Firefly Metals Ltd (ASX: FFM) shares are flying higher on Wednesday.
This comes after the copper-gold developer released another standout drilling update from its Green Bay project in Canada.
In afternoon trade, the Firefly share price is up 18.95% to $2.04, after pushing above the psychological $2 barrier during midday. That leaves it not far below its 52-week high of $2.30.
That extends an already huge 12-month run, with the stock now up 176% over the past year.
Let's take a closer look at what was announced.
Image source: Getty Images
Another strong step-up in Green Bay confidence
According to today's ASX update, Firefly's latest underground drilling has again confirmed strong continuity within the high-grade Core Zone at the Ming deposit.
The standout intercept was 70.8 metres at 4% copper equivalent, including 19.2 metres at 7.5% copper equivalent.
A second hole returned 53.3 metres at 4.1% copper equivalent, including 18.2 metres at 5.8% copper equivalent.
The latest results continue to improve confidence in the scale and consistency of the higher-grade section of the orebody ahead of economic studies expected in mid-2026.
That remains a major focus because the current Green Bay resource already totals 50.4 million tonnes at 2% copper equivalent in measured and indicated categories.
It also includes another 29.3 million tonnes at 2.5% copper equivalent in inferred resources.
Why investors are buying the update
The strong share price move appears to reflect more than just another solid drill result.
The market is increasingly focused on the quality of the Core Zone, which could become an attractive early mining area thanks to its grade and continuity.
Today's release also noted that economic and technical studies tied to a larger copper-gold restart remain on track for mid-2026.
At the same time, Firefly remains well funded, ending December with roughly $251 million in cash and liquid investments.
The high-grade Core Zone is also close to existing underground infrastructure, which could improve restart economics and shorten the pathway to first production.
Foolish Takeaway
Firefly's latest Green Bay results continue to show that its high-grade core could support attractive early mine economics.
With the stock now valued at roughly $1.56 billion and still delivering strong drilling momentum, attention is now turning to the mid-2026 economic studies as the next major catalyst.
The company's strong cash position also gives it the flexibility to continue drilling aggressively while advancing restart studies.
After a 176% gain over the past year, the latest rally shows investors are still backing further resource growth at Green Bay.
