GOULAMINA PROJECT

The Goulamina Lithium Project comprises a land holding of 100 km² in the Bougouni Region of southern Mali, approximately 150km by road from Mali’s capital, Bamako.

The land holding comprises the Goulamina mineral deposit and is sparsely populated.  Local poplations are mostly subsistence level farmers.

DFS Update

The Definitive Feasibility Study (DFS) described a compelling long life, large-scale, hard rock open pit lithium mine in Mali, West Africa. The DFS Update confirmed that the project is one of the world’s best hard rock lithium assets, in terms of scale and cost of production when compared to current operations and prospective projects, delivering outstanding returns with a post-tax Net Present Value of US$2.94 billion.

A key advantage is the quality of the 6% Li2O spodumene concentrate (SC6) product, being high in grade and low in iron and mica impurities.
Goulamina is simple and robust, with high grades and low strip ratios enhancing financial performance. The Project is not dependant on credits from other minerals.

There is further potential to increase the size of open pit Mineral Resources and Ore Reserves through infill and extension drilling. These characteristics make Goulamina an important strategic asset for the world’s growing demand for lithium chemicals.

Ganfeng Joint Venture

On March 28 2022, Firefinch announced that the 50/50 incorporated JV with a subsidiary of the world’s largest lithium chemicals producer by production capacity, Jiangxi Ganfeng Lithium Co. Ltd, to develop and operate the world-class Goulamina Lithium Project had been formalised. Funds totalling US$130 million have been received by the Joint Venture from Ganfeng. Ganfeng is further obliged to provide either US$40 million of Ganfeng direct debt or source US$64 million of third-party debt.

KEY ADVANTAGES

High Grade

A globally significant Mineral Resource at 108Mt at 1.45% Li2O and Ore Reserve of 52Mt at 1.51% Li2O. Predicted process recovery of Li2O is 80%. Iron and mica impurities are low.

Low Cost

Average Life of Mine Cash Cost of US$312 per tonne of 6% spodumene concentrate produced.

Low Risk

High grade, low strip ratio orebody. Simple processing flowsheet.

World Class

A globally significant Mineral Resource at 108Mt at 1.45% Li2O and Ore Reserve of 52Mt at 1.51% Li2O. Predicted recovery of Li2O is 80%. Iron and mica impurities are low.

Substantial Mine Life

Average Life of Mine Cash Cost of US$312 per tonne of 6% spodumene concentrate produced.

Cautionary Statement

The production inventory and forecast financial information referred to in the Stage 2 comprises Proven Ore Reserves (9.9%), Probable Ore Reserves (53.6%) and Inferred Mineral Resources (36.5%). The Inferred Mineral Resource included in the inventory is 30 million tonnes at 1.3% Li2O. The Inferred Mineral Resource has been scheduled on a preliminary basis with all Inferred material mined after the Ore Reserves. The Inferred Mineral Resource does not have a material effect on the technical and economic viability of the Project. There is a lower level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Note: All dollar figures are in real terms.

Competent Person’s Declaration

The information on this website that relates to Mineral Resources is based on information compiled by Mr Simon McCracken, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr McCracken is an employee of the Company. Mr McCracken confirms there is no potential for a conflict of interest in acting as a Competent Person. Mr McCracken has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’)”. Mr McCracken consents to the inclusion in the Prospectus of the matters based on his information in the form and context in which it appears.

The information on this website that relates to Ore Reserves is based on information compiled by Mr Quinton de Klerk, who is employed by Cube Consulting. Mr de Klerk is a fellow of the AusIMM and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr de Klerk consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears.