Firefinch Limited published an update to the Mineral Resource Estimates or the Viper and N'Tiola Deposits within the Morila Gold Project (Morila). The Viper Mineral Resource Estimate (MRE) increased by 128% to 3.27 million tonnes at 1.15g/t gold for 119,000 ounces of contained gold; The N'Tiola MRE increased by 18% to 2.90 million tonnes at 1.03g/t gold for 96,000 ounces of contained gold; Total Mineral Resources for the Morila Gold Project are now 2.5 million ounces of gold; The Viper MRE has been depleted for mining of 8,000 ounces of gold as at 31st December 2021. Viper mineralisation now defined over 1.5km of strike; further drilling planned at both deposits in 2022 testing extensions to mineralisation; Mining at Viper is underway and mining at N'Tiola will soon follow.

Both contribute substantially to mill feed in 2022-2023 as Morila production ramps up. The substantial increase in resources at both Viper and N'Tiola are a result of systematic drilling efforts at these deposits since Firefinch acquired Morila. Historical drilling focussed on near surface mineralisation and consequently only a portion of these deposits was adequately drill tested.

Results from drilling have led to a re-appraisal of the potential of these mineralised systems, with mineralisation now defined over 1.5km of strike at Viper and further drilling planned for 2022. The updated Mineral Resource Estimate at Viper is 3.23 million tonnes at 1.15g/t gold for 119,000 ounces of gold, compared to the previous estimate of 1.55 million tonnes at 1.05g/t gold for 52,000 ounces of gold 2. This includes 2.47 million tonnes at 1.16g/t gold for 93,000 ounces of gold in the Measured and Indicated categories. The Viper Deposit is located some 26 kilometres from Morila and is accessed via a haul road from the plant.

0.81 million tonnes at a grade of 1.19g/t gold were previously mined from two small open pits at Viper and treated by Morila in 2018-2019 for 31,000 ounces of recovered gold. Mining recommenced at Viper in August 2021 and ore from the deposit is planned to make a substantial contribution to the mill feed in 2022 - 2023. Mineral Resources for Viper were estimated based on 39,591 metres of drilling in 506 holes drilled by Firefinch which has been detailed in ASX announcements of 29th March 2021, 30th April 2021, 10th June 2021, 10th August 2021 and 22nd October 2021 as well as prior drilling of 20,530 metres in 516 drillholes detailed in the ASX announcement of 24th November 2020.

The updated MRE at N'Tiola is 2.90 million tonnes at 1.03g/t gold for 96,000 ounces of gold. This compares to the previous estimate of 2.43 million tonnes at 1.04g/t gold for 81,000 ounces of gold 3. (refer ASX Announcement 24th November 2020). The Mineral Resource includes 2.55 million tonnes at 1.03g/t gold for 84,000 ounces in the Measured and Indicated categories.

The N'Tiola Deposit is located some 25 kilometres from the Morila plant, some 5 kilometres northeast of the Viper Deposit and is accessed via a haul road. 0.85 million tonnes at a grade of 1.42g/t gold were previously mined from an open pit at N'Tiola and treated by Morila in 2018-2019 for 39,000 ounces of recovered gold. Mining at N'Tiola is planned to recommence in the second half of 2022 with ore from the deposit planned to make a substantial contribution to mill feed in 2022-2023.

Mineral Resources for N'Tiola were estimated based on 12,025 metres in 179 holes drilled by Firefinch as detailed in ASX announcements of 22nd January 2021, 30th April 2021, and 22nd October 2021 as well as prior drilling of 38,652 metres in 621 drillholes detailed in the ASX announcement of 24th November 2020. Drilling at N'Tiola in 2021 successfully defined near-surface mineralisation at the northern and southern extremes of the deposit. The near surface mineralisation, especially at the southern end of the deposit, is anticipated to enable bringing forward the planned start of ore mining.

Drilling during 2022 will test for extensions to higher grade zones of mineralisation as well as test parallel zones inferred in geological interpretation. Geology & Geological Interpretation: The N'Tiola and Viper deposits are hosted within broadly steeply dipping metasedimentary packages with alternating fine, medium and coarse-grained beds. Mineralisation is associated with shearing parallel to bedding, with flatter structures also present.

Mineralisation has been interpreted from section to section based on both geological and assay criteria, using a lower cut-off grade of 0.3g/t gold. Drilling, Sampling and Sub-sampling Techniques: Mineralisation at the N'Tiola and Viper deposits has been defined by both Reverse Circulation (RC) and diamond drilling. Initial exploration drilling at all prospects was detailed in the ASX Announcement of 24th November 2020, with Firefinch completing infill and extensional RC drilling from December 2020 to the present.

All available drilling data is used in the resource estimates. Sample Analysis: All samples used in the resource estimates were analysed at accredited commercial laboratories. Standard sample preparation techniques were used with a 50 grams sub-sample fire assayed and the bead analysed by AAS.

Quality control protocols for all drilling included the use of certified reference materials, blanks and duplicates. Estimation Methodology: Block grades were estimated using Ordinary Kriging. Search ellipses were based on variography.

The block model size used for all deposits was 2.5 metres east by 5 metres north (10 metres at Viper) by 2.5 metres height corresponding to the expected selective mining unit. Mining & Metallurgical Methods and Other Factors: The Mineral Resources are based on open pit mining with all mineralised material being processed through the Morila processing plant which has been in continuous operation since 2000. It is assumed that mining rates, processing rates, recoveries and other mining and metallurgical parameters will be similar to historical and current performance.

To ensure reasonable prospects for eventual economic extraction all resources have been constrained using pit optimisation shells developed at a range of gold prices as forecast over the next 12 - 24 months along with best estimates for mining, processing and administration costs over the same period. Classification & Cut-off Grade: The Mineral Resources have been classified as Indicated and Inferred. It is anticipated that the resources could achieve a higher level of classification with infill drilling and verification of the extent of historical mining.

The Mineral Resources have been depleted using pit surveys as at 31st December 2021 provided by the Morila survey department. The lower cut-off grade used was based on current costs at Morila along with the current and forecast gold price and varies for each deposit due to their differing distance from the plant. The cut off grades are between 0.35 - 0.5g/t gold.