Firefinch Limited presented an update to the Mineral Resource for the Morila Gold Project (Project). The Mineral Resource for the Morila Gold Deposit now stands at 66.7 million tonnes at 1.55g/t for 3.33 million ounces of gold. The resource is divided into a potential open pittable resource (which is defined by a pit shell derived using current parameters) and a resource potentially mineable by underground methods.

As a result of this update, the Global Mineral Resources for the Project (comprising Morila and the satellite deposits) now stands at 73.5 million tonnes at 1.52g/t for 3.58 million ounces of gold. The Morila Open Pit resource represents the Mineral Resource reported within a conceptual pit shell generated by pit optimisation using costs derived from long term operational costs at Morila and a gold price of USD 1,800/oz as required to satisfy the Reasonable Prospects for Eventual Economic Extraction (RPEEE) criteria under the JORC Code (RPEEE shell). The Morila Underground resource is the Mineral Resource below the RPEEE shell reported above a cut off of 1.8g/t gold (derived from a database of global underground mining operations utilising mining methods suited to the Morila mineralisation).

The Morila Underground resource includes the material previously reported as the Samacline and Morila North East Mineral Resource 1 and also includes mineralisation delineated by drilling at Morila East and Morila MidWest. The Company intends to complete a study into underground mining at Morila which will confirm the economics of an underground operation and determine the cut-off grades which should be used for the underground resource. Accordingly, the Underground resource is currently classed as Inferred until that study has been completed.

The Mineral Resource for the Morila Deposit has been revised using almost 40,000 metres of drilling completed by Firefinch since the previous Mineral Resource was released in February 2021.