Canadian bank fossil fuel funding rose in 2024 despite record heat: report
TORONTO - Canadian banks were once again ranked as among the world's top fossil fuel financiers in a report that showed overall funding rose in 2024 despite it being the hottest year on record.
The Banking on Climate Chaos report by a coalition of environmental groups found that lending and underwriting among the world's 65 top banks rose by US$162.5 billion last year to US$869 billion, a reversal of a downward trend since 2021.
RBC, Canada's largest bank, was ranked as the eighth biggest oil and gas financier globally with US$34.3 billion in new commitments last year, while TD Bank Group was ranked ninth with US$29 billion.
The report pegged Scotiabank as 13th, CIBC at 14th and BMO Financial Group as 16th, with all of the big five Canadian banks showing an increase in funding from the previous year, including a 46 per cent jump for TD and a 41 per cent increase for CIBC.
Richard Brooks, climate finance program director at Stand.earth, says the increased financing, despite the record-breaking heat, shows Canadian banks are misaligned with climate science and have abdicated any sense of leadership on the issue.
The Canadian Bankers Association says banks in the country remain committed to supporting clients in their climate transition efforts and understand that firm commitments are required to accelerate clean economic growth and meet the goal of a net-zero economy by 2050.
This report by The Canadian Press was first published June 17, 2025.
Companies in this story: (TSX:RY; TSX:TD; TSX:BMO; TSX:CM; TSX:BNS)
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FireFly Files Final Short Form Prospectus in connection with Bought Deal Offering
Final Short Form Prospectus Accessible on SEDAR+ Perth, Western Australia--(Newsfile Corp. - June 17, 2025) - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) (FireFly or the Company) is pleased to announce that, in connection with its bought deal offering previously announced on 5 and 10 June 2025, it has filed a final short form prospectus dated 17 June 2025 (the Final Prospectus) to qualify the distribution of 30,000,000 ordinary shares of the Company (the Offered Shares) at a price of C$0.86 per Offered Share (the Offering Price) on the Toronto Stock Exchange, and an additional 3,000,000 Offered Shares at the Offering Price pursuant to an over-allotment option (the Offering). The Company will also apply for quotation of the Offered Shares on ASX upon their issue. The Offering is expected to close on or about 20 June 2025, subject to customary closing conditions. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the Offered Shares nor shall any sale of the Offered Shares occur in any jurisdiction, including the United States, in which such offer, solicitation or sale is unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any securities laws of any state of the United States and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States unless an exemption from such registration requirements is available. Access to the Final Prospectus and any amendment thereto is being provided in Canada in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at An electronic or paper copy of the Final Prospectus and any amendment thereto may be obtained, without charge, from BMO Nesbitt Burns Inc. by phone at 905-791-3151, Ext. 4312 or email at torbramwarehouse@ by providing the contact with an email address or address, as applicable. The Offering is part of an equity raising that also involves the following aspects (together with the Offering, the Equity Raising): ~A$11.2 million (~C$10.0 million) charity flow-through placement to Canadian investors priced at approximately A$1.49 per share (Charity Flow-Through Placement), which has been completed; and ~A$54.9 million two-tranche institutional placement at the offer price of A$0.96 per share (Institutional Placement). Tranche one of the Institutional Placement has been completed. Tranche two of the Institutional Placement is expected to be completed in August 2025, following a general meeting to obtain shareholder approval of the issue of the tranche two placement shares (Tranche Two Placement Shares). Share Purchase Plan In addition to the Equity Raising, the Company is offering (the SPP Offer) certain eligible shareholders the opportunity to subscribe for a maximum of A$30,000 worth of fully paid ordinary shares in the Company (SPP Shares) at an issue price of A$0.96 per SPP Share (being the same price as the Institutional Placement), to raise up to A$5.0 million (before costs). The Company reserves the right to take oversubscriptions in accordance with the ASX Listing Rules and the Corporations Act 2001 (Cth) (Corporations Act). 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Steve ParsonsManaging Director FireFly Metals Ltd +61 8 9220 9030 MediaPaul ArmstrongRead Corporate+61 8 9388 1474 ABOUT FIREFLY METALS FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada, which is comprised of multiple assets, including the Ming underground mine and Little Deer exploration project. The Green Bay Copper-Gold Project currently hosts a Mineral Resource prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) of 24.4Mt of Measured and Indicated Resources at 1.9% for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program. FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding. The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia. For further information regarding FireFly please visit the ASX platform (ASX:FFM), the Company's website or SEDAR+ at COMPLIANCE STATEMENTS Mineral Resources Estimate - Green Bay Project The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out at Appendix A was first reported in the Company's ASX announcement dated 29 October 2024, titled "Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq" and is also set out in the Technical Reports for the Ming Copper Gold Mine, titled "National Instrument 43-101 Technical Report, FireFly Metals Ltd., Ming Copper-Gold Project, Newfoundland" with an effective date of November 29, 2024 and the Little Deer Copper Project, titled "Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada" with an effective date of June 26, 2024, each of which is available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. Mineral Resources Estimate - Pickle Crow Project The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company's ASX announcement dated 4 May 2023, titled "High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t" and is also set out in the Technical Report for the Pickle Crow Project, titled "NI 43-101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project, Ontario, Canada" with an effective date of November 29, 2024, as amended on June 11, 2025, available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. Metal equivalents for Mineral Resource Estimates Metal equivalents for Mineral Resource Estimates have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource grades for the metals are set out at Appendix A of this announcement. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries. 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FORWARD-LOOKING INFORMATION This announcement may contain certain forward-looking statements and projections, including the completion and expected closing of the Offering. Forward-looking statements may be identified by the use of words such as "may", "might", "could", "would", "will", "expect", "intend", "believe", "forecast", "milestone", "objective", "predict", "plan", "scheduled", "estimate", "anticipate", "continue", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives. Although the forward-looking statements contained in this announcement reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. 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