Ann: Joint Venture with Ganfeng - Overview, page-72

Its a good deal and sprott sees it adding 10c to their estimate of value of FFX to 80c
47c is nearly half NAV.

Sprott calls it $260 mill usd too.

We see three key takeaways from today’s announcement of Ganfeng’s US$130m investment in
Firefinch’s non-core Goulamina lithium asset. First, it is an important technical stamp of confidence
from one of the world’s major integrated lithium producers. Second, it puts a US$260m implied value
on the project, daylighting significant value above our US$100m nominal NAV. Third, it again
demonstrates Firefinch’s growing track record of achieving its goals in line with stated timelines.
Looking at the bigger picture, Firefinch’s focus remains the Morila gold mine, which we believe is one
of the best growth opportunities in the gold space, and we expect Goulamina to be spun out as a
separate company in the coming quarters. We have updated our Goulamina valuation to US$130m
(US$260m x 50%) and increase our target multiple for Goulamina to 0.9x from 0.5x. This increases
our price target to A$0.80/sh from A$0.70/sh and we reiterate our BUY rating. Firefinch is one of
our top picks among gold developers.