- Firefinch (FFX) places its shares in a trading halt regardingan upcoming capital raising
- The company will remain in the halt until the earlier of December 13 or when an announcement with further information is released
- On December 6, Firefinch released an updated definitive feasibility study (DFS) at its Goulamina Lithium Project in Mali, West Africa
- The updated DFS shows a higher production rate and a stronger financial return than that outlined in the October 2020 DFS
- Shares in Firefinch last traded at 75.5 cents on December 7
Firefinch (FFX) has placed its shares in a trading halt regarding an upcoming capital raising.
The company will remain in the halt until the earlier of December 13 or when an announcement with further information is released.
Firefinch is yet to disclose how much it will be raising or what it will use the funds for once received.
On December 6, Firefinch released an updated definitive feasibility study (DFS) for its Goulamina Lithium Project in Mali, West Africa.
The updated DFS shows a higher production rate and a stronger financial return than that outlined in the October 2020 DFS.
Annualised spodumene concentrate production now sits at 506,000 tonnes for the first 18 months and is expected to increase to 831,000 tonnes.
This is up from the 436,000 tonnes reported in the October 2020 DFS.
Post-tax net profit sits at $4.1 billion with a post-tax internal rate of return of 83 per cent, more than double the previous DFS of $1.7 billion.
Further, throughput from the mine will be increased from 2.3 to four million tonnes per annum.
Shares in Firefinch last traded at 75.5 cents on December 7. The company has a $775.2 million market cap.