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US $47m equity raised for projects in Mali

US $47m equity raised for projects in Mali

“The successful completion of the Placement will allow Firefinch to continue our momentum in both our gold and lithium businesses as we progress towards becoming a 200,000 ozpa gold producer by 2024 at Morila, and finalise completion of the JV transaction with Ganfeng to develop Goulamina,” comments Firefinch MD, Dr Michael Anderson.

“Since taking on the Managing Director role in early April 2021, my enthusiasm for the opportunity presented at Morila has continued to grow. Firefinch has systematically progressed Morila from a tailings retreatment operation to a West African gold mining operation of scale with demonstrated production credentials and significant upside.

Mine plan

“The team has delivered a life of mine plan, commenced dewatering at the Morila Super Pit, commenced mining at Morila Pit 5, recommissioned the communition circuit, and most recently appointed international contractor, Mota-Engil, and the Malian-owned Inter-Mining Services, as the mining contractors for Morila.

“In summary, the Firefinch team has demonstrated an ability to accomplish our stated goals on time and in a high-quality manner.

“The Placement will also provide working capital to support completion of the recently announced Goulamina JV Transaction and the proposed demerger of Goulamina into a separate ASX-listed lithium company to create further value for Firefinch shareholders.”

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