The project’s plant and underground infrastructure might cost C$400 million, McCormack wrote in a report on Tuesday. Green Bay could be financed through a C$100 million share capital raising late next year, A$400 million in debt financing and Firefly’s sale of its Pickle Crow gold project in northern Ontario, he said.
“Green Bay gets serious scale,” the analyst said of the new resource. “Upgrade comfortably beats our expectations.”
Shares in Firefly gained 20% in the past five days to close at A$1.26 apiece on Wednesday in Sydney. The company’s market value is A$691.6 million. The stock has traded in a 52-week range of A$0.44 to A$1.27 and has nearly doubled year-to-date.
Canaccord revised its Firefly share price target to A$1.95 from A$1.40. “We maintain a speculative buy recommendation, highlighting the potentially catalyst-rich 12 months ahead that we believe should continue to augment the scale…
