Company
Citigold Corporation Ltd (Citigold) is an Australian ASX ‘CTO’ listed gold development company located in northern Australia in Charters Towers. Our aim is to be a 300,000 ounces per annum ultra-low-cost gold producer, using state of the art technologies and efficiencies, all with the aim of returning substantial profits to shareholders in harmony with the local environment.
Indicatively the Company has invested around $300 million into its gold mine, and may generally be represented as:
- acquire, explore, maintain mineral rights and titles;
- drilling, exploration assessment to quantify the gold deposits size;
- test mining several areas to understand the mining conditions, and design an innovative ultra-low-cost mining method; and
- funding costs, innovation, overheads and corporate existence, etc.
Our go forward plan is backed by technical research, analysis, and financial evaluation.
The mining leadership team understands our underground mining conditions. The uneven gold distribution is a challenge, but the historic average grades of 38 g/t prove what this gold deposit is. The mine design is based on actual mining experience.
The resulting ultra-low-cost mining assessment is supported by technical research, and mining based financial evaluation. We aim to restart this world class gold mine, possibly Australia’s largest high-grade gold deposit and currently seeking a funding partner.
“Gold is good: 100% of product value is added in Australia”.
Environmental Harmonisation
The Company has been a leader in minimalist surface disturbance for its mining operations, progressive rehabilitation, and community beneficial post mining land use. This will continue with the restart of the mine and future expansions.
The foundation of our efforts was the original Environmental Management Overview Strategy. This has further evolved over recent years into a clear whole of mine: ESG Integrated Business Model.
ESG Business Model
This approach to our mine, our community and governance is holistic.
The business model seeks to mirror a modern-day, agile tech start up. The Corporate and Operational teams operate in unity. Company personnel and external contractors operate as the one unified ‘team’. Sharing the same goals, where the best ideas are owned by all.
Environmental Impact Statement
The original ‘Environmental Impact Statement’ for the project was carried out commercially by ‘Trop-Ecol’, an affiliation of senior personnel of ‘James Cook University of North Queensland’. The team included professors and researchers, with analysis carried out by the University. This was a unique approach for a mining company. The EIS created a very honest and robust foundation for our operations.
Renewables, and Zero Waste
A goal is renewables powered, remove diesel from the mine, and generate zero waste by repurposing all materials used or extracted to have a new beneficial life. The leader of the project will have exceptional experience and skills across many industries, not just mining. Driven by the importance of the health and safety of our workforce the Company has a stated intention, to develop and progress to autonomous mining systems, especially in hazardous areas. People who join our team will be the best at what they do. We will continue to operate in harmony with our community.
Community Development Programs
As a part of the Company’s Public Interest and Benefits Statement, we have articulated in detail five ‘Community Fund, Scholarship and Grants Programs’. These cover Education, Business Development, Innovation & Science, Indigenous Smart Training Centre, and Community Development. Collectively these programs will grow over time and will to be implemented as mining operations expand.
Operations
Underground
With a large gold production goal, restarting the mine is the number one focus. We aim to extract the gold from the rock without cyanide or a tailings dam. Major surface and underground infrastructure have been built, including the main 1,400-metre-long access tunnel to 200 metres deep. The mine is self-sufficient in water by recycling existing good quality 7pH mine water. Crustal rocks are granite, ideal for mechanised/robotic mining. Technical studies indicate gold production operating costs under A$600/oz.
Future Gold Production
Planning is continuing for the gold mine to commence gold production and increasing towards our mission goal. Trials indicate that by using geophysics and drilling, mining resources may be upgraded to reserves overtime.
Health and Safety
“Citigold Corporation explores and produces gold profitably and sustainably without harming its employees, the community or the environment.”
The leadership team is committed to practicing and upholding high standards of occupational health, safety, and environment (OHS&E) standards. These are an integral component of efficient operations.
Environment
‘Environmental harmonisation’ with the local community is a foundation of the mine since its inception. An ‘Environmental Management Overview Strategy’, accepted by the Queensland Government, is the foundation for a symbiotic relationship that benefits the community and the mine.
Indigenous Engagement
Citigold has a long history of contributing to the recognition of indigenous achievements. Young Australian ‘Jupiter’ in 1871, discovered gold being part of the prospecting team, starting the Charters Towers gold rush.
Goldfield
Location Overview
The goldfield centred on and surrounds the town of Charters Towers (8,500 population) in north-eastern Queensland, Australia. Charters Towers is 128 kilometres from the major coastal City of Townsville, having major port, rail, road, and air connections.
Golden Pedigree
We are restarting a world class mine. Citigold’s Charters Towers gold deposit is Australia’s largest high-grade major gold deposit. Historically it is Australia’s largest high-grade gold producer of 6,600,000 ounces of gold ore averaging 38g/t (near 2 ounces per tone of ore). The historical mines were very profitable paying an estimated one billion dollars in dividends to their shareholders, in today’s dollars.
Underground Mining
In consultation with project designers, an innovative mining system for an efficient ‘keyhole
mining’ approach. This aims to reduce the quantity of rock to be mined and increase the
quality of gold ore brought to the surface for processing. This methodology produces
efficiencies applicable to the geometry of our ore system.
LINK: ‘Gold Technical Report 2020’
Mineral Tenure
Exploration and production tenure covers an extensive 17,500 hectares. The plan is to increase the substantial gold inventory further. A royalty of 5% is paid to the Government on gold and silver produced.
The Northern Miner Newspaper
The Northern Miner was first established in 1872 when Charters Towers was already an important goldfield and continued for 148 years, until in 2020 when it was merged into the regional “Townsville Bulletin” newspaper.
Residential Workforce
With the city of Charters Towers nearby, the workforce can also live nearby with their families. Charters Towers is a well-established education centre schooling from pre-school to year 12, with near 2,000 students in classrooms plus another over 2,300 through distance education learning.
Our Mission:
Our aim is to be a 300,000 plus ounces per annum ultra-low cost gold producer using state of the art technologies and efficiencies, all with the aim of returning substantial profits to shareholders in harmony with the local environment
Investors
Citigold Corporation is an Australian gold explorer and developer with a clear strategic plan and mission to grow to a world class gold company by:
- Start mining the existing 620,000 gold reserve,
- Upgrade the 14-million-ounce gold resource by mining,
- Grow gold production to 300,000 ounces per year
Citigold has produced 100,000 ounces of gold during the gold production test mining phase. The knowledge gained is invaluable for planning future operations. The estimate of gold resources indicates a mine life of >30 years.
The goldfield is a proven giant high-grade ‘orogenic’ lode gold system, producing over 205 tonnes of gold prior to 1920 at an average ore grade of 38g/t ore.
The capital invested by Citigold of A$300 million was to acquire and maintain mineral rights, build infrastructure, access tunnels & test mining to over 200 metres deep.
The Gold Technical Report estimates the total operating cost to produce gold to be under A$600 per ounce of gold at full production.
Our goal is to add maximum value to shareholders through efficient mining that generates profits that may be distributed by paying dividends.
LINKS:
Leadership
Corporate has an extensive diversity and depth of skills including management leadership, industry technical skills, mine management, financial, governance, legal, capital raising, innovation, risk management, environmental, native title, community, ASX and broad regulatory and government policy directly applicable to the advancement of our business.
The Consultants we have engaged with are leaders in their fields, often with very specialist knowledge of our gold deposit, and its specific challenges. This firsthand experience will ensure all the “constraints” are designed out, as the mine moves to be an important gold producer, and an efficient ultra-low-cost miner.
Corporate Team
Sibasis Acharya
Director
Sibasis Acharya
Director
PhD(IISc), MS, MTech(IIT BHU), MBA(UQ), FIAET, FAIM, FAusIMM, FCMI, Industry Fellow
Dr. Acharya’s qualifications include PhD (Metallurgical Engineering), MS, MTech, MBA and an active technical consultant and an industry fellow with over 20 years of experience in metallurgy, mineral processing, process engineering, and management across several countries. He is very passionate about the sustainable use of earth’s natural resources by working with cutting edge technologies, providing innovative solutions and building solutions at the forefront of the digital world. He has received an honorary industry fellow position at the Queensland University of Technology. He is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), a Fellow of the Institute of Managers & Leaders (IML), Fellow of the Chartered Institute of Management, UK (CIM) and an honorary fellow of International Association for Engineering and Technology (IAET), his strengths include sustainability and efficiency in processing of metals, leadership, strategic analysis, corporate governance, corporate finance, data analytics, process improvement, operations design and implementation.
Greg Harding
Chief Financial Officer
Greg Harding
Chief Financial Officer
Fellow, CPA Australia; Dip. Business; Grad. Dip Tax Law
Over forty-five years experience in business with thirty of those in senior management roles and consulting. Mr Harding has extensive experience in resources, project finance, leveraged leasing, banking, IT, not for profits and start-ups. Mr Harding has further provided management and financial consulting to several ASX listed companies and chartered accounting firms over the years. He has over 20 years experience in the resources sector including been the former CFO of ASX listed WPG Resources Ltd. In this role, Mr Harding was responsible for the oversight of statutory compliance, ASX reporting, financial reporting, budgeting, strategic planning and was heavily involved in the ore development studies of the Peculiar Knob Iron Ore Project. Following its sale, then was a major contributor to the financial modelling and write up of the comprehensive preliminary feasibility study of the integrated, Giffen Well Iron Ore Project.
Mark Lynch
Executive Chairman
Mark Lynch
Executive Chairman
FAICD, MAusIMM
Many years actively involved in operations and regulatory world of gold mining including exploration, environment, native title, geology, metallurgy, mining, process design and construction, through to pouring gold bars. Corporate experience includes public company flotation, financing, governance, compliance, and project development. Experiencing 36 countries has given a diverse perspective to life-long curiosity of improved possibilities, rather than just accepting the norm, including venturing deep underground into numerous mines and civil projects around the world to better understand first-hand the diversity of challenges and opportunities for technology driven smarter mining. Past Director of the peak body ‘Queensland Resources Council’ for 6 years from 2001. Currently a Member of the Australian Institute of Mining and Metallurgy, the IEEE Robotics & Automation Society, a Fellow of Australian Institute of Company Directors and member of their Middle East Advisory Committee.
Niall Nand
General Manager Corporate
Niall Nand
General Manager Corporate
B.Bus(Accy)
Mr Nand has over 10 years’ industry experience ranging from mining, renewable energy, banking and chartered accounting. Mr Nand’s corporate compliance experience includes ASX reporting, corporate governance, financial management, accounting, finance, taxation, business development, government submissions and providing corporate secretarial support to the Board of Directors and various Board Sub-Committees. He has been associated with Citigold for a number of years and has strong knowledge of the business operations from tenement management, selling gold to strategic planning. Mr Nand is an all-round leader, performance-driven, forward thinker and brings systems automation and outsourcing experience. Mr Nand is expected to play a leading role in the growth and development of the Company. Mr Nand currently holds several other Company Secretary positions within the Citigold Consolidated Group.
John Foley
Director
John Foley
Director
BD, LLB, BL (Dublin), KCHS, FAICD, Barrister-at-Law
Graduating in Law from the University of Sydney in 1969, John was admitted as a barrister in New South Wales in 1971, and subsequently in the jurisdictions of Victoria, ACT, and the High Court of Australia. He graduated with the post graduate degree of Barrister-at-Law from Trinity College University Dublin, and was called to the Irish Bar and admitted as a Member of the Honourable Society of King’s Inns in Dublin. John spent two years as a lecturer in law at Macquarie University Sydney and has practised as a Barrister for 40 years. John was a founding director of the Australian Gold Council. He is a long standing member and Fellow of the Australian Institute of Company Directors and he is listed in Who’s Who in Business in Australia. As a professional advocate, he has represented many industry bodies before various Commissions, Tribunals and Courts, and has extensive experience in negotiations and representations with both State and Federal Governments.
Consultants
Taffy Brown
Project Manager
Taffy Brown
Project Manager
A highly experienced project manager with over 40 year’s experience in local and international projects including a number of major mining, renewable energy, civil and highway construction projects with major companies including Xstrata, QCoal, Glencore and John Holland Group etc. His international experience includes UK, Saudi Arabia, Falkland Islands and New Guinea. He is a hands-on project manager with experience ranging from leading project planning sessions, coordinating resources, designing and signing off on contracts, designing risk mitigation plans, optimising and improving processes, securing growth opportunities and managing large and diverse teams. Special interest include worksite health and safety compliance, and optimising and improving processes. He has very deep industry experience, brings best practice and is very eager to implement the Project’s automation initiatives. Played a pivotal role in optimising the projects start up plans and renewable energy initiatives. Mr Brown is expected to play a key role in taking the Charters Towers Gold Project to full commercial production.
Garry Foord
Engineering & Innovation
Garry Foord
Engineering & Innovation
METM (UQQLD), Assoc Dip Mining Eng (RMIT), Grad Dip Min Econ (MU), FAusIMM, RPEQ, JP(Qual)
Garry Foord holds First Class Mine Managers Certificates in WA, Tas and Qld, and is a fellow of the Australasian Institute of Mining and Metallurgy, and a registered Professional Engineer in Queensland. Mr Foord is a mining engineer with extensive technical operational and managerial experience in the mining industry across a wide range of commodities and jurisdictions. During his 45-year career, Mr Foord worked for Hamersley Iron, Consolidated Rutile, Pan Aust Group Mincom, the Aberfoyle Tin Group, as well as senior appointments internationally in Myanmar, Thailand, Malaysia, China, and West Africa. He has also had a long connection with the Charters Towers goldfield, and Citigold Charters Towers operations. He has had a strong focus on IT systems and Technology Management. A keen innovator, he has been involved in many cutting-edge technology developments in mining and other industries. He continues to operate his own successful mining consulting business for more than thirty years.
Mr Casper has been involved with Citigold shortly after listing in 1993 and has over 30 years industry experience. He has held several positions in the Company from pouring gold to managing stores, logistics, overseeing the Company's site care and maintenance program and liasing with various community and environmental stakeholders in relation to company's mineral titles. Mr Casper's strength includes building partnership with the local community, rehabilitation management and providing support for exploration programs. Mr Casper has contributed towards the development of Citigold's successful integrated ESG business strategy from the early years.
Simon Richards
Geology & Geophysics
Simon Richards
Geology & Geophysics
BSc(Hons), PhD, MSEG, MAIG.
Expert at using digital systems on 3D structureal geology to map the high-grade gold areas to optimise drilling. Multi-diciplinary geological background to help provice critical and practical link between cutting edge exploration technologies and tangible results.
Daniel Virgili
IT Consultant
Daniel Virgili
IT Consultant
Systems Engineer, CCNA, Advance Diploma on ICT & IT Network Engineering, ACS Systems Analyst Certified.
A hands-on I.T Professional with over a decade of experience specialising in I.T network development, cyber security, cloud technologies, system engineering and automation. His experience range from small businesses to large international companies ranging from mining, renewable energy, start-ups and government. Mr Virgili is a proven problem solver, critical thinker and research orientated. Mr Virgili has strong knowledge of Citigold’s systems design, processes and has been contributing towards the development of Citigold’s future automation and cloud systems strategy.
Leadership
Corporate leadership has extensive diversity and depth of skills including management leadership, industry technical skills, mine management, financial, governance, legal, capital raising, innovation, risk management, environmental, native title, community, ASX and broad regulatory and government policy directly applicable to the advancement of our business.
Corporate Team
Sibasis Acharya Director |
Mark Lynch Executive Chairman |
John Foley Director |
Greg Harding Chief Financial Officer |
Niall Nand General Manager Corporate |
Innovation
The future success of the business is dependent on innovation, to stay relevant in a competitive marketplace. Without innovation, there isn’t anything new, and without anything new, there will be no progress. The result of innovation should always be an improvement.
Innovation is a driver of transitioning to renewable electric power, minimising the quantity of rock excavated, reducing land surface area disturbed, repurposing all ‘waste’ into a ‘new’ usable material, reducing water usage, reducing chemical usage, all these reduce costs, and improve whole of mine environmental sustainability. It is a process of continuous learning, constantly improving the way we work.
Innovators “think different,” to borrow a slogan from Apple. Observing and questioning go hand in hand.
Build a ‘Digital’ Era Mine
Innovators observe things, then question why. In the digital age, the pace of change has accelerated, so we must get these strategic, executional, and organizational factors right to innovate successfully. Mining is complex – technically, financially, regulatory, community, and innovation complicated.
Digital technologies are doing for human brainpower what the steam engine and related technologies did for human muscle power during the Industrial revolution. Allowed society to overcome many limitations rapidly and to open up new frontiers with unprecedented speed.
Over many years, and considerable investment in research, an optimal mining system for Charter Towers has evolved. Test mining identified constraints to be overcome compared to historical methods. Location and geometry constraints. A leading design engineer commented, “we can now design out all the constraints”.
Innovation requires external collaborators. Flows of talent and knowledge increasingly transcend company and geographic boundaries. Successful innovators achieve significant multiples for every dollar invested in innovation by accessing the skills and talents of others.
Mineral Resources
Charters Towers Gold Mine Project ‘Mineral Resources and Ore Reserves’ are:
CATEGORY | TONNES | GRADE | CUT-OFF | GOLD OUNCES |
Inferred Mineral Resources | 32,000,000 | 14 g/t | 3.0 g/t | 14,000,000 |
Probable Ore Reserves | 2,500,000 | 7.7 g/t | 4.0 g/t | 620,000 |
Mineral Resources and Ore Reserves are reported in accordance with the Australasian JORC Reporting code, in the “Gold Technical Report”, 8 December 2020.
The independent Technical Report, by Pathfinder Exploration, is a rigorous review and evaluation of the geology and technical aspects of the project’s gold deposit.
LINK: ‘Gold Technical Report 2020’
Confidence in Gold Ounces
Reporting requires the Technical Report to state the confidence level the author has in the contained ounces of gold reported and as stated in the report as:
±10 to 15% for the contained ounces in the Probable Ore Reserve; and
±30% for the contained ounces in the Inferred Mineral Resource.
The strong confidence, in the ‘Inferred’ ounces is because two known mining factors have been included (a minimum mining width of one metre, and a substantial discount of the tonnes (-50% to -70%) based on known mine payability on the reefs.
Citigold’s ‘Financial Model’ for go-forward gold production has applied a further conservative 20% discount to contained in-situ gold ounces for the estimation of ounces available to be mined in each of the reefs.