Morila Gold Mine
Firefinch has an 80% interest in the Morila Gold Mine. The Morila Gold Mine is one the world’s great open pit gold mines, having produced over 7.5Moz of gold since 2000 at grades that were among the highest in the world, earning it the moniker “Morila the Gorilla”.
Firefinch acquired Morila for just US$28.9m in late 2020 with the strategic intent to rapidly increase production; initially targeting 70-90kozpa of gold from a combination of satellite pits, stocks and tailings, and thereafter growing production to 150-200kozpa of gold by mining the Morila Superpit. Morila’s current Global Resource is 2.43 million ounces of gold.
Exploration is a major focus at Morila, with multiple high-priority targets on the 685km2 of surrounding tenure.
Morila Super Pit signals a return to its high-grade heyday delivering 10.5 metres at 30.4g/t gold from the first diamond hole (MRD0001).
- World Class: Cash generating asset that has
produced over 7.4 million ounces of gold
- Producing Gold Now: Processing tailings to mid 2021
- Leverage Sunk Capital: US$300 million plus to replicate infrastructure and drilling
- Near Term Production Growth: Mining of satellite pits in 2021
- Long Mine Life Possible: 1.9 million ounces at Morila main pit, upgrade imminent
- Excellent Exploration Upside: A decade since last major drilling effort at Morila and adjacent targets. Morila Super Pit signals a return to its high-grade heyday delivering 10.5 metres at 30.4g/t gold from first diamond hole (MRD0001).
- Funded: Cashflow from operations and $61.8 million
cash on hand
- Experienced Team: Full operating team in place
who have remained with the mine.
20 years of continuous gold production plus all infrastructure required of remote mine provides confidence in the asset.