Calidus cashes up for Warrawoona feasibility completion
Calidus Resources has raised A$9 million to complete the feasibility study for its Warrawoona gold project in Western Australia’s Pilbara region
16th August 2019
Resources Rising Stars
Calidus Resources has raised A$9 million to complete the feasibility study for its Warrawoona gold project in Western Australia’s Pilbara region, with undisclosed institutions involved in the funding and miner Alkane Resources maintaining its circa 13% stake by putting in $1.2 million (reports MiningNews).
The new shares have been priced at 3.2c each, with the stock recently reaching a recent 52-week high of 4c after having been about half that price earlier this year.
Calidus has previously broadly guided towards a mid-2020 completion date for feasibility work, with earlier stage assessment pointing to a two million tonne per annum open cut and CIL operation costing about $100 million to get up and running and yielding about 100,000 ounces per annum at all-in sustaining costs of $1159/oz.
As well as completing the feasibility study, Calidus also wants to find additional ounces to add to mine life.
Calidus last raised equity in April/May when Alkane invested $2.1 million at 2.7c per share.
Alkane has a modest gold operation in New South Wales and a potential plus-$1 billion zirconia and rare earth development near Dubbo.
It has also shown a predilection in recent times for investing in the junior gold sector, with its backing earlier this month of potential gold developer, Genesis Minerals, another case in point.
Calidus started the current quarter with $4.1 million cash.
Prior to the current $9 million fundraising, Calidus shares were trading at 3.9c, capitalising the company at $55 million.
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