How FireFly Metals’ A$70M Raise Could Transform Its Copper-Gold Future

FireFly Metals Completes Major Canadian Bought Deal

FireFly Metals Ltd (ASX – FFM, TSX – FFM) has announced the successful completion of a Canadian bought deal equity offering, raising gross proceeds of approximately C$28.4 million (around A$32 million). The offering involved the issuance of 33 million ordinary shares at C$0.86 each and was led by BMO Capital Markets as sole underwriter and bookrunner. The deal also saw the full exercise of the over-allotment option, underscoring strong investor demand.

Part of a Broader A$70 Million Equity Raising

This Canadian offering forms a significant part of a wider equity raising effort by FireFly Metals, which totals about A$70.1 million before costs. Alongside the bought deal, the company completed a charity flow-through placement raising approximately A$11.2 million and a two-tranche institutional placement valued at A$54.9 million. The first tranche of the institutional placement and the charity flow-through placement have already been completed, with the second tranche awaiting shareholder approval expected in August 2025.

Share Purchase Plan Offers Additional Funding Opportunity

In addition to institutional and flow-through placements, FireFly Metals has opened a Share Purchase Plan (SPP) for eligible shareholders. This plan allows shareholders to subscribe for up to A$30,000 worth of shares at A$0.96 per share, aiming to raise up to A$5 million. The SPP closes on 7 July 2025, with shares to be issued shortly thereafter.

Strategic Focus on High-Grade Copper-Gold Projects

FireFly Metals is focused on advancing its flagship Green Bay Copper-Gold Project in Newfoundland, Canada, which includes the Ming underground mine and the Little Deer exploration project. The company’s recent resource estimates highlight a substantial mineral resource base, with measured and indicated resources totaling 24.4 million tonnes at 1.9% copper equivalent, and inferred resources of 34.5 million tonnes at 2% copper equivalent. FireFly is actively pursuing a 130,000-metre diamond drilling program aimed at rapidly expanding these resources.

Broader Portfolio and Growth Prospects

Beyond Green Bay, FireFly holds a 70% interest in the Pickle Crow Gold Project in Ontario, boasting an inferred resource of 11.9 million tonnes at 7.2 grams per tonne gold, and a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia. The fresh capital raised will support ongoing exploration, resource expansion, and development activities across these assets.

Looking Ahead

With the equity raising nearing completion and drilling programs underway, FireFly Metals is well-positioned to enhance its resource base and advance towards development milestones. The upcoming shareholder meeting to approve the final tranche of the institutional placement will be a key event to watch, alongside updates on drilling results and resource growth.