ASX listed gold company Calidus Resources Limited announced that it has received the first A$25 million of funds from its debt facility, ensuring construction at its Warrawoona gold project in the Pilbara remains on schedule.
According to Calidus’ statement, the funds are part of the $110m debt facility being provided by Macquarie Bank.
“This facility, together with Calidus’ cash reserves, means the Company is fully funded through to the start of production,” reads the statement.
Located approximately 150km south east of Port Hedland and approximately 25km south east of the town of Marble Bar, the Warrawoona Gold Project is seen as one of the highest margin and significant undeveloped gold projects in Australia.
Calidus Managing Director Dave Reeves said plant construction at Warrawoona is advancing rapidly, with bulk earthworks, concrete works and CIL tank building well advanced.
“This is another significant milestone for the Company and the development of Warrawoona,” Mr Reeves said, adding that first production is on track for the first half of Q2 2022.
“Our strategy is proceeding to plan and we are now less than a year away from joining the list of ASX gold producers,” he concluded.