Morila Mine vs FFX Management - 12 months on, page-7

re: "why hasn't FFX moved to reclaim control of the mine"

Simple answer would be capital, regardless what the Company cited as the prevailing POG and US$/A$ exchange rate said as to why the Recapitalisation Package was withdrawn, it was IMO institutions that withdrew support at the 11th hour.

Considering they needed or attempted to raise $90 million and issue equity (to clear debt and aged creditors) and with the cash/cash equivalents would have given them a total of $125 million.
~ $81 million was attributed to waste stripping for Morila stage 2 & 3, tailing repatriation (tailing capital works was halted post the announcement of missing guidance) tailings dam expansion and lift, process plant reliability and initial work for the SAG mill upgrade.
~ $15 million to aged creditors
~ $5 million for resource drilling at Morila
~ balance $25 million for working capital

Second part of the answer, would you trust this management to go again, considering the shambles they have put us in and they have blatantly told shareholders untruths!
~ referring to the claim of no parent guarantees, whereas they provided Capital Drilling contractor priority status that also came with Firefinch Limited would guarantee payments to Capital Drilling (contract entered into 3 September 2020) of work completed (under the equity conversion and drilling deed) up until 30th June 2023 (or 3rd September depending on what announcement you reference)

I will take my chances with getting some capital back via a "return of capital" payment (from excess cash reserves) and the distribution of LLL shares back post the expiry of the escrow period, to which I will opine that it will be on shaky ground if the LLL shares are returned to shareholders even though they have made indications of this happening if there is no Corporate Transaction.

As for doing a study, they gave up their rights under Malian law when they stopped funding the Morila mine, and as such they are no longer privy to plant performance, information or data.
We now have no representation on the Board of Morila after the executives were terminated in November / December 2022 and the last remaining board member being Semega, ceased employment with Firefinch in March 2023, although he remains on the board of Morila mine.

As for the cost or where the money all went, I am in the process of gathering information, that may be used / needed at a later date!

cheers