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Highlights
- FireFly Metals launches C$25.8 million Canadian equity offering
- Multi-part capital raise totals A$71.1 million across placements and SPP
- Green Bay Project resource expands; drill campaign underway
FireFly Metals (ASX:FFM) has announced the filing of its final short form prospectus in Canada, initiating a significant C$25.8 million equity offering. This step is a core part of its broader capital strategy aimed at strengthening project development and exploration capabilities.
Under the offering, 30 million ordinary shares are being distributed at C$0.86 each, with an option to issue an additional 3 million shares under an over-allotment clause. These shares are expected to be listed on the ASX following issuance. The deal is anticipated to close on or around June 20, 2025, contingent on customary closing conditions.
A$71.1 Million Multi-Tranche Equity Initiative
This Canadian deal forms a crucial piece of FireFly's wider A$71.1 million equity raising program. The initiative comprises several coordinated components:
- A completed charity flow-through placement in Canada raised about A$11.2 million (C$10.0 million) at A$1.49 per share.
- A two-tranche institutional placement at A$0.96 per share aims to contribute A$54.9 million. The first tranche has been completed, and the second is pending shareholder approval at a meeting scheduled for August 2025.
- The Canadian bought deal will add C$25.8 million, strengthening the company’s funding base for operational expansion.
Share Purchase Plan for Broader Participation
In a bid to involve a broader investor base, FireFly Metals has also introduced a Share Purchase Plan (SPP) that allows eligible retail investors to acquire up to A$30,000 in shares at A$0.96 each. The plan targets a raise of A$5 million, with the flexibility to accept oversubscriptions. The SPP is set to close on July 7, 2025, with the share issuance planned by July 14, 2025.
Expanding Resources at Green Bay Copper-Gold Project
Funds raised will fuel exploration and resource growth at the flagship Green Bay Copper-Gold Project in Newfoundland. The project boasts 24.4Mt of Measured and Indicated Resources at 1.9% CuEq and 34.5Mt of Inferred Resources at 2.0% CuEq. A 130,000-metre diamond drilling campaign is currently underway to expand this resource base, underscoring the company’s long-term development goals.
Green Bay includes the operational Ming underground mine and the Little Deer exploration zone. The resource estimates meet both JORC 2012 and Canadian NI 43-101 standards, ensuring global compliance.
Additional Projects with Exploration Upside
Beyond Green Bay, FireFly also holds:
- A 70% stake in the Pickle Crow Gold Project in Ontario, with an Inferred Resource of 11.9Mt at 7.2g/t for 2.8Moz of gold (TSX:FFM).
- A 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia (OTC:MNXMF).
These strategic holdings provide significant exposure to critical minerals and enhance the company’s position among exploration-focused ASX200 today.
As FireFly executes this funding and development roadmap, it remains focused on advancing a globally significant copper-gold resource while offering investors an avenue for diversified mineral exposure.
