New York-headquartered investment firm BlackRock has been progressively acquiring more shares in emerging copper-gold producer FireFly Metals (ASX:FFM).
BlackRock, one of the world’s largest resources investors with $10 trillion in assets under management, has raised its stake in FireFly to 6.3% from 5.1%.
The investment firm picked up a further 5.5 million shares on market via several purchases at prices of between $0.78 and $0.83 since the start of May.
All up, BlackRock spent about $3.8 million to boost its interest in FireFly, which has a market capitalisation of around $383 million with shares trading at $0.85 as of 12pm AEST today (9 May).
BlackRock became a substantial shareholder in mid-April, as reported by Mining.com.au, after taking an initial 5.1% stake.
FireFly is advancing its Green Bay Copper-Gold Project in Newfoundland, Canada, which hosts a Canadian NI 43-101-compliant resource of 39.2Mt @ 2.1% for 811,000 tonnes copper equivalent.
In late-March, the company revealed it had secured a port access agreement with TSX Venture Exchange-listed Maritime Resources Corp (TSX-V:MAE) to export up to 1 million tonnes each year of mineral concentrate from the project through the Pine Cove Deep Water Port located 6km away.
FireFly also holds a 70% interest in the 2.8-million-ounce Pickle Crow Gold Project in Ontario.
The company had around $2.2 million in cash at the end of the first quarter of 2024, but subsequently banked a further $52 million via a share placement done at a premium to its share price at the time to Canadian institutional, professional and sophisticated investors.
Write to Angela East at Mining.com.au
Images: FireFly Metals
