FireFly doubles Share Purchase Plan to
FireFly Metals Ltd
+61 8 9220 9030
www.fireflymetals.com.au
ACN: 110 336 733
Principal & Registered Office:
Level 2/8 Richardson Street West Perth WA 6005
ASX: FFM | TSX: FFM
Company Announcement
30 December 2025
Not for release to United States wire services or distribution in the US
FireFly doubles Share Purchase Plan to
A$10m in response to strong demand
Successful completion of the Equity Raising and the SPP will see FireFly emerge
with ~A$246.9m1 in cash to drive nine-rig drilling strategy and mining studies
FireFly Metals Ltd ( ASX: FFM, TSX: FFM ) (Company or FireFly) is pleased to advise that it has doubled
the size of its recently -announced share purchase plan ( SPP) to A$10 million, in accordance with the
terms of the Prospectus released to ASX on 9 December 2025.
The decision followed extremely strong demand for the SPP and reflects the Company’s commitment to
its supportive retail shareholders.
Applications under the SPP, which closed at 5.00pm (AWST) on Friday, 19 December 2025 (Closing Date),
totalled approximately A$31 million, and greatly exceeded the original A$5 million target announced on
2 December 2025.
The SPP was open to 5,826 eligible shareholders. The Company received valid applications from 1,558
eligible shareholders (including custodian level applications), representing a participation rate of
approximately 27% and an average application amount of approximately A$19,383.
The SPP was undertaken concurrently with the Company’s ~A$139 million equity raising that comprised
the following aspects (together, the Equity Raising):
• A$85.0 million (~C$77.8 million) 2 institutional placement at a price of A$1.70 per share
(Institutional Placement), which completed on 12 December 2025;
• C$34.5 million (~A$37.7 million) 2 Canadian bought deal offering at a price of C$1.56 per share
(Canadian Offering), which completed on 17 December 2025; and
• ~A$16.4 million (C$15.0 million)3 charity flow-through placement to Canadian investors priced at
approximately A$2.09 per share ( Charity Flow -Through Placement ), which completed on 11
December 2025.
1 The Company’s pro-forma cash balance before transaction costs of A$246.9m compris es the cash balance at 30
November 2025, plus gross proceeds received from the SPP and the Equity Raising (before transaction costs).
2 Based on an implied AUD.CAD exchange rate of 0.9158.
3 Based on an implied AUD.CAD exchange rate of 0.9163.
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“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.
“We have taken the opportunity to reward our loyal retail shareholders by doubling the total SPP
provision to A$10m, increasing their ability to secure further exposure to this growth potential.
“There are several key planks to our strategy for 2026, including growing and upgrading the resource
and progressing economic studies, all of which are aimed at maximising the huge opportunity we have
at Green Bay.”
The proceeds of the Equity Raising and SPP will be used primarily to continue growing and upgrading
the mineral resource at FireFly’s Green Bay Copper Gold Project as well for underground development,
pre-construction works, mining studies and working capital.
FireFly Managing Director Steve Parsons said:
SPP Details
The strong interest in the SPP required the Company to scale back valid applications. The scale back
methodology implemented was designed to provide an equitable outcome for shareholders to limit
dilution relative to their shareholding at the Closing Date and, for applications from Custodians, at the
record date of 5.00pm (AWST) on Monday, 1 December 2025 (Record Date).
The scale back was undertaken primarily as follows:
Shares held at Closing
Date*
Allocation policy** Number of
applications
0 – 250 0 shares 141
251 – 499,999 ~33% of the eligible shareholder’s application 1,365
500,000+ 100% of the eligible shareholder’s application (limited
by the $30,000 cap)
52
* Applications from Custodians were scaled based on shareholding at Record Date due to unavailability of data at Closing
Date.
** For valid applications only
To provide the most equitable outcome to the largest number of shareholders, the Company did not
accept applications from ineligible shareholders or duplicate applications from multiple holders with
the same name.
Excess application money resulting from the scale back will be refunded to shareholders, without
interest, by direct credit deposit to their nominated bank account or by cheque paid in Australian dollars
(Australian eligible shareholders only).
A total of 5,881,744 new fully paid ordinary shares (New Shares) will be issued on Tuesday, 30 December
2025 under the SPP and are expected to trade from Wednesday, 31 December 2025.
Holding statements reflecting the issue of the New Shares will be despatched within five business days
following 31 December 2025, in accordance with the ASX Listing Rule s. The Company recommends
shareholders confirm their actual holding prior to trading in New Shares under the SPP.
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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.
This announcement has been authorised by the Board of Directors.
Steve Parsons
Managing Director
FireFly Metals Ltd
+61 8 9220 9030
Jessie Liu-Ernsting
Chief Development Officer
FireFly Metals Ltd
+1 709 800 1929
Media
Paul Armstrong
Read Corporate
+61 8 9388 1474
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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. The Green Bay Copper -Gold Project currently
hosts a Mineral Resource prepared and disclosed 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 50.4Mt of Measured
and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent (CuEq) and 29.3Mt of Inferred
Mineral Resources at 2.5% for 722Kt CuEq. The Company has a clear strategy to rapidly grow the copper -
gold Mineral Resource to demonstrate a globally significant copper-gold asset.
FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Mineral
Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km 2
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) or the Company’s
website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
COMPLIANCE STATEMENTS
Mineral Resource Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out in
Appendix A was first reported in the Company’s ASX announcement dated 18 November 2025, titled ‘Mineral
Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold’ and is also set out in the Technical Report for the
Ming Copper-Gold Mine, titled ‘National Instrument 43-101 Technical Report, FireFly Metals Ltd, Green Bay Ming
Mine Copper-Gold Project, Newfoundland’ with an issue date of 1 December 2025 a nd a Mineral Resource
effective date of 18 November 2025, available on SEDAR+ at www.sedarplus.ca.
Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement 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 th e Technical Report for 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 26 June 2024, available on SEDAR+ at www.sedarplus.ca.
Mineral Resource 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 29
November 2024, as amended on 11 June 2025, available on SEDAR+ at www.sedarplus.ca.
Metal equivalents
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 in 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).
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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 calculation have a reasonable
potential to be recovered and sold based on current market conditions, metallurgical test work, the
Company’s operational experience and, where relev ant, historical performance achieved at the Green Bay
project whilst in operation.
Original Announcements
FireFly confirms that it is not aware of any new information or data that materially affects the information
included in the original announcements referred to or cross-referenced in this announcement and that, in the
case of Mineral Resource Estimates, al l material assumptions and technical parameters underpinning the
estimates in the original announcements continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Persons’ and Qualified Persons ’ findings are
presented have not been materially modified from the original market announcements.
COMPETENT PERSON AND QUALIFIED PERSON STATEMENTS
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 Austral asian 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. Mr Gutierrez is a full-time employee of, and holds securities in,
the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of
deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined
in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez consents to the inclusion in
this announcement of the matters based on his information in the form and context in which they appear.
FORWARD-LOOKING INFORMATION
This announcement may contain certain forward -looking statements and projections, including statements
regarding the SPP, and FireFly’s plans, forecasts and projections with respect to its mineral properties and
programs, including the completion and expec ted timing of closing of the SPP. 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.
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The forward-looking statements and projections are inherently uncertain and may therefore differ materially
from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm
the presence of Mineral Resources or O re Reserves, that FireFly’s plans for development of its mineral
properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully
developed on any of FireFly’s mineral properties. The performance of FireFly ma y 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 Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 6.3 1.5 94 0.3 50 1.9 388 1.7
Indicated 41.2 1.7 708 0.4 488 3.2 4,320 2.1
TOTAL M&I 47.5 1.7 802 0.4 537 3.1 4,708 2.0
Inferred 23.1 2.0 456 0.7 553 5.9 4,379 2.6
Little Deer Mineral Resource Estimate
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
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 Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 6.3 1.5 94 0.3 50 1.9 388 1.7
Indicated 44.1 1.7 769 0.4 496 3.3 4,638 2.1
TOTAL M&I 50.4 1.7 863 0.3 546 3.1 5,026 2.0
Inferred 29.3 1.9 566 0.6 563 5.1 4,810 2.5
1. FireFly Metals Ltd 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. These assumptions are made of the basis of historical production at the Ming Mine and additional
metallurgical test work. 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.