FireFly Files Prospectus for 33M Shares at C$0.86 in Major Equity Raise

• Final short form prospectus filed for 30 million shares at C$0.86 each
• Additional 3 million shares available under over-allotment option
• Part of a larger A$71 million equity raising including institutional and charity placements
• Share Purchase Plan open to eligible shareholders to raise up to A$5 million
• Focus on advancing Green Bay Copper-Gold Project with ongoing drilling

FireFly Metals Advances Equity Raising

FireFly Metals Ltd (ASX – FFM, TSX – FFM) has taken a significant step in its capital raising strategy by filing the final short form prospectus for a bought deal offering of 30 million ordinary shares priced at C$0.86 each. This offering, expected to close around 20 June 2025, includes an over-allotment option for an additional 3 million shares, potentially increasing the total raise to approximately C$28.1 million.

This bought deal is a key component of a broader equity raising package targeting approximately A$71 million (around C$64 million), which also includes a recently completed A$11.2 million charity flow-through placement to Canadian investors and a two-tranche institutional placement. The first tranche of the institutional placement has been completed, while the second tranche awaits shareholder approval scheduled for August 2025.

Share Purchase Plan Offers Further Participation

Complementing these placements, FireFly is offering a Share Purchase Plan (SPP) to eligible shareholders, allowing subscriptions up to A$30,000 at A$0.96 per share, the same price as the institutional placement. The SPP aims to raise up to A$5 million before costs, with the company reserving the right to accept oversubscriptions in line with regulatory requirements. The SPP closes on 7 July 2025, with share allotments expected by 14 July.

Backing High-Grade Canadian Copper-Gold Assets

FireFly’s equity raising is designed to support the advancement of its flagship Green Bay Copper-Gold Project in Newfoundland, Canada. This project includes the Ming underground mine and the Little Deer exploration area, boasting a combined measured and indicated mineral resource of 24.4 million tonnes at 1.9% copper equivalent, and an inferred resource of 34.6 million tonnes at 2.0% copper equivalent. The company has recently embarked on an extensive 130,000-metre diamond drilling program aimed at expanding these resources and enhancing project economics.

In addition to Green Bay, FireFly holds interests in the Pickle Crow Gold Project in Ontario, with an inferred resource of 11.9 million tonnes grading 7.2 grams per tonne gold, and the Limestone Well Vanadium-Titanium Project in Western Australia. These diversified assets position FireFly as a growing player in the copper-gold exploration and development sector.

Outlook and Next Steps

The company’s timetable anticipates closing the Canadian bought deal offering by 20 June 2025, followed by the SPP and the institutional placement’s second tranche later in the year, subject to shareholder approval. FireFly’s management emphasizes that these dates are indicative and may be adjusted as needed.

While the equity raising will dilute existing shareholders, it provides FireFly with the necessary capital to accelerate exploration and development activities at its high-potential Canadian projects. Investors will be watching closely for updates on drilling results and the outcome of the upcoming shareholder meeting, which will be pivotal for the tranche two placement.

Bottom Line?

FireFly’s substantial equity raise sets the stage for accelerated growth, but execution on drilling and approvals will be critical to sustaining momentum.

Questions in the middle?

• Will the shareholder meeting approve the second tranche of the institutional placement as planned?
• How will the additional capital impact FireFly’s project timelines and exploration targets?
• What are the potential dilution effects on existing shareholders from the combined equity raising?