General discussion, page-112

On Tuesday a nearby company Tietto Minerals will release their DFS. This is of interest for Firefinch holders as it gives a very rough idea of what the Gold side of our business is worth.

TIE have an indicated resource of 35Mt at 1.5g/t so roughly comparable to ours, even though a little light on. The most interesting aspect of their DFS will be the cap cost of building their processing plant. My rough guess would be $A300m for a 3Mt/a plant giving them production of ~130,000oz/a at 90% recovery.

The Mcap of TIE is $173m currently and assuming a slight increase after the release of DFS up to say $200m. This gives a total 'value' of their project $A200m Mcap + $A300m of $A500m for just a gold mine and some good ground, but a smaller plant and resource than ours..

I expect some differences to what I've worked out above, but will be reading their DFS with interest and following their Mcap as well.

If their numbers do eventuate something close to above, then it will amplify how cheap Firefinch currently is, as the market is still undervaluing the Goulamina resource and JV deal by a long way. I'm pretty certain our lithium side of the company is worth a whole lot more than the current ~$42.5m, if the above numbers were close.

I have no interest in TIE other than the comparison numbers/value, but I am looking forward to their release on Tuesday..