FireFly Metals Ltd has completed a capital raising initiative, securing gross proceeds of approximately A$180 million before costs to fund ongoing operations and project implementation at the Green Bay Copper-Gold Project in Newfoundland, Canada.

The financing package comprises a A$150 million institutional placement executed on the Australian Securities Exchange at a price of A$1.78 per share, alongside a bought deal offering on the Toronto Stock Exchange raising approximately A$30 million at C$1.76 per share. BMO Nesbitt Burns Inc. led the Canadian underwriting syndicate as sole bookrunner, with RBC Dominion Securities Inc., CIBC World Markets Inc. and Canaccord Genuity Corp. participating as underwriters. Canaccord Genuity (Australia) Limited acted as sole lead manager and bookrunner for the Australian placement, supported by co-managers Euroz Hartleys Limited and Argonaut Securities Pty Ltd.

To supplement the institutional capital, FireFly is offering a non-underwritten share purchase plan targeted to raise up to an additional A$10 million. Eligible shareholders registered in Australia and New Zealand as of 24 August 2026 can subscribe for up to A$30,000 worth of new ordinary shares at the A$1.78 placement price. The share purchase plan is scheduled to close on 23 September 2026, with the results, share issuance, and quotation application anticipated on 30 September 2026.

Net proceeds from the equity raising will be deployed into development and early works at Green Bay, including underground infrastructure for drilling platforms, ventilation, and electrical upgrades alongside surface early works. Funds will also support underground resource growth drilling targeting upper mine extensions, regional exploration across the surrounding district, and technical studies comprising a Definitive Feasibility Study on a 1.8 million tonnes per annum base case and a Pre-Feasibility Study on a 4.6 million tonnes per annum alternative scenario.

The current capital initiatives build upon FireFly's broader portfolio consolidation in Newfoundland, which included acquiring the adjacent Tilt Cove copper-gold exploration project from Signal Gold Inc. for C$3.07 million in November 2024 to add 115 square kilometres of exploration ground contiguous to Green Bay. Additionally, the company holds the Little Deer copper project in the region, where a mineral resource estimate was reported in October 2024 at 1.2 million tonnes of contained metal at 2% copper equivalent. FireFly also intends to file a technical report supporting the mineral resource estimate and preliminary economic assessment for Green Bay on SEDAR+ within 45 days of 25 August 2026.

Read the full announcement: FireFly Completes Equity Raising