Announcement Date: 2021-12-06
Announcement Type: Feasibility Study
Announcement Code: JORC
Company name: Firefinch Ltd.
Project name: Goulamina
Location: Mali
Commodities: Lithium
Highlight: Feasibility Study results incl. post-tax NPV (8%) of US$2.9B & IRR of 83%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Firefinch Limited (ASX: FFX) (Firefinch or the Company) is pleased to announce the results of an update to the Definitive Feasibility Study published on 20 October 2020 (DFS Update) for the Goulamina Lithium Project (Goulamina or the Project) in Mali, West Africa. The DFS Update demonstrates exceptional financial returns and a higher production rate than outlined in the October 2020 DFS. The update revised engineering design, flowsheet and metallurgical testwork to DFS standard with additional targeted production for the 4.0 million tonnes per annum operation (Stage 2) determined at Pre-Feasibility standard. Spodumene concentrate price assumed was increased to an average US$978 per tonne. Increased capital costs compared to the original DFS relate to the infrastructure and equipment changes to accommodate increased production from Stage 2 expansion and industry cost inflation. The remaining Condition Precedent to completion is the transfer of the Project Exploitation Licence to a single purpose Malian subsidiary as required by Malian legislation. This is expected to occur in early 2022 and will allow the formation of the JV and the final US$90 million of Ganfeng’s US$130 million contribution will become payable. The first payment (US$39 million) was deposited by Ganfeng into an escrow account (refer to the ASX release dated 1 December 2021).
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