Following the first gold pour at Morila Gold Mine under its new name in November 2020, Firefinch has exceeded its gold production expectations.

The company managed to produce 4 228 ounces of gold produced from processing tailings in December 2020. A total of 7 683 ounces have been produced since taking ownership of the Morila in November 2020. “We are delighted with the gold production and overall progress at Morila. In just two months the Firefinch team have safely achieved above forecast production,” said Alistair Cowden, Firefinch executive chairman. He added that Significant progress has been made on mine plans, costs and timelines.

The company reaffirms a production target of 10 000 to 10 500 ounces of gold for Q1 2021. Cash and on hand is A$33 million at 31 December 2020. Operational performance has consistently delivered above forecast, and safely. There is continued progress on mine planning including evaluating potential new ore feeds and plant and infrastructure refurbishment, costings and works at the Morila Gold main pit.

Two reverse circulation drill rigs are on site, undertaking infill drilling at Morila’s satellite resources to improve confidence in planned open pits through increased data coverage. Contemporaneously, we are actively progressing options to advance and realise the value of our world-class Goulamina Lithium Project. A detailed update will be provided in the upcoming Quarterly Report. An updated Mineral Resource Estimate for the Morila deposit is expected in coming weeks.

“At the same time, we are in a very fortunate position with our Goulamina lithium asset. Recent strong interest in lithium equities has improved the standing of the Goulamina Lithium Project, one of the world’s best undeveloped and uncommitted lithium assets. We thank our shareholders for their ongoing support and look forward to updating the market in the coming weeks.”

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