FireFly Metals completes charity flow-through placement and tranche 1 of institutional raise

FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has raised A$66.1 million as part of its ongoing equity raise, completing the charity flow-through placement and tranche 1 of its institutional placement. The funds will drive forward the development of its high-grade Green Bay Copper-Gold Project in Newfoundland, Canada.

These completed placements are the first components of the A$94.9 million (~C$83.8 million) equity raising announced earlier this month, with the fully underwritten Canadian bought deal offering still in progress.

Key details of the equity raising

The charity flow-through placement raised A$11.2 million (~C$10.0 million), priced at A$1.49 per new share, and was fully subscribed by Canadian investors.

The first tranche of the A$54.9 million institutional placement has also now closed, at a price of A$0.96 per new share, providing significant funding to support FireFly’s exploration and development activities. The second tranche of the institutional placement will be finalised following approval at a general meeting in mid-July 2025.

In addition to these completed placements, FireFly is progressing with a fully underwritten Canadian bought deal offering of A$28.8 million (~C$25.8 million) with BMO Capital Markets, which is set to issue shares on June 20. This offering will round out the equity raise, bringing FireFly closer to its funding target.

Separately, a A$5 million Share Purchase Plan (SPP) offer will open on June 16, 2025, with shares expected to be issued by July 14, 2025.

Advancing Green Bay and beyond

The raised capital will be pivotal in advancing the Green Bay Copper-Gold Project, which includes the Ming underground mine and Little Deer exploration project. The project currently hosts 24.4 million tonnes (Mt) of measured and indicated resources at 1.9% copper equivalent and 34.5Mt of inferred resources at 2% copper equivalent, offering significant upside potential.

Along with Green Bay, FireFly is advancing its 70%-owned Pickle Crow Gold Project in Ontario, with an inferred resource of 2.8 million ounces gold at 7.2 grams per tonne, and holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.

FireFly’s ongoing 130,000-metre diamond drilling program is set to expand its copper-gold resources, with the Green Bay project positioned as a key asset for future growth.