Ann: Quarterly Activities Report, page-38

There's a lot to digest, but overall it seems like this is more of a sitrep than anything.

One minor concern I have is that Morila doesn't seem to be profitable right now. Revenue of $11.4m vs production costs of $13.3m seems a bit upside-down; however I'm also aware that this could be a timing issue, and the way revenue and costs are accounted for may be causing some sort of distortion. The next quarterly should provide a clearer picture, along with more confidence that Morila (and its satellite pits) has the potential to operate profitably in the longer term.

As for Goulamina... realising this resource's potential is clearly a very big undertaking, and it seems as though FFX is running the ruler over the most effective means with which to bring this to fruition. Refinery talk is positive, as it suggests FFX sees itself involved in Goulamina for the long haul... but even with the revenue coming from Morila (and eventually the satellite pits), they're going to need some help. A JV and/or an offtake agreement may be necessary to make progress here - FFX won't be able to afford to fund it on gold revenue alone, and another cap raise so soon after the last one wouldn't be a great look either.

Despite the quarterly giving me as many questions as it has answers, it doesn't change my mind about FFX's long term prospects. I've taken the opportunity to accumulate (and average down) on this quarterly.

All IMO. DYOR, GLTAH.