Australian company Firefinch’s shares were suspended on Wednesday, pending an announcement regarding the operational performance and production guidance at the Morila gold mine, in Mali.
The company also announced that MD Michael Anderson had left his position “by mutual agreement” – a day after two recently appointed directors, Liz Wall and Naomi Scott, also resigned.
Firefinch appointed Andrew Taplin as acting CEO and Dr Alistair Cowden as executive chairperson.
Firefinch bought the Morilla mine from Barrick and AngloGold Ashanti in 2020 and said at the time that it believed the mine still had a long life ahead of it. A life-of-mine plan announced last year estimated that Morilla would produce at an average rate of 160 000 oz/y to 2030 at an all-in sustaining cost of $1 124/oz.
The company’s guidance for 2022 is to produce 100 000 oz of gold.
Firefinch’s share price has fallen sharply this month, touching a 52-week low of A$0.19 a share.