FFM - FireFly Metals

[Sean K]

Slowly getting back off the canvas from almost 2c. Participating in the SPP at 2.5c looks like a good deal at the moment. Strong resistance just ahead unfortunately. Maybe a couple of good drill results in December will keep it heading in the right direction and set a new path.

 

[Sean K]

Firefly is a much more suitable name for a copper/gold explorer/developer than Auteco.

 

[Sean K]

OK, so it's now FFM. Maybe they should have changed the code to MFG. Currently still trading as AUTDA.

They have promised to release the first two drill holes into the new project in December, so hopefully the market gets a surprise.

I anticipate they will have drilled the holes directly adjacent to historical holes that produced some outstanding intercepts to give us a warm and fuzzy that there's actually some copper down there.

If they pull out 100m @ 1.5% and 20m @ 4% as per previous holes, the SP might get a boost.

After consolidation, the 3.8c shares are now 51c.

 

[Sean K]

Not what I was expecting, gut very good news anyway.

Why the hell didn't the previous operator test for gold? Morons.

Looking forward to the new holes in the 'coming weeks'. Better be before the new year to save my yearly tipping numbers.

 

[Dona Ferentes]

After consolidation, the 3.8c shares are now 51c.

will that win you the competition?

joking aside, looks like a strong open today.

 

[Sean K]

will that win you the competition?

Shhh, don't tell debtfree.

 

[System]

On December 14th, 2023, AuTeco Minerals Limited (AUT) changed its name and ASX code to FireFly Metals Ltd (FFM).

 

[Sean K]

This crappily new named company seems to have broken through some resistance, which means I should sell it soon, but if I do it will double in price, so I'm doing a George and doing the opposite of what I should do. You know it makes sense.

I doubled down on this during the SPP which was at 2.5c but thanks to the consolidation I have no idea how much I've made or lost.

 

[Dona Ferentes]

will that win you the competition?

joking aside, looks like a strong open today.

and catapulted into 4th ... no cigar

 

[Sean K]

and catapulted into 4th ... no cigar

Still time. They haven't produced the promised outstanding drill results in December yet. But, still very unlikely to catch a ferret or free debt.

 

[Sean K]

These incompetent fools haven't produced the assays they promised in Dec so it must be Jan so I'm tipping them again for the monthly comp. Copper and gold going very well the past couple of months so hopefully that helps with sentiment for the upcoming exceptional drilling results...

 

[Sean K]

The FFM threesome has produced as expected. Pretty good intersections here in line with historical drilling.

There was an extremely unusual cross trade last week that seems to have spooked the market and effected the SP unfortunately. Hopefully these assays bring back some interest.

 

[Sean K]

Firefly makes a 'flying' start and down 20% in Jan. Nice one Flies.

Not sure why this drilling and review of previous holes didn't move the dial up a bit. Pretty spectacular results really. I reckon they'll be aiming to get the contained copper in the deposit up towards 1Mt before they start mining it again. They only have a Canadian 43-101 on the MRE so not sure how much work needs to be done to convert it to JORC. A lot I guess. My experience with Canadian MREs is that they are quite generous in the grade and tonnage. I think they compile their reports with a Ouija Board.

Still suspicious that the previous owner couldn't make it work. Looks like a lot of copper and gold at excellent grades.

 

[Sean K]

Maybe once the Fly puts out a decent MRE upgrade down the track and POC goes over $4 this might get some interest.

At the moment, still in the toilet. The only good thing I can see on the chart is some significant higher lows.

Best case scenario is that they do some exploration drilling at depth and they find that it goes down another kilometer or so, which is not out of the question considering some of the other copper gold deposits around the region that go to 3km.

 

[Sean K]

POC has gone over 4 bucks and a lot of copper plays have had a nice start to the day. The Fly is still in the toilet and needs to break this downward and horizontal resistance. The higher lows remain pretty positive.

Should get some more results out in the next week or so. Two rigs spinning from the underground exploration platform. If they keep hitting widths and grades as above and copper stays above 4 then we might get on an upward trajectory.

Would be really handy if the ore body telescopes at depth like some of the other big copper deposits around the traps. But, it looks like they're initially just following the mineralised trend with those green trace lines at the bottom. Hopefully they at least continue with hits above 3% CuEq.

 

[Sean K]

The Fly was 'fully funded for Phase 1' about a week ago, which is scheduled to go on for a few more months. I guess the rise in copper and sudden jump in SP led them to take advantage of the market conditions short term.

Unfortunately, it means this potential change in direction will probably fail. Copper back under 4 bucks for the moment is not handy.

 

[Sean K]

Back over 70c after this raise so the market liked it. Pretty good numbers I suppose considering the company was only valued at 100 mil a few months ago. Another rig spinning will be good for news flow.

The sophisticated investors must think Green Bay has legs. Not sure what the point of the other project is now. Maybe it's up for sale.

 

[Sean K]

Raising at 64c hasn't seen this fall back to the offer price but has in fact given it a boost. Good sign. Might have broken the downward trend. For now.

 

[Sean K]

Good timing for these losers to buy a copper mine. The previous owners of the Ming Mine should hang their heads in shame. Looking forward to the resource upgrade in Q3. With the hits they're getting could crack the 1Mt mark.

Still no clear message about what they're doing with Pickle Crow. Best to sell it and buy beer.

 

[debtfree]

A snippet from tonight's Market Index Evening Wrap by Carl Capolingua

Firefly Metals Ltd (ASX: FFM)​

Today's ChartWatch reader request is from @ViharErda​

Today's reader request is Firefly Metals. I note a strong short term uptrend and a long term trend which is nearly transitioning from down to up.

The price action is good with rising peaks and rising troughs indicating a buy the dip mentality among market participants.

The candles are predominantly white, which indicates accumulation – the candles on Wednesday, Thursday, and today are particularly indicative of strong demand-side control.

The price has recently closed above the 0.78 point of supply, and there's little in the ways of major points of supply until 0.945.

The nearest zone of demand is 0.715-0.74.

There's nothing in the technicals to indicate the prevailing trends can't continue, and as long as the price continues to close above 0.715 the momentum here is likely strong.

The short term trend is intact while the price continues to close above the short term trend ribbon.