FireFly Metals in Massive A$52.2 Million Capital Raising To Accelerate Green Bay Copper-Gold Project

FireFly Metals Limited (ASX: FFM) has significantly bolstered its drilling efforts at the Green Bay Copper-Gold Project in Canada through a successful A$52.2 million share placement.

The Green Bay Copper-Gold Project is located in the Baie Verte district of north-east Newfoundland.

A total of 81.5 million fully paid ordinary shares will be issued at an average price of A$0.64 per share to new shareholders. The current share price is $0.72.

Managing director Steve Parsons was the founder previous managing director and current non-executive director of Bellevue Gold (an ASX 200 company).

He was also the previous founder and Managing Director of Gryphon Minerals (ASX 200).

Funds Fuel Resource Growth and Exploration

The capital injection will be used to:

  • Expand drilling program: FireFly will add a third drill rig, boosting the program from 40,000 meters to a comprehensive 100,000 meters. This accelerated drilling aims to rapidly grow the project’s copper-gold resource.
  • Advance resource definition: The additional drilling will focus on extending known mineralization and exploring promising nearby targets.
  • Support other project activities: Funds will also be allocated for upscaled engineering studies, potential investment in deep-water port access, and general working capital.

Targeting a Globally Significant Copper-Gold Asset

The Green Bay project currently holds a mineral resource of 39.2 million tonnes at 2.1% copper equivalent. It has A$250M of mine infrastructure in the vivinity.

FireFly’s strategy is to significantly expand this resource and demonstrate the project’s potential as a world-class copper-gold asset.

FireFly MD Steve Parsons Comments:

“Exceptional drilling results and the clear potential for resource growth prompted us to raise this substantial sum,” said FireFly Managing Director Steve Parsons. “This is a game-changer for FireFly.

With 18 months of funding secured and three drills operating, we are well-positioned to unlock the immense value of this exceptional copper asset.”

The placement will bring leading Australian and international institutions as new shareholders.

FireFly has an 8.4% shareholding in Maritime Resources Corp (TSXV: MAE).

 

 

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