Firefinch : Substantial Resource Increases for Viper and N'Tiola

ASX ANNOUNCEMENT

Friday, 25 March 2022

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Substantial Resource Increases for Viper and N'Tiola Satellite Deposits at 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

Firefinch Limited (ASX: FFX) (Firefinch or the Company) is pleased to publish an update to the Mineral Resource Estimates or the Viper and N'Tiola Deposits within the Morila Gold Project (Morila).

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.

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

"We set out to develop the satellite pits into a solid and confident source of ore to bridge between the tailings treatment operation that we inherited to full production form the Morila Super Pit. This investment in drilling has delivered that with now over 200,000 ounces of resource in these two deposits alone and we expect a solid increase in Reserves at these pits to follow. We are already delivering ore from Viper as we start to ramp up to full production from Morila."

Comparison with Previous Mineral Resource Estimate

Tables 1 and 2 compare the new MREs for Viper and N'Tiola to those published in May 20211. Over 51,000 metres of intensive drilling completed by Firefinch since the acquisition of Morila has been used to update the Mineral Resource Estimates (MRE) for the Viper and N'Tiola Deposits. Depletion of the Viper MRE due to mining to 31st December 2021 (8,000 ounces of gold) has been included below.

Table 1: Comparison of total Mineral Resources for the Viper and N'Tiola Deposits

Deposit	March 2022	May 2021	Difference	Difference
	Contained Ounces	Contained Ounces	Contained Ounces	(%)
Viper	119,000	52,000	67,000	+ 128%
N'Tiola	96,000	81,000	15,000	+ 18%

1 Refer to ASX announcement dated 3rd May 2021.

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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Table 2: Comparison of Measured & Indicated Mineral Resources for the Viper and N'Tiola Deposits

Deposit	March 2022	May 2021	Difference	Difference
	Contained Ounces	Contained Ounces	Contained Ounces	(%)
Viper	92,000	51,000	41,000	+ 80%
N'Tiola	84,000	81,000	3,000	+ 5%

Viper

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 gold2. 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 (Figure 5). 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.

Mineralisation at Viper has now been defined over 1.5 kilometres of strike and to depths of 200 metres (Figure 1 and 2). Mineralisation remains open at depth and further drilling to test the extents of mineralisation is planned for 2022. There has been little systematic testing for repeats of Viper or parallel structures and systematic exploration is planned for coming years.

Figure 1: Long Section of the Viper Deposit showing Mineral Resource.

2 Refer to ASX announcement dated 3rd May 2021.

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

Figure 2: Cross Section of the Viper Deposit showing Mineral Resource

N'Tiola

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 gold3. (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 (Figure 5). 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.

3 Refer to ASX announcement dated 3rd May 2021.

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

For personal use only

Figure 3: Long Section of the N'Tiola Deposit showing Mineral Resource.

Figure 4: Cross Section of the N'Tiola Deposit showing Mineral Resource

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

Figure 5: Location of Viper, N'Tiola and the other satellite deposits.

Summary of Resource Estimation Parameters

As per ASX Listing Rule 5.8 and the 2012 JORC Code, a summary of the material information used to estimate the Mineral Resource is detailed below. Further details can be found in Appendix 2.

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-samplingTechniques: 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.

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