Firefinch exceeds gold production guidance from Morila mine in Mali

ASX-listed Firefinch Ltd has announced a strong production performance in the last quarter of 2020 from its Morila Gold Mine in Mali.

The company, formerly known as Mali Lithium, exceeded its gold output guidance for the quarter with 4,228 ounces of gold produced from processing tailings at the Morila mine, which it acquired last year from Barrick Gold and AngloGold Ashanti.

Firefinch subsequently reaffirmed a production target of 10,000 to 10,500 ounces of gold for the first quarter of 2021. The firm commenced operations at the mine on November 11, 2020.

Executive chairman Alistair Cowden said: “We are delighted with the gold production and overall progress at Morila. In just two months the Firefinch team has safely achieved above forecast production.

“Significant progress has been made on mine plans, costs and timelines and we very much look forward to updating our shareholders further as plans are finalised,” he added.

Cowden also discussed the company’s options to advance the nearby Goulamina Lithium Project, which is one of the world’s largest undeveloped lithium assets. “Recent strong interest in lithium equities has improved the standing of the project,” he said.

Firefinch’s share price rose to a two-year high on the ASX following the announcement.