Calidus Resources has appointed Hayden White and Daniel Woodhouse of FTI Consulting as administrators and Richard Tucker and John Bumbak of KordaMentha as receivers and managers.
“The receivers and managers are undertaking an urgent assessment of the operations and will shortly be commencing a dual-track recapitalisation and sale process for the group,” a statement from KordaMentha said.
“In this regard, the receivers have held urgent discussions with key stakeholders who have communicated their intention to support the process being undertaken.”
The news comes just weeks after Calidus announced a maiden mineral resource for the Nullagine gold project, with 65 per cent falling into the measured and indicated category.
“We are excited to release an initial maiden resources at Nullagine which forms the basis for a study on the restart of the Golden Eagle mill, which has a nameplate capacity of 1.8Mtpa (million tonnes per annum), on a campaign basis,” Calidus managing director Dave Reeves said at the time.
“Any production from Nullagine will result in a substantial uplift in Calidus’ overall production profile and provide significant free-cashflow generation as there is no hedging in place on any of these ounces.
“We look forward to releasing a feasibility study in the September 2024 quarter with production targeted to commence no later than Q1 CY25 (the first quarter of 2024).”
FTI Consulting said entities not under the control of receivers and managers (Keras (Gold), Millennium Minerals and Calidus Otways) hold and operate the Nullagine project and are under the sole control of the administrators.
“The administrators are undertaking an urgent assessment of the project, with a view to commencing a process to seek a sale, or recapitalisation of the project as soon as possible,” FTI Consulting said.
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