FireFly Bolsters Funding for Project Development and Growth

Key points

• FireFly Metals Ltd has launched an A$180m equity raising to fund the Green Bay Copper-Gold Project
• The raising includes a A$150m ASX institutional placement and a C$29.6m TSX bought deal
• An additional A$10m non-underwritten SPP is planned for eligible shareholders
• Funds will be used for project development, exploration, and working capital
• The raising aims to accelerate project implementation and resource growth

Full summary

Firefly Metals Ltd (ASX: FFM, TSX: FFM) has announced a significant equity raising of approximately A$180 million to fund the development of its Green Bay Copper-Gold Project in Newfoundland, Canada. The raising comprises a A$150 million ASX institutional placement and a C$29.6 million TSX bought deal, along with a non-underwritten share purchase plan (SPP) targeting up to an additional A$10 million. The funds will be used to advance project implementation, including early works, exploration drilling, technical studies, and working capital. The company aims to expedite the development of the Green Bay project, which has a robust Preliminary Economic Assessment (PEA) highlighting its potential as a high-grade, low-cost operation.

Guidance

Firefly Metals aims to raise approximately A$190 million through equity raisings.

Outlook

Firefly Metals plans to use the raised funds to accelerate the development and exploration of its Green Bay Copper-Gold Project, aiming for a Final Investment Decision by mid-2027.