Firefly Metals' Green Bay Discovery Keeps Expanding, and So Does the Stock

A string of high-grade copper drill results in Newfoundland has fund managers calling Firefly's project the best undeveloped copper mine on the ASX.

11 Sep 2026 · 3 min read

Firefly Metals rallied 42 percent in a single month as a string of high-grade drill results at its Green Bay copper project in Newfoundland kept expanding an already large mineralised system, before easing on a broker downgrade that was later reversed, with the stock now viewed by some as the best undeveloped copper mine on the ASX ahead of a fresh capital raise.

A high-grade copper system that keeps growing

Endeavor Asset Management said it first established its position at $1.01 a share, attracted by the compelling value on offer in Firefly's large-scale, high-grade copper system at the Green Bay project in Newfoundland, with shares subsequently rallying 42 percent as a plethora of outstanding drill results drove a re-rating. SG Hiscock and Company detailed a series of high-grade drill results at the project's Ming Mine, confirming continuity of mineralisation down plunge and extending the known mineralised envelope, with standout intercepts including 43.6 metres at 7.6 percent copper equivalent. Perennial Partners said the stock finished up 42.3 percent after reporting thick, high-grade intersections well below the existing resource, implying a substantial increase at the next resource update.

A series of high-grade drill results at the Ming Mine confirmed continuity of mineralisation down plunge and extended the known mineralised envelope, with standout intercepts including 43.6m @ 7.6% CuEq.

— SG Hiscock and Company, Monthly Report, October 2025

A structural copper tailwind

LSN Capital Partners said its copper exposure through Firefly benefited from a strong move in copper prices, which ended one month at US$5.65 a pound, a level not seen in decades, and continues to view copper as a key structural beneficiary of electrification, grid investment and AI-driven infrastructure demand.

A broker downgrade, then reversal, then an exit

Endeavor Asset Management said the stock eased after a strong October, coming under pressure following a broker downgrade despite the copper price holding broadly steady, though the broker that downgraded the stock has since upgraded it again. By July 2026, Endeavor had exited its position in Firefly entirely.

By September 2026: the best undeveloped copper mine on the ASX

Katana Asset Management described Firefly as having what it considers the best undeveloped copper mine on the ASX, with 75 million tonnes at 2.5 percent copper equivalent, expecting it to become a lowest-quartile cost producer globally once built and operating. The company recently raised $190 million at $1.78 a share, with a share purchase plan currently in the market.

FireFly has what we consider to be the best undeveloped copper mine on the ASX, with 75 million tonnes at 2.5% copper equivalent. We think once the mine's built and they're up and running, it will be the lowest-quartile producer globally.

— Katana Asset Management, Article, September 2026

What fund managers say they are watching next is continued drill results expanding the Green Bay resource, progress toward development following the recent $190 million capital raise, delivery on the targeted lowest-quartile production costs once operational, and whether copper prices stay structurally supported by electrification and AI infrastructure demand.