Key Highlights

  • FireFly Metals has received firm commitments to raise approximately A$180 million before costs via an Australian institutional Placement and a Canadian bought deal financing.
  • The raising comprises a A$150 million ASX placement and a C$29.6 million (approximately A$30 million) TSX bought deal, both priced at A$1.78 (C$1.76) per new share.
  • The company also intends to offer a non-underwritten Share Purchase Plan to raise up to a further A$10 million at the same offer price.
  • Proceeds will fund early works, long-lead Capital items, a Feasibility Study on the 1.8Mtpa base case, a Pre-Feasibility Study on a 4.6Mtpa alternative, and further resource drilling at the Green Bay Copper-Gold Project ahead of a Final Investment Decision targeted for mid-2027.

FireFly Metals Ltd (ASX:FFM, TSX:FFM) shares last traded at $1.905, up 0.263% on the day, as the company announced it has received firm commitments for an Equity raising of approximately A$180 million before costs. The raising is intended to strengthen the company's Balance Sheet as it progresses toward development of its Green Bay Copper-Gold Project in Newfoundland, Canada, while continuing an exploration program.

Equity Raising Structure

The equity raising comprises two components: a A$150 million ASX institutional placement issuing approximately 84.3 million new shares, and a Canadian bought deal private placement raising approximately C$29.6 million, or around A$30 million, via the issue of 16.8 million new shares. Both components are priced at A$1.78 (C$1.76) per new share. Settlement of the ASX placement shares is expected around 1 September 2026, with the TSX bought deal, underwritten by BMO Nesbitt Burns Inc. on behalf of a syndicate of underwriters, expected to close around 3 September 2026.

In addition to the placement and bought deal, FireFly intends to offer eligible shareholders registered as at 24 August 2026 with addresses in Australia or New Zealand the opportunity to participate in a non-underwritten Share Purchase Plan, targeted to raise up to a further A$10 million before costs, at the same A$1.78 offer price. The SPP offer booklet is expected to be released around 4 September 2026, with applications subject to scale-back at the company's discretion if Demand exceeds the target amount.

Use of Proceeds

FireFly says the net proceeds will primarily be used to advance project implementation for the Green Bay Copper-Gold Project, following the release of a Preliminary Economic Assessment for the project. Planned uses include early project works such as underground development for drilling platforms, ventilation and electrical upgrades, and surface works; underground and regional exploration drilling targeting upper mine extensions, resource growth and new discovery targets; technical studies comprising a Definitive Feasibility Study on the 1.8Mtpa base case and a Pre-Feasibility Study on a larger 4.6Mtpa alternative case; and corporate, transaction and Working Capital costs.

Managing Director Steve Parsons said the raising reflected demand linked to the Green Bay project, referencing production and financial metrics contained in the Preliminary Economic Assessment, and said the company is now funded to progress toward development while maintaining a multi-rig drilling program aimed at continued resource growth.

Conclusion

FireFly Metals' equity raising provides funding to advance the Green Bay Copper-Gold Project through early works, long-lead procurement, feasibility studies on both base and expanded production scenarios, and continued drilling ahead of a targeted Final Investment Decision by mid-2027. With the ASX placement, TSX bought deal and prospective Share Purchase Plan together targeting up to A$190 million, the company's near-term focus will shift to executing this work program and advancing project financing processes for Green Bay.