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Highlights
- FireFly Metals secures A$95M to fuel expansion at Green Bay Project
- Strong institutional support reflects optimism in copper-gold assets
- ASX200 miner ramps up exploration and development with robust cash backing
FireFly Metals (ASX:FFM) has reinforced its financial foundation with approximately A$95 million in secured commitments, paving the way for an accelerated growth trajectory at its Green Bay Copper-Gold Project in Newfoundland, Canada. This strategic move strengthens the company’s footprint in the resource-rich ASX200 landscape and sets the stage for expansive mineral exploration and project development.
The funding strategy is multifaceted, incorporating an institutional placement, a Canadian bought deal, and a premium charity flow-through tranche, with additional capital of up to A$5 million planned through further institutional participation. The average issue price across these initiatives hovers around A$1 per share, offering modest discounts or premiums reflective of global investor confidence.
A Forward-Thinking Deployment of Capital
Proceeds from the raise will fuel a robust seven-rig drilling campaign aimed at expanding and upgrading the current Mineral Resource estimate. These funds will also be directed towards essential pre-construction activities, underground development, regional drilling operations, and corporate-level needs including working capital and transaction-related expenses.
FireFly’s focus on scaling its operations aligns with increasing demand for tier-one copper-gold projects and the broader momentum within the S&P/ASX200 resources sector.
Strong Institutional Support and Strategic Capital Structure
The company has executed the raise through three primary components:
- A$54.9 million via a two-tranche institutional placement at A$0.96 per share
- A$11.2 million from a charity flow-through placement at A$1.49 per share
- A$28.8 million (C$25.8 million) via a fully underwritten Canadian bought deal at C$0.86 per share
The flow-through mechanism allows Canadian investors to benefit from tax advantages tied to exploration expenditure, while FireFly maximizes proceeds through premium pricing. Settlement for the initial placements is expected by mid-June 2025, with shareholder approval sought for the second tranche in July.
Broader Participation Through Share Purchase Plan
In a move to include retail stakeholders, FireFly has introduced a Share Purchase Plan (SPP) allowing eligible shareholders to subscribe for up to A$30,000 worth of shares at A$0.96. This inclusive step supports broader market participation while maintaining equity structure integrity.
This capital raise not only reinforces FireFly’s standing within the ASX dividend stocks category but also signals its strategic ambition to transform Green Bay into a leading copper-gold asset.
As FireFly moves forward with a reinforced balance sheet and institutional momentum, the company appears well-positioned to deliver long-term value aligned with Australia’s robust mining sector.
