Firefinch : Mining Commences at Morila Super Pit

ASX ANNOUNCEMENT

6th January 2022

For personal use only

Mining Commences at Morila Super Pit

• Mining has commenced at the Morila Super Pit with first material moved by Firefinch
• Pre-strippingof waste from Morila Stage 1 will take place through Q1 2022 with first ore presenting during Q2 2022
• Mining is being carried out by the Company's primary mining contractor Mota Engil in a joint venture with Malian group InterMine
• The commencement of mining at Morila represents an important step as the Company seeks to ramp up production at Morila to levels above 100,000 ounces of gold per annum in 2022

Firefinch Limited (ASX: FFX) (Firefinch or the Company) is pleased to announce that mining activities have commenced as scheduled at the Morila Super Pit.

Initial activities comprise pre-stripping of waste from the first stage of the Morila Super Pit, which will continue during Q1 2022. Ore mining is currently forecast to commence during Q2 2022, with the Morila Super Pit becoming a consistent source of ore in the second half of 2022.

Mining is being carried out by the Company's primary mining contractor Mota Engil working in joint venture with Malian group Intermine (MEIM). Morila SA engaged MEIM in June 2021 to perform contract mining operations at the Morila Super Pit and satellite pits. MEIM initially mobilised to commence mining at the Viper satellite pit. Hydraulic mining of high-grade tailings and satellite pit ore has provided a window to commence mining operations at the Morila Super Pit using the current fleet. A new mining fleet is onsite being assembled and will be operational imminently to ramp up material movement and accelerate the development of the Morila Super Pit.

Firefinch's Managing Director, Dr Michael Anderson, commented:

"Morila Super Pit is where the greatest value for the business lies and, as we have done consistently to date, we have successfully delivered on another Morila development milestone. Having previously stated that we'd commence mining at the Morila Super Pit in Q1 2022 we have broken ground in the first week of the quarter.

Importantly we are now well set up for 2022; in addition to the fleet that has just commenced work we have a brand new 100 tonne mining fleet that will be on the go-line next week, and a fleet of larger 150 tonne units that will be commissioned in the coming months.

Drilling is also ongoing and continues to provide us with increased confidence in the potential at Morila.

We look forward to safely developing the Morila Super Pit and generating the full value that Morila the Gorilla has to offer."

Firefinch Limited	Level 3, 31 Ventnor Ave,	T [phone]
ABN: 11 113 931 105	West Perth WA 6005,	E [e-mail]
ASX: FFX	Australia	W firefinchltd.com	1

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First loads from Morila Super Pit

First material hauling from Morila Super Pit

Firefinch Limited	Level 3, 31 Ventnor Ave,	T [phone]
ABN: 11 113 931 105	West Perth WA 6005,	E [e-mail]
ASX: FFX	Australia	W firefinchltd.com	2

For personal use only

New Komatsu 785 haul truck being assembled onsite at Morila

New Komatsu 785 haul truck at Morila

Firefinch Limited	Level 3, 31 Ventnor Ave,	T [phone]
ABN: 11 113 931 105	West Perth WA 6005,	E [e-mail]
ASX: FFX	Australia	W firefinchltd.com	3

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Next Steps

Pre-stripping of Stage 1 of the Morila Super Pit will continue through Q1 2022 with first ore currently planned to present during Q2 2022. Mining schedules are based on the Mineral Resources and Ore Reserves for Morila presented in the Life of Mine plan announced in May 2021 (refer ASX Announcements 8th February 2021 and 5th May 2021).

Since that time the Company has implemented an intensive drilling campaign at Morila which has yielded several high-grade results as well as providing increased confidence in the Mineral Resources at Morila (refer ASX Announcements 18th August 2021, 22nd October 2021 and 21st December 2021). Four rigs continue to drill at Morila. An update to the Morila Mineral Resource will be completed during the first half of 2022 based on drilling results and will be used to update the mining schedule.

This announcement has been approved for release to the ASX by the Board.

For Enquiries
Dr Michael Anderson	Dannika Warburton
Managing Director	Principal
Firefinch Limited	Investability Partners
[e-mail]	[e-mail]
[phone]	[phone]

This announcement contains certain forward-looking statements with respect to Firefinch's financial condition, results of operations, production targets and other matters that are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed or implied by those forward-looking statements. Such forward-looking statements are no guarantees of future performance and involve known and unknown risks, uncertainties, and other factors beyond the control of Firefinch that may cause actual results to differ materially from those expressed in the forward-looking statements in this announcement.

Competent Persons Declaration

The information in this announcement that relates to Exploration Results and Mineral Resources at Morila is based on information compiled by Mr Bill Oliver. Mr Oliver is an employee of Firefinch Limited and a member of the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy. Mr Oliver 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code')". Mr Oliver consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Firefinch Limited	Level 3, 31 Ventnor Ave,	T [phone]
ABN: 11 113 931 105	West Perth WA 6005,	E [e-mail]
ASX: FFX	Australia	W firefinchltd.com	4

For personal use only

Table 1. Mineral Resources for the Morila Gold Project

Deposit	Measured & Indicated 6		Inferred			Total
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(millions)	(g/t)	('000)	(millions)	(g/t)	('000)	(millions)	(g/t)	('000)
Morila Pit 1	21.2	1.60	1,090	17.5	1.37	770	38.6	1.50	1,860
Morila NE 2				0.21	3.07	21	0.21	3.07	21
Samacline 2				3.74	2.56	308	3.74	2.56	308
Tailings 3	1.73	0.50	28				1.73	0.50	28
Morila Pit 5 4	0.72	1.04	24	0.12	1.38	6	0.84	1.10	30
N'Tiola 4	2.42	1.05	81	0.01	0.73	1	2.43	1.04	81
Viper 4	1.52	1.04	51	0.02	1.41	1	1.55	1.05	52
Domba 5	0.20	1.75	11	0.25	1.61	13	0.46	1.67	25
Koting 4	0.65	1.04	22	0.28	0.94	8	0.93	1.01	30
Total	28.42	1.43	1,309	22.08	1.58	1,124	50.50	1.50	2,433

1. The Morila Pit resource is quoted using a 0.4g/t gold cut-off grade.
2. The Samacline and Morila NE resources are quoted using a 1.8g/t gold cut-off grade.
3. The Tailings resource is quoted using a 0.3g/t gold cut-off grade.
4. The N'Tiola, Viper, Pit 5 and Koting resources are quoted above cut-off grades based on forecast costs (0.35 - 0.48g/t).
5. The Domba resource is quoted using a 0.5g/t gold cut-off grade.
6. Detailed breakdown of Measured, Indicated and Inferred Mineral Resources are supplied in the ASX Announcement of 3rd May 2021.
7. Numbers in the above table may not appear to sum correctly due to rounding.

Firefinch Limited	Level 3, 31 Ventnor Ave,	T [phone]
ABN: 11 113 931 105	West Perth WA 6005,	E [e-mail]
ASX: FFX	Australia	W firefinchltd.com	5