@52570 HC glitches -- hence the tag
Although I am optimistic of the company achieving a way forward, and I don't want to deflate your thinking but this announcement didn't / hasn't inferred any progress on a funding solution.
It is word for word exactly the same as the extension notice released on the 24th August with the dates the only difference but as
@Gwaihir mentioned at least the new chairman elect has put his name to the announcement.
Also as gwaihir has outlined in a "sell / shutdown" Morila scenario, I will again suggest readers / commentators have a good look through the ASX listing rule requirements as an on going concern, to which if FFX flogged its "core business" and without an alternative business plan would (opinion) either be delisted / or would need to satisfy Chapters 1 & 2 to be re-admitted?
~ My understanding of the rules, is you just cannot flog your business and sit idly around waiting for the LLL shares to come out of escrow.
~ I also do not know why posters would then think that the LLL shares would be sold and divvied up between the shareholders?
** Why do we all think that? ** -- I get that some of the profit from LLL share divestment
may be returned to shareholders as a special dividend?
On a more positive outlook, the US$ dipped against most currencies with indications of a Federal Reserve slowdown of monetary tightening, the FOMC (Federal Open Market Committee) meet this week, with indications of expected easing in December with the US$ index slightly down (the index surged 15% this year on back of the hard rate hikes) ~ I expect gold to gain some ground over the next couple of months (opinion only) based on the (over cooked) US$ to ease against the US$ index measured currencies.
As for local rates, Australia's inflation is the highest in 32 years which IMO the Reserve Bank has got it terribly wrong with a high percentage of rate rises driven by the banks as the pandemic saw record amounts of accrued savings, the weakening A$ was also a high contributor as the cost of imports rose.
Nuff politics .......
@WoodySpoon just a quick response to your statements:
re: "But how they can even forecast an AISC for Q2 having not even costed the expense of hydraulically moving the gazillion tones of muck out of the main pit I do not know ....(sic)"
~ the way I read the MTPP is they have costed the hydraulic sluicing .......
Firefinch to Produce 180,000 ounces Gold October 2022 - March 2024 ~ page 9
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02570922-6A1110594?access_token=83ff96335c2d45a094df02a206a39ff4
Quote: "The previous operator placed both waste rock and tailings into the pit in anticipation of the closure of the operation. The Company has made appropriate allowances with regards to cost and timing in the MTPP for removal of this material. The tailings will be repatriated from the pit to tailings dam as mining progresses. This will be done initially by truck and excavator in areas where the tailings are dry and by hydraulic sluicing in other areas."re: "
Perhaps that may explain the history of failed targets? They've all been based on guesses and BS with some figures thrown about to make them look reasonable because that's what former office holders hoped they would be?"
~ The Company have hardly guessed in the MTPP considering Orelogy were involved with the
~ Optimisation study
~ are undergoing an updated pit design
~ undertook design adjustments for stages 1, 2, 3 and sub-stages of Phase 1 pit to align with pit optimisation
~ reviewed scheduling that was completed by the on site mining team
One line in the MTPP has me somewhat perplexed,
Firefinch will supervise mining and ore production and undertake grade control activities!
~ from memory, mining and ore stockpiling management was part of the MEIM contract?
** do we get a discount for their (MEIM) diminished responsibilities? considering (a) the size, period and value of the contract (b) chosen as the best in their field / track record for the scale of work
It is obvious that MEIM are still providing services knowingly of the accrued debt owed them by FFX, crunch time will be Nov 30 when the "forbearance" agreement is terminated?
Capital works will need to be considered, particularly the TSF that has capacity/permit for 2022 (including the accomodating the MTPP revised production)
No correction to the Activities / Cash Flow quarterly report !!!! cheers
(20min delay)