I Have Heard, page-2

I have heard; the still pending, and the additions post the first 249D

The following is a combination of allegedly being sourced from "the walls have ears", "loose lips" "conversations with 3rd party's" "those in the know" none of which is to be taken as investment advice, and comments etc are my opinion.

The still pending:
(1) a deal for Firefinch Limited assets is being finalised - still pending, Dec 2022, Jan, Feb, Mar, April, May, June, JulyAug, Sept 2023

(2) Leo Lithium Limited is going to take over Firefinch and distribute the held LLL shares to Firefinch Shareholders and keep the cash - could probably bury this one, ~ although not quite yet? the wording in the LLL announcement is ambiguous?
re: "(sic) ... conclusively shows Leo Lithium and Ganfeng have no connection with Firefinch (other than Firefinch holding a 17.6% shareholding in Leo Lithium with no board representation) ............ were not involved with Morila Gold Mine at any time. For clarity, Leo Lithium is not considering any future involvement in Morila"
~ in the last sentence it only mentions Morila, it doesn't clarify no future involvement with Firefinch?

(3) we need to allow the Company time to complete negotiations at Morila, we may jeopardise the process by inane intervention; would you describe this total train wreck, slightly higher than inane? or was it ignorance of what they thought they could do?

(4) we need to be patient - still pending, but how patient"" June 2022 (Trading Halt) -- Sept 2023, the only thing we have managed to do is use up cash, and find out we need high profile international lawyers to negotiate on our behalf! SWF else has happened .. .. .. ..

(5) Anderson left because of mounting debt - close to the mark given what has unfolded, see ^{point 15}

(6) Morila had incurred unauthorised debt that was discovered by Plant when doing an audit, its why they "panic" sold the LLL shares see ^{point 15}

(7) a deal for Morila was between two bidding parties, one was government preferred but involved Firefinch Limited assisting with $M's, the Company went with the 2nd bidder - miraculously, the company announced there is now a second bidder - again, this was dismissed when asked at the AGM

(8) the Mali government needs to sign off a non objection for the deal with the 2nd bidder - dismissed when asked at the AGM,
~ not only do they need to sign off a no objection, they need to approve the transfer of deed -- or one becomes both on the signing of the transfer?

(9) Cowden resigned because of the stress of missing guidance but final straw was the sale of the LLL shares and a Board loss of Confidence

(10) the Mali court case is holding up the transaction, still pending, Company have repeatedly stated they have no idea and they are not getting any information from the Government or Morila SA. Oh, wait, that was from the AGM, they changed their minds and have been talking/negotiating with the government and even met Government officials as far back as March!

(11) Morila needs to be offloaded and finalised before Firefinch assets can be distributed back to shareholders, Treadstone and the Company need time to be able to progress with the Firefinch assets once that is completed, taking action will only delay any advancements already made in negotiations with bidders -- if we still have bidders, Wait! did we ever have purported bidders?

(12) large institutional investors were the ones that withdrew from the Recapitalisation Package - this has been again mentioned since the general meeting, and had nothing to do with the fluctuating POG and A$!

(13) the Board will resign en masse if there is a s249D issued, what will we do then, you are putting all negotiations at risk and any chance to get back some capital from FFX -- didn't happen, was never going to happen, same vitriol that came from the management on "concerns of a substantial impact" of the 249D ^{see point 17}

(14) large shareholders want out, they will accept a lot less that retail shareholders would! -- more so (IMO) now as this drags on

The additions:
(15) Plant CFO was in Mali in June 2022, auditing/checking over the accounts of Morila SA, called Taplin (who was enroute) and told him to go back, this is a mess here! ^{addition to point 7}

(16) Both Directors that resigned the day after the company went into a trading halt, did so under immediate advice from their respective legal counsels.

(17) Fraser mentioned post the General Meeting, when having a casual tete tat, that the board were still there as they were too slow getting their resignations in!! ^{see above point 16}

(18) Fraser mentioned post the General Meeting that none of this was his fault, he is doing his best to clean up the mess and get the best for shareholders.

(19) "a to remain un-named" large holder scoffed at the Company thinking they could just walk from Mali/Morila without any recourse, was also the fluctuating vote difference in vote patterns of 1 of the 3 incumbent directors.


Feel free to add anything you have heard here too .........

cheers