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#Trading Halt extended
stale
Added 2 years ago

Looks like you were right @Bear77

Lower than estimated gold production. Due to "a confluence of events".

Like many companies in today's unsettled/restricted/supply chain affected/higher inflation world (across a variety of industries) it seems they're in a world of pain. If they can get things right I still think it's short term pain. Of course add to that ongoing political unrest and ongoing Economic Community of West African States (ECOWAS) sanctions..(long term threats of working in Mali).and the word confluence is particularly concerning.

While they seek further funding to see them through this difficult period the Trading Halt has been extended to end of July.

Not much I can do about it so I'll just hold and hope they can get funding to see them through..They still have $35.8 million in cash.

And they seem to be doing the right things to negotiate a future path

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02538185-6A1098187?access_token=83ff96335c2d45a094df02a206a39ff4



#Risks
stale
Added 2 years ago

The plot thickens. A day or so after two non execs resign. Today we hear The MD Dr Michael Anderson has left by "mutual agreement". No wonder the Trading Halt has been extended to July 4. It's still too soon to know what's happened. Early this morning I was reading about the significant escalation of political unrest in Mali (though rival factions have been fighting for 10 years....recently though atrocities have ramped up. 132 people died. Many executed summarily). We all know Mali is a difficult and dangerous place. But no. this must be something else for such "sudden" internal director changes. Perhaps with the LLL Lithium spinoff being completed successfully? Perhaps it's just too dangerous at the moment? And this may result in mine production and staffing disruptions? Or there's not as much gold yet as anticipated? I guess we'll find out next week. But if you were hoping for a tax write off this year that ship has sailed

And if you were planning a site visit right now...Don't


Smart Traveller has a DO NOT TRAVEL


The US government issued an alert warning that a terrorist attack in Bamako may be planned targeting Malian government offices, the airport and/or locations frequented by Westerners including embassies, hotels and restaurants (see ‘Safety’). We continue to advise do not travel to Mali. The political and security situation could get worse suddenly. The Economic Community of West African States (ECOWAS) has placed sanctions on Mali, including land and air border closures between ECOWAS countries and Mali. There are no flight options between Mali and those destinations until further notice. Flight options to and from non-ECOWAS countries remain available. The Canadian Embassy can provide limited emergency consular assistance to Australians in need (see 'Local contacts').



#Waiting for update
stale
Added 2 years ago

Yes @Noddy74 and @Bear77 so soon after spinoff of lithium business (ASX:LLL) and in trading halt prior to update. And now this gem of news of two extremely recent non exec appointments resigning together. My mind boggles because the fundamentals of FFX and LLL seem to be solid and my unvested other stock advisor $$$$$ has been very confident in both companies. I'm assuming once Lithium spinoff occurred it was job done for them. I don't know.. Time will tell. There's obviously a lot going on behind the scenes and today's truncated announcement just strikes me as cynical and unhelpful. They must know shareholders like me need more information. Hopefully they will provide that if TH ends tomorrow.


[Held]

#LAUNCHING TODAY edit
stale
Last edited 2 years ago

Leo Lithium (ASX LLL) launches this morning! This is the recent Firefinch spinoff and why FFX shares have gone down very recently. Indicative SP for LLL shares (given for free to existing FFX holders at specified past date) is 70c

Here's today's launch presentation

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02534469-6A1096790?access_token=83ff96335c2d45a094df02a206a39ff4

be interesting to watch today.

FFX retains 20% of LLL

DISC: I hold FFX in RL & SM and as of today LLL in RL and soon (Andrew?) in SM

#Bull Case
stale
Added 2 years ago

$100M Institutional Capital Raise Success for Firefinch

Despite the recent internal comms cluster# pointed out superbly by @Noddy Firefinch today announced the successful $100 Million placement among existing and new institutional investors.. The Raise was heavily oversubscribed by significant long-only international and domestic instititutions. Shares were purchased at $0.67 (a discount of 11.3%). Firefinch will now have around $164 Million (before costs) to accelerate aggressive growth plans for Morilla and Goulamina initiatives.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02465649-6A1068222?access_token=83ff96335c2d45a094df02a206a39ff4


Disc: Held in RL & SM

#Risks
stale
Added 3 years ago

Perspective

We invest in people too. #held in RL

This is Real life

 

Firefinch Limited (ASX: FFX) (Firefinch or the Company) advises it has been made aware of an incident that occurred on Tuesday 28th September, approximately 200km north of Bamako and approximately 450km from the Morila mine site. The incident involved an attack on a convoy of equipment belonging to a supplier of one of Morila’s contractors. The convoy was being escorted by Malian Gendarmes. We understand that the Malian authorities are investigating the incident. At this early-stage details are limited; however, it has been reported that there have been fatalities and injuries related to the incident. Operations at Morila have not been directly impacted. However, we are obviously deeply saddened by the news and have offered our support to ensure those affected by this incident are supported during this difficult time.