FireFly Metals Ltd (ASX: FFM) has successfully secured commitments for a significant equity raising of approximately A$134.1 million, with an additional A$5 million targeted through a Share Purchase Plan (SPP). This brings the total capital raise to about A$139.1 million, earmarked to accelerate the development and exploration of its high-grade Green Bay Copper-Gold Project in Newfoundland, Canada, and support broader growth initiatives. The company's pro-forma cash position, before transaction costs, is expected to reach approximately A$244.1 million following these raisings.
The equity raising is structured in three tranches: a A$16.4 million (C$15 million) charity flow-through placement to Canadian investors at approximately A$2.09 per share, an A$85 million institutional placement at A$1.70 per share, and a A$32.8 million (C$30 million) Canadian bought deal offering, also at A$1.70 per share, which includes an over-allotment option for up to an additional C$4.5 million. The institutional placement price of A$1.70 per share represents a 12.6% discount to FireFly’s last closing price and a 4.6% discount to its 10-day volume-weighted average price up to December 1, 2025. The Charity Flow-Through Placement, conversely, was priced at a 7.5% premium to FireFly’s last closing price and a 23.0% premium to the institutional placement offer price.
Funds from this capital injection will be primarily directed towards critical aspects of the Green Bay Project. This includes early works and underground development, technical studies such as an upscaled mine design options, a preliminary economic assessment/scoping study, and a definitive feasibility study, which are anticipated to be completed in the first half of CY26. A substantial portion of the funds will also support an aggressive drilling campaign, utilizing nine rigs, for resource growth, infill drilling, and new discovery exploration across the project and wider district. General administrative costs and working capital are also covered by the proceeds. FireFly Managing Director Steve Parsons highlighted that this raising enables a "no-holds-barred drilling campaign" and progression towards a Final Investment Decision for the project.
