FireFly Metals Ltd has completed its equity raising, securing gross proceeds of approximately A$180 million before costs to advance project implementation at the Green Bay Copper-Gold Project in Newfoundland, Canada.

The funding package comprises a A$150 million institutional placement priced at A$1.78 per share and a ~A$30 million bought deal offering at C$1.76 per share. FireFly also intends to offer a non-underwritten share purchase plan targeting up to an additional A$10 million for eligible shareholders in Australia and New Zealand at the A$1.78 placement price.

The proceeds will be deployed into underground development for drilling platforms, ventilation and electrical upgrades, and surface early works. Funds are also earmarked for underground resource growth drilling targeting upper mine extensions and regional exploration across the surrounding district.

In addition, the capital will support technical studies, including 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. FireFly previously expanded its exploration footprint in the Green Bay district through the acquisition of the adjacent Tilt Cove copper-gold project in November 2024.

The Green Bay Copper-Gold Project is underpinned by 60.2 million tonnes of Measured and Indicated Mineral Resources at 2.43% copper equivalent for 1,464,000 tonnes of contained metal, and 23.5 million tonnes of Inferred Mineral Resources at 2.51% copper equivalent for 592,000 tonnes of contained metal.

FireFly targets a Final Investment Decision for the project by mid-2027.

Read the full announcement: FireFly Completes Equity Raising