In a bid to capitalise on strong North American investor interest in its Green Bay Copper-Gold Project in Newfoundland, Canada, FireFly Metals Ltd (ASX:FFM) will list on the main board of the Toronto Stock Exchange (TSX).
This listing, which is expected to take place on Monday, December 16, 2024, under the ticker ‘FFM’, will be in addition to the company’s primary listing on the Australian Securities Exchange (ASX).
The main board TSX listing is a compliance listing only and will not be accompanied by a capital raising as FireFly had A$88 million in cash at the end of October 2024 and is fully funded to execute its 2025 growth strategy.
Rationale
FireFly said this strategy centred on growing the resource at Green Bay, which stands at 460,000 tonnes of contained metal at a grade of 1.9% copper-equivalent within measured and indicated resources and an additional 690,000 tonnes within inferred resources at 2% copper-equivalent.
“Having established Green Bay as a high-grade, world-scale copper project, we believe the TSX listing will help the company capitalise on the strong interest among North American investors,” FireFly’s managing director Steve Parsons said.
This saw the company's shares open higher on the ASX, up as much as 3.5% to A$1.185 in the first few minutes of trading.
To increase profile
FireFly, which already has two of its board members located in Toronto, believes the TSX listing will help the company significantly increase its profile in the North American investment community and attract local exploration and development talent.
The company has a clear strategy to rapidly grow the copper-gold resource at Green Bay to demonstrate a globally significant copper-gold asset and with this aim has commenced a 130,000-metre diamond drilling program.
The company’s ordinary shares will continue to be listed on the ASX under the ticker ‘FFM’ as its main primary listing.
Existing shareholders can trade their securities on the TSX. However, prior to trading on the TSX, shareholders will need to request to reposition their shares from the Australian principal share register to the Canadian branch share register and establish an account with an appropriate broker.