FireFly set for nine-rig exploration and growth campaign after highly successful ~A$139m raising
Press Release
Proceeds will be used to continue growing and upgrading the Mineral Resource and advance Upscaled Economic Studies in lead up to a Final Investment Decision
⦁ FireFly has received firm commitments totalling approximately A$134.1m (before costs) via a Charity Flow-Through Placement, Institutional Placement, and Canadian bought deal financing
⦁ FireFly also intends to undertake a non-underwritten Share Purchase Plan (SPP) to raise up to an additional A$5.0m (before costs) at the same offer price as the institutional placement of A$1.70 per share
⦁ The Equity Raising (defined below) represents a discount of just 2.3% to the 10-day VWAP, after allowing for the Canadian flow through premium
⦁ Pro-forma cash before transaction costs is A$244.1 million1
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (FireFly or Company) is pleased to announce a highly successful equity raising which will underpin a concerted resource growth campaign and progressing upscaled mining studies at its Green Bay Copper-Gold Project in Canada.
FireFly has received firm commitments for ~A$134.1 million (before costs) via the issue of up to approximately 77.1 million fully paid ordinary shares in the Company (New Shares) under the Equity Raising (defined below).
FireFly Managing Director Steve Parsons said: “This highly successful raising means we can embark on a no-holds-barred drilling campaign aimed at creating further shareholder value in a very timely manner.
“We will increase the drilling fleet to nine rigs as part of an aggressive onslaught targeting extensions to known mineralisation and new regional prospects.
“We are also progressing towards a Final Investment Decision by derisking the Green Bay Copper-Gold Project by embarking on Upscaled Mining Studies which are expected to be completed in the first half of CY26.
“The name of the game at Green Bay is clearly drive value through the drill bit and derisk a large scale copper-gold project. So that’s exactly what we are going to do”.
Equity Raising Details
The equity raising will be completed in three parts (together, the Equity Raising), comprising:
⦁ ~A$16.4 million (C$15.0 million)2 charity flow-through placement to Canadian investors priced at approximately A$2.09 per New Share, which represents a 7.5% premium to FireFly’s last closing price on Monday, 1 December 2025, and a 23.0% premium to the offer price under the Institutional Placement of A$1.70 per New Share (Offer Price) (Charity Flow-Through Placement);
⦁ A$85.0 million institutional placement at the Offer Price of A$1.70 per New Share, which represents a 12.6% discount to FireFly’s last closing price and a 4.6% discount to FireFly’s 10-day volume weighted average price up to and including Monday, 1 December 2025 (Institutional Placement); and
⦁ ~A$32.8 million (C$30.0 million)3 Canadian bought deal offering with a syndicate of underwriters led by BMO Capital Markets (BMO) with an over-allotment option for up to an additional C$4.5 million.
Concurrently with the Equity Raising, FireFly is also offering Eligible Shareholders (defined below) the opportunity to participate in a non-underwritten SPP at the Offer Price to raise up to an additional A$5.0 million (with the ability to accept oversubscriptions, at the discretion of the Company), before costs.
Charity Flow-Through Placement
The Company has received firm commitments under the Charity Flow-Through Placement to raise approximately C$15.0 million (~A$16.4 million)2, before costs, through the issue of 7,829,628 New Shares at an issue price of approximately C$1.92 (A$2.09)2 per New Share (Flow-Through Shares)
IBF4
