FireFly’s Equity Raise Hinges on Shareholder Vote for Final A$26.6m Tranche

Strong Retail Support Drives SPP Upsize

FireFly Metals Ltd (ASX, FFM) has responded to unexpectedly strong demand from its retail shareholders by doubling the size of its Share Purchase Plan (SPP) from A$5 million to A$10 million. The company received applications totaling approximately A$28.2 million, far exceeding the original target and prompting a scale back to ensure equitable allocation among participants.

Robust Equity Raising Bolsters Cash Position

This upsized SPP complements a broader equity raising package that has already secured around A$98.1 million through a combination of Canadian charity flow-through placements, institutional placements, and a fully underwritten Canadian bought deal. Together, these efforts are expected to leave FireFly with a strong cash and liquid investment position of about A$145 million, providing ample funding to advance its flagship Green Bay Copper-Gold Project in Newfoundland.

Accelerated Drilling and Development Plans

With the fresh capital, FireFly plans to ramp up its exploration activities by adding an eighth drill rig to its ongoing 130,000-metre diamond drilling program. The company aims to rapidly expand and upgrade its mineral resource base, which currently stands at 24.4 million tonnes of measured and indicated resources grading 1.9% copper equivalent, plus 34.6 million tonnes inferred. These efforts are coupled with underground development, pre-construction works, and mining studies designed to unlock near-mine and regional opportunities swiftly.

Shareholder Approval Pending for Final Placement Tranche

While the initial tranches of the institutional placement and Canadian offering have been completed, the second tranche of the institutional placement, expected to raise an additional A$26.6 million, remains subject to shareholder approval at an upcoming general meeting. This introduces some uncertainty, but management remains confident in shareholder support given the strong retail participation and overall market interest.

Outlook and Strategic Positioning

FireFly’s Managing Director Steve Parsons highlighted the company’s commitment to maximizing shareholder value through aggressive exploration and development. The substantial capital raise and expanded drilling program position FireFly to potentially transform Green Bay into a globally significant copper-gold asset. Meanwhile, the company’s other projects, including the Pickle Crow Gold Project in Ontario and the Limestone Well Vanadium-Titanium Project in Western Australia, remain important longer-term growth avenues.