FireFly Metals completes $180 million equity raising to support Green Bay growth

• $150 million institutional placement completed
• $30 million bought deal offering completed
• Company has now received gross proceeds of $180 million
• $10 million SPP to be offered to eligible shareholders

FireFly Metals (ASX: FFM) has completed an equity raising for a total of $180 million to help fund work at the Green Bay copper project in Canada.

The capital input includes a $30 million bought deal covered by an underwriting agreement between the company and BMO Nesbitt Burns Inc. acting as lead underwriter and sole bookrunner and RBC Dominion Securities Inc., CIBC World Markets Inc. and Canaccord Genuity Corp.

In addition to the equity raising FireFly intends to offer eligible shareholders an opportunity to participate in a non-underwritten share purchase plan (SPP) to raise up to a further $10 million.

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 definitive feasibility study on the 1.8 million tonnes per annum (Mtpa) 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.

The high-grade Green Bay copper-gold project in Newfoundland is advancing towards development, with a preliminary economic assessment (PEA) showing the potential for a high- grade, low-cost and long-life operation with a pathway to produce 100,000 tonnes of copper per annum.

The project is underpinned by 60.2 million tonnes (Mt) of Measured and Indicated mineral resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5 Mt of Inferred mineral resources at 2.51% for 592Kt CuEq.

FFM was up 2.27% to $1.81. Mkt cap $1.356B.

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