Firefly Metals Ltd has received a powerful validation of its Green Bay Copper-Gold Project in Canada, having raised A$65 million in a share placement at A$0.95 per share to institutional investors, including major Australian and international firms.
The proceeds will fund resource growth, prospect discovery and pre-development works for Green Bay, where FFM is planning 100,000 metres of resource extension, in-fill, down-hole electromagnetic discovery and regional drilling on top of the 30,000 metres already completed.
The funding will also support the second phase of underground exploration drilling and drive development, pre-construction and study works, as well as the final payment for the acquisition itself.
Exceptionally well positioned for development
“This landmark capital raising puts FireFly in an exceptional position to unlock the full potential of the Green Bay Project, with 100,000 metres of growth drilling planned through 2024/25,” Firefly managing director Steve Parsons said.
“With four rigs operating, this multi-pronged campaign is aimed at delivering rapid growth in our resource while also testing exciting new targets delineated close to the known mineralisation using down-hole geophysics.
“The completion of the second phase of the 1,500-metre exploration drill drive will facilitate expanded underground drilling access, while our strengthened balance sheet will also allow us to ramp-up regional exploration targeting new discoveries along the broader mine corridor.
“Our aim is to rapidly build the Green Bay asset towards world-class scale, and we are delighted to have several highly credentialled Australian and international institutional investors join our register to support this journey as part of this raising.
“We are also pleased to provide existing eligible shareholders with the opportunity to participate via a Share Purchase Plan, further details of which will be announced shortly.”
Firefly will offer a non-underwritten share purchase plan, to raise an additional $5 million at the same price as the placement.
With four drilling rigs at work and a raft of news expected over the next few weeks, FFM is targeting a Green Bay resource update for October this year.