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Highlights
- FireFly Metals raises over A$66 million to accelerate project development
- Key equity placements completed, with additional funding underway
- Green Bay and Pickle Crow projects poised for significant growth
FireFly Metals (ASX:FFM) has successfully raised A$66.1 million through a combination of equity placements, marking a significant milestone in its broader A$94.9 million (~C$83.8 million) funding initiative. The newly secured capital will support the continued development of the company’s high-grade Green Bay Copper-Gold Project in Newfoundland, Canada, as well as advancement across its broader exploration portfolio.
Completed Placements Bolster Financial Strength
The equity raise included two critical components now completed:
- A charity flow-through placement of A$11.2 million (~C$10.0 million), priced at A$1.49 per new share
- The first tranche of a A$54.9 million institutional placement, now closed at A$0.96 per share
Both components reflect strong investor interest, particularly from the Canadian market. The second tranche of the institutional placement is expected to conclude following shareholder approval in a general meeting scheduled for mid-July 2025.
In addition, FireFly is progressing with a fully underwritten Canadian bought deal worth A$28.8 million (~C$25.8 million), with shares slated to be issued on June 20, 2025. A further A$5 million Share Purchase Plan (SPP) will open on June 16, with shares expected by mid-July.
Funding to Drive Project Expansion
The raised capital will primarily advance the Green Bay Copper-Gold Project, which encompasses the Ming underground mine and Little Deer exploration project. This flagship project already hosts 24.4 million tonnes (Mt) of measured and indicated resources at 1.9% copper equivalent, along with 34.5Mt of inferred resources at 2% copper equivalent—positioning it as a core growth engine for the company.
Meanwhile, FireFly continues to build value across its broader asset base. These include:
- A 70% stake in the Pickle Crow Gold Project in Ontario, Canada, featuring 2.8 million ounces of inferred gold resources at 7.2 grams per tonne
- A 90% interest in the Limestone Well Vanadium-Titanium Project located in Western Australia
Exploration Activity Remains High
The company’s expansive 130,000-metre diamond drilling program remains a key strategy to unlock additional resources and uplift overall asset value. With Green Bay positioned as a cornerstone project and diversified exploration across gold and vanadium-titanium assets, FireFly is firmly establishing itself in the critical minerals sector with a growth-focused agenda.
This latest funding momentum brings FireFly closer to realizing its ambitious project development goals, reinforcing confidence in its strategic direction and asset potential.
