Firefinch

Firefinch Limited is a gold mining and exploration company focused on the Morila Gold Project in Mali, West Africa. Firefinch owns an 80% interest in the Morila mine, which has historically produced over 7.5 million ounces of gold.

The Morila mine is located in southern Mali, approximately 280km southeast of the capital Bamako. Open-pit mining operations restarted at Morila in 2020 after several years on care and maintenance. Firefinch is currently focused on increasing production through additional open pit and underground mining.

In August 2022, Firefinch announced an updated Mineral Resource estimate for Morila of 3.3 million ounces of gold, representing a substantial 45% increase. The company also announced a new production target of 180,000 ounces over 18 months to the first quarter of 2024.

To support its growth plans, Firefinch is undertaking an equity raise targeting A$90 million. The funds will go towards additional mine development, exploration drilling, working capital, and payment of aged creditors. Following completion of the raise, Firefinch is forecast to be free cash flow positive from the December 2023 quarter.