Ann: Warrawoona positioned for a strong H2 FY2024, page-105

It was pretty obvious in the Nullagine acquisition announcement that there are no foreseeable plans on a restart there.
Leasing a 230 bed facility for 10 years is a bit of a giveaway that you have no plans. Using words like "assess" in a couple of places was nice, but misleading if the whole announcement was read.

HIGHLIGHTS
• Nullagine hosts reported JORC 2012 Mineral Resources of 26.7Mt @ 1.67g/t for 1.44Moz, a 1.8Mtpa processing plant and associated infrastructure, 230-person camp, mobile equipment and a large quantity of equipment that can be used at
Calidus’ Warrawoona Gold Project
• Calidus will immediately assess the economic feasibility of processing high-grade oxide ore from Nullagine at the Warrawoona mill to increase short and mediumterm production; this builds on Calidus’ strategy to process the high-grade Blue Bar and Bulletin regional deposits at Warrawoona
• Calidus will assess combining Nullagine sulphide deposits with material from Blue Spec, which hosts a Resource of 190,000oz @ 24g/t, into a larger sulphide production scenario using existing infrastructure at Nullagine
• Calidus now controls the majority of significant gold deposits in the East Pilbara in its 1,153sqkm landholdings with total Mineral Resources of 2.84Moz and installed milling capacity of 4.2mtpa
• Nullagine acquisition cost is $250,000 in Calidus shares and $5M in deferred production milestones payments
• Calidus has signed a Binding Agreement for the 10-year licence of the use of the Nullagine camp infrastructure to Atlas Iron for an upfront cash payment of A$14M, significantly enhancing Calidus’ liquidity position. Calidus retains the right to use 50 rooms at the camp.

Page 3 of the announcement made clear that there are no high grade oxide ores.
. The Golden Eagle Mill was placed on care and maintenance following completion of mining of the existing oxide mining inventory in August 2022. The processing plant is in good condition with the ball mill emptied and jacked.

Nullagine likely has strategic value once Calidus gets through their hedge commitments - but its immediate value was to keep Calidus afloat for the last quarter by executing the binding lease.