FireFly Metals raises A$180 million for Green Bay Copper-Gold Project
News provided byFireFly Metals Ltd · 2 min read
FireFly Metals Ltd (ASX: FFM, TSX: FFM) has successfully completed an equity raising, raising approximately A$180 million (C$178.6 million) to advance the Green Bay Copper-Gold Project in Newfoundland, Canada. The capital raise, which concluded on September 3, 2026, includes an institutional placement and a bought deal offering.
The institutional placement, known as the ASX Placement, was completed on September 2, 2026, and raised A$150 million (C$149.0 million) at a share price of A$1.78 per share. The bought deal offering, or TSX Bought Deal, concluded on September 3, 2026, raising approximately A$30 million (C$29.6 million) at a price of C$1.76 per share. Both transactions were managed by a syndicate of underwriters, with BMO Nesbitt Burns Inc. acting as lead underwriter and sole bookrunner for the TSX Bought Deal, and Canaccord Genuity (Australia) Limited as the sole lead manager for the ASX Placement.
In addition to the equity raising, FireFly plans to offer a non-underwritten share purchase plan (SPP) to eligible shareholders. The SPP, targeted to raise up to A$10 million (before costs), will allow shareholders who were registered as holders of ordinary shares as of 5:00pm AWST on August 24, 2026, to subscribe for new fully paid ordinary shares at an issue price of A$1.78 per share, the same as the ASX Placement. The SPP is expected to be made available on September 4, 2026, and close on September 23, 2026.
The proceeds from the equity raising and SPP will primarily be used to advance the Green Bay Copper-Gold Project. Funds will be allocated to development and early works, including underground development for drilling platforms, ventilation, and electrical upgrades. Additional capital will support regional exploration, technical studies, and corporate and transaction costs to provide necessary flexibility for project development.
FireFly Metals Ltd is an emerging copper-gold company with a clear strategy to grow the high-grade Green Bay Copper-Gold Project. The project, located in Newfoundland, Canada, is underpinned by significant mineral resources, with 60.2 million tonnes of measured and indicated mineral resources at 2.43% for 1,464,000 tonnes of copper equivalent (CuEq) and 23.5 million tonnes of inferred mineral resources at 2.51% for 592,000 tonnes of CuEq, all prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101).
The company’s use of funds will focus on advancing the project towards development, including the completion of a Definitive Feasibility Study on the 1.8 million tonnes per annum base case and a Pre-Feasibility on the 4.6 million tonnes per annum alternative case. FireFly has also secured legal advice from Hamilton Locke for Australian matters and Osler, Hoskin & Harcourt LLP for Canadian matters.
“With this substantial capital raise, FireFly is well-positioned to continue its growth strategy for the Green Bay Copper-Gold Project,” said a spokesperson for FireFly Metals Ltd. “We are optimistic about the potential of the project and look forward to delivering on our plans to advance it towards development.”
Further information about FireFly Metals Ltd is available on the ASX platform, the company’s website, and SEDAR+.
(Note: The forward-looking statements and projections mentioned in the original text are not included in the summary for brevity.)