FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has filed a final short form prospectus in Canada to qualify the distribution of 30 million ordinary shares at C$0.86 each, raising C$25.8 million. An additional 3 million shares may be issued through an over-allotment option. Quotation on the ASX will be sought following issuance. The offering is expected to close around June 20, 2025, subject to customary conditions.
The bought deal forms part of a wider A$71.1 million equity raising initiative, which also includes a charity flow-through placement and a two-tranche institutional placement. A share purchase plan targeting retail shareholders is also underway.
Equity raising structure and progress
The broader equity raising consists of three components:
- A completed charity flow-through placement to Canadian investors raised approximately A$11.2 million (C$10.0 million) at A$1.49 per share.
- A two-tranche institutional placement at A$0.96 per share is expected to raise A$54.9 million in total. Tranche one has been completed, while tranche two is subject to shareholder approval at a general meeting scheduled for August 2025.
The bought deal offering in Canada, comprising 30 million shares priced at C$0.86 with a potential additional 3 million under an over-allotment option, is expected to close on June 20, 2025.
Share Purchase Plan for eligible investors
In parallel with institutional efforts, FireFly is conducting a Share Purchase Plan (SPP), allowing eligible shareholders to acquire up to A$30,000 in fully paid ordinary shares at A$0.96 per share.
The company is aiming to raise A$5 million before costs and reserves the right to accept oversubscriptions, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth).
The SPP closes on July 7, 2025, with the issue of shares expected by July 14, 2025.
Green Bay Copper-Gold Project resource update
FireFly’s flagship Green Bay Copper-Gold Project in Newfoundland hosts a Mineral Resource of 24.4 million tonnes (Mt) of Measured and Indicated Resources at 1.9% copper equivalent (CuEq) for 460,000 tonnes of contained metal, and 34.5Mt of Inferred Resources at 2% CuEq for 690,000 tonnes.
The project includes the Ming underground mine and Little Deer exploration asset, and is compliant with both JORC Code 2012 and Canadian NI 43-101 standards.
A 130,000-metre diamond drilling program is underway to expand the resource base and establish a globally significant copper-gold deposit.
Additional assets: Pickle Crow and Limestone Well
Beyond Green Bay, FireFly holds:
- A 70% interest in the Pickle Crow Gold Project in Ontario, which contains an Inferred Resource of 11.9Mt at 7.2 grams per tonne (g/t) for 2.8 million ounces (Moz) of gold.
- A 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
These assets provide the company with exposure to critical minerals and further exploration upside.
Compliance and technical statements
All resource estimates have been reviewed by FireFly’s group chief geologist, Juan Gutierrez.
Copper equivalent calculations use metal prices of US$8,750 per tonne (t) copper, US$2,500 per ounce (oz) gold and US$25/oz silver, with recoveries of 95% for copper and 85% for precious metals. The company confirms no material changes since the last resource disclosures.