FireFly set for nine-rig exploration and growth campaign after highly successful ~A$139m raising

Executive Summary

• FireFly Metals secured firm commitments for approximately A$134.1 million through a charity flow‑through placement, institutional placement, and Canadian bought‑deal financing, plus an optional A$5.0 million Share Purchase Plan (SPP).
• The combined equity raise gives the company pro‑forma cash of A$244.1 million (before transaction costs), which will fund extensive drilling, upscaled mining studies, and early‑stage development at the Green Bay Copper‑Gold Project.
• Pricing reflects a modest discount to market (2.3% to 10‑day VWAP) and includes a 7.5% premium for the charity flow‑through component, indicating strong investor demand.

Key Details

• Total committed proceeds: ~A$134.1 million (before costs).
• Charity Flow‑Through Placement: A$16.4 million (C$15.0 m) at ≈A$2.09 per share – 7.5% premium to last closing price, 23.0% premium to institutional offer price. 7,829,628 shares issued.
• Institutional Placement: A$85.0 million at A$1.70 per share – 12.6% discount to last close, 4.6% discount to 10‑day VWAP; 50 million shares issued. Settlement expected 11 Dec 2025.
• Canadian Bought‑Deal Financing: A$32.8 million (C$30 m) – 19,230,770 shares at C$1.56 (A$1.70) per share; underwriters have a 15% over‑allotment option for 30 days post‑closing. Expected close ≈17 Dec 2025.
• Share Purchase Plan (SPP): Up to A$5.0 million (≈A$30,000 per eligible shareholder) at the same A$1.70 price; record date 1 Dec 2025, launch 10 Dec 2025, close 31 Dec 2025.
• Use of Proceeds: Primarily for Green Bay Project activities – underground development & drilling platforms, upscaled mining studies (PEA/Scoping/DFS), resource‑growth drilling (infill and new discovery), regional exploration, and general working capital.
• Advisers:
• Institutional Placement – Sole Lead Manager/Bookrunner: Canaccord Genuity; Co‑Managers: Euroz Hartleys, Argonaut Securities.
• Canadian Offering – Sole Underwriter/Bookrunner: BMO Capital Markets; Co‑Managers: RBC Capital Markets, Canaccord Genuity Corp.
• Legal Counsel: Hamilton Locke (Australia); Osler, Hoskin & Harcourt LLP (Canada).
• Indicative Timetable: Key dates from SPP record date (1 Dec) through settlement of each placement and final issuance of shares, with the last expected share issue on 7 Jan 2026.

Notable Quotes

“This highly successful raising means we can embark on a no‑holds‑barred drilling campaign… We will increase the drilling fleet to nine rigs as part of an aggressive onslaught targeting extensions to known mineralisation and new regional prospects.” – Steve Parsons, Managing Director

Materiality: Material – Positive (significant capital raise that materially enhances the company’s balance sheet and funding for growth initiatives).