Copper/gold explorer FireFly Metals has unveiled a major dual-market equity raising package that will bring in more than A$139-million to accelerate development and exploration at its high-grade Green Bay project in Newfoundland, Canada, and to fund broader growth initiatives across its portfolio.

The company has struck a C$30-million (about A$33-million) bought-deal financing with BMO Capital Markets, which has agreed to purchase 19.23-million FireFly shares at C$1.56 apiece. The underwriters also hold a 30-day option to acquire up to 15% more shares to cover over-allotments. The shares will be issued via a Canadian short-form prospectus, with closing targeted for December 17, subject to regulatory approvals.

Concurrently, FireFly has mandated Canaccord Genuity to raise a further A$101.5-million through an Australian equity offering comprising a A$16.5-million charity flow-through placement and an A$85-million institutional placement. Both components are expected to close around December 12.

The company will also run a share purchase plan for eligible retail investors in Australia and New Zealand, aiming to raise up to A$5-million, with the ability to accept oversubscriptions.

Funds from the combined raises will be used to advance early works and underground development at Green Bay, progress technical studies – including upscaled mine design options, a preliminary economic assessment/scoping study and a definitive feasibility study – and support extensive drilling campaigns across the project. The programme covers underground resource growth and infill drilling, new discovery drilling, and district-scale regional exploration. Working capital and transaction costs will also be met from the proceeds.

FireFly is positioning Green Bay as a globally significant copper/gold asset. The project hosts 50.4-million tonnes of measured and indicated resources at 2.0% for 1.016-million tonnes copper equivalent, and a further 29.3-million tonnes of inferred resources at 2.5% for 722 000 t copper-equivalent. The company has completed 130 000 m of diamond drilling and is targeting further rapid resource growth.

Beyond Green Bay, FireFly also owns 70% of the Pickle Crow gold project in Ontario, which hosts 11.9-million tonnes of inferred resources at 7.2 g/t for 2.8-million ounces of gold, with significant upside across a 500 km² land package.