FIREFLY METALS LIMITED (FFM)
Share Price Analysis and Chart

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26/08/2026

1

Outperform

$2.50

45.77%

FireFly Metals has released its maiden Preliminary Economic Analysis (PEA) for its Green Bay copper-gold project. Two scenarios were outlined: a 1.8Mtpa project at 50kt/year of copper equivalent and a 4.6Mtpa expansion project at peak capacity of 100kt/year.

Macquarie updates its forecasts in line with the 4.6Mtpa scenario. Delivery of the PEA was a key de-risking event for FireFly, Macquarie notes, and demonstrates the attractiveness of the Green Bay.

Target falls to $2.50 from $2.70, Outperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.50 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.60 cents.

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26/08/2026

3

Hold

$1.90

10.79%

Moelis maintains its Hold recommendation for FireFly Metals with its target price unchanged at $1.90 following a scoping study on the Green Bay project.

Operational performance projections highlight near-term throughput constraints at 1.8mtpa, resulting in an extended mine life and a post-tax NPV of $2.2b.

The broker's estimates indicate that FY26-FY28 EPS forecasts remain unchanged while incorporating updated feed grade assumptions and higher direct unit operating costs of $127/t.

The analyst highlights that while the asset holds exciting potential and scale, current valuation levels fully price in operational optimism and warrant a Hold rating pending further derisking.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.70 cents.