FML September Quarter Report
- Focus remains in a strategically strong position with cash and equivalents at 30 September of $116.7M
- During the quarter the Company completed an organisational restructuring and announced its Three Point Plan to drive towards its vision of returning to production as a low cost, high-grade gold producer by:
- Establishing a new, low cost operating structure
- Pursuing targeted business development opportunities; and
- Developing existing assets to establish a 3 year, high-grade reserve base enabling a profitable return to production
- This has seen the commencement of a new four phase exploration programme in Coolgardie focusing on two primary systems hosting multiple high-grade targets near the Three Mile Hill mill
- Drilling at the priority target of Karridale in Laverton has also confirmed the prospectivty of the area with a best result of 9m @ 5.06g/t.
- Production for the period was 7,801oz of gold from the wind down of operations at Coolgardie.