view (looking west) of the Ming mine. Drill copper grades >0.5% are shown in red (refer ASX release dated 16 January 2024).
With the down-dip con�nuity of the mineralised VMS horizons established, further drilling at more favourable orienta�ons will be conducted during 2024 from the explora�on drill drive currently being mined as part of FireFly Metals’ accelerated resource growth strategy.
ASX FFM
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EXPLORATION DRIVE
On 21 November 2023, the Company advised that it started underground mining of a 700m explora�on drill drive at the Green Bay Copper-Gold project which enables FireFly to drill faster, more efficiently and more accurately as part of its strategy to rapidly grow the exis�ng high-grade copper-gold Resource.
copper-gold VMS horizons and the bulk Lower Footwall Zone, which returned an intersec�on of 102m @ 1.7% copper 460m from the star�ng point of the explora�on drive and will provide addi�onal drilling pla�orms to infill the outstanding historic intersec�ons down plunge of the exis�ng Resource which includes 22.6m @ 4.4% Cu, 18.0m @ 4.6% Cu, 19.2m @ 10.3% Cu (refer ASX release dated 31 August 2023).
The explora�on drill drive will be operated by FireFly underground mining personnel u�lising a new twin boom Sandvik DD321 jumbo, enabling excellent produc�vity and reduced unit costs in comparison to the smaller single boom equipment previously deployed on the site.
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Figure 2: Long section view (looking west) of the Ming mine showing the position of the planned underground exploration drive (blue). Planned drill holes (green) will test both the upper high-grade Cu-Au VMS lodes in addition to the extensions of the broad Lower Footwall Zone.
HIGH GRADE COPPER-GOLD INTERSECTIONS
from the analysis of 18 diamond drill holes completed in 2022 by the previous operator of the Ming Mine within the Green Bay project in Newfoundland, Canada.
These holes were previously tested for copper only. Analysis for other key economic metals was not completed due to the former operator entering the Canadian Companies’ Creditors Arrangement Act (“CCAA”) process.
Since acquiring the Green Bay copper-gold project, FireFly Metals submited the pulps to the ISO accredited Eastern Analy�cal Laboratory in Springdale, Newfoundland, for analysis.
ASX FFM
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precious (gold and silver) and base metals (zinc) in the high-grade VMS zone. Results (all downhole widths) include:
-
9.3m @ 9.4% Cu, 4.7 g/t Au, 20.5g/t Ag, 1.3% Zn (13.6% CuEq) RM22-795-15
-
16.8m @ 6.7% Cu, 3.5 g/t Au, 24.8g/t Ag, 4.9% Zn (11.2% CuEq) RM22-795-10
-
41.2m @ 5.9% Cu, 1.3 g/t Au, 13.3g/t Ag (7.1% CuEq) RM22-795-06
-
47.2m @ 4.7% Cu, 2.2 g/t Au, 14.3g/t Ag (6.8% CuEq) RM22-795-14
-
18.4m @ 4.6% Cu, 1.9 g/t Au, 10.9g/t Ag (6.3% CuEq) RM22-795-02
-
31.6m @ 3.6% Cu, 1.1 g/t Au, 9.8g/t Ag (4.6% CuEq) RM22-795-08
The drill holes reported were aimed at tes�ng down-plunge con�nuity of the high-grade upper volcanogenic massive sulphide (VMS) style mineralisa�on and stringer mineralisa�on in the footwall immediately adjacent to the VMS contact.
concentra�on of precious and base metals in the system in addi�on to the high-grade copper. Importantly, these results are from extensions of the high-grade VMS lode and are therefore outside the Resource.
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Figure 3: Isometric view of the 2022 drilling completed from the 795 Level to test the extensions of the high-grade Ming North VMS system. All results are from unmined zones. The planned FireFly exploration drive is shown in green.
ASX FFM
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ACQUISITION OF ADDITIONAL GROUND
On 22 December 2023, the Company announced that it had agreed to acquire 169sqkm of addi�onal ground adjacent to its Green Bay copper-gold project from Gold Hunter Resources Inc (CNSX: HUNT) ( Gold Hunter ).
mineral district of Newfoundland.
The total purchase price is C$15.5 million, comprising C$500,000 in cash and C$15 million in fully paid ordinary FireFly shares. The transac�on is subject to a number of condi�ons precedent, including Gold Hunter obtaining shareholder approval; no�ng the Gold Hunter board will unanimously recommend the transac�on and will be vo�ng their shares in favour of the transac�on.
Subject to sa�sfac�on of the condi�ons precedent outline in the Company’s ASX release dated 22 December 2023, the Company expects the acquisi�on to complete in the first quarter of 2024.
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Figure 4: Location of the acquisition claims relative to FireFly Metals’ Green Bay copper-gold Project, Newfoundland & Labrador Province, Canada.
PICKLE CROW GOLD PROJECT
due to the team’s focus on the integra�on of the Green Bay Copper-Gold Project.
ASX FFM
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CORPORATE
NAME CHANGE TO FIREFLY METALS LTD
On 27 November 2023, the Company changed its name from AuTECO Minerals Limited to FireFly Metals Ltd. The Company commenced trading under its new name and ASX Code (ASX: FFM) on 14 December 2023. The ASX trade abbrevia�on also changed at the same �me from AUTECO to FFMLTD.
FireFly Metals Ltd also unveiled new branding, including an updated website (www.frefymetals.com.au).
CONSOLIDATION
FireFly received shareholder approval for the consolida�on of capital on a 15 to 1 basis ( Consolida�on ) at the Company’s Annual General Mee�ng on 23 November 2023.
The Consolida�on was completed on 7 December 2023, at which �me the Company’s capital structure was as follows:
| Securi�es | ASX Security Code and Descrip�on | Number |
|---|---|---|
| Shares | AUT : ORDINARY FULLY PAID | 360,760,906 |
| Op�ons | AUTAC : OPTION EXPIRING VARIOUS DATE EX VARIOUS PRICES | 800,001 |
| AUTAD : OPTION EXPIRING 23-JAN-2025 EX $0.15 | 2,600,001 | |
| AUTAE : OPTION EXPIRING 14-APR-2024 EX $1.875 | 666,667 | |
| Performance Rights |
AUTAG : PERFORMANCE RIGHTS 03-MAY-2026 EX $ NIL | 53,334 |
| AUTAI : PERFORMANCE RIGHTS EXPIRING 22-JUN-2027 | 733,334 | |
| AUTAH : PERFORMANCE RIGHTS | 18,305,408 | |
| AUTAF : PERFORMANCE RIGHTS 14-APR-2026 | 1,000,000 |
SHARE PLACEMENT AND PURCHASE PLAN
On 6 October 2023, the Company advised that the Share Purchase Plan ( SPP ) which opened on 7 September of the previous quarter had received applica�ons significantly exceeding the targeted raising amount of $3,000,000.
In light of the posi�ve response to the SPP and to minimise the scale back of applica�ons under the SPP, the Board agreed to close the SPP early on Thursday, 12 October 2023.
The Company announced the successful comple�on of the SPP on 17 October 2023. The SPP was open to 3,029 eligible shareholders and the Company received valid applica�ons from 604 eligible shareholders (including custodian level applica�ons), represen�ng a par�cipa�on rate of approximately 20.0% and an average applica�on amount of approximately $15,350. Applica�ons under the SPP totalled approximately $9.1 million, well ahead of the original $3 million target.
The Company accepted oversubscrip�ons under its share purchase plan to raise a total of $5 million. Shares for the SPP were issued on Monday, 23 October 2023.
Following shareholder approval at the Company’s general mee�ng held on 11 October 2023, FireFly confirmed it had completed the A$55 million fully underwriten two-tranche share placement on 18 October 2023.
ASX FFM
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BOARD AND MANAGEMENT CHANGES
Following shareholder approval and the comple�on of the Green Bay copper-gold project acquisi�on during the quarter, the Company’s execu�ve team was boosted with the appointment of Mr Steve Parsons as Managing Director and Mr Michael Naylor as Execu�ve Director.
FINANCIAL INFORMATION
FireFly’s cash posi�on at 31 December 2023 was $17.1M. Expenditure during the quarter included oneoff payments associated with the acquisi�on of the Green Bay Copper-Gold Project and upfront prepayments related to the commencement of drilling and development at Green Bay. Refer to Appendix 1 for the financial analysis of selected items within the Appendix 5B.
For and on behalf of the Board.
Mr Steve Parsons Managing Director FireFly Metals Ltd Phone: +61 8 9220 9030
Media:
Paul Armstrong Read Corporate +61 8 9388 1474
ABOUT FIREFLY METALS
FireFly Metals Ltd (formerly AuTECO Minerals Ltd) (ASX: FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada.
The Green Bay Copper-Gold Project currently hosts a mineral resource prepared in accordance with Canadian NI 43-101 of 39.2Mt at 2.1% for 811,000t CuEq . The Company has a clear strategy to rapidly grow the copper-gold resource to demonstrate a globally significant copper-gold asset. FireFly has already commenced a 40,000m diamond drilling program.
FireFly also holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold , with excep�onal discovery poten�al on the 500km[2] tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
For further informa�on regarding FireFly Metals Ltd please visit the ASX pla�orm (ASX:FFM) or the Company’s website www.frefymetals.com.au
ASX FFM
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COMPLIANCE STATEMENTS
Company confirms that the suppor�ng informa�on included in the announcement of 31 August 2023 con�nues to apply and has not materially changed.
Metal equivalents in this release have been calculated at a copper price of US$8,295/t, gold price of US$1,912/oz and silver price of US$22.59/oz. Individual grades for the metals are set out at Appendix 2 of this announcement. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (0.74112 x Au(g/t)) + (0.00876 x Ag(g/t). No metallurgical recovery factors have been applied to the in-situ resource nor drill hole results. It is the Company’s view that all elements in the copper equivalent calcula�on have a reasonable poten�al to be recovered and sold.
accordance with ASX Lis�ng Rule 5.7 in FireFly’s ASX releases dated 31 August 2023, 11 December 2023, and 16 January 2024.
reported in the Company’s ASX release dated 4 May 2023, �tled “High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t”.
included in the original announcements and that all material assump�ons and technical parameters underpinning the mineral resource es�mates in the original announcements con�nue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.
FORWARD LOOKING INFORMATION
This announcement may contain certain forward-looking statements and projec�ons, including statements regarding FireFly’s plans, forecasts and projec�ons with respect to its mineral proper�es and programs. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon informa�on currently available to management and based upon what management believes to be reasonable assump�ons, such forward looking statements/projec�ons are es�mates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertain�es and other factors many of which are beyond the control of the Company. The forward-looking statements/projec�ons are inherently uncertain and may therefore differ materially from results ul�mately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral proper�es will proceed, that any mineralisa�on will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral proper�es. The performance of FireFly may be influenced by a number of factors which are outside the control of the Company, its directors, staff or contractors. The Company does not make any representa�ons and provides no warran�es concerning the accuracy of the projec�ons, and disclaims any obliga�on to update or revise any forward looking statements/projects based on new informa�on, future events or otherwise except to the extent required by applicable laws
ASX FFM
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APPENDIX 1
Financial Analysis of selected items within the Appendix 5B
| Appendix 5B reference |
ASX descrip�on reference | |
|---|---|---|
| Summary | ||
| 1.2(a) | Explora�on and evalua�on (expensed) |
Relates to care and maintenance costs associated with the Green Bay Copper-Gold Project. |
| 1.2(d) | Staf costs | Relates to Perth and Canada ofce staf salaries, Directors’ fees (execu�ve and non-execu�ve). |
| 1.2(e) | Administra�on and corporate costs |
Relates to costs for associated with opera�ng the Company’s Perth and Canadian ofces and includes lis�ng and compliance costs (ASIC, ASX and share registry), audit fees, insurance, ofce occupancy, marke�ng, and legal expenses. |
| 1.4 | Interest received | FireFly holds its cash in a combina�on of term deposits and at call accounts. Interest is recorded in the Appendix 5B when it is received. Accordingly, the amount varies each quarter based on interest rates and the amounts across the diferent interest bearing accounts. |
| 2.1(a) | Payments to acquire en��es |
Cash paid for the acquisi�on of the Green Bay Copper-Gold Project. |
| 2.1(d) | Payments for explora�on and evalua�on (capitalised) |
Expenditure related to the commencement of underground drilling and the development drive at the Green Bay Copper- Gold Project during the quarter in addi�on to geochem mapping and prospec�ng at the Pickle Crow Gold Project undertaken in the previous quarter. |
| 2.5 | Other inves�ng ac�vi�es | Due diligence and advisor costs associated with the acquisi�on of the Green Bay Copper-Gold Project. |
| 3.1 | Proceeds from issues or equity securi�es |
Funds received from Tranche 2 of the share placement announced on 4 September 2023 and the Share Purchase Plan ($5 million). |
| 6.1 | Aggregate amount of payments to related par�es and their associates |
Execu�ve directors’ salaries and superannua�on and non- execu�ve director fees. |
| 8.0 | Future opera�ng ac�vi�es | An�cipated cash ou�lows this quarter: • Expenditure associated with the ongoing explora�on and development programs suppor�ng the Resource growth strategy at the Green Bay Copper-Gold Project; • Mill care & maintenance costs at the Green Bay Copper- Gold Project; • Ongoing explora�on ac�vi�es at the Pickle Crow Gold Project and Limestone Well Vanadium Project; and • Corporate costs. |
ASX FFM
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APPENDIX 2
Green Bay Copper-Gold Project Mineral Resources
Ming Deposit as at 31 March 2022
| MEASURED | MEASURED | MEASURED | INDICATED | INDICATED | INDICATED | INFERRED | INFERRED | INFERRED | TOTAL RESOURCE | TOTAL RESOURCE | TOTAL RESOURCE | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Grade | Metal | Tonnes | Grade | Metal | Tonnes | Grade | Metal | Tonnes | Grade | Metal | |
| Copper | 8.4Mt | 1.71% | 144kt | 15.3Mt | 1.85% | 284kt | 6.4Mt | 1.86% | 120kt | 30.2Mt | 1.81% | 547kt |
| Gold | 0.5g/t | 124koz | 0.3g/t | 148koz | 0.4g/t | 79koz | 0.4g/t | 351koz | ||||
| Silver | 3.6g/t | 962koz | 2.4g/t | 1,164koz | 2.6g/t | 537koz | 2.7g/t | 2,664koz |
Litle Deer Complex (Litle Deer & Whalesback Mine) as at 31 December 2021
| MEASURED | MEASURED | MEASURED | INDICATED | INDICATED | INDICATED | INFERRED | INFERRED | INFERRED | TOTAL RESOURCE | TOTAL RESOURCE | TOTAL RESOURCE | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Grade | Metal | Tonnes | Grade | Metal | Tonnes | Grade | Metal | Tonnes | Grade | Metal | |
| Copper | - | - | - | 2.9Mt | 2.13% | 62kt | 6.2Mt | 1.78% 0.1g/t 2.2g/t |
110kt | 9.1Mt | 1.90% | 172kt |
| Gold | - | - | - | 0.1g/t | 9koz | 10koz | 0.1 | 19koz | ||||
| Silver | - | - | - | 3.4g/t | 318koz | 430koz | 2.6 | 748koz |
TOTAL MINERAL RESOURCES
| MEASURED | MEASURED | MEASURED | INDICATED | INDICATED | INDICATED | INFERRED | INFERRED | INFERRED | TOTAL RESOURCE | TOTAL RESOURCE | TOTAL RESOURCE | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Grade | Metal | Tonnes | Grade | Metal | Tonnes | Grade | Metal | Tonnes | Grade | Metal | |
| Copper | 8.4Mt | 1.71% | 144kt | 18.2Mt | 1.89% | 345kt | 12.6Mt | 1.82% | 230kt | 39.2Mt | 1.83% | 718kt |
| Gold | 0.5g/t | 124koz | 0.3g/t | 157koz | 0.2g/t | 88koz | 0.3 | 370koz | ||||
| Silver | 3.6g/t | 962koz | 2.5g/t | 1,482koz | 2.4g/t | 968koz | 2.7 | 3,413koz |
-
FireFly Metals Ltd cau�ons that mineral resources for the Green Bay Copper-Gold project, incorpora�ng the Ming Deposit and Litle Deer Complex, are not reported in accordance with the JORC Code (2012 Edi�on). All resources have been prepared in accordance with Canadian Na�onal Instrument 43-101. A competent person has not done sufficient work to classify the foreign es�mates in accordance with the JORC Code (2012 Edi�on) and it is uncertain that following evalua�on and or further explora�on that a foreign es�mate will be able to be reported in according with the JORC Code. Please refer to ASX announcement dated 31 August 2023 for addi�onal technical informa�on rela�ng to the foreign es�mate.
ASX FFM
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APPENDIX 3
Summary of Mining Tenements held at the end of December 2023 Quarter
Limestone Well Vanadium Project
Western Australia
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER |
|---|---|---|---|---|
| Limestone Well | E20/846 | Granted | 90% | FireFly Metals Ltd |
| Limestone Well | E57/1069 | Granted | 90% | FireFly Metals Ltd |
South Australian Projects
South Australia
| South Australia | ||||
|---|---|---|---|---|
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER |
| Kulitjara | ELA 2013/168 | Applica�on | 100% | Monax Alliance Pty Ltd |
| Anmuryinna | ELA 2013/169 | Applica�on | 100% | Monax Alliance Pty Ltd |
| Poole Hill | ELA 2013/170 | Applica�on | 100% | Monax Alliance Pty Ltd |
Sioux Lookout Projects
Ontario, Canada
| Ontario, Canada | ||||
|---|---|---|---|---|
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER |
| 604520 to 605119 | ||||
| Trappers Cabin | 605437 to 605480 | Granted | 100% | Revel Resources Ltd |
| Gold Thrust | 605481 to 605784 | Granted | 100% | Revel Resources Ltd |
Pickle Crow Gold Project
Ontario, Canada (interest 70%)
FireFly has entered into an earn-in agreement with First Mining Gold Corp (TSX:FF) to acquire up to an 80% interest in PC Gold Inc, the 100% holder of the Pickle Crow Gold Project. For further details refer to ASX announcements dated 28 January 2020, 17 February 2020, 13 March 2020, 18 March 2021 and 2 August 2021.
GRANTED TENEMENT NO.
| 102631 | 173067 | 247646 | 335092 | 672232 |
|---|---|---|---|---|
| 102632 | 173068 | 247647 | 335442 | 672233 |
| 102636 | 173091 | 249298 | 335443 | 672234 |
| 102637 | 173136 | 257912 | 335446 | 672235 |
| 102655 | 173138 | 265530 | 335468 | 672236 |
| 102656 | 173544 | 265531 | 344008 | 672237 |
| 102688 | 173853 | 265581 | 344010 | 672238 |
| 102716 | 173854 | 265585 | 344012 | 672239 |
| 102717 | 173875 | 265601 | 344013 | 672240 |
| 102720 | 182415 | 265604 | 344014 | 672241 |
| 102773 | 182433 | 265623 | 344029 | 672242 |
| 102796 | 182434 | 265624 | 344030 | 672243 |
| 102797 | 182438 | 266182 | 344031 | 672244 |
ASX FFM
Page | 12
==> picture [146 x 41] intentionally omitted <==
| 102827 | 182440 | 266185 | 344580 | 672245 |
|---|---|---|---|---|
| 102882 | 182468 | 266188 | 344581 | 672246 |
| 102979 | 182472 | 266203 | 344582 | 672247 |
| 103184 | 182473 | 266205 | 344583 | 672248 |
| 103203 | 183017 | 266847 | 344584 | 672249 |
| 112269 | 183069 | 266850 | 344633 | 672250 |
| 112270 | 183090 | 267574 | 344637 | 672251 |
| 117286 | 183091 | 272992 | 344655 | 672252 |
| 117311 | 183092 | 273007 | 344659 | 672253 |
| 117314 | 183093 | 273011 | 344681 | 672579 |
| 117315 | 183115 | 273012 | 344683 | 711253 |
| 117334 | 183118 | 273017 | 344745 | 711477 |
| 117335 | 188411 | 273572 | 345282 | 719977 |
| 117935 | 188414 | 273618 | 345328 | 720020 |
| 117936 | 188415 | 273619 | 345347 | PA 185 (PA 2061) |
| 117942 | 188422 | 273620 | 345348 | PA 186 (PA 2062 |
| 117947 | 188443 | 273642 | 562622 | PA 187 (PA2063) |
| 117948 | 188444 | 273643 | 562636 | PA 188 (PA 2064) |
| 117969 | 188445 | 273644 | 562648 | PA 189 (PA 2065) |
| 117970 | 188446 | 273663 | 562649 | PA 199 (PA 2067) |
| 117977 | 188502 | 273664 | 562650 | PA 200 (PA 2068) |
| 117998 | 188519 | 274255 | 562651 | PA 201 (PA 2066) |
| 117999 | 188547 | 274303 | 562652 | PA 2011 |
| 118002 | 189122 | 274325 | 562653 | PA 202 (PA 2069) |
| 118032 | 189170 | 275021 | 562654 | PA 2062A) |
| 118094 | 189214 | 275022 | 562655 | PA 2071e (PA 2071 & |
| PA 2072) | ||||
| 118095 | 189695 | 275031 | 562656 | PA 2133 |
| 118115 | 189900 | 275087 | 562657 | PA 2139 |
| 118121 | 189903 | 275551 | 562658 | PA 2140 |
| 118227 | 189922 | 276008 | 562659 | PA 2141 |
| 118288 | 189923 | 285057 | 562660 | PA 2185 |
| 124493 | 196962 | 285058 | 562661 | PA 2586 |
| 124494 | 196963 | 285059 | 562662 | PA 63 |
| 124495 | 196967 | 285060 | 562663 | PA 637 |
| 124496 | 196968 | 285069 | 562664 | PA 638 |
| 124519 | 196969 | 285076 | 562665 | PA 639 |
| 124522 | 196984 | 285088 | 562666 | PA 64 |
| 124523 | 196985 | 285089 | 562667 | PA 640 |
| 125042 | 196986 | 285090 | 562668 | PA 644 |
| 125043 | 202396 | 285091 | 562669 | PA 646 |
| 125075 | 203622 | 285629 | 562670 | PA 65 |
| 125076 | 207336 | 285634 | 562672 | PA 66 |
| 125145 | 207590 | 285635 | 562673 | PA 665 (PA 2073) |
| 125147 | 207603 | 285652 | 562674 | PA 666 (PA 2076) |
| 125150 | 207626 | 285657 | 562675 | PA 667 (PA 2077) |
| 125151 | 207649 | 285708 | 562676 | PA 668 (PA 2075) |
| 125176 | 207652 | 285709 | 562677 | PA 669 (PA 2078) |
| 125177 | 207653 | 285732 | 562678 | PA 67 |
| 125772 | 207654 | 285734 | 562679 | PA 670 (PA 2070) |
| 125797 | 207655 | 285759 | 562680 | PA 671 (PA 2074) |
| 125837 | 207657 | 286396 | 562681 | PA 675 |
| 125856 | 207720 | 286415 | 562682 | PA 676 |
| 127040 | 208244 | 287100 | 562683 | PA 677 |
| 127041 | 208316 | 287122 | 562684 | PA 68 |
| 127444 | 208340 | 287631 | 562685 | PA 684 |
| 135139 | 208385 | 292388 | 562690 | PA 685 |
| 137058 | 208401 | 292389 | 562765 | PA 686 |
| 137059 | 208405 | 292410 | 562766 | PA 69 |
| 137060 | 208406 | 292411 | 562767 | PA 696 |
| 137199 | 208936 | 292412 | 562768 | PA 697 |
ASX FFM
Page | 13
==> picture [146 x 41] intentionally omitted <==
| 137200 | 208938 | 292416 | 562769 | PA | 698 |
|---|---|---|---|---|---|
| 137848 | 209208 | 292417 | 562770 | PA | 699 |
| 143310 | 209914 | 292431 | 562771 | PA | 70 |
| 147879 | 209915 | 292453 | 562772 | PA | 700 |
| 151198 | 210048 | 292454 | 562774 | PA | 701 |
| 152985 | 215596 | 292455 | 562776 | PA | 702 |
| 152991 | 217803 | 293007 | 562777 | PA | 703 |
| 152992 | 217811 | 293008 | 562778 | PA | 704 |
| 152993 | 217812 | 293009 | 562779 | PA | 705 |
| 152998 | 218333 | 293032 | 562781 | PA | 706 |
| 153006 | 218335 | 293035 | 572086 | PA | 707 |
| 153007 | 218362 | 293058 | 626535 | PA | 725 |
| 153008 | 218363 | 293547 | 672170 | PA | 726 |
| 153009 | 218364 | 293548 | 672171 | PA | 727 |
| 153012 | 218365 | 293675 | 672172 | PA | 728 |
| 153013 | 218368 | 293710 | 672173 | PA | 729 |
| 153037 | 218369 | 294406 | 672174 | PA | 730 |
| 153039 | 218381 | 294432 | 672175 | PA | 735 |
| 153040 | 218392 | 294433 | 672176 | PA | 736 |
| 153068 | 218393 | 305805 | 672177 | PA | 737 |
| 153615 | 218448 | 312407 | 672178 | PA | 738 |
| 153617 | 218449 | 312408 | 672179 | PA | 739 |
| 153633 | 218450 | 312492 | 672180 | PA | 740 |
| 153740 | 218470 | 321608 | 672194 | PA | 741 |
| 153741 | 218471 | 321614 | 672195 | PA | 742 |
| 153759 | 218480 | 321616 | 672196 | PA | 743 |
| 154984 | 218481 | 321617 | 672197 | PA | 744 |
| 154985 | 219051 | 321618 | 672198 | PA | 745 |
| 155002 | 219052 | 321619 | 672199 | PA | 746 |
| 155022 | 219053 | 321622 | 672200 | PA | 747 |
| 157233 | 219054 | 321636 | 672201 | PA | 748 |
| 157234 | 219055 | 321667 | 672202 | PA | 749 |
| 161424 | 219145 | 321669 | 672203 | PA | 750 |
| 169618 | 219146 | 321673 | 672205 | PA | 751 |
| 169638 | 219147 | 321683 | 672206 | PA | 755 |
| 169639 | 219166 | 321699 | 672207 | PA | 756 |
| 169646 | 219167 | 321700 | 672208 | PA | 757 |
| 169672 | 220349 | 322281 | 672209 | PA | 758 |
| 169674 | 220350 | 322284 | 672210 | PA | 759 |
| 169675 | 220351 | 322303 | 672211 | PA | 760 |
| 169709 | 225800 | 322304 | 672212 | PA | 761 |
| 169710 | 225801 | 322361 | 672213 | PA | 762 |
| 169711 | 225802 | 322387 | 672214 | PA | 763 |
| 170264 | 225804 | 322388 | 672215 | PA | 773 |
| 170269 | 225818 | 322949 | 672216 | PA | 774 |
| 170280 | 225819 | 322950 | 672217 | PA | 775 |
| 170281 | 225833 | 322951 | 672218 | PA | 776 |
| 170302 | 225834 | 323594 | 672219 | PA | 777 |
| 170303 | 225835 | 323613 | 672220 | PA | 778 |
| 170304 | 226401 | 323614 | 672221 | PA | 779 |
| 170362 | 226403 | 323615 | 672222 | PA | 780 |
| 170363 | 227038 | 323616 | 672223 | PA | 781 |
| 170889 | 227086 | 323620 | 672224 | PA | 90 (PA 2161) |
| 170936 | 227087 | 323640 | 672225 | PA | 91 (PA 2157) |
| 170957 | 227106 | 324716 | 672226 | PA | 92 (PA 2158) |
| 171607 | 227793 | 325337 | 672227 | PA | 93 (PA 2159) |
| 171632 | 227821 | 325338 | 672228 | PA | 94 (PA 2162) |
| 171633 | 227822 | 333761 | 672229 | PA | 95 (PA 2163) |
| 171655 | 238344 | 334628 | 672230 | PA | 96 (PA 2160) |
| 171905 | 238522 | 334629 | 672231 |
ASX FFM
Page | 14
==> picture [146 x 41] intentionally omitted <==
Green Bay Copper-Gold Project Newfoundland and Labrador, Canada
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER |
|---|---|---|---|---|
| Green Bay | 023971M | Granted | 100% | FireFly Metals Canada Ltd |
| 022791M | ||||
| 023968M | ||||
| 023175M | ||||
| 027468M | ||||
| Green Bay | 010215M | Granted | 100% | FireFly Metals Canada Ltd (50%) |
| 1948565 Ontario Inc (50%) | ||||
| Green Bay | Crown Land Lease 103359 | Granted | 100% | FireFly Metals Canada Ltd |
| Crown Land Lease 103388 | ||||
| Crown Land Lease 108189 | ||||
| Crown Land Lease 108691 | ||||
| Mining Lease 140 | ||||
| Mining Lease 141 | ||||
| Mining Lease 188 | ||||
| Surface Lease 163 |
The tenements as listed under Green Bay Copper-Gold Project
Nil
ASX FFM
Page | 15
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
quarterly cash |
flow report |
|---|---|
| Name of entity | |
| FireFly Metals Ltd | |
| ABN 96 110 336 733 |
Quarter ended (“current quarter”) |
| 96 110 336 733 | 31 December 2023 |
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (6 months) $A’000 |
|---|---|---|
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other * (provide details if material) 1.9 Net cash from / (used in) operating activities |
(647) - - (523) (510) - 195 - - - - |
(1,179) - - (928) (1,468) - 226 - - - - |
| (1,485) | (3,349) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets |
(31,425) (23) (64) (4,974) - - |
(34,925) (28) (91) (6,964) - - |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 1
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (6 months) $A’000 |
|---|---|---|
| 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) Due diligence and advisor costs associated with the acquisition of the Green Bay project. 2.6 Net cash from / (used in) investing activities |
- - - - - - - (2,687) |
- - - - - - - (2,882) |
| (39,173) | (44,890) | |
| 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities |
51,303 - 1,270 (1,658) - - - - - |
60,000 - 1,270 (1,990) - - - - - |
| 50,915 | 59,280 | |
| 4. Net increase / (decrease) in cash and cash equivalents for the period |
||
| 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) |
6,825 (1,485) (39,173) |
6,016 (3,349) (44,890) |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 2
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (6 months) $A’000 |
|---|---|---|
| 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
50,915 (27) |
59,280 (2) |
| 17,055 | 17,055 | |
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
16,707 348 |
6,756 69 |
| 17,055 | 6,825 | |
| 6. Payments to related parties of the entity and their associates |
Current quarter $A'000 |
|
| 6.1 Aggregate amount of payments to related parties and their associates included in item 1 152 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
152 | |
| - |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 3
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. 7.1 7.2 7.3 7.4 7.5 7.6 |
Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities Credit standby arrangements Other (please specify) Total financing facilities Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
Total facility amount at quarter end $A’000 |
Amount drawn at quarter end $A’000 |
|---|---|---|---|
| 8. | Estimated cash available for future operating activities | $A’000 |
|---|---|---|
| 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 |
Net cash from / (used in) operating activities (item 1.9) (1,485) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (4,974) Total relevant outgoings (item 8.1 + item 8.2) (6,459) Cash and cash equivalents at quarter end (item 4.6) 17,055 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 17,055 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.6 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? |
(1,485) (4,974) (6,459) 17,055 - |
| 17,055 | ||
| Answer: N/A | ||
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
||
| Answer: N/A |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 4
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
-
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
-
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 January 2024...............................................................
Authorised by: The Board of Directors................................................ (Name of body or officer authorising release – see note 4)
Notes
-
This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
-
If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
-
If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 5