- Calidus Resources (CAI) pours 8916 ounces of gold in the June quarter during the commissioning and ramp-up of its Warrawoona gold project in WA’s Pilbara region
- Over the June quarter, the gold producer received $22 million from gold sales, and Calidus says gold produced to date reconciled the project’s resource and grade control models
- The company says it continued to progress milling rates over the quarter and it expects milling to reach a nameplate 2.4 million tonnes per annum in July
- Calidus paid off its first debt repayment of $3 million to Macquarie Bank on schedule and, at the end of June, had around $19.8 million in cash and cash equivalents
- CAI last traded at 58 cents per share on July 1
Calidus Resources (CAI) poured 8916 ounces of gold in the June quarter during the commissioning and ramp-up of its Warrawoona gold project in WA’s Pilbara region.
The gold producer said it had another 1192 ounces of gold in circuit, and over the June quarter, Calidus received $22 million from gold sales.
The company added that the gold produced from the project to date reconciled the Warrawoona resource model and grade control model.
“We are rapidly closing in on steady state operations at Warrawoona, which is a
fantastic achievement after pouring first gold from the commissioned CIL circuit only six
weeks ago,” Calidus Managing Director Dave Reeves said.
“This is a credit to the Calidus operations team and we look forward to the
project becoming a strong cash flow generator for the company in the coming years.”
The company has completed the commissioning of the processing plant, with milling rates progressing through the quarter. Calidus said milling rates would reach a nameplate 2.4 million tonnes per annum in the month of July.
A total of 327,000 tonnes of low grade ore, commissioning ore and run-of-mine (ROM) ore were milled.
Calidus said it had rapidly progressed mining over recent weeks, achieving 20,000 bank cubic metres (BCM) per day versus an average requirement of 18,500 BCM per day.
The company was able to pay off its first debt repayment of $3 million to Macquarie Bank and, at the end of the June quarter, had around $19.8 million in cash and cash equivalents.
Calidus Resources last traded at 58 cents per share on July 1.