FireFly Metals Ltd Announces C$30 (~A$33) Million Canadian Bought Deal Financing and C$96.8 (~A$106.5) Million Australian Equity Raise

On December 1, 2025, FireFly Metals announced a significant equity financing package totaling approximately A$139.5 million. The financing consists of three components:

• A C$30 million (~A$33 million) Canadian bought deal offering of 19.23 million shares at C$1.56 per share, led by BMO Capital Markets.
• An Australian equity raise of approximately A$101.5 million.
• A Share Purchase Plan (SPP) targeting A$5 million for existing Australian and New Zealand shareholders.

The proceeds from these offerings are designated for advancing the Green Bay Copper-Gold Project, specifically for development and early works, technical studies (PEA and DFS), extensive underground and regional drilling programs, and general working capital.

FireFly Metals Ltd. (FFM) has secured a financing package that provides a war chest of over A$250 million, fully funding the company through critical de-risking milestones including a Preliminary Economic Assessment (PEA), a Definitive Feasibility Study (DFS), permitting, and initial early works. This capital raise removes near-to-medium term financing overhang, a significant risk for developing mining companies, and allows management to focus on advancing the Green Bay project toward production without capital constraints.

The financing capitalizes on a string of recent positive developments, including consistently high-grade drill results throughout October and a transformational 51% increase in the Mineral Resource announced on November 17, 2025. These events propelled the stock price to near all-time highs, enabling management to raise capital from a position of strength. While the company was already well-funded with A$114.3 million in cash as of October 29, 2025, this new capital significantly strengthens its balance sheet.

The Canadian offering price was set at C$1.56 per share, equating to approximately A$1.72 based on the release's C$30M~A$33M conversion. This represents a minimal ~4% discount to the last closing price of A$1.79, demonstrating strong institutional demand. The calculated dilution of approximately 10-11% is considered reasonable for securing the project's future development runway. This pricing marks a significant step-up from the June 2025 financing, which was conducted at A$0.96.

BMO Capital Markets served as the lead underwriter for this second bought deal in six months, signaling confidence in the project and the management team. This access to capital markets solidifies FireFly Metals Ltd.'s position as a serious emerging copper developer.

FireFly Metals Ltd is a mineral exploration and development company dual-listed on the ASX and TSX. The company’s flagship asset is the Green Bay Copper-Gold Project in Newfoundland, Canada, a Tier-1 mining jurisdiction. The project hosts a significant, high-grade copper-gold resource and includes substantial existing infrastructure such as an operational underground mine, shaft, a processing plant, and access to a deep-water port and low-cost hydropower. FireFly also holds the Pickle Crow Gold Project in Ontario, Canada.