FireFly Metals (ASX:FFM) has doubled its share purchase plan to raise a total of $10 million from existing shareholders, building the company’s financial position while undergoing a $139 million equity raising.
Under the share purchase plan, eligible shareholders were able to subscribe for up to $30,000.
The company received applications from 1,558 shareholders totalling $31 million for the share purchase plan, exceeding FireFly’s original $5 million target. Applications closed on 19 December 2025 and were open to 5,826 eligible shareholders.
Shareholder engagement with this share purchase plan represents a participation rate of 27% for an average application amount of $19,383.
In concurrence with this share purchase plan, FireFly is undertaking three capital raises to create a greater equity raising valued at $139 million.
The raising comprises an institutional placement raising $85 million issuing shares at $1.70 each; a Canadian bought deal offering raising C$34.5 million ($37.64 million) issuing shares at C$1.56 each; and a charity flow-through placement to Canadian investors raising $16.4 million issuing shares at $2.09 each.
Proceeds will be used to grow and upgrade the mineral resource at the Green Bay Copper Gold Project in Newfoundland, Canada, as well for underground development, pre-construction activities, and mining studies.
Managing Director Steve Parsons says the company is delighted to have returned “strong demand” for the share purchase plan.
“This reflects the outstanding upside at Green Bay and our aggressive strategy to continue creating value by using nine rigs,” Parsons says.
“We have taken the opportunity to reward our loyal retail shareholders by doubling the total share purchase plan provision to $10 million, 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.”
FireFly Metals, which has a market capitalisation of $1.62 billion, is a copper and gold explorer and developer focused on advancing its Canadian assets.
Write to Maddison Elliott at Mining.com.au
Images: FireFly Metals
