FireFly Metals Ltd has launched an approximately A$180 million equity raising, before costs, to advance and expand its Green Bay Copper-Gold Project in Newfoundland, Canada. The raising comprises a A$150 million ASX institutional placement and an approximately C$29.6 million, or about A$30 million, Canadian bought deal private placement, with both priced at A$1.78 per new share. FireFly also intends to offer eligible shareholders a non-underwritten share purchase plan, or SPP (shareholder offer for new shares), targeting up to a further A$10 million at the same price. Including existing cash and liquid investments of approximately A$183 million at 31 July 2026, pro forma cash and liquid investments are expected to be about A$373 million before transaction costs. The funds will support early project works, long-lead capital equipment, underground development and drilling, regional exploration, a Definitive Feasibility Study for the 1.8 million-tonnes-per-year base case, a Pre-Feasibility Study for the 4.6 million-tonnes-per-year alternative and resource growth ahead of a Final Investment Decision by mid-2027. FireFly said a recent Preliminary Economic Assessment, or PEA (early-stage project economics study), highlighted a technically and economically robust project. Green Bay contains 60.2 million tonnes of Measured and Indicated Mineral Resources at 2.43% for 1,464 kilotonnes of copper equivalent and 23.5 million tonnes of Inferred Mineral Resources at 2.51% for 592 kilotonnes of copper equivalent, reported under the 2012 JORC Code and NI 43-101. The company said the project has a pathway to produce 100 kilotonnes of copper annually.