Calidus Resources (CAI) - Construction underway. Gold Production 2022

Matthew Gordon,
Ptolemy Capital

5 Months ago

Calidus Resources is developing a new Gold mine in the Pilbara district in Australia. Targeting 90,000oz at AISC of A$1,290/oz. They are moving to a construction decision and to do that they need capital. They have just agreed a $110M debt package with Macquarrie Bank in Perth. They will need equity to cover financing fees, cost overrun facilities... Reeves is pleased with a size of the cash on offer and talks us through the terms agreed, including why the hedging was put in place. We also try to understand the delay to the Blue Spec acquisition from Novo Resources. Reeves explains that it was the only factor of the management team being focused on getting the debt package in place. Still, work to do on that front before they can draw down on the facility in Q1/21. Calidus will need to raise a little more capital to top up the coffers. Reeves says watch this space as to how they choose to do that.

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