FireFly Metals Ltd has secured firm commitments for an A$180 million equity raising through an Australian institutional placement and Canadian bought deal financing, while also planning a non-underwritten Share Purchase Plan to raise up to an additional A$10 million.

The funding package is priced at A$1.78 per share and will be deployed directly into early project implementation, long-lead item procurement, and an aggressive multi-rig drilling program at the Green Bay Copper-Gold Project in Canada. Proceeds will support 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, measured and indicated resource expansion, and geophysical targets, alongside regional exploration across the surrounding district.

In addition, technical studies will advance toward a Definitive Feasibility Study for a 1.8 million tonnes per annum base case and a Pre-Feasibility Study for a 4.6 million tonnes per annum alternative scenario. FireFly targets a Final Investment Decision for the project by mid-2027.

The equity raising comprises a A$150 million institutional placement on the Australian Securities Exchange and approximately C$29.6 million, or about A$30 million, through a Canadian bought deal private placement. FireFly also intends to offer eligible shareholders in Australia and New Zealand the opportunity to participate in a Share Purchase Plan to raise up to a further A$10 million at the same offer price. Settlement of the Australian placement is expected on or around 1 September 2026, with the Canadian bought deal scheduled to close on or around 3 September 2026.

“The strong demand for the raising reflects Green Bay’s status as one of the world’s best undeveloped copper projects.

“This status was confirmed by the robust production and financial metrics contained in the Preliminary Economic Assessment, which demonstrated a strong cashflow outlook and rapid payback period.

“We are now very well-funded to progress towards project development while maintaining a multi-rig drilling program aimed at ongoing resource growth.”

— Steve Parsons, Managing Director

FireFly acquired the adjacent Tilt Cove copper-gold exploration project in November 2024 to expand its regional ground position in Newfoundland.

Following the announcement, FireFly shares closed at A$1.945, up 2.37% on August 26, 2026, with trading volume reaching 2,770,077 shares compared with a 50-day average volume of 145,868 shares.

Read the full announcement: FireFly announces successful A$190m capital raising to fund development and resource growth