FireFly Metals Secures A$180M to Advance Green Bay Project

Dual-Market Equity Raise Nets A$180 Million

FireFly Metals Ltd (ASX:FFM, TSX: FFM) has successfully closed a substantial equity raising, securing gross proceeds of approximately A$180 million before costs. The capital was raised through a two-pronged approach: a A$150 million institutional placement on the ASX at A$1.78 per share, completed on 2 September 2026, and a C$30 million bought deal on the TSX at C$1.76 per share, completed on 3 September 2026. This dual-market strategy underscores FireFly’s commitment to tapping both Australian and Canadian investor bases to fund its flagship Green Bay Copper-Gold Project.

Share Purchase Plan Targets Additional A$10 Million

Beyond the institutional placements, FireFly is offering a non-underwritten Share Purchase Plan (SPP) to eligible Australian and New Zealand shareholders, allowing them to subscribe for up to A$30,000 worth of shares at the same price as the ASX placement. The SPP aims to raise up to A$10 million, with the offer open from 4 September to 23 September 2026. The company retains discretion to scale back applications or accept oversubscriptions, providing flexibility depending on shareholder demand.

Capital to Propel Green Bay Project Development

The net proceeds from the equity raising and SPP will be primarily directed towards advancing the Green Bay Copper-Gold Project in Newfoundland. Key uses include underground development to establish drilling platforms and upgrade ventilation and electrical infrastructure, targeted underground drilling to extend mine resources, and regional exploration aimed at new discoveries across the district. FireFly also plans to fund technical studies, including a Definitive Feasibility Study (DFS) on a 1.8Mtpa base case and a Pre-Feasibility Study (PFS) on an expanded 4.6Mtpa scenario. Corporate and transaction costs, along with working capital, will provide the necessary financial flexibility to support these activities.

Robust Mineral Resource Base Supports Development Plans

FireFly’s Green Bay Project boasts a substantial mineral resource inventory, with 60.2 million tonnes classified as Measured and Indicated at an average copper equivalent grade of 2.4%, containing approximately 1.15 million tonnes of copper equivalent. An additional 23.5 million tonnes are classified as Inferred resources at 2.5% CuEq. The project’s resource estimates, prepared under the JORC Code and Canadian NI 43-101 standards, underpin FireFly’s vision of a high-grade, low-cost operation capable of producing 100,000 tonnes of copper annually. These figures reinforce the project’s scale and potential economic viability ahead of the upcoming DFS and PFS milestones.

Advisory and Regulatory Compliance

FireFly engaged a syndicate of underwriters led by BMO Nesbitt Burns Inc. for the TSX bought deal, with RBC Dominion Securities, CIBC World Markets, and Canaccord Genuity also participating. Canaccord Genuity (Australia) Limited acted as Sole Lead Manager for the ASX placement, supported by Euroz Hartleys and Argonaut Securities as co-managers. Legal counsel was provided by Hamilton Locke in Australia and Osler, Hoskin & Harcourt LLP in Canada. The company emphasized adherence to relevant regulatory frameworks, including exemptions under National Instrument 45-106 in Canada and compliance with ASX Listing Rules in Australia.