{"id":10539,"date":"2024-06-04T19:40:00","date_gmt":"2024-06-04T19:40:00","guid":{"rendered":"https:\/\/economicherald.net\/?p=10539"},"modified":"2024-06-04T19:40:00","modified_gmt":"2024-06-04T19:40:00","slug":"moneytalks-firefly-metals-poised-for-share-price-growth-amidst-robust-copper-market-says-broker","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10539","title":{"rendered":"MoneyTalks: Firefly Metals poised for share price growth amidst robust copper market, says broker"},"content":{"rendered":"<p>Argonaut slaps a Speculative Buy on Firefly Metals with a big price target<br \/>\nCopper market strength to propel Firefly\u2019s position<br \/>\nWe take a look at Firefly\u2019s promising drilling results and future prospects<\/p>\n<p>\u00a0<\/p>\n<h2>Who is Firefly?<\/h2>\n<p>Broker <strong>Argonaut<\/strong> has maintained its <strong>Speculative Buy<\/strong> recommendation on <strong><a href=\"https:\/\/stockhead.com.au\/company\/firefly-metals-ffm\/\">Firefly Metals (ASX:FFM)<\/a><\/strong>, with a <strong>$1.45 per share Price Target<\/strong> (versus current price of $0.75).<\/p>\n<p>Firefly is a $350m market-capped company focused on unlocking the potential of copper resources, operating primarily in the mining-friendly jurisdiction of <em>Green Bay, Canada.<\/em><\/p>\n<p>The company\u2019s flagship is the <strong>Ming Mine project<\/strong>, which leverages advanced exploration techniques and a strategic approach to resource development.<\/p>\n<p>In addition to Ming, Firefly is actively engaged in regional exploration activities within the broader Green Bay mineral package.<\/p>\n<p>\u00a0<\/p>\n<h2>Strength of the copper market<\/h2>\n<p>Copper, often hailed as an industrial bellwether, continues to show strong market trends.<\/p>\n<p>With global smelter production expected to surpass concentrate supply until 2027, the demand-supply imbalance sets a favourable stage for copper prices.<\/p>\n<p>The temporary halt in operations at <em>Cobre Panam<\/em>a has further heightened concerns about copper supply, emphasising the importance of reliable copper sources like Firefly Mining.<\/p>\n<p>Despite recent price highs, copper is still trading below historical peaks when adjusted for inflation.<\/p>\n<p>This indicates that there\u2019s still room for growth, especially considering the ongoing global infrastructure projects and the increasing adoption of electric vehicles, which heavily rely on copper components.<\/p>\n<p>In such a scenario, companies like FFM, with their focus on copper production, stand to benefit from the market dynamics, making them attractive investment options, said Argonaut.<\/p>\n<p>\u00a0<\/p>\n<h2>Promising drilling results<\/h2>\n<p>One of the key drivers of Firefly Mining\u2019s potential lies in its recent drilling results.<\/p>\n<p>These results have not only confirmed the presence of economically viable mineralisation, but have also expanded the scope of exploration beyond the previously defined resource boundaries.<\/p>\n<p>The most recently announced set of drilling results from Ming have confirmed potentially economic mineralisation down plunge from the current MRE (minerals resource estimate).<\/p>\n<p>Highlights from this release include: \u00a0<strong>9.1m at 5.4% CuEq, 12m at 4.8% CuEq and 13m at 4.4% CuEq<\/strong>.<\/p>\n<p>Historical hole R17-25B (102m at 1.7% Cu, 0.1g\/t Au) extends known mineralisation at least ~350m down plunge from the termination of the existing MRE.<\/p>\n<p>\u201cWe see no reason why the deposit would continue further than this hole,\u201d said Argonaut.<\/p>\n<p>\u201cAs it is progressed, FFM\u2019s exploration drive will enable deeper potential extents of the deposit to be tested.\u201d<\/p>\n<p>What sets Firefly apart though, according to Argonaut, is its leverage of advanced geological modelling techniques like the 3D geological model.<\/p>\n<p>This model serves as a dynamic tool for monitoring and modelling future drill results, allowing for informed decision-making.<\/p>\n<p>\u201cWe have updated our Ming redevelopment forecast for 10% higher capital and slightly increased mining costs,\u201d said Argonaut.<\/p>\n<p>\u00a0<\/p>\n<h2>Down plunge drilling results<\/h2>\n<p>FFM has also reported new drilling results from beyond the bounds of the existing 30.2Mt at 2.1% for 634kt CuEq Ming Resource Estimate.<\/p>\n<p>Drilling operations began from a newly constructed development drill drive, targeting areas below known resource boundaries.<\/p>\n<p>In the upper sections of the mine, FFM encountered zones rich in copper and gold, showcasing notable grades of mineralisation.<\/p>\n<p>Better results from the upper high-grade Massive Sulphide Upper Zones include:<\/p>\n<p><em>\u00a09.1m at 5.4% CuEq (3.1% Cu &amp; 2.4g\/t Au)<\/em><br \/>\n<em>13.0m at 4.4% CuEq (3.7% Cu &amp; 0.8g\/t Au)<\/em><br \/>\n<em>11.0m at 4.4% CuEq (1.2% Cu &amp; 3.8g\/t Au)<\/em><\/p>\n<p>Lower sections of the mine also displayed significant mineralisation,\u00a0underscoring the substantial mineral potential.<\/p>\n<p>Lower footwall results include:<\/p>\n<p>12.0m at 4.8% CuEq within a broader zone of 37.4m @ 2.7% CuEq<br \/>\n4m at 4.05% CuEq within a broader zone of 23.2m @ 2.0% CuEq<br \/>\n13.8m at 2.3% CuEq and 12.0m @ 2.0% CuEq within 62.5m @ 1.3% CuEq<\/p>\n<p>\u00a0<\/p>\n<h2>Argonaut\u2019s recommendation<\/h2>\n<p>Following an equity raise in March, FFM is well funded to accelerate MRE expansion drilling, redevelopment studies and regional exploration.<\/p>\n<p>Argonaut believes the company\u2019s well-funded initiatives position it for potential share price catalysts in the short to medium term.<\/p>\n<p>\u201cPositive progression on any of these fronts could further buoy FFM\u2019s share price performance,\u201d said Argonaut.<\/p>\n<p>\u201cImproved strength in the copper price seems likely, adding further near-term upside.<\/p>\n<p>\u201cCrystallisation of additional funds through divestment of the Pickle Crow asset would also be well received.<\/p>\n<p>\u201cWe assume a 24-month build period with construction starting in July 2026 at a total cost of US$330 million.<\/p>\n<p>\u201cUnder our base case parameters, we estimate a Green Bay Build Date Post-Tax NPV of $872M ($1.83ps), and Present-Day Post-Tax NPV of $692M ($1.45ps),\u201d said Argonaut.<\/p>\n<p>\u00a0<\/p>\n<h2>Firefly Metals share price today:<\/h2>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span><span class=\"mce_SELRES_start\"><\/span>\u00a0<br \/>\n<span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/experts\/moneytalks-firefly-metals-poised-for-share-price-growth-amidst-robust-copper-market-says-broker\/\">MoneyTalks: Firefly Metals poised for share price growth amidst robust copper market, says broker<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Argonaut slaps a Speculative Buy on Firefly Metals with a big price target Copper market strength to propel Firefly\u2019s position We take a look at <a href=\"https:\/\/economicherald.net\/?p=10539\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10540,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MoneyTalks: Firefly Metals poised for share price growth amidst robust copper market, says broker - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, 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