Firefly Metals completes equity financing

Executive Summary

• Firefly Metals Ltd. has completed a comprehensive equity raising totaling approximately $139 million (Australian) / $127.3 million (Canadian) in gross proceeds, comprising an institutional placement, a bought deal offering, and a charity flow-through placement.
• The company’s pro forma cash balance prior to transaction costs is $236.9 million (Australian).
• The Canadian bought deal component was fully subscribed, including the exercise of the 15% overallotment option, resulting in the issuance of 22,115,385 ordinary shares.

Key Details

• Total Gross Proceeds: Approximately $139 million (Australian) / $127.3 million (Canadian), before costs.
• Pro Forma Cash Balance: $236.9 million (Australian) before transaction costs.
• Institutional Placement:
  • Completed: December 12, 2025.
  • Gross Proceeds: $85.0 million (Australian) / ~$77.8 million (Canadian).
  • Price: $1.70 (Australian) per share.
  • Advisers: Canaccord Genuity (sole lead manager/bookrunner); Euroz Hartleys Ltd. and Argonaut Securities Pty. Ltd. (co-managers).
• Canadian Bought Deal Offering:
  • Completed: December 17, 2025.
  • Gross Proceeds: $34.5 million (Canadian) / ~$37.7 million (Australian).
  • Price: $1.56 (Canadian) per share.
  • Shares Issued: 22,115,385 ordinary shares (including full exercise of 15% overallotment option).
  • Underwriters: BMO Capital Markets (lead underwriter/bookrunner), RBC Capital Markets, and Canaccord Genuity Corp.
• Charity Flow-Through Placement:
  • Completed: December 11, 2025.
  • Gross Proceeds: ~$16.4 million (Australian) / $15.0 million (Canadian).
  • Price: ~$2.09 (Australian) per share.
  • Target: Canadian investors.
• Share Purchase Plan (SPP):
  • Offer Price: $1.70 (Australian) per share.
  • Target Raise: Up to $5.0 million (Australian).
  • Status: Applications significantly exceeded the target; closed early on December 19, 2025, at 5 p.m. AWST.
• Legal Advisers: Osler, Hoskin & Harcourt LLP (Canada); Hamilton Locke (Australia).

Notable Quotes

• None explicitly quoted in the text, though the company states it is "pleased" regarding the underwriters' election to purchase their maximum entitlement.