Goulamina Lithium Project

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

The Definitive Feasibility Study (DFS) described a compelling long life, large-scale, hard rock open pit lithium mine in Mali, West Africa. It confirms that the project is one of the world’s best hard rock lithium assets, especially in terms of scale and cost of production when compared to current operations and prospective projects, delivering outstanding returns with a pre-tax NPV of A$1.7 billion.

A key advantage is the quality of the 6% Li2O spodumene concentrate (SC6) product, being high in grade and very low in iron and mica impurities.

Goulamina is simple and robust, with high grades and low strip ratios enhancing financial performance. The Project delivers outstanding returns and, unlike peers, delivers good returns even at todays depressed lithium prices. The Project is not dependant on credits from other minerals.

There is considerable 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.

On 16 June 2021, Firefinch announced the execution of a binding term sheet with a subsidiary of the world’s largest lithium producer by production capacity, Jiangxi Ganfeng Lithium Co. Ltd, to establish a 50:50 incorporated joint venture to develop and operate the world-class Goulamina Lithium Project.

Ganfeng will make cash investments of US$130 million. The funds will be invested into Mali Lithium BV, which will hold Firefinch’s interest in Goulamina and in return, Ganfeng will earn a 50% JV interest in MLB. These funds, together with up to US$64 million in debt funding, which is to be arranged by Ganfeng, are expected to fund Goulamina into production.

As announced on 9 February 2021, Firefinch intends to demerge its interest in Goulamina into a separate lithium-focussed entity to be listed on the ASX. This will not occur until the Transaction has been completed and Ganfeng has made its Initial Investment. At that time, Firefinch will assign to the new publicly listed demerged company Firefinch’s rights to manage Goulamina. Ganfeng has undertaken to support the Proposed Demerger. Firefinch shareholders are expected to receive a pro rata allocation of shares in LithiumCo with further details to be provided in due course.

KEY ADVANTAGES:

High Grade:

Low Cost:

Low Risk:

World Class:

Substantial Mine Life:

Overview of Mine Layout
Coarse Spodumene Blades (Li Mineral) In Pegmatite Drill Core
Pegmatite Drill Core With Spodumene

Notice of Exercise Of Options

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