The company said on Thursday that the first gold pour under Firefinch ownership marked the company’s transition to an income-generating gold producer.

“We have been delighted at the smooth transition from Barrick management to Firefinch management at Morila and are especially pleased to be generating cashflow,” said executive chairperson Dr Alistair Cowden.

“The cashflow is being applied to the drilling of tailings and satellite pits, plant refurbishment, mine plan studies and other technical work to prepare Morila for a return to openpit mining.”

The mine is currently producing gold above forecast for its first month of operation, Cowden said.

Tailings retreatment, mining and processing operations are operating as planned, and Firefinch is achieving grades in line with forecasts, while tonnage is trending above forecast.

Production during November is expected to reach between 4 000 oz and 4 100 oz, at an all-in sustaining cost of $1 000/oz to $1 100/oz.