Calidus Resources Limited (ASX: $CAI) Receivers and Managers Appointed Announcement

Calidus Resources Limited (ASX: $CAI) has announced the appointment of Receivers and Managers and Administrators to the company and its subsidiaries. As of 30 June 2024, the company held $19.2M of cash and $11.0M of bullion, with $45.8M revenue from the sale of 14,594 ounces of gold during the quarter at an average price of A$3,140/oz. The entire hedge position of 73,000ozs @$2,370/oz was closed out at a cost of $86.7M, resulting in the Company now being hedge free. Total debt with Macquarie Bank post quarter end following hedge close out totalled ~$148.0M.

Executive Commentary on Receivers and Managers Appointment

The company has taken the necessary step to appoint Receivers and Managers and Administrators to manage its operations. The decision comes in light of the company's financial position and the need to address its debt and hedge position. The closure of the entire hedge position at a cost of $86.7M has resulted in the company being hedge free, marking a significant shift in its financial strategy. The company remains focused on its gold projects and is committed to navigating through this phase with a view to achieving long-term stability and growth.

Summary of Calidus Resources Limited Announcement

Calidus Resources Limited (ASX: $CAI) has appointed Receivers and Managers and Administrators, signaling a strategic move to address its financial position. The company's decision to close out its entire hedge position at a cost of $86.7M has made it hedge free, while its total debt with Macquarie Bank post quarter end following the hedge close out totalled ~$148.0M. Despite the financial challenges, Calidus Resources remains committed to its gold projects and is focused on achieving long-term stability and growth.