Calidus Resources : Half Year Report and Accounts

For personal use only

ABN 98 006 640 553

INTERIM FINANCIAL

REPORT

For the six months ended 31 December 2021

These interim financial statements do not include all the notes of the type normally included in the annual financial

statements. Accordingly, these financial statements are to be read in conjunction with the Annual Report for the year ended

30 June 2021 and any public announcements made by Calidus Resources Limited during the interim reporting period in

accordance with the continuous disclosure requirements of the Corporations Act 2001.

For personal use only

CALIDUS RESOURCES LIMITED	INTERIM FINANCIAL REPORT
AND CONTROLLED ENTITIES		31 DECEMBER 2021
ABN 98 006 640 553
Corporate directory
Current Directors
David Reeves	Managing Director
Mark Connelly	Non-executive Chairman
Keith Coughlan	Non-executive Director
John Ciganek	Non-executive Director
Kate George	Non-executive Director
Company Secretary
Julia Beckett
Management
Richard Hill	Chief Financial Officer
Paul Brennan	Project Development
Don Russell	General Manager Warrawoona Operations

Registered Office & Principal Place of Business

Suite 12, 11 Ventnor Avenue

West Perth WA 6005

Email: [e-mail]

Website: www.calidus.com.au

Auditor

Moore Australia Audit (WA)

Level 15, Exchange Tower, 2 The Esplanade

Perth WA 6000

Website: www.moore-australia.com.au

Share Registry

Automic

GPO Box 5193

Sydney NSW 2001

Telephone:	1300 288 664 (Within Australia)
	[phone] (Overseas)
Email:	[e-mail]

Securities Exchange Listing

The Company's shares are listed on the Australian Securities Exchange (ASX).

ASX Code

CAI - Ordinary Shares

P a g e | 1

For personal use only

CALIDUS RESOURCES LIMITED	INTERIM FINANCIAL REPORT
AND CONTROLLED ENTITIES	31 DECEMBER 2021
ABN 98 006 640 553
Contents
	Directors' report....................................................................................................................................................................	3
	Auditor's independence declaration...................................................................................................................................	18
 Consolidated statement of profit or loss and other comprehensive income .....................................................................	19
 Consolidated statement of financial position ....................................................................................................................	20
 Consolidated statement of change in equity ......................................................................................................................	21
 Consolidated statement of cash flows ................................................................................................................................	22
 Notes to the consolidated financial statements .................................................................................................................	23
	Directors' declaration..........................................................................................................................................................	36
	Independent auditor's report .............................................................................................................................................	37

P a g e | 2

For personal use only

CALIDUS RESOURCES LIMITED	INTERIM FINANCIAL REPORT
AND CONTROLLED ENTITIES	31 DECEMBER 2021
ABN 98 006 640 553
DIRECTOR'S REPORT

Your directors present their report on the consolidated entity, consisting of Calidus Resources Limited (Calidus or the Company) and its controlled entities (collectively the Group), for the half-year ended 31 December 2021.

Directors

The names of Directors in office at any time during or since the end of the year are:

	Mr David Reeves	Managing Director
	Mr Mark Connelly	Non-executive Chairman
	Mr Keith Coughlan	Non-executive Director
	Mr John Ciganek	Non-executive Director
	Ms Kate George	Non-executive Director (Appointed 1 February 2022)

REVIEW OF OPERATIONS

Warrawoona Gold Project Overview

Calidus Resources (ASX:CAI) (Calidus or the Company) is completing the development of the 100% owned Warrawoona Gold Project (Warrawoona or the Project) with first gold expected in the June quarter 2022.

Warrawoona is situated in the East Pilbara district of the Pilbara Goldfield of Western Australian where multiple gold development and exploration success stories are occurring. The Warrawoona Gold Project has total Mineral Resources of 1.7Mozs and 720km2 of prospective tenements.

Figure 1: Location of the Warrawoona Gold Project

P a g e | 3

For personal use only

CALIDUS RESOURCES LIMITED	INTERIM FINANCIAL REPORT
AND CONTROLLED ENTITIES	31 DECEMBER 2021
ABN 98 006 640 553

Figure 2: Tenement Holdings of Calidus

Warrawoona Gold Project

Stage one of the Warrawoona Gold Project is forecast to produce up to 105,000oz Au a year. However, this has the potential to increase to 139,000oz Au when the nearby Blue Spec deposit is developed. Calidus aims to start development of Blue Spec once steady-state production is achieved at Warrawoona Stage One. Blue Spec has a JORC Resource of 415,000t at 16.3gpt for 219,000oz and is now the subject of a Definitive Feasibility Study (DFS) which is due in the June quarter of 20221 .

• Refer to ASX announcements dated 29 September 2020, 23 March 2021 and 9 September 2021. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.
  P a g e | 4