FireFly doubles Share Purchase Plan to A$10m in response to strong demand
Globenewswire·2025-12-29 22:34

Core Viewpoint - FireFly Metals Ltd has successfully completed an equity raising and share purchase plan (SPP), resulting in a cash balance of approximately A$246.9 million to support its drilling strategy and mining studies at the Green Bay Copper-Gold Project [1][33]. Group 1: Share Purchase Plan (SPP) Details - The SPP was increased to A$10 million due to strong demand, with applications totaling approximately A$31 million, significantly exceeding the initial target of A$5 million [2][3]. - A total of 5,826 eligible shareholders were invited to participate, with a participation rate of approximately 27%, and an average application amount of around A$19,383 [3]. - The scale back of applications was implemented to ensure equitable outcomes for shareholders, limiting dilution relative to their holdings [5][8]. Group 2: Equity Raising Overview - The equity raising included an A$85 million institutional placement, a C$34.5 million Canadian bought deal offering, and a charity flow-through placement totaling approximately A$16.4 million [7]. - The proceeds from the equity raising and SPP will primarily be used for resource growth and upgrades at the Green Bay project, as well as for underground development and working capital [3][4]. Group 3: Mineral Resource Estimates - The Green Bay Copper-Gold Project currently hosts a total of 50.4 million tonnes of Measured and Indicated Mineral Resources at a grade of 1.7% copper equivalent, and 29.3 million tonnes of Inferred Mineral Resources at a grade of 1.9% copper equivalent [14][29]. - The project has a clear strategy to rapidly grow its mineral resource to establish a globally significant copper-gold asset [14]. Group 4: Future Strategy - The company aims to maximize the potential at Green Bay through aggressive resource growth and economic studies in 2026 [5]. - The strong demand for the SPP reflects the company's commitment to its retail shareholders and its strategy to create value using nine drilling rigs [4].