FFM’s share price strengthened in recent months on the back of improved metals prices and positive company news flow. Completion of a recent A$52M capital raising should provide FFM with sufficient funding for at least the next 12-18 months. Planned drilling has been expanded from 40,000m to 100,000m and will test both down plunge and parallel targets. Regional exploration efforts will include geophysical surveying and surface drilling. News flow is expected to ratchet up with drilling results to be released approximately every three weeks. These will contribute towards an MRE update in the September quarter. Sale of Pickle Crow could boost cash reserves in the second half.
Figure 1: We estimate that for every 500m of vertical depth extension will add 476kt of contained copper equivalent metal. Source Argonaut
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