Rating: Buy | Risk: High | Price Target: $1.90 March Quarter 2025 – Next Catalyst SepQ’25 Resource Upgrade Event: FireFly Metals reported March quarter results. Firefly released infill drilling results during the quarter that will be used to upgrade Inferred tonnes in the Resource to the higher confidence, higher value Measured & Indicated category in a SepQ update. We expect a significant upgrade to M&I that will justify at least an initial mine life of 15 years at 2mtpa plant capacity. Recommendation: We remain copper bulls and FireFly Metals is our preferred development exposure. We maintain our Buy recommendation and $1.90 price target. Our price target is based on comparative peer group multiples on the assumption FFM grows its copper resource base by another 40% over the next 12 months.
FFM Price at posting:
77.5¢ Sentiment: Buy Disclosure: Held
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