Creasy purchased The Warrawoona Gold Project from Calidus Resourcses (CAI) receivers in October 24. This was done via a one director private company and was settled in mid Jan 25. As far as I can determine the mine is still currently under care and maintenance.
CAI was a $93m market cap gold producer with 148m debt. It was a producer between Dec 22 and June 24. Grades they were getting were lower than expected and they struggled with the huge amount of debt they had in the initial start-up to production.
For the 24fy, CAI produced 57k oz @ $2,710 AISC. Gold sold was for average price of $2,717.
I'm not sure how these things work, but my gut feeling is that Creasy wanted the gold mine for CZR. If the FIRB came through in a timely matter, he would have had the cash to make a move. There is no good reason he would have a gold mine under care and maintenance in this gold environment.
I don't believe he was ever interested in the FEX offer, as it was a takeover of the entire company and he wouldn't have a vehicle, or cash to relist a gold mine he purchased. He went along with it in the believe that RIO or some else would take the Robe Mesa Iron Ore only.
This is just my opinion on research and keeping tabs on Gold companies I have tracked over the past 4 years.
CZR Price at posting:
29.0¢ Sentiment: Hold Disclosure: Not Held
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