CALIDUS RESOURCES LIMITED (ASX.CAI)

delisted at entity's request under Listing Rule 17.11

we understand the company failed and under a Deed of Company Arrangement (DOCA), all shares were transferred to the DOCA proponent for NIL consideration

The former Deed Administrators of the company have completed a variation to the DOCA with West Coast Gold Pty Ltd. The variation allowed the Deed Administrators to cancel all options to purchase shares in Calidus, transferring control and ownership to the DOCA Proponent.

The company releases an update on Section 444GA Hearings and Process.

Court approval is being sought to transfer all shares for NIL consideration on the basis the shares are of no value.

The Deed Administrators have announced upcoming Section 444GA hearings. The hearings are scheduled for December 3rd and 16th, 2024. Shareholders can download an expert report and explanatory statement from the Deed Administrators' website.

The DOCA Proponent has chosen to acquire all shares in the Company, requiring a court order under section 444GA of the Corporations Act. The Deed Administrators applied to the Supreme Court of Western Australia for these orders, which would allow the transfer of 100% of the shares. The next steps involve preparing an expert report and an explanatory statement about the process. Shareholders can be heard in relation to the application.

ASX releases a notice regarding long-term suspended entities. The company's securities have been suspended for more than 3 months. If an entity does not meet the 1 or 2 year deadlines, it will be removed from the official list. The removal will usually take effect from the open of trading on the first trading day after the deadline date.

The company and its subsidiaries have executed Deeds of Company Arrangement from the West Coast group of companies, with three of the DOCAs now in effect. The Administrators and West Coast group are working to complete conditions precedent for the remaining West Coast DOCAs, including the progression of an application under section 444GA of the Corporation Act 2001 to provide DOCA Proponents with 100% of issued equity in Calidus Resources.

The Administrators held the second meetings of creditors for the Companies. They have resolved to implement a DOCA proposal from the West group of companies.

The appointment of the Receivers and Managers was made in response to the board of directors decision to appoint Hayden White and Daniel Woodhouse of FTI Consulting as Voluntary Administrators to the Group on 28 June 2024.

The Administrators issued their Report to Creditors on 18 September 2024, ahead of the second meeting of creditors for each of the Companies, to be held concurrently to decide the Companies' future. The second meeting of creditors will be held on 27 September 2024, where creditors will vote on the future of the Group. At the time of issuing the report, there was only one interdependent set of Deed of Company Arrangement that was capable of acceptance. The West Coast group of companies is a related party of the Secured Lender, West Coast Lending, which acquired the secured debt on 1 August 2024. Given only one DOCA proposal is currently capable of completion, in the Report the Administrators expressed that, in their opinion it would be in the creditors' interests for the Companies to execute the West Coast DOCA proposal on the terms proposed, as on balance, , it is likely that creditors will receive a greater return under the West Coast DOCA Proposals than they would if the Companies were immediately wound up.

The Receivers and Managers of the company are seeking expressions of interest for the acquisition and/or recapitalisation of the company starting on 5 August 2024. The opportunity includes the acquisition of project assets such as the Warrawoona and Nullagine projects. The company has also started processing 1.3MT of low-grade ROM stock after a successful trial, resulting in an average grade of 0.43g/t and an average recovery of 94.0% through the mill. The process is expected to be completed by the end of the calendar year and generate positive cash flows. The company is also evaluating a decision to mine and process additional ore from Blue Bar. Calidus held $19.2M of cash and $11.0M of bullion at 30 June 2024, with $45.8M of revenue from the sale of 14,594 ounces of gold during the quarter.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

The Voluntary Administrators of Calidus have obtained a court order to postpone the second creditors meeting of Calidus and Calidus Group entities as detailed below by a period of up to six months until 4 February 2025. The primary purpose of the extension is to provide sufficient time for the Administrators and the Receivers and Managers to investigate the affairs of the Calidus Group and conduct a thorough process to market and solicit proposals from interested parties for the sale and / or recapitalization of the Calidus Group.

The Receivers and Managers have undertaken an assessment of the operations and will be transitioning the Warrawoona operations into care and maintenance. A campaign processing run will be undertaken over the next 12 days to process ROM stock. The transition to care and maintenance will be undertaken over a period of three weeks, pursuant to a detailed plan to ensure that value is preserved in all of the Group's fixed assets.

The securities of Calidus Resources Limited will be suspended from quotation immediately in accordance with Listing Rule 17.3. Having regard to the announcement of the appointment of receivers and managers and administrators to CAI, ASX has determined that CAI's financial condition is not adequate to warrant the continued quotation of its securities and therefore is in breach of Listing Rule 12.2. The suspension will continue until such time that ASX is satisfied with CAI's compliance with the Listing Rules, including Listing Rule 12.2 and that it is otherwise appropriate for CAI's securities to be reinstated to quotation.

Hayden White and Daniel Woodhouse of FTI Consulting were appointed as joint and several voluntary administrators to the following entities on 28 June 2024: Calidus Resources Limited (ACN 006 640 553) (Calidus Resources, ASX:CAI); Keras (Pilbara) Gold Pty Ltd (ACN 169 795 037) (Keras (Pilbara)); Calidus Blue Spec Pty Ltd (ACN 643 467 501) (Calidus Blue); Keras (Gold) Australia Pty Ltd (ACN 152 080 110) (Keras (Gold)); Millennium Minerals Pty Ltd (ACN 003 257 556) (Millennium Minerals); and Calidus Otways Pty Ltd (ACN 640 807 183).

The suspension of trading in the securities of Calidus Resources Limited will be lifted immediately following the release by CAI of an announcement regarding the restructure of CAI's debt and hedge book with its financier and a capital raising.

The company releases a notice of proposed issue of securities.

The company releases an Equity Raising Presentation.

Firm commitments received for A$16.5m via an institutional Placement at A$0.115 per share. Placement strongly supported by both new and existing shareholders, including the Company's lender, Macquarie Bank, for A$2.5m and the Board of Directors for A$120,000. In addition to the Placement, Calidus will offer all eligible shareholders the opportunity to participate in a Share Purchase Plan to raise up to A$3.0m on the same terms as the Placement. Agreement with Macquarie to restructure hedge and debt arrangements, resulting in an additional ~A$31m of free cashflow in CY24; CY24 hedge volume reduced by 21,250ozs, delivering a A$20m benefit to Calidus at spot gold price of A$3,300/oz; Reduced debt repayments totalling A$11m in CY24. This significant increase in cashflow generation in the first half of CY24 will enable Calidus to organically fund the pre-strip and A$17m capital cost of developing the high-grade Bulletin deposit in the second half of CY24 o Bulletin PFS: 63,000oz at an AISC of A$1,730/oz over 2-years mine life. Calidus re-affirms H2 FY2024 guidance of 32,000-37,000ozs at an AISC of A$2,100- $2,400/oz. Calidus confirms that operations are progressing as planned with the pit cutback due for completion at the end of March and higher grade Blue Bar ore now being processed. Last week Calidus recorded its largest ever gold recovery since project inception of 1,539ozs for the week. Calidus anticipates releasing a JORC 2012 Mineral Resource Estimate on initial oxide deposits at Nullagine in Q2 CY24 that it will be targeting to mine in FY25 and build on stated LOM guidance.

The company releases a notice of application for quotation of securities.

The company releases a noticed of proposed issue of securities.

The Company requests that voluntary suspension remains in place until the Company makes the Announcement to the market in relation the restructure of the Company's debt and hedge book with its financier and a capital raising, which it expects to make on or before market open on Friday, 22 March 2024.

The securities of Calidus Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of CAI, pending the release of an announcement regarding the restructure of CAI's debt and hedge book with its financier and a capital raising.

we understand that on or about this date the company consolidated its shares 1 for 10

we understand that on or about this date the company consolidated its shares 1 for 10

Calidus Resources Limited will be reinstated to official quotation as from the commencement of trading on Thursday 22 June 2017 following the Company's compliance with listing rule 11.1.3 and chapters 1 and 2 of the ASX Listing Rules. 402,676,035 ordinary shares fully paid; 87,500,000 quoted options exercisable at $0.025 expiring on or before 13 June 2019

Calidus Resources Limited is pleased to announce the commencement of drilling at its flagship Warrawoona Gold Project located in the East Pilbara of Western Australia.

name changed from Pharmanet Group Limited