One point that sticks out in the Operation Update, and something you have also touched on, ~ "Experienced operational and financial mangers have recently been appointed to key roles at Morila to bolster the existing team and drive the planned ramp up." This is perplexing, and it appears just to be line fill for the announcement, these new appointments IMO were already in place as part of the ramping up of the production strategy, given that: ~ from post 62407570 As there was no date specifics, the company recently announced production ramping up for the 2nd quarter (April- June) did the "recent" appointments coincide with the Company ramping up plans? hence being recent??
~ the trading halt was announced to the market on the 27th June and 7 days later the Operation Update was announced, means that the company would have had to source/advertise? positions, interview and appoint in the space of 7 days - which also included a weekend, hardly think that would be possible, hence why IMO they were already in place.
The Morila Mine Manager had a long career under the guidance of Randgold, ~ from post 62407570 They already have an experienced mine manager ......... Drissa Arama He joined Randgold in 2000 and through his career progression became the Plant Manager at the end of 2007 until 2010. He then moved to Randgold's Loulo-Gounkoto mine as the plant manager to develop the plant upgrade and production ramp up, returning back to Morila in 2015. He was appointed as the General Manager in March 2017, and he continues as the General Manager being retained by Firefinch.
Firefinch retained the Morila workforce, appointed Seydou Semega as the Country Manager in 2019 and from memory he was the Country Manager in the BGS days?
Maybe the "stuff up" is simply a running out of mining materials before it affected the quarters production? It doesn't take away from the need to raise capital and having to divest the LLL shares but the financials were compounded by the factors in my previous post.
What a difference 3,700oz in a quarter can make, in summary if the company had achieved the lower end of guidance (17,000oz) it would have made nearly a A$10M positive difference, achieving the mid point guidance (18,500oz) the extra A$3,860,000 would have offset nearly all the impact the declining A$ had on the bottom line for the quarter.
(20min delay)