FireFly Metals (ASX:FFM) Raises to Fuel Copper-Gold Exploration Strategy Beyond ASX200

June 23, 2025 01:02 PM AEST | By Team Kalkine Media

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FireFly Metals (ASX:FFM) Raises to Fuel Copper-Gold Exploration Strategy Beyond ASX200 — Image source: shutterstock

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Highlights

FireFly Metals completes C$28.4M bought deal in Canada

Total capital raised now exceeds A$70 million

Funding to accelerate projects in Canada and Australia

FireFly Metals (ASX:FFM) has marked a significant milestone by securing approximately C$28.4 million (~A$32 million) through a bought deal offering in Canada, strengthening its capital position to pursue exploration and development activities across key assets. This latest funding success adds to the company's robust A$70.1 million total capital raise, bolstering its ambitions in the copper-gold sector.

The Canadian financing round involved issuing 33 million ordinary shares at C$0.86 per share. This deal complements FireFly's previous fundraising initiatives, including a recently closed charity flow-through placement that contributed around A$11.2 million and an institutional placement that secured an additional A$54.9 million at A$0.96 per share.

As part of its broader capital strategy, FireFly has also launched a Share Purchase Plan (SPP), offering eligible shareholders the chance to acquire shares up to A$30,000 at the same A$0.96 per share price point. The SPP is expected to raise up to A$5 million, with the flexibility to accept oversubscriptions. The offer closes on July 7, with share issuance set for July 14.

These capital initiatives are critical to advancing FireFly’s flagship Green Bay Copper-Gold Project in Newfoundland, Canada. The project includes the Ming underground mine and the Little Deer prospect, both of which form the backbone of the company’s growth strategy. Currently, the Green Bay Project hosts 24.4 million tonnes (Mt) of Measured and Indicated Resources at 1.9% for 460,000 tonnes of copper equivalent (CuEq), along with 34.5Mt of Inferred Resources at 2% for 690,000 tonnes CuEq.

FireFly’s diversified asset base further includes a 70% stake in the high-grade Pickle Crow Gold Project in Ontario, holding an Inferred Resource of 11.9Mt at 7.2 grams per tonne for 2.8 million ounces of gold. Additionally, the company maintains a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.

While FireFly Metals is not currently part of the ASX200, its accelerating exploration momentum and significant fundraising achievements position it as a potential future entrant to the benchmark index.

This funding milestone reinforces FireFly’s strategic objective to become a globally relevant copper-gold developer, with upcoming exploration milestones and shareholder engagement events expected to further define its growth trajectory in the near term.

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