Renowned prospector Mark Creasy has secured the blessing of creditors in collapsed miner Calidus Resources to revive the Warrawoona goldmine operator.
Creditors in the goldminer voted in favour of a deed of company arrangement lobbed by the WA mining billionaire through his entity West Coast Gold at a meeting today.
A competing revival proposal was being progressed by Sydney stockbroker Petra Capital-on behalf of Calidus’ directors- which was reportedly trying to raise $170 million for the bid yesterday.
But the proposal hadn't adequately progressed, according to the administrators, resulting in Calidus’ board withdrawing its support from that DOCA.
That left no alternative to Mr Creasy’s proposal, which already had the backing of FTI’s administrators and the indicated support of employees, ahead of today's creditors meeting.
FTI Consulting senior managing director Hayden White said the outcome was a positive result and provided certainty for employees and suppliers.
He said the DOCA received near unanimous support from those groups.
“We see that the West Coast DOCA proposal achieves the classic objectives of a voluntary administration with the business continuing to operate and provide significant opportunities for employment and suppliers, while also achieving a greater return to creditors than would likely be possible if the companies were wound up,” he said.
“On behalf of the administrators and my firm, I would like to thank employees, creditors and other key stakeholders for their ongoing support during what can be a difficult and uncertain process.”
ASX-listed Calidus, which owns the Warrawoona goldmine near Marble Bar among other assets, tumbled into receivership and administration in late June.
It came after its senior secured creditor, Macquire Bank, called in KordaMentha’s Richard Tucker and John Bumbak as receivers and managers before FTI Consulting administrators Hayden White and Daniel Woodhouse were also voluntarily brought in by the board.
Mr Creasy, through West Coast Gold (ultimately owned by Yandal Investments), angled into Calidus through buying the $148 million owed to Macquarie Bank through a loan and a hedging facility.
Earlier this year the Rich Lister was estimated to be worth of $1.22 billion.
Now that creditors have resolved to implement the DOCA, the administrators are anticipating the court approvals process to take about two months.
Calidus’ Warrawoona gold mine produced 16,905 ounces of gold in the June quarter at an all-in sustaining cost of $2,601/oz
The miner achieved an average gold sale price of $3,140/oz during the period.
Calidus had a significant hedgebok of 73,000oz at $2,370/oz, before it was closed out at $86 million.
The miner also owns the Nullagine and Blue Bar gold projects and a 40 per cent stake in the Pirra lithium joint venture with SQM.
07 Oct 2026
15 Sep 2026
