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Calidus Resources (ASX: $CAI) enhances cash position and production upside with purchase of Nullagine Gold Project

Calidus Resources acquisition of Nullagine Gold Project


Calidus Resources Limited (ASX: $CAI) has announced the acquisition of the Nullagine Gold Project in the Pilbara from Novo Resources Corp. (ASX: $NVO) and the licensing of the Nullagine camp infrastructure to Atlas Iron Pty Ltd. The acquisition aims to enhance Calidus' cash position and production potential, with immediate assessment of high-grade oxide resources at Nullagine and exploration of a larger sulphide gold production strategy.

Executive Commentary on Acquisition and Strategy


Calidus Managing Director Dave Reeves expressed enthusiasm about the acquisition, stating, 'This is an outstanding deal which will deliver substantial benefits to Calidus in terms of production and its cash position. Nullagine has near surface, high-grade oxide resources which we will immediately assess with a view to trucking to our Warrawoona plant. This is consistent with leveraging our existing infrastructure and unlocking stranded gold resources in the Pilbara.' Reeves also highlighted the immediate cash injection from licensing the use of the Nullagine camp to Atlas Iron for $14m upfront and the potential value-creating opportunities for Calidus in return for an upfront payment of $250,000 in Calidus shares.

Summary of Acquisition and Outlook


Calidus Resources' acquisition of the Nullagine Gold Project from Novo Resources Corp. and the licensing of the Nullagine camp infrastructure to Atlas Iron Pty Ltd is set to enhance the company's cash position and production potential. The acquisition provides immediate opportunities for processing high-grade oxide ore from Nullagine at the Warrawoona mill, as well as exploring a larger sulphide production scenario. With total Mineral Resources of 2.84Moz and installed milling capacity of 4.2mtpa, Calidus aims to maximize its options for producing gold in the East Pilbara. The company plans to conduct a comprehensive review of the currently defined Mineral Resources and advanced exploration prospects to identify potential opportunities for both short and longer-term production. Calidus also intends to rationalize holding costs and reduce tenement holdings while retaining the right to house personnel at the camp. The acquisition is expected to significantly enhance Calidus' liquidity position, supporting its aim to achieve CY2025 production of approximately 100,000 ounces of gold.

Sourcehttps://announcements.asx.com.au/asxpdf/20231221/pdf/05yt1jhs9sgzf5.pdf

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