Oversubscribed SPP Forces Scale-Back as FireFly Boosts Growth Capital
FireFly Metals has doubled its Share Purchase Plan to A$10 million following overwhelming investor interest, boosting total funds raised to nearly A$247 million to accelerate drilling and studies at its Green Bay Copper-Gold Project.
- SPP increased from A$5m to A$10m due to strong demand
- Total equity raising proceeds reach approximately A$246.9m
- Funds to support nine-rig drilling and mining studies at Green Bay
- SPP attracted applications worth A$31m from 1,558 shareholders
- Scale-back applied to allocate shares equitably among retail investors
Strong Retail Support Spurs SPP Upsize
FireFly Metals Ltd (ASX – FFM, TSX – FFM) has responded to exceptional retail investor enthusiasm by doubling the size of its Share Purchase Plan (SPP) from A$5 million to A$10 million. The move follows applications totalling approximately A$31 million, far exceeding the original target and reflecting strong confidence in the company’s growth prospects.
The SPP, which closed on 19 December 2025, was open to nearly 6,000 eligible shareholders, with a participation rate of around 27%. The average application was about A$19,383, underscoring significant retail appetite for further exposure to FireFly’s assets.
Capital Raising to Fuel Ambitious Growth Plans
This upsized SPP complements a concurrent equity raising package of roughly A$139 million, which included an A$85 million institutional placement, a C$34.5 million Canadian bought deal, and a C$15 million charity flow-through placement. Together, these initiatives bring FireFly’s pro-forma cash position to approximately A$246.9 million before transaction costs.
Managing Director Steve Parsons highlighted that the capital will underpin an aggressive nine-rig drilling program and advance mining studies at the Green Bay Copper-Gold Project in Newfoundland, Canada. The company aims to grow and upgrade its mineral resource base while progressing economic studies to unlock the project’s full potential.
Equitable Allocation Amid Scale-Back
Due to the oversubscription, FireFly implemented a scale-back methodology designed to fairly allocate shares relative to shareholders’ existing holdings. Smaller shareholders with less than 250 shares were not allocated new shares, while those with larger holdings received a proportionate allocation, capped at A$30,000 per shareholder.
New shares issued under the SPP will commence trading on 31 December 2025, with holding statements dispatched shortly thereafter. The company has emphasized the importance of shareholders confirming their holdings before trading.
Broader Portfolio and Resource Confidence
Beyond Green Bay, FireFly holds significant interests in the Pickle Crow Gold Project in Ontario and the Limestone Well Vanadium-Titanium Project in Western Australia. The company’s recent resource updates, compliant with JORC and NI 43-101 standards, confirm substantial measured and indicated mineral resources, reinforcing FireFly’s position as an emerging copper-gold developer.
While the capital raise marks a pivotal step, FireFly acknowledges the inherent risks in exploration and development, including commodity price fluctuations and regulatory factors. Nonetheless, the strong retail backing and robust funding position the company well for its 2026 objectives.
Bottom Line?
FireFly’s capital boost sets the stage for an intensified drilling campaign and resource expansion at Green Bay in 2026.
Questions in the middle?
- How will the nine-rig drilling strategy impact resource growth timelines?
- What are the expected milestones for mining studies and pre-construction works this year?
- How might scale-back allocations affect shareholder sentiment and future participation?
