Equity Raising Advances FireFly completes Charity Flow-Through Placement and Tranche 1 of Institutional Placement
ASX: FFM | TSX: FFM
Company Announcement 16 June 2025
Not for dissemination to U.S. wire services or dissemination in the United States. Equity Raising Advances FireFly completes Charity Flow-Through Placement and Tranche 1 of Institutional Placement
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (“FireFly” or the “Company”) is pleased to announce that it has completed the Charity Flow-Through Placement and tranche one of the Institutional Placement of the Equity Raising announced by the Company on 5 and 10 June 2025.
Equity Raising Details
As announced on 10 June 2025, the equity raising comprises three parts (together, the Equity Raising):
- ~A$11.2 million (~C$10.0 million) charity flow-through placement to Canadian investors priced at approximately A$1.49 per New Share (Charity Flow-Through Placement), which is now complete;
- ~A$54.9 million two-tranche institutional placement at the offer price of A$0.96 per New Share (Institutional Placement). Tranche one of the Institutional Placement is now complete; and
- ~A$28.8 million (~C$25.8 million) fully underwritten Canadian bought deal offering with BMO Capital Markets.
The indicative timeline for the remaining aspects of the Equity Raising is as follows:
Indicative Timetable
| Key Event | Date | ||
| Open of SPP offer | Monday, 16 June 2025 | ||
| Issue of New Shares under Canadian Offering | Friday, 20 June 2025 | ||
| Close of SPP offer | Monday, 7 July 2025 | ||
| Issue of SPP Shares | Monday, 14 July 2025 | ||
| General Meeting to approve the issue of Tranche Two Placement Shares under the Institutional Placement | Indicatively Mid-July 2025 | ||
| Settlement, Allotment and Trading for Tranche Two Placement Shares issued under the Institutional Placement | Indicatively Mid-July 2025 and following the General Meeting |
The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws.
FireFly Metals Ltd
+61 8 9220 9030 ACN: 110 336 733 [email protected] Principal & Registered Office:
www.fireflymetals.com.au Level 2/8 Richardson Street West Perth WA 6005 This announcement has been prepared for publication in Australia and Canada and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.
The announcement has been authorised by the Board of Directors.
Steve Parsons Media
Managing Director Paul Armstrong FireFly Metals Ltd Read Corporate +61 8 9220 9030 +61 8 9388 1474
ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada, which is comprised of multiple assets, including the Ming underground mine and Little Deer exploration project. The Green Bay Copper-Gold Project currently hosts a Mineral Resource prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) of 24.4Mt of Measured and Indicated Resources at 1.9% for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program.
FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM), the Company's website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
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COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out at Appendix A was first reported in the Company’s ASX announcement dated 29 October 2024, titled “Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq” and is also set out in the Technical Reports for the Ming Copper Gold Mine, titled “National Instrument 43-101 Technical Report, FireFly Metals Ltd., Ming Copper-Gold Project, Newfoundland” with an effective date of November 29, 2024 and the Little Deer Copper Project, titled “Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada” with an effective date of June 26, 2024, each of which is available on SEDAR+ at www.sedarplus.ca.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed.
Mineral Resources Estimate – Pickle Crow Project
The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company’s ASX announcement dated 4 May 2023, titled “High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t” and is also set out in the Technical Report for the Pickle Crow Project, titled “NI 43-101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project, Ontario, Canada” with an effective date of November 29, 2024, as amended on June 11, 2025, available on SEDAR+ at www.sedarplus.ca.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed.
Metal equivalents for Mineral Resource Estimates
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource grades for the metals are set out at Appendix A of this announcement. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.
In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant. historical performance achieved at the Green Bay project whilst in operation.
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COMPETENT PERSON / QUALIFIED PERSON
All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101.
FORWARD-LOOKING INFORMATION
This announcement may contain certain forward-looking statements and projections, including the completion and expected closing of the Offering. Forward-looking statements may be identified by the use of words such as "may", "might", "could", "would", "will", "expect", "intend", "believe", "forecast", "milestone", "objective", "predict", "plan", "scheduled", "estimate", "anticipate", "continue", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.
Although the forward-looking statements contained in this announcement reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.
The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.
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APPENDIX A Green Bay Copper-Gold Project Mineral Resources Ming Deposit Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||||
| Measured | 4.7 | 1.7 80 | 0.3 40 | 2.3 340 | 1.9 | |||||||||
| Indicated | 16.8 | 1.6 270 | 0.3 150 | 2.4 1,300 | 1.8 | |||||||||
| TOTAL M&I | 21.5 | 1.6 | 340 | 0.3 | 190 | 2.4 | 1,600 | 1.8 | ||||||
| Inferred | 28.4 | 1.7 480 | 0.4 340 | 3.3 3,000 | 2.0 |
Little Deer Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||||
| Measured | - | - - | - - | - - | - | |||||||||
| Indicated | 2.9 | 2.1 62 | 0.1 9 | 3.4 320 | 2.3 | |||||||||
| TOTAL M&I | 2.9 | 2.1 | 62 | 0.1 | 9 | 3.4 | 320 | 2.3 | ||||||
| Inferred | 6.2 | 1.8 110 | 0.1 10 | 2.2 430 | 1.8 |
GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||||
| Measured | 4.7 | 1.7 80 | 0.3 45 | 2.3 340 | 1.9 | |||||||||
| Indicated | 19.7 | 1.7 330 | 0.2 154 | 2.6 1,600 | 1.9 | |||||||||
| TOTAL M&I | 24.4 | 1.7 | 400 | 0.3 | 199 | 2.5 | 2,000 | 1.9 | ||||||
| Inferred | 34.6 | 1.7 600 | 0.3 348 | 3.1 3,400 | 2.0 |
1. Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.
2. Mineral Resources have been reported at a 1.0% copper cut-off grade.
3. Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
4. Totals may vary due to rounding.
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