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Firefinch Co., Ltd. (ASX:FFX) The stock is not expected to resume trading until the funding proposal is finalized. In other words, the end of August at the earliest.
Firefinch issued a third letter to ASX today Respond to latest queries.
Let’s see what’s going on with this ASX gold mining stock.
What’s Happening to Firefinch Stocks?
So all the recent drama with Firefinch started on June 27th as the company requested. Trading halts.
The next day, the miners announced: Two recently appointed directors resigned.
On June 29, Firefinch asked the ASX to delist its shares. The reason given by the ASX was “pending the release of an announcement on updated operational performance and production guidance on the Morilla Gold project.”
On the same day, Firefinch announced “by mutual agreement”. CEO resigned.
Firefinch said it will pay outgoing Dr. Michael Anderson $450,000 in contractual rights. Anderson said he had been with the company for 14 months.
Firefinch has appointed Andrew Taplin as Acting CEO and Dr. Alistair Cowden as Chairman. Taplin was receiving an annual salary of $417,006 (including superannuation) and incentives before assuming additional roles. Now he will receive an additional $10,000 per month.
What’s new on the Morila Gold Project?
July 4th, Firefinch has released an update About the Morilla Gold Project. June quarter gold production was found to be well below guidance due to low equipment availability and delays in delivery of additional equipment due to sanctions imposed on Mali restricting the movement of goods. rice field.
Firefinch has had to withdraw its calendar year guidance as production ramp-up is currently behind schedule. Additionally, the company said it is facing rising input costs such as diesel and explosives.
On July 11th, Firefinch announced the following: Cowden’s resignation Replace him with Brett Fraser.
ASX asks questions as Firefinch shares remain frozen
July 26th, Firefinch asked for another extension to any stop at that. Talks with third parties about funding are “not yet completed,” he said. The miners have requested more time to finalize the proposed funding “expected by the end of August 2022.”
In a third letter to ASX released to the market today, Firefinch answered questions about when certain devices will be delivered.
He also explained when he realized that the sanctions were having a significant impact on the production of the Morilla Gold Project.
in the meantime…
On Monday, Firefinches June quarter cash flow and activity report. This has revealed some new details about our progress with Morila.
The company said “mining equipment is now arriving at the site, easing operational pressure.” Firefinch also said it had implemented cost-cutting measures and “strengthened” its financial controls.
The company said it plans to improve Morilla’s resource and reserves estimates in the September quarter. This will “impact new mine plans, production and cost prospects and future capital requirements,” it said.
Firefinch reported that the Malian government “allowed a three-year extension of the Morilla Treaty, demonstrating its support for the strengthening and revival of Morilla”.
As of June 30, Firefinch had $40.8 million in cash and equivalents available, including gold in transit.
Firefinch share snapshot
Firefinch shares are down 64% year-to-date. They were trading at his 20 cents a piece when the company asked his ASX to stop trading.
Firefinch shares hit a 52-week low of 19 cents on June 24th.
When will Firefinch shares resume trading?
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