FireFly doubles Share Purchase Plan to A$10m in response to strong demand
FireFly Metals Ltd. (FFM) has increased its 2025 resource estimates and holds A$139 million to fund drilling activities in 2026.
FireFly Metals Ltd. confirmed on December 29, 2025, that it has doubled its Share Purchase Plan (SPP) from A$5 million to A$10 million following strong demand from retail shareholders that significantly exceeded the original target. The shares are being issued at A$1.70, matching the price of the institutional placement. This SPP is part of a broader A$139 million equity raising campaign intended to fund an aggressive nine-rig drilling program at the Green Bay Copper-Gold Project in Newfoundland, Canada.
The company’s Special Pro-Rata Placement (SPP) was oversubscribed, with A$28.2 million in applications received against an original offer of A$5 million. This additional A$5 million brings the total capital raise to approximately A$139 million, resulting in a pro-forma cash position exceeding A$240 million. This financial buffer eliminates any immediate going concern risk or need for further capital raising in 2026.
The influx of funds enables FireFly Metals to expand its drilling operations, increasing the drill fleet to nine rigs. This acceleration supports the company’s timeline for upscaled mining studies, including a Preliminary Economic Assessment (PEA) and Scoping Study, which are targeted for completion in the first half of 2026. The placement was priced at A$1.70 per share, a level supportive of the current market price of A$1.89. While the SPP size was doubled, the total issuance remains small relative to the company’s overall market capitalization.
FireFly Metals Ltd. (FFM) is an ASX/TSX dual-listed company focused on high-grade copper and gold in tier-one jurisdictions. The company’s flagship asset is the Green Bay Copper-Gold Project in Newfoundland, a "restart" project featuring significant existing infrastructure, including an operational shaft, processing plant, and deep-water port, valued at approximately A$250M. A November 2025 update established a Measured and Indicated Resource of 50.4Mt @ 1.9% CuEq and an Inferred Resource of 29.3Mt @ 2.5% CuEq.
The company also holds the Pickle Crow Gold Project in Ontario, a high-grade gold project with an Inferred Resource of 2.8Moz @ 7.2g/t gold. Management is led by Managing Director Steve Parsons, who previously led Bellevue Gold from exploration to a multi-billion-dollar developer.