Calidus Resources Appoints Experienced Chief Operating Officer

Calidus Resources Appoints Experienced Chief Operating Officer

Calidus Resources Limited (ASX: CAI) is listed on the bourse as a gold exploration company. The Company offers gold exploration and development services. Calidus Resources serves customers in Australia.

The company, today on 12 March 2019, has come up with an update that it has taken another critical step towards development and production at its Warrawoona Gold Project in WA with the appointment of an experienced mining executive Mr. Paul Brennan as the Chief Operating Officer of the company.

Mr. Brennan is a highly regarded mining engineer with a Graduate Certificate in Project Management and 20 years’ experience in the mining industry. He also holds an MBA.

Most recently, he was General Manager of Saracen Mineral Holdings’ (ASX: SAR) Carosue Dam gold mine in Western Australia, where he was responsible for the management of production, safety, and financial reporting. Mr. Brennan spent his former career in engineering and senior management roles at Gold Fields Ltd (NYSE: GFI) on the St Ives gold mine.

Calidus Managing Director Dave Reeves said that Mr. Brennan’s appointment had marked another milestone in the company’s strategy to bring Warrawoona into production.

He also emphasized that Mr. Paul’s skills and experience will be invaluable as the company progresses towards the development of the 1.25Moz Warrawoona Gold Project. With drilling due to resume within a fortnight and the pre-feasibility study advancing well, the management is all set to generate strong news flow over the coming months.

For FY18, the company had delivered a net loss before tax amounting to $2,874,136 which representing a decline in profitability of the company. The financial statements of the company have been prepared as per the going concern assumption, which anticipates the continuity of regular business activity for a foreseeable future and the realization of assets and the settlement of obligations in the ordinary course of business.

On the corporate development front during the FY2018, the company successfully finalized the placement of 243.9 Mn shares issued at a price of 4.10 cents per share to both of the new as well as existing institutional investors in Australia, Asia & North America and raised $10 Mn.

On the price-performance front, the stock has posted a YTD return of -5.26%. The company also has posted returns of -15.63%, -10% & -3.57% over the past six, three & one-month period, respectively. At the time of writing (12 March 2019, AEST 04:00 PM), the stock of the company was trading at a price of $0.027 with a market capitalization of ~$ 38.36 Mn. The stock opened the day at $ 0.028, reached the day’s high of $ 0.029 and touched the day’s low of $ 0.027, with an average daily volume of ~ 1,318,558. It had a 52-week high price of $ 0.049 and a 52 weeks low price of $ 0.021, with an average volume of, 1,372,144 approximately.


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