Firefly Metals increases SPP to $10M (Australian)

Executive Summary

• Firefly Metals Ltd. doubled its Share Purchase Plan (SPP) to A$10 million due to strong retail demand, with total applications reaching approximately A$31 million.
• The SPP was conducted concurrently with a broader A$139 million equity raising package, which included an institutional placement, a Canadian bought deal, and a charity flow-through placement.
• Proceeds from the total equity raising and SPP will be used to grow the Green Bay copper-gold project, fund underground development, preconstruction works, mining studies, and working capital.

Key Details

• SPP Expansion: The SPP size was increased from A$5 million to A$10 million in accordance with the prospectus terms.
• SPP Demand: Applications totaled approximately A$31 million, significantly exceeding the original target.
• Participation: Valid applications were received from 1,558 eligible shareholders out of 5,826 eligible, representing a ~27% participation rate and an average application amount of ~A$19,383.
• Scale Back: Due to oversubscription, applications were scaled back to limit dilution. Excess money will be refunded without interest.
• Share Issuance: A total of 5,881,744 new fully paid ordinary shares will be issued on Dec. 30, 2025, expected to trade from Dec. 31, 2025.
• Concurrent Equity Raising (Total ~A$139 million):
  • Institutional Placement: A$85.0 million (~C$77.8 million) at A$1.70 per share, completed Dec. 12, 2025.
  • Canadian Bought Deal: C$34.5 million (~A$37.7 million) at C$1.56 per share, completed Dec. 17, 2025.
  • Charity Flow-Through: A$16.4 million (C$15.0 million) to Canadian investors at ~A$2.09 per share, completed Dec. 11, 2025.
• Use of Proceeds: Growing/upgrading the Green Bay mineral resource, underground development, preconstruction works, mining studies, and working capital.
• Project Resource (Green Bay): 50.4 million tonnes of measured and indicated resources at 2.0% for 1,016,000 tonnes CuEq; 29.3 million tonnes of inferred resources at 2.5% for 722,000 tonnes CuEq.

Notable Quotes

• "We are delighted to have received such strong demand for the SPP. This reflects the outstanding upside at Green Bay and our aggressive strategy to continue creating value by using nine rigs." — Steve Parsons, Managing Director
• "We have taken the opportunity to reward our loyal retail shareholders by doubling the total SPP provision to $10-million (Australian), increasing their ability to secure further exposure to this growth potential." — Steve Parsons, Managing Director