TORONTO, ON — December 17, 2025 — Leads & Copy — FireFly Metals Ltd (ASX: FFM, TSX: FFM) has completed its previously announced equity raising, generating gross proceeds of approximately A$139 million (~C$127.3 million) before costs. The equity raising included an A$85.0 million (~C$77.8 million) institutional placement, a C$34.5 million (~A$37.7 million) Canadian bought deal offering, and an ~A$16.4 million (C$15.0 million) charity flow-through placement.
The institutional placement, priced at A$1.70 per share, was completed on Dec. 12, 2025. The Canadian offering, priced at C$1.56 per share, was completed on Dec. 17, 2025. The charity flow-through placement to Canadian investors, priced at approximately A$2.09 per share, was completed on Dec. 11, 2025.
The company’s pro-forma cash balance before transaction costs is A$236.9 million.
The Canadian offering was underwritten by a syndicate of underwriters led by BMO Capital Markets, including RBC Capital Markets and Canaccord Genuity Corp. The underwriters exercised their full 15% over-allotment option, resulting in the issue and sale of 22,115,385 ordinary shares.
In addition to the equity raising, FireFly is offering eligible shareholders the opportunity to subscribe for up to A$30,000 worth of fully paid ordinary shares at A$1.70 per share through a Share Purchase Plan (SPP). The company aimed to raise up to A$5.0 million before costs and reserved the right to take oversubscriptions.
FireFly has received applications significantly exceeding the A$5.0 million target and decided to close the SPP early at 5:00 p.m. (AWST) on Dec. 19, 2025. The announcement of the SPP results and the issue of new shares are scheduled for Tuesday, Dec. 30, 2025. The SPP timetable is indicative and subject to change.
BMO Capital Markets acted as lead underwriter and bookrunner for the Canadian offering. Canaccord Genuity acted as sole lead manager and bookrunner for the institutional placement and the block trade component of the charity flow-through placement. Euroz Hartleys Limited and Argonaut Securities Pty Ltd acted as co-managers for the institutional placement.
Osler, Hoskin & Harcourt LLP served as Canadian legal advisor, and Hamilton Locke served as Australian legal advisor to the company.
FireFly acknowledged the financial support from the Government of Newfoundland and Labrador through the Junior Exploration Assistance (JEA) Program. This support was for a Versatile Time-Domain Electromagnetic (VTEM) survey over the Tilt Cove Project, held by FireFly’s subsidiary Tilt Cove Ltd., and for follow-up drilling and geophysical surveys at the Ming Regional mineral properties, held by subsidiaries 14701999 B.C. Ltd. and FireFly Metals Canada Limited.
The company is focused on advancing the Green Bay Copper-Gold Project in Newfoundland, Canada, which hosts a mineral resource of 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent (CuEq) and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq. FireFly also holds a 70% interest in the Pickle Crow Gold Project in Ontario and a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
Steve Parsons, Managing Director of FireFly Metals Ltd, can be reached at +61 8 9220 9030. Jessie Liu-Ernsting, Chief Development Officer, can be reached at +1 709 800 1929. Media inquiries can be directed to Paul Armstrong at Read Corporate, +61 8 9388 1474.
Source: FireFly Metals Ltd
