# Economic study demonstrates scale, grade, long life, growth potential and robust financial returns

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77

Original source: https://www.globenewswire.com/news-release/2026/08/25/3350164/0/en/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-financial-returns.html

Publisher: globenewswire

Original announcement: 2026-08-25T00:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: FireFly Metals Ltd

- Ticker: FFM

- Exchange: Unavailable

- Region: Newfoundland and Labrador

- Primary commodity: Copper

- Secondary commodities: Gold, Silver

- Document categories: Resource update, Metallurgy, Capital raise

- Extracted: 2026-08-25 02:34:12 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

FireFly Metals has announced a highly positive Preliminary Economic Assessment \(PEA\) for its Green Bay Ming Mine Copper-Gold Project, outlining robust economics with a post-tax NPV of up to A$3.0B and IRR of 39% for the 4.6Mtpa scenario. The PEA is underpinned by an updated Mineral Resource Estimate for the Ming Deposit, which saw a 21% increase in Measured and Indicated resources to 57.3Mt at 2.4% CuEq, contributing to a total project M&I resource of 60.2Mt at 2.4% CuEq. The company also announced a A$180M equity raise to support project development, leveraging existing infrastructure and high metallurgical recoveries with no deleterious elements.

Reasoning: The document presents a highly positive Preliminary Economic Assessment for the Green Bay Copper-Gold Project, demonstrating strong financial returns, significant resource growth with high confidence, and favorable metallurgical characteristics, supported by a substantial capital raise and funding strategy.

- Positive factor: Robust PEA economics with high NPV and IRR for both scenarios

- Positive factor: Significant increase in Measured and Indicated resources for the Ming Deposit

- Positive factor: High percentage of M&I resources underpinning the mine plan \(79-80% LOM\)

- Positive factor: High metallurgical recoveries for copper, gold, and silver

- Positive factor: No deleterious elements identified in concentrate

- Positive factor: Strong funding position with equity raise and debt capacity

- Positive factor: Existing infrastructure and regulatory approvals fast-tracking development

- Positive factor: Clear pathway to Feasibility Study and Final Investment Decision

- Negative factor: PEA is preliminary in nature and includes Inferred Mineral Resources

- Negative factor: Commodity price assumptions used in PEA are below current spot prices

Facts used in scoring: 38

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The Mineral Resource Estimate for the Ming Deposit and overall project is prepared and reported in accordance with NI 43-101.

Evidence · text

> The Ming Deposit August 2026 MRE \(Table 1\) was prepared in accordance with the JORC Code \(2012 Edition\) and NI 43-101 by independent consultants, WSP Canada Inc.

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Mineral Resource Estimate for the Ming Deposit and overall project is prepared and reported in accordance with JORC Code \(2012 Edition\).

Evidence · text

> The Ming Deposit August 2026 MRE \(Table 1\) was prepared in accordance with the JORC Code \(2012 Edition\) and NI 43-101 by independent consultants, WSP Canada Inc.

**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: The PEA and MRE were prepared by a team of independent Qualified Persons, and Mr Augustine Simbanegavi, P.Eng., also reviewed and approved the technical disclosure.

Evidence · text

> Additionally, a team of independent Qualified Persons \(as such term is defined under NI 43-101\) \(as outlined in the Table below\) are responsible for the 2026 MRE and PEA and have reviewed the scientific and technical disclosure, and verified the data in this press release

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The Mineral Resources have been reported at a 1.0% copper cut-off grade.

Evidence · text

> Mineral Resources have been reported at a 1.0% copper cut-off grade.

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The Green Bay project includes 3.5Mt of Measured Mineral Resources.

Evidence · table

> 3.5

Context: Measured

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Green Bay project includes 56.7Mt of Indicated Mineral Resources.

Evidence · table

> 56.7

Context: Indicated

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The Ming Deposit M&I resources increased by 21% since the previous update due to infill drilling.

Evidence · text

> Infill drilling completed at Ming resulted in the M&I increasing by 21% since the previous updates.

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The Ming Deposit M&I resources increased by 21% since the previous update.

Evidence · text

> Infill drilling completed at Ming resulted in the M&I increasing by 21% since the previous updates.

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: Copper equivalent grade for the Ming Deposit increased by 22% driven by infill drilling of high-grade zones.

Evidence · text

> Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones.

**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: The combined MRE for Green Bay grew to 60.2Mt @ 2.4% CuEq in M&I, representing 1,464Kt CuEq, an increase from previous estimates.

Evidence · text

> The combined MRE \(Table 3\) for the Green Bay project has grown to 60.2Mt @ 2.4% CuEq in M&I and 23.5Mt @ 2.5% CuEq of Inferred Mineral Resources

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Green Bay project includes 23.5Mt of Inferred Mineral Resources.

Evidence · table

> 23.5

Context: Inferred

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The resource estimate is prepared to support a Preliminary Economic Assessment \(PEA\).

Evidence · text

> Preliminary Economic Assessment \(PEA\) 1 into the restart of production at the Green Bay Ming Mine Copper-Gold Project demonstrates a robust large-scale, multi-decade operation

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an updated Mineral Resource Estimate for the Green Bay Ming Mine Copper-Gold Project.

Evidence · text

> an updated Mineral Resource Estimate \( MRE \) for the Green Bay Ming Mine Copper-Gold Project \( Project \).

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Copper recovery is anticipated to be >98%, which is exceptional for flotation.

Evidence · text

> recoveries are anticipated to be >98% for copper and >80% on precious metals \(gold and silver\).

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The ore-grade material has favourable physical properties and is amenable to high recoveries via industry standard processes, with no deleterious elements.

Evidence · text

> Extensive metallurgical testwork completed at SGS Lakefield in Canada shows the ore-grade material has favourable physical properties \(strength, grindability, abrasiveness etc.\) and is amenable to high recoveries of copper and precious metals via industry standard processes as demonstrated by the previous operation. ... There are no deleterious elements in the concentrate.

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: The proposed processing plant utilizes a standard simple flowsheet with jaw crusher, SAG mill, ball mill, and two-stage flotation.

Evidence · text

> The proposed processing plant utilises a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution is achieved through a standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) provide exceptional recoveries and production of a high-grade concentrate for shipping \(21-28% Cu, 6-12g/t Au\).

**Stale Data Re-release**

Polarity: negative

Story-specific tag

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The Little Deer Mineral Resource Estimate remains unchanged from the previous MRE and was first reported in October 2024.

Evidence · text

> Table 2: Little Deer Mineral Resource Estimate as at November 2025. Note that this MRE remains unchanged from the previous MRE.

## Extracted facts

Stored fact records: 38. Some facts used in scoring do not have a stored record.

## Resource Estimates (38)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-0)

Ming Deposit · copper

#### Identity

- Project: Ming Deposit
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 1.5
- Grade Unit: %
- Contained Metal: 52000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a strong copper grade, contributing to the overall project confidence.

- Positive factor: Measured category indicates high geological confidence

- Positive factor: Grade is strong for a copper deposit

Evidence · table

> 1.5

Context: 3.5

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-1)

Ming Deposit · gold

#### Identity

- Project: Ming Deposit
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 0.2
- Grade Unit: g/t
- Contained Metal: 20000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a low gold grade, likely a byproduct credit.

- Positive factor: Measured category indicates high geological confidence

Evidence · table

> 0.2

Context: 3.5

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-2)

Ming Deposit · silver

#### Identity

- Project: Ming Deposit
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 147000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a low silver grade, likely a byproduct credit.

- Positive factor: Measured category indicates high geological confidence

Evidence · table

> 1.3

Context: 3.5

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-3)

Ming Deposit · copper\_equivalent

#### Identity

- Project: Ming Deposit
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 1.67
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a strong copper equivalent grade, reflecting the combined value of metals.

- Positive factor: Measured category indicates high geological confidence

- Positive factor: Strong CuEq grade for a copper deposit

Evidence · table

> 1.67

Context: 3.5

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-4)

Ming Deposit · copper

#### Identity

- Project: Ming Deposit
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 53800000
- Grade: 1.9
- Grade Unit: %
- Contained Metal: 1041000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Large Indicated resource with a strong copper grade, forming a substantial part of the project's economic base.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Strong copper grade and significant contained metal

Evidence · table

> 1.9

Context: 53.8

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-5)

Ming Deposit · gold

#### Identity

- Project: Ming Deposit
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 53800000
- Grade: 0.5
- Grade Unit: g/t
- Contained Metal: 878000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Indicated resource with a moderate gold grade, adding value as a significant byproduct.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Moderate gold grade contributing to project economics

Evidence · table

> 0.5

Context: 53.8

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-6)

Ming Deposit · silver

#### Identity

- Project: Ming Deposit
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 53800000
- Grade: 4.5
- Grade Unit: g/t
- Contained Metal: 7707000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Indicated resource with a moderate silver grade, adding value as a significant byproduct.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Moderate silver grade contributing to project economics

Evidence · table

> 4.5

Context: 53.8

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-7)

Ming Deposit · copper\_equivalent

#### Identity

- Project: Ming Deposit
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 53800000
- Grade: 2.49
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Large Indicated resource with a strong copper equivalent grade, reflecting the combined value of metals and contributing significantly to project economics.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Strong CuEq grade for a copper deposit

Evidence · table

> 2.49

Context: 53.8

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-8)

Ming Deposit · copper

#### Identity

- Project: Ming Deposit
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 17300000
- Grade: 2
- Grade Unit: %
- Contained Metal: 344000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a strong copper grade, indicating potential for future conversion to higher confidence categories.

- Positive factor: Strong copper grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 2.0

Context: 17.3

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-9)

Ming Deposit · gold

#### Identity

- Project: Ming Deposit
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 17300000
- Grade: 0.7
- Grade Unit: g/t
- Contained Metal: 404000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a moderate gold grade, providing additional byproduct potential.

- Positive factor: Moderate gold grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.7

Context: 17.3

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-10)

Ming Deposit · silver

#### Identity

- Project: Ming Deposit
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 17300000
- Grade: 6.3
- Grade Unit: g/t
- Contained Metal: 3522000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a moderate silver grade, contributing to byproduct credits.

- Positive factor: Moderate silver grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 6.3

Context: 17.3

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-11)

Ming Deposit · copper\_equivalent

#### Identity

- Project: Ming Deposit
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 17300000
- Grade: 2.77
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a strong copper equivalent grade, indicating significant potential for future resource conversion.

- Positive factor: Strong CuEq grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 2.77

Context: 17.3

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-12)

Little Deer · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 2900000
- Grade: 2.1
- Grade Unit: %
- Contained Metal: 62000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Indicated resource with a strong copper grade, but not new information in this release.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Strong copper grade

- Negative factor: Historical data, not new information

Evidence · table

> 2.1

Context: 2.9

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-13)

Little Deer · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 2900000
- Grade: 0.1
- Grade Unit: g/t
- Contained Metal: 9000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Indicated resource with a low gold grade, not new information.

- Positive factor: Indicated category provides good geological confidence

- Negative factor: Historical data, not new information

- Negative factor: Low gold grade

Evidence · table

> 0.1

Context: 2.9

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-14)

Little Deer · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 2900000
- Grade: 3.4
- Grade Unit: g/t
- Contained Metal: 320000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Indicated resource with a low silver grade, not new information.

- Positive factor: Indicated category provides good geological confidence

- Negative factor: Historical data, not new information

- Negative factor: Low silver grade

Evidence · table

> 3.4

Context: 2.9

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-15)

Little Deer · copper\_equivalent

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 2900000
- Grade: 2.3
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Indicated resource with a strong copper equivalent grade, but not new information in this release.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Strong CuEq grade

- Negative factor: Historical data, not new information

Evidence · table

> 2.3

Context: 2.9

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-16)

Little Deer · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 6200000
- Grade: 1.8
- Grade Unit: %
- Contained Metal: 110000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Inferred resource with a strong copper grade, but not new information in this release.

- Positive factor: Strong copper grade for an inferred resource

- Negative factor: Historical data, not new information

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 1.8

Context: 6.2

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-17)

Little Deer · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 6200000
- Grade: 0.1
- Grade Unit: g/t
- Contained Metal: 10000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Inferred resource with a low gold grade, not new information.

- Negative factor: Historical data, not new information

- Negative factor: Low gold grade

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.1

Context: 6.2

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-18)

Little Deer · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 6200000
- Grade: 2.2
- Grade Unit: g/t
- Contained Metal: 430000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Inferred resource with a low silver grade, not new information.

- Negative factor: Historical data, not new information

- Negative factor: Low silver grade

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 2.2

Context: 6.2

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-19)

Little Deer · copper\_equivalent

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Little Deer
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 6200000
- Grade: 1.8
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-29T00:00:00.000Z

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Historical Inferred resource with a strong copper equivalent grade, but not new information in this release.

- Positive factor: Strong CuEq grade for an inferred resource

- Negative factor: Historical data, not new information

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 1.8

Context: 6.2

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-20)

Green Bay · copper

#### Identity

- Project: Green Bay
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 1.5
- Grade Unit: %
- Contained Metal: 52000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a strong copper grade, contributing to the overall project confidence.

- Positive factor: Measured category indicates high geological confidence

- Positive factor: Grade is strong for a copper deposit

Evidence · table

> 1.5

Context: 3.5

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-21)

Green Bay · gold

#### Identity

- Project: Green Bay
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 0.2
- Grade Unit: g/t
- Contained Metal: 20000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a low gold grade, likely a byproduct credit.

- Positive factor: Measured category indicates high geological confidence

Evidence · table

> 0.2

Context: 3.5

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-22)

Green Bay · silver

#### Identity

- Project: Green Bay
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 147000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a low silver grade, likely a byproduct credit.

- Positive factor: Measured category indicates high geological confidence

Evidence · table

> 1.3

Context: 3.5

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-23)

Green Bay · copper\_equivalent

#### Identity

- Project: Green Bay
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: measured
- Tonnes: 3500000
- Grade: 1.67
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Measured resource with a strong copper equivalent grade, reflecting the combined value of metals.

- Positive factor: Measured category indicates high geological confidence

- Positive factor: Strong CuEq grade for a copper deposit

Evidence · table

> 1.67

Context: 3.5

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-24)

Green Bay · copper

#### Identity

- Project: Green Bay
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 56700000
- Grade: 1.9
- Grade Unit: %
- Contained Metal: 1103000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Large Indicated resource with a strong copper grade, forming a substantial part of the project's economic base.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Strong copper grade and significant contained metal

Evidence · table

> 1.9

Context: 56.7

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-25)

Green Bay · gold

#### Identity

- Project: Green Bay
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 56700000
- Grade: 0.5
- Grade Unit: g/t
- Contained Metal: 887000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Indicated resource with a moderate gold grade, adding value as a significant byproduct.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Moderate gold grade contributing to project economics

Evidence · table

> 0.5

Context: 56.7

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-26)

Green Bay · silver

#### Identity

- Project: Green Bay
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 56700000
- Grade: 4.4
- Grade Unit: g/t
- Contained Metal: 8027000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Indicated resource with a moderate silver grade, adding value as a significant byproduct.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Moderate silver grade contributing to project economics

Evidence · table

> 4.4

Context: 56.7

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-27)

Green Bay · copper\_equivalent

#### Identity

- Project: Green Bay
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: indicated
- Tonnes: 56700000
- Grade: 2.48
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Large Indicated resource with a strong copper equivalent grade, reflecting the combined value of metals and contributing significantly to project economics.

- Positive factor: Indicated category provides good geological confidence

- Positive factor: Strong CuEq grade for a copper deposit

Evidence · table

> 2.48

Context: 56.7

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-28)

Green Bay · copper

#### Identity

- Project: Green Bay
- Commodity: copper
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 23500000
- Grade: 1.9
- Grade Unit: %
- Contained Metal: 454000
- Contained Unit: t
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a strong copper grade, indicating potential for future conversion to higher confidence categories.

- Positive factor: Strong copper grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 1.9

Context: 23.5

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-29)

Green Bay · gold

#### Identity

- Project: Green Bay
- Commodity: gold
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 23500000
- Grade: 0.6
- Grade Unit: g/t
- Contained Metal: 414000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a moderate gold grade, providing additional byproduct potential.

- Positive factor: Moderate gold grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.6

Context: 23.5

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-30)

Green Bay · silver

#### Identity

- Project: Green Bay
- Commodity: silver
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 23500000
- Grade: 5.2
- Grade Unit: g/t
- Contained Metal: 3952000
- Contained Unit: oz
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a moderate silver grade, contributing to byproduct credits.

- Positive factor: Moderate silver grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 5.2

Context: 23.5

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-31)

Green Bay · copper\_equivalent

#### Identity

- Project: Green Bay
- Commodity: copper\_equivalent
- Ticker: FFM

#### Resource Data

- Category: inferred
- Tonnes: 23500000
- Grade: 2.51
- Grade Unit: %
- Cutoff Grade: 1

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Inferred resource with a strong copper equivalent grade, indicating significant potential for future resource conversion.

- Positive factor: Strong CuEq grade for an inferred resource

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 2.51

Context: 23.5

### Fact 33

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-32)

Green Bay · copper

#### Identity

- Project: Green Bay
- Commodity: copper
- Ticker: FFM

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Exceptional copper recovery achieved through a standard flotation flowsheet, indicating favorable metallurgy and low processing risk.

- Positive factor: Exceptional copper recovery for flotation

- Positive factor: No deleterious elements mentioned

- Positive factor: Test work completed by reputable lab \(SGS Lakefield\)

Evidence · table

> 98.2

Context: Copper Recovery

### Fact 34

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-33)

Green Bay · gold

#### Identity

- Project: Green Bay
- Commodity: gold
- Ticker: FFM

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Strong gold recovery, enhanced by a pyrite tail leach, indicating good metallurgical performance for precious metals.

- Positive factor: Strong gold recovery for a flotation circuit with additional leaching

- Positive factor: No deleterious elements mentioned

- Positive factor: Test work completed by reputable lab \(SGS Lakefield\)

Evidence · table

> 81.3

Context: Gold Recovery

### Fact 35

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-34)

Green Bay · silver

#### Identity

- Project: Green Bay
- Commodity: silver
- Ticker: FFM

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Strong silver recovery, enhanced by a pyrite tail leach, indicating good metallurgical performance for precious metals.

- Positive factor: Strong silver recovery for a flotation circuit with additional leaching

- Positive factor: No deleterious elements mentioned

- Positive factor: Test work completed by reputable lab \(SGS Lakefield\)

Evidence · table

> 84.8

Context: Silver Recovery

### Fact 36

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-35)

Green Bay · copper

#### Identity

- Project: Green Bay
- Commodity: copper
- Ticker: FFM

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Exceptional copper recovery achieved through a standard flotation flowsheet, indicating favorable metallurgy and low processing risk for the larger scenario.

- Positive factor: Exceptional copper recovery for flotation

- Positive factor: No deleterious elements mentioned

- Positive factor: Test work completed by reputable lab \(SGS Lakefield\)

Evidence · table

> 98.1

Context: Copper Recovery

### Fact 37

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-36)

Green Bay · gold

#### Identity

- Project: Green Bay
- Commodity: gold
- Ticker: FFM

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Strong gold recovery, enhanced by a pyrite tail leach, indicating good metallurgical performance for precious metals for the larger scenario.

- Positive factor: Strong gold recovery for a flotation circuit with additional leaching

- Positive factor: No deleterious elements mentioned

- Positive factor: Test work completed by reputable lab \(SGS Lakefield\)

Evidence · table

> 80.1

Context: Gold Recovery

### Fact 38

[Link to this fact](https://atlas-staging.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--67751e2e-ab08-4ae8-857a-a862cbb1bc77#fact-resource-facts-37)

Green Bay · silver

#### Identity

- Project: Green Bay
- Commodity: silver
- Ticker: FFM

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-25T00:00:00.000Z

Reasoning: Strong silver recovery, enhanced by a pyrite tail leach, indicating good metallurgical performance for precious metals for the larger scenario.

- Positive factor: Strong silver recovery for a flotation circuit with additional leaching

- Positive factor: No deleterious elements mentioned

- Positive factor: Test work completed by reputable lab \(SGS Lakefield\)

Evidence · table

> 84.1

Context: Silver Recovery

## 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.