FireFly raises A$190m for project development and resource growth

Not for distribution to U.S. news wire services or dissemination in the United States.

The raising cements FireFly’s strong financial position, which includes existing cash and liquid investments of ~A$183m (1) , and abundant scope to support a conventional debt component

Green Bay Copper-Gold Project, Canada

FireFly has launched a A$180m (before costs) equity raising via an Australian institutional placement and Canadian bought deal financing

FireFly also intends to undertake a non-underwritten share purchase plan (SPP) to raise up to an additional A$10.0m (before costs) at the same offer price as the institutional placement of A$1.78 per New Share

Pro-forma cash and liquid investments before transaction costs are ~A$373 m 2

PERTH, Australia and TORONTO, Canada, Aug. 24, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX: FFM, TSX: FFM) ( FireFly or Company ) has launched an Equity Raising (defined below) of ~A$180 million (before costs) via the issue of up to approximately 101.1 million fully paid ordinary shares in the Company ( New Shares ) at a price of A$1.78 (C$1.76) 3 per New Share ( Offer Price ).

Following release of the Preliminary Economic Assessment ( PEA ) 4 highlighting a technically and economically robust project, the Company intends to use the funds 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.

FireFly Managing Director Steve Parsons said:

“The raising ensures that we can continue unlocking the value of Green Bay in an expedited manner. This strategy involves pursuing several avenues of growth and development in para