Source: Firefinch
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  • Firefinch (FFX) meets the top end of its gold production guidance in the last quarter, with 10,874 ounces produced
  • The gold came from the company’s Morila gold mine in Mali, which also made progress after commencing mine development activities at the Morila Super Pit and the N’tiola pit
  • Meanwhile, at the Goulamina lithium project in Mali, the company has received US$130 million from Gangfeng, who now has a 50 per stake in the project
  • At the end of the period, Firefinch finished with $102.09 million in cash, which is estimated to last 2.1 quarters
  • Company shares have been trading 5.83 per cent lower at 97 cents each

Firefinch (FFX) has met the top end of its gold production guidance in the last quarter, with 10,874 ounces produced.

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

It sold 11,045 ounces of gold over the period, at a realised gold price of US$1,908 per ounce (A$2,670)

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

Meanwhile, at its Goulamina lithium project, the company has received US$130 million from Gangfeng as an investment in the project. Gangfeng will now hold a 50 per cent interest in the project.

Activities at Goulamina ramped up as design work and sourcing of long lead items progressed.

The company managed to secure customer receipts of $30.3 million, however its wasn’t enough to cover its expenses, resulting in cash outflow of $39.5 million.

Its largest expense in the quarter was for production, coming in at $55.1 million.

Looking ahead, Firefinch is mapping out further drill targets as well as undertaking early works at Goulamina.

It is still processing the Leo Lithium demerger, which is pending shareholder approval.

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

Company shares were trading 5.83 per cent lower at 97 cents each at 10:55 am AEST.

FFX by the numbers
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