FireFly Metals to Raise A$180 Million for Green Bay Project, Releases Economic Assessment

07:01 AM EDT, 08/25/2026 (MT Newswires) -- FireFly Metals (FFM.TO) has launched an equity raising of A$180 million to advance its Green Bay Copper-Gold Project, the company said Monday. The equity raising is composed of a A$150 million Australian Securities Exchange institutional placement of new shares and a Canadian bought deal private placement to raise C$29.6 million. The company will issue up to about 101.1 million ordinary shares at A$1.78 per new share. The company also released results of a preliminary economic assessment/scoping study and an updated mineral resource estimate for the Green Bay Ming Mine Copper-Gold Project. At the base case of 1.8 million tonnes per annum, the after-tax net present value discounted at 7% is A$2.2 billion with an internal rate of return of 41% over an initial 32-year mine life. The Green Bay project is now supported by a revised MRE that stands at 60.2 million tonnes at 2.4% copper equivalent in the measured and indicated resource categories and 23.5 million tonnes at 2.5% copper equivalent of inferred mineral resources. A feasibility study is expected to be delivered in the first quarter of 2027 and will support a final investment decision and construction in the first half of 2027.