Australian copper miner FireFly Metals Ltd. is seeking to raise A$190 million through a sale of new Australian and Canadian shares to develop its Green Bay project in Canada.
The Perth-based company will raise A$150 million before costs through an Australian institutional placement, with shares offered at A$1.78 a piece, according to a filing Tuesday. FireFly Metals is raising an additional A$30 million through a Canadian private placement at $1.76 per share. A share purchase plan available to Australian and New Zealand shareholders will also seek to raise A$10 million.
The funds will go toward advancing project implementation at the company’s Green Bay Copper – Gold Project, as well as providing balance street strength, the filing said.
Copper prices have surged to record highs in the past year, delivering windfall profits for miners. The rally has been fuelled by tightening supply as mine disruptions curb output, while demand grows across everything from renewable energy and electrification to power-hungry AI data centres.
Canaccord Genuity is acting as the sole lead manager and book-runner for the Australian placement, while Bank of Montreal is acting as sole book-runner and an underwriter for the Canadian placement. The firm’s Australian shares are expected to recommence trading Wednesday following completion of the placement bookbuild, while the Canadian bought deal will close on Sept. 3.
Demand for companies exposed to the artificial intelligence trade is expected to drive the next wave of equity capital market deals in Australia. Local copper miners have become one of the market’s strongest AI-related plays, with shares in BHP Group Ltd. hitting a fresh record Tuesday.
—With assistance from Paul-Alain Hunt.
Bloomberg.com
Australia’s FireFly Metals seeks $136 million for copper project
2026-08-25 18:43:24
