Transitioning from Obscurity
Significant Gold Producer

Largely derisked

Fully built, fully financed, fully permitted past producing gold mine in Finland. Finland is currently considered the top mining jurisdiction in the world.

Proven Asset

The mine produced on average 9,000 ounces of gold per quarter whilst in production. Production scheduled to restart Auguat 2018.

PEA expected early June

A decision to go straight to production before a PEA was made on the analysis of historical data and a revised resource estimate. Financing was arranged on the same data.

Very Undervalued

Two research houses have identified that Firesteel shares should be trading at $0.25 to $0.45. Firesteel is currently trading at $0.10. Additionally, these prices were based on 60% ownership; Firesteel Resources now owns 100%.

The Laiva Project

The Laiva deposit is located in Raahe, Finland and is one of the largest gold resources in the region. The mine is a conventional open pit mine with 2 pits.

Exploration in the Laiva area started in 2005. Previously the area was worked by both Endomines Oy and Outokumpu. The operation includes two pits and a recently constructed 6,000 tpd, state-of-the-art process plant designed by Metso and constructed by Outotec. Historic expenditure on the property is estimated at €220 million.  The mill and leaching plant was completed completed in 2011. Mining at the property was initiated in Q3 2011 and the first doré bar was cast in December that year.

One Of The Largest Gold Resources in The Region

The mine has excellent access to local infrastructure, including grid power (110 kV line), paved all weather roads (within 5 km) and port (within 20 km).

All mining infrastructure in currently in place and the mine is planed to re-open in August 2018.

Finland was declared  as World’s 6th best country for property rights. (Forbes Dec 2016), ahead of Canada and USA. Finland has a 20% Corporate Tax rate and gold producers pay 0.15% Royalty.


By the time Laiva starts producing – they could be making much more money than the market realizes.
Palisade Research Shareholder



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