Mali miner Firefinch is fully funded to execute aggressive growth plans at its 80%-owned Morila gold mine after receiving firm commitments from existing and new investors to raise $A100M through the placement of 149.3M shares at 67cps, an 8% discount to its 10-day volume weighted average price.
Firefinch aims to build production from the giant mine from the 40,000tpa stockpile recycling operation it acquired from Barrick Gold and AngloGold Ashanti in late 2020 to 100,000oz in FY2022 and over 200,000oz in FY2024.
With the placement lifting its proforma cash reserves to $164M, Firefinch also plans to accelerate regional and resource/reserve development exploration ahead of the proposed demerger of its 50%-owned Gulamina lithium project.