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

Executive Summary

• FireFly Metals Ltd has announced a multi-jurisdictional capital raise totaling approximately C$131.5 million (approx. A$134.5 million) through a Canadian bought-deal offering, an Australian charity flow-through and institutional placement, and a retail share purchase plan.
• The Canadian Offering involves the sale of 19,230,770 ordinary shares at C$1.56 per share for gross proceeds of C$30 million, with a 30-day over-allotment option for up to 15% additional shares.
• The Australian Offering aims to raise A$101.5 million via a C$15 million (A$16.5 million) charity flow-through placement and an A$85 million institutional placement, with a concurrent retail share purchase plan (SPP) targeting up to A$5 million.
• Net proceeds will be primarily allocated to development and early works, technical studies (PEA/DFS), underground and regional exploration drilling, and working capital.

Key Details

• Canadian Offering Structure:
  • Underwriter: BMO Nesbitt Burns Inc. (on behalf of a syndicate).
  • Type: Bought deal.
  • Shares Issued: 19,230,770 ordinary shares.
  • Price: C$1.56 per share (A$1.70).
  • Gross Proceeds: C$30 million (approx. A$33 million).
  • Over-Allotment Option: BMO granted an option to purchase up to 15% of the Canadian Offering (approx. 2,884,615 additional shares) at the offering price, exercisable within 30 days of closing.
  • Closing Date: Expected on or about December 17, 2025.
  • Jurisdiction: Offered via short form prospectus in all Canadian provinces except Quebec; also offered via private placement in the US and offshore.
• Australian Offering Structure:
  • Underwriter/Arranger: Canaccord Genuity.
  • Total Target Gross Proceeds: A$101.5 million.
  • Charity Flow-Through Placement: A$16.5 million (C$15.0 million).
  • Institutional Placement: A$85.0 million.
  • Closing Date: Expected on or about December 12, 2025.
• Retail Share Purchase Plan (SPP):
  • Target Raise: Up to A$5 million (excluding oversubscriptions).
  • Eligibility: Shareholders registered as of 4:00pm (AWST) on December 1, 2025, with addresses in Australia or New Zealand.
  • Subscription Limit: Maximum A$30,000 per shareholder.
  • Timing: To be completed subsequent to the Flow-Through and Placement.
• Use of Proceeds:
  • Development and early works (underground development, drilling platforms, surface early works, permitting).
  • Technical studies (Preliminary Economic Assessment/Scoping Study and Definitive Feasibility Study).
  • Underground drilling (resource growth, infill drilling, new discovery drilling).
  • Regional exploration drilling (new discovery targeting across the district).
  • General administrative and working capital flexibility (including transaction costs).
• Exchange Rate Assumption: Implied AUD.CAD exchange rate of 0.9092.

Notable Quotes

• No direct quotes from the CEO or Managing Director were included in the provided text.