FireFly bolsters funding for project development and ongoing resource growth with A$190m raising

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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

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 ).

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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.

“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 parallel, ranging from ongoing exploration through to feasibility studies and ordering long-lead items.

“We can implement this rapid value creation strategy knowing we have a very strong balance sheet which enables us to capitalise fully on the exceptional asset we have at Green Bay and the huge macro-opportunity emerging in the copper market”.

(i) a A$150 million ASX institutional placement of New Shares ( ASX Placement ); and

(ii) a Canadian ‘bought deal’ private placement to raise ~C$29.6 million 5 (~A$30 million) pursuant to the Listed Issuer Financing Exemption (as defined below) ( TSX Bought Deal ), (together the Equity Raising ).

Additionally, FireFly intends to invite Eligible Shareholders (as defined below) to participate in a non-underwritten SPP to acquire new fully paid ordinary shares in the capital of FireFly ( SPP Shares ) at the same price as the ASX Placement to raise up to a further A$10 million (before costs).

The Company has entered into an agreement with Canaccord Genuity (Australia) Limited in relation to the ASX Placement to raise total gross proceeds of approximately A$150 million (before costs) through the issue of approximately 84.3 million New Shares at the Offer Price of A$1.78 per New Share.