Citigold Corporation – Management Summary

Australia-based Citigold Corporation Limited (ASX: CTO) is a gold exploration company, currently focussing on its plans to restart production activities at its wholly-owned Charters Towers goldfields, located 1,360 km north of Brisbane on the east coast of Queensland. The property is also ~ 130 km away from the key Port of Townsville.

Source: Company’s Quarterly Report

The company is led by distinguished and experienced Management with Mr Mark J Lynch as the Executive Chairman, Mr Christopher Towsey as the Technical Consultant, Dr Sibasis Acharya as the Technical Director, Mr John J Foley and Mr Arun Panchariya as the Non-Executive Directors.

Mr Mark J Lynch holds an extensive experience of 30 years in gold exploration and mining in both private and public sector companies. He has actively worked across the whole lifecycle of mining operations and management, from obtaining licences and exploration to pouring gold bars.

All throughout his career, his primary focus was to enhance business efficiency centred around an international perspective on strategic planning and innovation. Besides, Mr Mark has performed a crucial role in formulating the business decisions to turn Charters Towers into a completely independent underground gold mine.

In his career so far, Mr Mark has held the position of Director of the peak industry body Queensland Resources Council Limited for a period of 6 years.

Mr Towsey, the Technical Consultant, has been engaged with Citigold’s Charters Towers Gold project since 1999 (senior executive for over 10 years) and holds a deep understanding of the same.

His prior career experience includes working in mining, exploration, geochemistry and OHSE auditing in around 26 countries with a specialisation in gold and base metals underground mining and exploration. Previously, he served as the Director of the Qld Resources Council, along with the lead positions such as the Chief Geologist, Exploration Manager, General Manager, COO in metals and mining sector companies.

Technical Director, Dr Sibasis Acharya, a PhD in Metallurgical Engineering, joined Citigold Corporation possesses 18+ years of experience in metallurgy, material science and mineral processing, gained from working in multiple countries. A skilled leader with a big picture thinking, he also attends to the detail of operational process with strong in business stewardship and high degree of intelligence.

Mr John J Foley has over 30 years’ experience in the gold mining industry while Mr Arun Panchariya has previously served as the President of Euram Bank Asia Limited and was a formal advisor to the Government on finance, mining, infrastructure development and agriculture. Currently, Mr Arun is the Consul General of Liberia to Dubai, UAE, a director of Al Brooge Securities LLC, Global Capital Advisors and Cardinal Capital Partners Limited and the principal of Global Finance & Capital Limited.

The gold price is consolidating these days in the range USD 1280-USD 1300. A high gold price helps gold miners to realise high profit on balance sheet on the back of high sales proceed. In the light of this, Citigold is actively reviewing is business plans and strategizing to prepare for the resumption of highly profitable and sustainable gold mining and low-cost production at the Charters Towers, comprising Central and Imperial mining areas that are under care and maintenance. Discussions are underway to appoint contractors to operate plant, equipment and undertake exploration drilling.

With around 2.16 billion outstanding shares, the CTO stock settled the day’s trading at AUD 0.004 with 459,429 shares traded (As on 28 May 2019).

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