Highlights

  • FireFly increased its Share Purchase Plan to AUD 10m after receiving approximately AUD 31m in applications.
  • The SPP forms part of a wider equity raising that positions the company with about AUD 246.9m in cash.
  • Funds will support drilling, underground development and mining studies at the Green Bay Copper-Gold Project.

FireFly Metals Ltd (ASX:FFM) (TSX:FFM) has increased the size of its recently announced Share Purchase Plan (SPP) to AUD 10 million, following applications that significantly exceeded the original target. The expanded SPP forms part of a broader equity raising designed to fund drilling programs, underground development and mining studies at the Green Bay Copper-Gold Project.

SPP Upsized Following Elevated Demand

FireFly confirmed that it doubled the SPP from AUD 5 million to AUD 10 million in line with the terms outlined in the prospectus released to the ASX on 9 December 2025. The adjustment followed applications totalling approximately AUD 31 million, well above the initial cap announced earlier in the month.

The SPP closed at 5.00pm (AWST) on Friday, 19 December 2025. It was available to 5,826 eligible shareholders, with valid applications received from 1,558 participants, representing a participation rate of around 27%. The average application amount was approximately AUD 19,383.

Concurrent Equity Raising Completed

The SPP was conducted alongside a broader equity raising totalling approximately AUD 139 million. This included an AUD 85.0 million institutional placement priced at AUD 1.70 per share, which was completed on 12 December 2025.

FireFly also completed a Canadian bought deal offering that raised CAUD 34.5 million (approximately AUD 37.7 million) at a price of CAUD 1.56 per share, closing on 17 December 2025. In addition, a charity flow-through placement raised approximately AUD 16.4 million (CAUD 15.0 million), priced at about AUD 2.09 per share, and completed on 11 December 2025.

Following completion of the equity raising and the expanded SPP, FireFly is expected to hold approximately AUD 246.9 million in cash.

Use of Funds and Project Focus

Funds raised will be directed toward expanding and upgrading the mineral resource at the Green Bay Copper-Gold Project. Planned activities include underground development, pre-construction works, mining studies and general working capital. The company has outlined a nine-rig drilling strategy as part of its forward work program.

Scale-Back Process and Share Allocation

Due to the level of applications received, FireFly applied a scale-back process to ensure an equitable allocation. Shareholders holding between 251 and 499,999 shares received approximately 33% of their applied amount, while holders of 500,000 shares or more received 100% of their application, subject to the AUD 30,000 cap.

Applications from ineligible shareholders or duplicate submissions were not accepted. Excess application funds will be refunded without interest via direct deposit or cheque in Australian dollars.

New Shares Issuance Timeline

A total of 5,881,744 new fully paid ordinary shares will be issued on Tuesday, 30 December 2025. Trading is expected to commence on Wednesday, 31 December 2025, with holding statements dispatched within five business days.