FireFly Metals Secures A$139M to Accelerate Green Bay Copper-Gold Growth
FireFly Metals has successfully raised approximately A$139 million through a multi-part equity raising, significantly bolstering its cash reserves to advance its flagship Green Bay Copper-Gold Project in Newfoundland. The company also closed its oversubscribed Share Purchase Plan early, reflecting strong investor demand.
- Completed A$139 million equity raising via institutional placement, Canadian bought deal, and charity flow-through placement
- Pro-forma cash balance boosted to approximately A$237 million before transaction costs
- Oversubscribed Share Purchase Plan closed early, targeting A$5 million but exceeding demand
- Equity raising underwritten by major financial institutions including BMO Capital Markets and RBC Capital Markets
- Funds earmarked to advance exploration and development of the Green Bay Copper-Gold Project with significant mineral resources
A Strong Capital Injection
FireFly Metals Ltd (ASX, FFM, TSX, FFM) has completed a substantial equity raising, securing gross proceeds of approximately A$139 million (C$127.3 million) before costs. This capital raise was executed through a combination of an institutional placement, a Canadian bought deal offering, and a charity flow-through placement, reflecting a well-structured approach to tapping both Australian and Canadian investor bases.
The institutional placement alone contributed A$85 million at A$1.70 per share, while the Canadian bought deal added C$34.5 million at C$1.56 per share. The charity flow-through placement, priced at approximately A$2.09 per share, raised around A$16.4 million. Together, these components have significantly strengthened FireFly’s financial position, bringing its pro-forma cash balance to an estimated A$236.9 million before transaction costs.
Oversubscribed Share Purchase Plan
In addition to the main equity raising, FireFly launched a Share Purchase Plan (SPP) aimed at raising up to A$5 million by offering shareholders the opportunity to purchase shares at the same price as the institutional placement. The response was robust, with applications far exceeding the target, prompting the company to close the SPP early on 19 December 2025. This strong retail investor interest underscores confidence in FireFly’s growth strategy and project potential.
Backing from Major Financial Institutions
The Canadian bought deal was underwritten by a syndicate led by BMO Capital Markets, with RBC Capital Markets and Canaccord Genuity Corp. also participating. Notably, the underwriters exercised their full 15% over-allotment option, acquiring an additional 22.1 million shares, signaling strong institutional support. Euroz Hartleys Limited and Argonaut Securities Pty Ltd co-managed the institutional placement, while legal advisory was provided by Osler, Hoskin & Harcourt LLP in Canada and Hamilton Locke in Australia.
Advancing the Green Bay Copper-Gold Project
The fresh capital is earmarked primarily for advancing FireFly’s flagship Green Bay Copper-Gold Project in Newfoundland, Canada. The project boasts a substantial mineral resource base, with measured and indicated resources totaling 50.4 million tonnes at 2.0% copper equivalent, and inferred resources of 29.3 million tonnes at 2.5% copper equivalent. These figures position Green Bay as a globally significant copper-gold asset with considerable upside potential.
FireFly also acknowledged financial support from the Government of Newfoundland and Labrador through the Junior Exploration Assistance Program, which has aided recent geophysical surveys and drilling activities. This government backing complements the company’s efforts to expand and delineate mineral resources further.
Outlook and Forward-Looking Statements
While the company confirmed that there have been no material changes to previously reported mineral resource estimates, it remains focused on rapidly growing its resource base and advancing project development. Forward-looking statements highlight the inherent uncertainties in exploration and project execution, including commodity price fluctuations and regulatory factors. Nonetheless, FireFly’s strengthened balance sheet and strong investor support provide a solid platform for the next phase of growth.
Bottom Line?
With a robust A$139 million capital raise and oversubscribed retail support, FireFly Metals is well-positioned to accelerate its copper-gold ambitions in Newfoundland.
Questions in the middle?
- How will FireFly allocate the new capital across exploration, development, and potential acquisitions?
- What are the expected timelines for key milestones at the Green Bay Copper-Gold Project following this funding?
- How might fluctuations in copper and gold prices impact FireFly’s project economics and future capital needs?
