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Calidus Resources Ltd. (ASX:CAI) Warrawoona Gold Project
Our View: • Good structural gold deposit, with medium term production potential and meaningful exploration upside • Management has done a good job consolidating the region, allowing for resource growth on recently acquired properties • Actively drilling to expand resources and completing engineering work, progressing towards a prefeasibility study • Have mapped 27km of Mt. Roe basalts and conglomerates on its property but not a focus – waiting on others to advance the science Valuation: • In our view the Warrawoona gold project is worth A$150-200 million, or ~
A$0.11-0.15/share Conclusion: •
An attractively valued, traditional project, with exploration upside ASX.CAI - Stock Chart

Volume -Shares Traded
Share P rice (C$)
Source: Company Reports
Source: Company Reports
Figure 28: Novo's tenements with Calidus70% Earn-in agreement
Ticker CAI.AX Share Price (A$/sh) $0.04 Common Shares O/S (M) 704 Equity Value (A$M) $29.57 Add: Debt (A$M) 0 Less: Cash (A$M) $9.30 Enterprise Value (A$M) $ 20.27 Source: Thomson Eikon, Company Reports Capital Structure
Priced as of market close on April 4, 2018, EDT and AEST(unless otherwise noted).
Calidus Resources Ltd. (ASX:CAI) Warrawoona Gold Project Near-surface gold deposit with significant upside • 36,300ha under control which have historically hosted +200 mines • Land package has not experienced any mining in the modern era and limited exploration • Recently identified 45 high priority exploration targets in Pilbara, to be followed up with mapping, rock chip & soil sampling • 9.9Mt at 2.06g/t Au for 654,000oz (0.5g/t cut-off) • Mineralization outcrops along the entire strike length of 2.6km, within the unexplored 12.5km strike of the Klondyke shear zone • We see resource expansion potential to >1Moz as exploration continues along strike, which may prove to support a standalone operation or toll milling at Millenium’s Nullagine project 65km away