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By viewing this material you agree to our Terms of Service. You represent to J Capital Research USA LLC that you are not an Australian resident. This material is not intended to be and does not constitute or contain any financial product advice as defined in the Australian Corporations Act 2001. If you are an Australian resident, please do not read this report. 

LONG Firefinch Ltd. (FFX AX)
​
​White Gold

Initiation Report: March 23, 2022
J Capital Research ("J Cap") is a stock-research company. J Cap has analyzed the Australia-listed company Firefinch Ltd. (“FFX”) and is hereby publishing the outcome and the conclusions of our analysis, based on publicly available information. We may be long shares of FFX AX and, for this reason, there might be a conflict of interest.
, respectively,The political risk in Mali has scared investors away from investigating the value of Firefinch (FFX ASX). We believe Firefinch’s under-appreciated lithium asset, Goulamina, alongside its operational gold mine, Morila, are significantly undervalued based on the current market capitalization.

We view both the gold and the lithium project as de-risked, as they are, respectively, operational and fully funded. We believe Firefinch should be trading at a valuation of between $1.68 bln and $2.28 bln. With the current market cap at $990 mln, the upside is between 70% and 130%.

The catalyst for a reappraisal of the company’s value is when Goulamina is spun out and separately listed as Leo Lithium at the end of this month. Only Firefinch shareholders, on the day of record, will receive pro-rata entitlement of Leo Lithium  shares and an entitlement offer for an additional capital raise for Leo Lithium. One last step, the establishment of an approved Malian subsidiary to hold the mining and exploration rights of the project, is now required before the de-merger proceeds.
Use of J Capital Research reports is limited by the Terms of Use on its website, which can be found here. These Terms of Use govern current reports published by J Capital Research and supersede any prior Terms of Use for older reports of J Capital Research, which you may download from the J Capital Research website.

Resources

Spin-off announcement 1 and 2
​Company website
Metal Bulletin
Download our full report
Picture
​Spodumene, a pyroxene mineral consisting of lithium aluminium inosilicate, a source of lithium | Photo: Firefinch Goulamina DFS Update, December, 2021
© 2025 J Capital Research USA LLC. All rights reserved. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of J Capital. Use of this publication by authorized users is subject to the J Capital Authorized User Content Agreement available here. 
  • Home
  • Company Reports
    • AAN
    • ACMR
    • AMLI
    • AOS
    • AXTI
    • BGNE
    • Boohoo.com
    • BTBT
    • BTCM
    • BTMD
    • CBAT
    • CCRC
    • CDXC
    • ENPH
    • FANH
    • FFIE >
      • FFIE Site Visits
    • FFX
    • GDS
    • HUT
    • HVN
    • Ideanomics
    • INOD
    • IPO
    • ISPR
    • LK
    • LKE
    • MARA
    • MARK
    • MQ
    • MVST
    • Nearmap
    • NNE
    • Northern Dynasty
    • NovaGold
    • SRNE
    • STAA
    • TPIC
    • UXIN
    • WiseTech
    • YMM
    • YRIV
  • In the News
  • Terms of Service
  • Contact
    • Receive Public Reports
    • Press Inquiries
    • Twitter
  • 中文
  • Join our list
  • Our Substack: The Dispatch