FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has increased its share purchase plan (SPP) from A$5 million to A$10 million after receiving applications totalling about A$31 million, well above the initial target.
The SPP closed at 5:00pm (AWST) on December 19, 2025 and was open to 5,826 eligible shareholders. FireFly received valid applications from 1,558 eligible shareholders (including custodian-level applications), implying a participation rate of about 27% and an average application of about A$19,383.
The SPP formed part of a broader equity raising of about A$139 million, comprising:
- A$85 million institutional placement at A$1.70 per share, completed on 12 December 2025;
- C$34.5 million Canadian bought deal offering at C$1.56 per share, completed on December 17, 2025; and
- about A$16.4 million charity flow-through placement priced at about A$2.09 per share, completed on December 11, 2025.
Following completion of the equity raising and the resized SPP, FireFly expects to have a pro-forma cash balance (before transaction costs) of about A$246.9 million.
Use of funds: Green Bay drilling and studies
Managing director Steve Parsons said the strong level of demand reflected shareholder support for FireFly’s strategy at the Green Bay copper-gold project, where the company plans to advance exploration and development activities using nine drill rigs.
“We are delighted to have received such strong demand for the SPP. This reflects the outstanding upside at Green Bay and our aggressive strategy to continue creating value by using nine rigs," Parsons said.
“We have taken the opportunity to reward our loyal retail shareholders by doubling the total SPP provision to A$10 million, increasing their ability to secure further exposure to this growth potential.
“There are several key planks to our strategy for 2026, including growing and upgrading the resource and progressing economic studies, all of which are aimed at maximising the huge opportunity we have at Green Bay.”
The money raised is expected to be directed primarily towards growing and upgrading the mineral resource at Green Bay, as well as funding underground development, pre-construction works, mining studies and general working capital.
Scale-back and share issue details
Given the level of demand, FireFly applied a scale-back methodology aimed at limiting dilution relative to shareholders’ existing holdings at the SPP closing date (and, for custodians, relative to the December 1, 2025 record date).
Under the allocation approach, shareholders holding 0–250 shares at the closing date were allocated no shares. Most applicants holding between 251 and 499,999 shares received allocations of about 33% of their application, while shareholders with holdings of 500,000 shares or more were allocated 100% of their application, subject to the A$30,000 cap.
Excess application funds resulting from the scale-back will be refunded without interest.
A total of 5,881,744 new fully paid ordinary shares are scheduled to be issued on December 30, 2025 and are expected to start trading on December 31, 2025.