Thanks for your post, I still has me completely baffled as well,...

Thanks for your post,

I still has me completely baffled as well, there is something all of us are missing.

Firefinch is not the first, and won't be the last Company to miss guidance figures!

What was essentially a hiccup in the production ramp up, missed guidance targets (after multiple knee jerk reactions from the Executive Management and the Board of Directors) to a Company being capital and assets (stripped) returned, delisted and folded up, with nothing to show for the (my estimations) $420 million of funds that was ploughed into "Deal of the Century"!!!!

After falling short in Q2 of guidance (17,000 - 20,000) with production only reaching 13,300oz - guidance with withdrawn.
++ Anderson and Cowden left the building but not before the two new appointed directors Wall & Scott resigned++
** One of those, I have heard moments was that the other remaining directors were a bit miffed that Wall and Scott beat them to it!

The guidance for;
~ Q3 -- 30,000 - 35,0000, again they fell way short producing only 19,744 oz, but it also included a new monthly (August) production record under Firefinch ownership of 8,122 oz, but totals either side of August were crap 5,339 oz (July) and 6,276 oz (September) but the Company managed to put emphasis in the monthly record. With improved production driven by increases in head grade 1.52g/t (vs 0.61g/t in the June quarter) and recovery to 90.3% (vs 84.3% ~ ~ Q2)... Operations successfully pivoted to the new development plan? but this wasn't indicated in the quarterly figures, by this time I think they were smoking something?
~ Q4 -- 30,000 oz (10,000oz per month) target under the new Medium Term Production Plan, as they ceased funding on 2 November, the only (official) figures we have are for October with 4,815oz produced @ less than 50% of the target, which is quite bewildering considering that in the previous quarterly the plant had pivoted to the new plan but also, equipment had been arriving on site and assembled. With the higher head grades in the MTPP, higher ore movement and we fell this far short? The Company also mentioned that with the extra mining equipment and larger fleet helped in ore movement at the MSP during the last of the wet season.

There was no official production figures for November / December but social media outlets had the Morila Mine manager singing the praises of his workforce as they achieved the highest quarter and new production record since Q1 2019 and eclipsing the previous quarter, equates to average for the final 2 months of production of 7,599oz, still well short of the 10,000oz (30,000oz) MTPP figures, considering the higher grades and recoveries.



I am perplexed,

From the Operational Update 4th July 2022
~ Production underperformance primarily due to poor equipment availability, in part due to ECOWAS sanctions, the very sanctions the Company previously denied was causing any issues. The very same sanctions that the Company took measures to mitigate any production performance as a result of equipment availability caused by the sanctions by engaging a 3rd mining contractor at an extra US$1.25 million/month (based on the payments made to one of the other mining contractors EGFT)

Up until the release of the Recapitalisation Package, there was no mention of the Morila Mine performance being attributed to the mine reliability (there was mention of some bottle neck) but funds to be raised were for predominately for more plant refurbishments;



Personally, if the Company had of approached the missed guidance in a professional way, (utilising the combined years of industry experience and qualifications) and made an announcement in essence saying exactly what happened, ie: go into their director speak (to soften us up) and explain that there has been some reliability issues at the mine, and due to these the Company regrettable will not meet market/shareholder/investor expectations.

The company unfortunately needs time to assess what remedy will be required, and therefore due to the unknown timeframes reluctantly withdraws production guidance after not being able to ramp the plant up as expected. The Company's Managing Director & Executive Chairman are en route to Mali and the Morila Gold Mine to get first hand information on the situation and provide support and encouragement to the mining team at Morila.

Unfortunately, they took the easier option en route out the door, one carrying a big bag of shareholders cash.

15 days before it all went to garbage:
https://firefinchltd.com/aiovg_videos/understanding-firefinchs-leo-lithium-demerger-gold-opportunity/

Appears the only people that made any money were everyone other than some shareholders, I say some shareholders as Capital Drilling (possibly FFX's largest shareholder other than VanEck) made a very very nice amount for services provided.

cheers