The administrators, creditors and receivers are pushing the...

The administrators, creditors and receivers are pushing the second creditors meeting to next year. I have stated before that it is in the best interest of creditors to opt for the recapitalisation route.

Any recapitalisation would, at the very least, need to include the buy out of hedges which would cost about $80M. Add on MAH and MQB's debt, we need to find $175M.

Hedge-free, the administrators would need to demonstrate that the mine is economically viable to any new debt/equity investors. Potential heavy dilution incoming, but better than losing everything.

https://www.fticonsulting.com/-/media/files/apac-files/creditors-portal/cip-public/calidus-resources-group/calidus-resources-circular-to-creditors-22-july-2024.pdf

"Please note that if the Convening Period is extended, the Administrators may convene the Second

Meeting of Creditors at an earlier point in time within the period granted by the Court if the

Administrators determine that it is in the best interests of creditors to do so.

The Administrators believe the proposed extension of time is in the best interests of all stakeholders

given it provides a more appropriate timeframe to conduct and conclude the Sale Process, which in

the Administrators’ view is the course of action most likely to maximise the potential return to the

creditors of the Companies and the best chance of recapitalisation for the Calidus Group.

The Senior Secured Creditor and their appointed Receivers and Managers support the Application."