# FFX - Firefinch Limited



## System (6 December 2011)

Birimian Gold Limited (BGS) was formerly known as Eagle Eye Metals Limited (EYE).

http://www.birimiangold.com

Previous discussion of this company can be found in the EYE thread: https://www.aussiestockforums.com/forums/showthread.php?t=10787


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## Tano (25 August 2013)

*Re: BGS - Birimian Gold*

Does anyone have this stock on their watchlist?  I am looking to buy monday at 0.026 if it does not gap.  I wish i caught it before it rocketed past its 21 day EMA.


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## berbouy (26 August 2013)

*Re: BGS - Birimian Gold*



Tano said:


> Does anyone have this stock on their watchlist?  I am looking to buy monday at 0.026 if it does not gap.  I wish i caught it before it rocketed past its 21 day EMA.




not much has been posted on bgs tano
have held some from mid teens, happen to like the story and the connection to randgold and sprott, in a known gold province.it was the papillon (pir) research that led me to bgs-and have some confidence in the area-if you check out the morila mine that is very close, it may show the potential, so for me its a punt on being in on the ground floor as it were.of course, nothing guaranteed in the markets! but gold has bounced a little, and seems that sentiment has changed for the better.
was 1.9 cents a few sessions back, so some have caught on-as drilling results come through, i think there may be a bit more interest.
sprott management are bullish on gold, and on west african goldies- and birimian does get a mention.
i have done a bit of research on randgolds early morila exploration, seen the proximity for bgs, and invested accordingly.
hope you got some at 2.5 tano, and good luck-perhaps the thread will get a bit of dialogue.


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## System (12 July 2016)

On July 12th, 2016, Birimian Gold Limited changed its name to Birimian Limited.


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## greggles (4 October 2017)

Mr. Market didn't like today's Pre-Feasibility Study for the Goulamina Lithium Project in southern Mali.

BGS currently down 28.92% to 29.5c on fairly heavy volume.


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## greggles (11 April 2018)

Birimian has been on a bit of a roller coaster ride since my last post.

After bottoming out at around 27c in mid-October, it rose rapidly to 84c in late December. It then proceeded to fall back to 45c, rise again to 69c before collapsing again to 41c.

Now it looks to be heading north again after announcing some positive drilling results from its Goulamina Lithium Project, finishing the day at 46c.

Bit of a wild ride this one.


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## System (24 June 2019)

On June 24th, 2019, Birimian Limited (BGS) changed its name and ASX code to Mali Lithium Limited (MLL).


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## debtfree (22 October 2020)

MLL looks to have turned the corner lately. At the end of 2017 (and start of 2018) it hit a high of .83c and since then has fallen to a low of .04c.  😲 

Price is now rising as well as volume so someone is interested, it's breaking out above higher levels and even New Year Highs.


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## System (6 November 2020)

On November 6th, 2020, Mali Lithium Limited (MLL) changed its name and ASX code to Firefinch Limited (FFX).


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## Dona Ferentes (6 November 2020)

staying local, in W Africa, but changing emphasis (as they do)

• Goulamina Lithium (spodumene) deposit is simple and robust with high ore grades and low strip ratios enhancing profitability
• _Strategic review underway to release shareholder value_


> Firefinch Limited (ASX: FFX) (formerly Mali Lithium Limited) is pleased to announce the adoption of a new brand and identity. The Company will commence trading under the name “Firefinch” and the ASX code “FFX” as of Friday 6 November.
> The firefinch is the national bird of Mali. Executive Chairman Alistair Cowden said the change heralds a new chapter and supports the Company’s strategic transformation initiated when the Company agreed to acquire the *Morila Gold Mine* in Mali in August 2020




*OUR PLAN FOR MORILA

IMMEDIATE *
• Complete acquisition: approximately US$27 million by Nov 6th, 2020 
• Maintain tailings re-treatment and cashflow, investigating extending tailings life 
• Commence infill and extension drilling at satellite pits, Morila and Koting discovery 

*RAMP UP PRODUCTION *
• Resource and Reserve estimates for Morila, satellites and tailings 
• New mine plan, operating and capital costs, production schedule 
• Commence mining at N’Tolia and Viper to increase production 
• Dewater Morila, re-establish tailings dam, refurbish power station: 

*BRING BACK MORILA *
• 4.5mtpa production from Morila pit 
• Near mine and regional exploration for 10 year plus life


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## Dona Ferentes (10 February 2021)

OUR FOCUS IS GOLD 
• Mine responsibly and safely – local first 
• Grow Morila to a 150,000–200,000 ounce gold producer 
• Discover more on our 685km² holding 
• Participate in consolidation of African gold producers

DE-MERGE GOULAMINA LITHIUM 
• To provide shareholders with two clear investment propositions: Ø* Firefinch and GOLD *Ø *Goulamina and LITHIUM *
• Partnering and financing process for Goulamina

_- went up on yesterday's Ann and a bit of selloff - which seems to be the case every time it makes a run 




_


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## aus_trader (10 June 2021)

Just purchased shares in ffx for the Speculative Stock Portfolio where I have outlined my reasons for buying.


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## Dona Ferentes (16 June 2021)

Chinese battery metals giant Jiangxi Ganfeng will fork out more than $250 million for a 50 per cent stake in a lithium project controlled by Perth-based Firefinch Ltd.

The deal  will see Ganfeng provide $US130 million ($169 million) of equity funding and arrange debt funding of up to $US64 million in return for a half share in Firefinch’s Goulamina project in the West African nation of Mali.

Ganfeng is one of the world’s biggest lithium players and a supplier to the likes of Samsung, LG Chem, CATL and Tesla, and a partner in Mineral Resources’ Mt Marion lithium mine in Western Australia.

The deal means the Goulamina project is nearly fully funded and set to become the next big lithium development.

Ganfeng has also struck an off-take agreement covering 100 per cent of spodumene production across the initial 23-year mine life at Goulamina.


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## qldfrog (16 June 2021)

In africa, chinese joint collaboration is the way to go as you will get the Chinese army efficiency (...) behind the scene ensuring your investment will stay safe.
But still not sure it can apply in sahel (mali/niger/burkina faso) where the situation is so dire.
On paper, great news


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## Dona Ferentes (16 June 2021)

qldfrog said:


> In africa, chinese joint collaboration is the way to go as you will get the Chinese army efficiency (...) behind the scene ensuring your investment will stay safe.
> But still not sure it can apply in sahel (mali/niger/burkina faso) where the situation is so dire.
> On paper, great news



A liquidity event, perhaps?


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## qldfrog (16 June 2021)

Dona Ferentes said:


> A liquidity event, perhaps?



no idea but as I will not touch it with a pole, did not really investigate.So not knowledgeable there


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## aus_trader (6 August 2021)

Hits 1 mil Oz in Gold reserves...


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## peter2 (13 August 2021)

Currently in trading halt pending an "interesting" announcement.  





I've been in and out of FFX recently. My last trade I was happy to take the quick +2R on the price rally without news. The trading halt states that there's news pending and I suspect the recent price rally was due to "leaks". 






I suspected that the rally was due to the Li activity rather than gold. Sentiment for Li has been strong while gold has been weak.


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## aus_trader (17 August 2021)

Gold/Li stock FFX has confirmed it's going ahead with the spin out of it's Li asset and will give us priority via preference shares to the new Li company to be listed on the asx and be called Leo Lithium Ltd...


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## frugal.rock (20 March 2022)

aus_trader said:


> Gold/Li stock FFX has confirmed it's going ahead with the spin out of it's Li asset and will give us priority via preference shares to the new Li company to be listed on the asx and be called Leo Lithium Ltd...



Much closer to fruition now.
Nice looking chart lately also.


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## frugal.rock (28 March 2022)

frugal.rock said:


> Much closer to fruition now.
> Nice looking chart l



You can say that again for Frock sakes, might as well move to Tassie and talk to meself


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## frugal.rock (28 March 2022)

GANFENG JV FORMALISED &  
US$170 MILLION FUNDING PACKAGE TRIGGERED 

 All conditions precedent for Ganfeng’s investment into the Goulamina Project have now  
been met following transfer of the Goulamina Exploitation Licence 

 US$130 million in cash to flow to the JV Company, with US$39 million in funding to be  
released from escrow to the JV Company and a further US$91 million to be transferred by  
Ganfeng in the coming days

  Ganfeng required to provide a further US$40 million in Ganfeng debt or source US$64 million in third party debt 

 Firefinch will now proceed with the demerger of Goulamina into Leo Lithium Limited in  
accordance with regulatory timeframe


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## peter2 (28 March 2022)

*FFX* was heavily spruiked by Long Capital recently. Thought it an opportune time to sell into the new money at the new high.


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## Dona Ferentes (26 May 2022)

peter2 said:


> *FFX* was heavily spruiked by Long Capital recently. Thought it an opportune time to sell into the new money at the new high.



that would seem to be the case...... and can't even move the Lithium play. Have to enjoy the chutzpah



> _Firefinch’s lithium spin-off Leo Lithium had its brokers rounding up bids for up to $44 million in the IPO’s shortfall auction on Thursday afternoon. The brokers were offering Leo Lithium shares at 70¢ a pop, and bids were due 4pm Thursday. __Leo Lithium would house Firefinch’s Goulamina project in Western Africa’s Mali. It has been looking to raise $50 million to $100 million via the IPO._






> _Initial plans were for an $80 million pro-rata offer (one Leo Lithium share for every 10.33 Firefinch shares), with the leftover stock going into a shortfall auction - both at 70¢ a share. __Thursday afternoon’s $44 million shortfall auction indicates existing Firefinch investors only took up $36 million of the $80 million worth of shares that was offered to them._


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## Boggo (3 June 2022)

Just an update on the behaviour of FFX today for anyone who is wondering.














						When will Leo Lithium shares be roaring on the ASX boards?
					

Leo Lithium Limited (ASX:LLL) shares will be hitting the ASX boards later this month. Here's what you need to know...




					www.fool.com.au


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## Dona Ferentes (21 September 2022)

_and this looks like a big hole to dig out of. Going to be bloody when it reopens. .... 20c to (?) 6c or even lower. A sorry state for earlier investors_

_Recapitalisation package agreed with key stakeholders including $90 million equity raise to fund Morila Stage 1 and 2 production plan and provide working capital   _

*1.5 billion new fully paid ordinary shares at an offer price of A$0.06 per New Share*:

• A$90 million equity raise to provide Firefinch with a strong balance sheet to continue the Morila production ramp up under the Company’s Stage 1 and Stage 2 production plan through to 2024
o Firefinch launches A$90 million two-tranche Placement. Tranche One of the Placement is set to raise approximately A$10.4 million and Tranche Two of the Placement, which is subject to shareholder approval, is set to raise A$79.6 million
• In addition to the equity raise, the Company’s current mining services contractor, MEIM Morila SARL, to convert approximately US$23.4 million of outstanding debt and future liabilities to equity, subject to shareholder approval
o Additional trade creditors to convert at least US$4.89 million of outstanding debt to equity, subject to shareholder approval
• Upon settlement of both tranches of the Placement, Firefinch will have a pro-forma 31 August 2022 cash balance of ≈A$126 million (before costs)
• Firefinch to launch a *Share Purchase Plan *offer to shareholders of up to A$10 million, subject to shareholder approval and subject to the discretion of the Board to accept oversubscriptions
• New leadership team with a proposed restructured board to leverage industry knowledge and expertise


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## Boggo (21 September 2022)

Dona Ferentes said:


> _and this looks like a big hole to dig out of. Going to be bloody when it reopens. .... 20c to (?) 6c or even lower. *A sorry state for earlier investors*_




I'm one of them. The LLL rights issue will offset the hit a bit.


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## The Triangle (22 September 2022)

FFX has been a very naughty boy.   We all know/should know the dangers involved when investing in the projects of the Perth geos/engineer/brokers boys' clubs.  I might see how this opens up and have a crack at some short-term trades.   If nothing else FFX still has its locked-up shares in Leo lithium providing some valuation to the company. 

Right now, they have suppliers converting debt into equity and are still looking to raise 90 million to fund a gold mining operation which does not seem to be very profitable.  Below is a snapshot of their recent presentation - 1.5g/t ore at a 9:1 strip ratio is not cheap, and the forecast of $1,475USD ASIC demonstrates that low grade/high strip cost.   And can we trust the recovery?  Last quarter it was 85% and the quarter before was 80%.   Sure, they're getting different material but not exactly a lot of credibility left with these guys. 

I could not tell if that 81 million for mine development is effectively 'capital' for future ounces or if it's supporting the mining of the next 18 months.  So, who actually knows where the cash balances will be, but in my analysis of gold miners I often (95%+) find that the operating cashflow costs are equal to or slightly higher than AISC.  Add in capital costs, investing costs and I can't imagine in 18 months that FFX is going to have more than $25-$50 million in the bank and may still have a gold mine which is not cashflow positive.

Also remember the government owns 20% of the mine.


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