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FireFly Metals announces port access & expansion; CFO resignation

ASX News, Materials
ASX:FFM      MCAP $656.8M
26 March 2024 11:05 (AEDT)

An overview of the asset in question. Source: File

FireFly Metals (ASX:FFM) has announced a Port Access Agreement with TSXV-listed Maritime Resources Corp (TSXV:MAE), enabling FireFly to export up to one million tonnes per annum (Mtpa) of mineral concentrate.

Under this agreement, FireFly gains unrestricted passage over Maritime’s Point Rousse tenements to access the Pine Cove deep-water Port for transporting and exporting mineral concentrate.

FireFly also has the right to construct storage and handling facilities on the property, with collaboration expected with Maritime and other stakeholders in line with the development plan.

FireFly will invest C$2.5 million in Maritime through the acquisition of 50,000,000 common shares at C$0.05 per share. The agreement will remain in effect until March 25, 2074, or in the event of a material breach by either Party, or a force majeure event.

The property, subject to a lease between the Crown and Maritime, is governed by customary terms and renewal conditions, potentially extending in 2026 for another 10 years.

FireFly has also completed the acquisition of 169sqkm of additional ground adjacent to its Green Bay copper-gold project from a company called Gold Hunter Resources.

The company says this move was executed towards solidifying its dominant position in the Baie Verte VMS mineral district of Newfoundland.

Meanwhile, FireFly’s CFO and Joint Secretary, William Nguyen, has submitted resignation notices to pursue other career opportunities.

Mr. Nguyen will remain in his role until May 10, 2024.

FireFly is in advanced negotiations to fill the position.

FFM last traded at 68c at 10 am AEDT.

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