Sort of.
If an individual's licence expires, that would not preclude them from making reapplication on the firearms licence, nor would their firearms licence necessarily be denied. The CFO, while the licence was valid, would have the opportunity to make a determination right then and there, or not.
If the licence in the interim were to expire while that consideration is ongoing, the individual could certainly make reapplication without prejudice. There might still be some eligibility issues before the licence is fully issued and green-lighted, so to speak, but that would not preclude them from making reapplication.