Firefinch (ASX:FFX) hits high end of Q3 gold production forecast – The Market Herald

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  • Firefinch (FFX) hits top of its gold production forecast in the last quarter, with 10,874 ounces produced
  • The gold came from the company’s Morila gold mine in Mali, which also progressed after the start of mine development activities at Morila Super Pit and the N’tiola pit.
  • Meanwhile, on the Goulamina lithium project in Mali, the company received $130 million from Gangfeng, which now has a 50% stake in the project.
  • At the end of the period, Firefinch finished with $102.09 million in cash, which is expected to last 2.1 quarters
  • Shares of the company are trading down 5.83% at 97 cents each

Firefinch (FFX) topped its gold production forecast last quarter, with 10,874 ounces produced.

The gold came from the company’s Morila gold mine in Mali, which also progressed after the start of mine development activities at the Morila Super Pit and the N’tiola pit.

It sold 11,045 ounces of gold during the period, at a realized gold price of US$1,908 per ounce (AU$2,670)

During the period, a total of 25,588 meters were drilled in 482 drill holes, including 4,185 meters of diamond drilling.

Meanwhile, in its Goulamina lithium project, the company received US$130 million from Gangfeng as a project investment. Gangfeng will now hold a 50% stake in the project.

Activities at Goulamina intensified as design work and procurement of long-lead items progressed.

The company managed to obtain customer receipts for $30.3 million, but this was not enough to cover its expenses, resulting in an outflow of $39.5 million.

Its largest expense during the quarter was for production, amounting to $55.1 million.

Looking ahead, Firefinch is mapping other drill targets and undertaking preliminary work at Goulamina.

He is still processing the Leo Lithium spin-off, which is pending shareholder approval.

At the end of the period, Firefinch finished with $102.09 million in cash, which is expected to last 2.1 quarters.

The company’s shares were trading down 5.83% to 97 cents apiece as of 10:55 a.m. AEST.

Tana T. Thorsen