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FireFly Metals (ASX:FFM,OTC Pink:MNXMF) announced plans to dual list on Wednesday (December 11) after receiving conditional approval to trade on the main board of the Toronto Stock Exchange (TSX).
It will use the symbol FFM, the same symbol it uses on the Australian Securities Exchange (ASX).
The copper- and gold-focused company is set to debut on the TSX on December 16.
“(This) is a compliance listing only and will not be accompanied by a capital raising,” the company said, adding that it had AU$88 million in cash as of the end of October and is capable of fully funding its 2025 growth strategy.
FireFly is currently focused on growing the resource at its flagship Green Bay copper-gold project. It said in October that it is working toward the next resource update at the site, and expects it to come in the first half of 2025.
Green Bay is located in the Baie Verte district of Northeast Newfoundland, Canada, which is among the top 10 global mining investment jurisdictions, according to a 2023 Fraser Institute survey.
The project’s resource currently measures 460,000 tonnes at 1.9 percent copper equivalent within the measured and indicated categories, and 690,000 tonnes at 2 percent copper equivalent within the inferred category.
“Having established Green Bay as a high-grade, world-scale copper project, we believe the TSX listing will help the company capitalise on the strong interest among North American investors,” said Managing Director Steve Parsons.
Two of FireFly’s board members are already located in Toronto, and the company believes listing in Canada will help it attract local exploration and development talent.
According to FireFly, existing shareholders will be able to trade their shares on the TSX.
“(Shareholders will only need to) request to reposition their shares from the Australian principal share register to the Canadian branch share register and establish an account with an appropriate broker,” the company explained.
FireFly’s primary listing will remain on the ASX.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.