Successful A$190m capital raising to fund development and resource growth
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
26 August 2026
Not for distribution to U.S. news wire services or dissemination in the United States.
Green Bay Copper-Gold Project, Canada
Successful A$190m capital raising to
fund development and resource growth
Proceeds will be used for early works, long-lead items and resource drilling
• FireFly has received firm commitments to raise ~A$180m (before costs) via an
Australian institutional placement and Canadian bought deal financing
• The equity raising was strongly supported by several large, long -only, new and
existing institutional investors based in Australia and overseas
• FireFly also intends to undertake a non-underwritten Share Purchase Plan (SPP) to
raise up to an additional A$10 m (before costs) at the same offer price as the
Australian institutional placement of A$1.78 per share
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (FireFly or Company) is pleased to announce a highly
successful equity raising which will bolster the Company’s balance sheet as it progresses towards
project development while maintaining an aggressive exploration program.
FireFly has received firm commitments for a A$180 million (before costs) equity raising via the issue
of up to approximately 101.1 million new fully paid ordinary shares in the Company (New Shares) at
a price of A$1.78 (C$1.76)1 per New Share (Offer Price).
Following release of the Preliminary Economic Assessment (PEA)2 highlighting a technically and
economically robust project, the Company intends to use the fund s to continue de-risking,
advancing and growing its Green Bay Copper-Gold Project.
This includes early project works, procurement of long -lead capital items, advancing a Feasibility
Study for the 1.8Mtpa base case scenario and a Pre -Feasibility Study on the larger 4.6Mtpa
alternative scenario, and further Resource growth ahead of a Final Investment Decision by mid -
2027.
1 Based on an implied AUD.CAD exchange rate of 0.9888.
2 See ASX announcement dated 25 August 2026 and titled ‘Green Bay PEA confirms Scale, Long Life and Strong Returns’ for
further information regarding the PEA.
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Equity Raising Details
The equity raising comprises two components (together, the Equity Raising):
(i) a A$150 million ASX institutional placement of New Shares (ASX Placement); and
(ii) a Canadian ’bought deal‘ private placement to raise ~C$29.6 million3 (~A$30 million)
pursuant to the Listed Issuer Financing Exemption (as defined below) (TSX Bought Deal).
Additionally, Fire Fly intends to invite Eligible Shareholders (as defined herein) to participate in a
non-underwritten Share Purchase Plan to acquire new fully paid ordinary shares in the capital of
FireFly ( SPP Shares) at the same offer price as the ASX Placement , to raise up to a further A$10
million (before costs).
ASX Placement
The Company has received firm commitments from sophisticated and professional investors
under the ASX Placement to raise A$150 million (before costs) through the issue of approximately
84.3 million New Shares at the offer price of A$1.78 per New Share (Placement Shares). Settlement
of the Placement Shares is expected to occur on or around Tuesday, 1 S eptember 2026. The
Placement Shares will be issued under the Company’s existing placement capacity under ASX
Listing Rule 7.1.
TSX Bought Deal1
FireFly has entered into an agreement with BMO Nesbitt Burns Inc. (BMO), pursuant to which BMO,
on behalf of a syndicate of underwriters, has agreed to purchase, on a bought deal private
placement basis, 16.8 million New Shares at a price of C$1.764 (A$1.78) per New Share for gross
proceeds of C$29.6 million5 (approximately A$30 million) under the TSX Bought Deal.
3 Based on the Bank of Canada AUD:CAD exchange rate of 0.9868 as at 21 August 2026.
4 Refer to note 1.
5 Refer to note 3.
FireFly Managing Director Steve Parsons said: “The strong demand for the raising reflects Green
Bay’s status as one of the world’s best undeveloped copper projects.
“This status was confirmed by the robust production and financial metrics contained in the
Preliminary Economic Assessment, which demonstrated a strong cashflow outlook and rapid
payback period.
“We are now very well-funded to progress towards project development while maintaining a
multi-rig drilling program aimed at ongoing resource growth”.
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The New Shares under the TSX Bought Deal are being offered in Canada by way of the Listed Issuer
Financing Exemption (LIFE) in all of the provinces of Canada , (excluding Quebec), and by way of
private placement in the United States and offshore jurisdictions in accordance with applicable
laws. The New Shares issued pursuant to the LIFE will not be subject to a statutory hold period in
Canada. Further information regarding the TSX Bought Deal is set out in the “End Notes – Canada
– TSX Bought Deal”.
The TSX Bought Deal is expected to close on or around Thursday, 3 September 2026. The New
Shares that are subject of the TSX Bought Deal will be issued under the Company’s existing
placement capacity under ASX Listing Rule 7.1.
Share Purchase Plan
The Company is offering shareholders who were registered as a holder of Shares as at 5:00pm
(AWST) on 24 August 2026 ( Record Date ) and whose registered address is in Australia or New
Zealand ( Eligible Shareholders ) the opportunity to participate in the SPP and subscribe for a
maximum of A$30,000 worth of SPP Shares at the offer price of A$1.78 per SPP Share (being the
same price as the ASX Placement). The SPP is targeted to raise up to A$10.0 million (before costs).
The Company reserves the right (in its absolute discretion) , to scale back applications under the
SPP if demand exceeds A$ 10.0 million, to accept oversubscriptions or close the SPP at an earlier
date in accordance with the ASX Listing Rules and the Corporations Act 2001 (Cth) (Corporations
Act).
The SPP offer booklet, containing further details on the SPP, is expected to be released on the ASX
and made available to Eligible Shareholders on or around 4 September 2026. The SPP is subject to
the terms and conditions set out in the SPP offer booklet.
Use of Funds
The net proceeds of the Equity Raising and SPP will be primarily used to advance project
implementation for the Green Bay Copper-Gold Project and provide significant balance sheet
strength ahead of completion of a project financing process including:
• development and early works , including underground development for drilling
platforms, ventilation and electrical upgrade platforms, and surface early works;
• underground drilling targeting upper mine extensions, M&I Resource growth,
geophysical targeting, parallel lodes and depth extensions;
• regional exploration drilling including new discovery targeting across the district ;
• technical studies including a D efinitive Feasibility Study on the 1.8Mtpa base case and
Pre-Feasibility on the 4.6Mtpa alternative case; and
• corporate and transaction costs, and working capital to provide necessary flexibility to
conduct additional project development activities and early works .
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Advisers
Canaccord Genuity (Australia) Limited acted as Sole Lead Manager and Bookrunner to the ASX
Placement. Euroz Hartleys Limited and Argonaut Securities Pty Ltd acted as Co-Managers to the
ASX Placement.
BMO acted as Sole Bookrunner , and part of a syndicate of underwriters including BMO, RBC
Dominion Inc, CIBC World Markets Inc. and Canaccord Genuity Corp., for the TSX Bought Deal.
Hamilton Locke acted as Australian legal advisor to the Company and Osler, Hoskin & Harcourt LLP
acted as Canadian legal advisor to the Company.
Indicative Timetable
Key Event Date (2026)
SPP Record Date (5:00pm AWST) Monday, 24 August
Announcement of Equity Raising and launch of ASX
Placement bookbuild Tuesday, 25 August
Announcement of completion of ASX Placement
bookbuild, lifting of trading halt and recommencement
of trading
Wednesday, 26 August
Settlement of ASX Placement Tuesday, 1 September
Allotment and Trading of Placement Shares issued
under the ASX Placement Wednesday, 2 September
Closing of TSX Bought Deal Thursday, 3 September
Despatch of SPP offer documents and SPP offer opens Friday, 4 September
SPP offer closing date Wednesday, 23 September
Announcement of SPP participation and results, and
allotment of SPP Shares Wednesday, 30 September
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.
This announcement has been authorised by the Board of Directors.
Contact information:
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
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, secur ities 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 ex empt from, or not subject to, the registration requirements of the US
Securities Act and applicable US state securities laws.
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ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper -gold company focused on growing the
high-grade Green Bay Copper -Gold Project in Newfoundland, Canada. The project is advancing
towards development, with a Preliminary Economic Assessment showing the potential for a high-
grade, low-cost and long-life operation with a pathway to produce 100kt of copper per annum.
The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral
Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral
Resources at 2.51% for 592Kt CuEq, 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 Edition)) and Canadian National Instrument 43-101 - Standards of Disclosure for
Mineral Projects (NI 43-101).
The Company has a clear strategy to continue growing the Green Bay Copper -Gold Project
through resource expansion, new discoveries and advancement towards development.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in
Western Australia.
Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM), the
Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.
COMPLIANCE STATEMENTS
End Notes – Canada – TSX Bought Deal
1. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements. This press release sha ll not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
Subject to compliance with applicable regulatory requirements and in accordance with National
Instrument 45-106 - Prospectus Exemptions ( NI 45-106), the New Shares issuable pursuant to
the TSX Bought Deal will be offered for sale to purchasers resident in all of the provinces of
Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI
45-106, as amended by Coordinated Bla nket Order 45 -935 – Exemptions from Certain
Conditions of the Listed Issuer Financing Exemption (the Listed Issuer Financing Exemption). The
New Shares issued pursuant to the Listed Issuer Financing Exemption will not be subject to a
statutory hold period in Canada. The New Shares may also be sold in offshore jurisdictions and
in the United States on a private placement basis pursuant to one or more exemptions from the
registration requirements of the US Securities Act.
There is an offering document (the Offering Document) related to the TSX Bought Deal that can
be accessed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the
Company's website at www.fireflymetals.com.au. Prospective investors should read the Offering
Document before making an investment decision.
The TSX Bought Deal is scheduled to close on 3 September, 2026, or such other date as the
Company and BMO may agree. It is expected that the ASX Placement will close
contemporaneously with or shortly prior to the closing of the TSX Bought Deal. Closing of the TSX
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Bought Deal is conditional on the closing of the ASX Placement. Completion of the Equity Raising
is subject to certain conditions including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX.
FireFly intends to rely upon the exemption set forth in Section 602.1 of the Toronto Stock Exchange
(TSX) Company Manual in connection with the TSX Bought Deal, which provides that the TSX will
not apply certain requirements in transactions involving eligible interlisted issuers on a
recognized exchange like the ASX.
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 25 August 2026, titled ’Green
Bay PEA confirms Scale, Long Life and Strong Returns.’ A technical report supporting the Mineral Resource
Estimate and PEA will be filed on SEDAR+ within 45 days of that announcement.
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.
Metal equivalents
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of
US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades
for the metals are set out in Appendix A of this announcement.
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.
Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) +
(Ag(g/t) x 0.01360).
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 Mineral Resource 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.
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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 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. 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 JO RC Code 2012 and a Qualified Person as defined in
NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in
this announcement of all 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 TSX Bought Deal, the ASX Placement, the SPP, and FireFly’s plans, forecasts
and projections with respect to its mineral properties and prog rams, including the use of the proceeds
of the TSX Bought Deal, the ASX Placement and the SPP and completion and expected timing of closing
of the TSX Bought Deal, the ASX Placement and the SPP. Forward -looking statements may be identified
by the use of wo rds 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. For example, there can be no assurance that FireFly will be
able to confirm the presence of Mineral Resources or Ore 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 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
MING
DEPOSIT
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 3.5 1.5 52 0.2 20 1.3 147 1.7
Indicated 53.8 1.9 1,041 0.5 878 4.5 7,707 2.5
TOTAL M&I 57.3 1.9 1,093 0.5 899 4.3 7,853 2.4
Inferred 17.3 2.0 344 0.7 404 6.3 3,522 2.8
LITTLE DEER
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
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 3.5 1.5 52 0.2 20 1.3 147 1.7
Indicated 56.7 1.9 1,103 0.5 887 4.4 8,027 2.5
TOTAL M&I 60.2 1.9 1,155 0.5 908 4.2 8,173 2.4
Inferred 23.5 1.9 454 0.6 414 5.2 3,952 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 using the CIBC long term mean
commodity prices as at 1 July 2026: copper price of US$10,626/t, gold price of US$3,587/oz and silver price of
US$50.22/oz.
4. 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.
5. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).
6. Totals may vary due to rounding. For further details refer to the ASX announcement dated 25 August 2026, titled ‘Green
Bay PEA confirms Scale, Long Life and Strong Returns’.