Quarterly production was 11,115oz, at the upper end of guidance, with the month of December delivering 4788oz, the second best result behind the 5019oz record that was set in mid-2021.

 

Production dipped about 1000oz from the September quarter, due to pre-strip requirements for the satellite open pits.

 

Full year production was 45,800oz.

 

Production is underpinned by ramped-up mining at the company's satellite pits, where the mining contractors are now fully mobilised. 

 

Production for the current quarter is expected to remain steady at between 10,000-11,500oz.

 

In recent days, pre-strip operations have commenced for stage one of the Morila super pit.

 

Ore from what managing director Michael Anderson calls "Morila the Gorilla" should flow into the mill in the second half of the year.

 

Canaccord Genuity said Firefinch's December quarter production was a little higher than it expected, and it expects costs will be slightly lower at US$2046/oz.

 

It is looking for production to ramp up to 32,000oz per quarter by year's end with all-in sustaining costs of around A$1531/oz. 

 

Canaccord expects 2022 production of almost 111,000oz.

 

Canaccord has a speculative buy recommendation on the stock, with an unchanged price target of $1.55.

 

Firefinch shares were steady this morning at 74c, valuing it at $872 million. The stock has traded between 16.5c and 93c over the past year.