The All Ordinaries Index (ASX: XAO) is unlikely to gain 498% over the next 12 months, but ASX All Ords copper stock FireFly Metals Ltd (ASX: FFM) certainly could.
That's according to a new research report from Macquarie Group Ltd (ASX: MQG).
In early afternoon trade today, FireFly shares are up 0.5%, changing hands for $1.05 apiece.
That puts the FireFly share price up 58.6% since this time last year.
And if the analysts at Macquarie have it right, then the year ahead could see FireFly shares deliver more outsized gains.
Here's why.
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Why Macquarie has high expectations for the ASX All Ords copper stock
If you're not familiar with FireFly, the company is an emerging copper-gold miner focused on advancing its high-grade Green Bay Copper-Gold Project, located in Newfoundland, Canada.
Green Bay is comprised of multiple assets, including the Ming underground mine and the Little Deer exploration project.
On Tuesday, the ASX All Ords copper stock announced "a highly successful" equity raising. And Macquarie took note.
The broker said:
FFM has raised A$100m via flow-through shares (A$11.2m), a Canadian offering (A $28.8m), a two-tranche institutional placement (A$54.9m), and a share purchase plan (SPP) (up to A$5m).
The funds will be used for drilling at the Green Bay project, with six rigs targeting resource growth at the Ming Mine (~130,000m drill program in 2025) and one rig targeting regional targets.
Commenting on the ASX All Ords copper stock's capital raising on Tuesday, FireFly managing director Steve Parsons said, "The combination of the exceptional Green Bay asset, our proven exploration team and our $135 million cash war chest is the ideal recipe for growth."
Parsons added:
The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects.
Parsons concluded, "This outlook is further enhanced by the shortage of such outstanding projects which can meet investors' surging appetite for copper-gold exposure."
More tailwinds ahead?
Looking to what could boost the ASX All Ords copper stock in the months ahead, Macquarie labelled the second half of calendar year 2025 "catalyst-rich" for the miner.
"FireFly Metals is approaching a catalyst-rich 2H," the broker said.
In 2H 2025, investors can expect "news flow including drilling results from Green Bay (in-mine and regional), a resource update for Green Bay (3Q25/4Q25), and a pre-feasibility study (PFS) (4Q25/1Q26)," Macquarie added.
Connecting the dots, the broker maintained its outperform rating on FireFly shares, stating:
FFM's Green Bay Project represents a compelling copper development opportunity with resource upside, and the project has a pathway to ~32ktpa and upside to >50ktpa if resource growth exhibits critical mass to justify a larger mill.
Macquarie has a 12-month price target of $1.55 a share for the ASX All Ords copper stock. That represents a potential upside of 47.6% from current levels.
