SPECIAL NOTICE

We are working on upgrading our websites and despite our best endeavours have experienced census type calamities for almost a week now. Our apologies, we hope to have all problems resolved by Monday August 15th.

SEARCH BY NAME

BROWSE

Browse Australian listed companies

0-9A B C D E F G H I J K L M N O P Q R S T U V W XY Z

Browse current Australian managed funds

0-9A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

SEARCH BY CODE

Find any Australian or New Zealand company or fund (dead or alive) by using SEARCH above or go directly to the site:

GASCOYNE RESOURCES LIMITED(GCY)

Click here for free access to this company's:
ASX, Legal & CGT Status

Former (or subsequent) names

 

Shareholder links

Our website ranking of GCY: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Advanced Share Registry Services, 110 Stirling Hwy, Nedlands WA 6009

Tel : +61 8 9389 8033
Fax : +61 8 9262 3723
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000GCY6
Address: Level 1, 41 – 47 Colin Street, West Perth, 6005
Tel:  (08) 9481 3434 Fax: (08) 9481 0411

Date first listed: 11/12/2009
Company Secretary: Shane McBride, David Coyne
Sector: Materials Industry Group: XMJ
Activities: Gold exploration

News & Events

Expand this box to read and print

OFX Transferring Money Internationally to Free

The suspension of trading in the securities of Gascoyne Resources Limited will be lifted from the commencement of trading today, following completion of GCY's recapitalisation.

21/10/2020

The company releases its business strategy and plans. Within the 12 to 18 month period following completion of the Recapitalisation, the company intends to: consolidate operational performance and cashflow generation at the Dalgaranga Gold Project; conduct resource definition drilling of the Gilbey's and Sly Fox deposits with a view to extending the mine life at the Dalgaranga Gold Project; commence drilling defined targets and reconnaissance areas on the exploration tenements surrounding the Dalgaranga Gold Project targeting the discovery of either standalone or additional ore feed to materially extend mine life; investigate and advance regional processing hub opportunities to add value to the Dalgaranga Gold Project; re-assess historic drilling data at the Glenburgh Gold Project and subject to favourable indicators, commence regional Glenburgh exploration programs and possibly progress to a pre-feasibility study; and conduct low impact gold target generation exploration activities on the Company's Mumbakine Well and Beebyn regional exploration projects.

20/10/2020

The company releases the following: Pre-Quotation Confirmations, Top 20 Shareholders, Distribution Schedule, Proforma Balance Sheet, Use of funds schedule, Incentive Option Terms, ESOP Rules, Corporate Governance Statement, Appendix 4G and Securities Dealing Policy.

20/10/2020

Following the restructure and recapitalisation of GCY, its securities are expected to be reinstated to official quotation as part of Group 3 at 10:04:30 am (+/- 15 seconds) AEDT on Wednesday, 21 October 2020.

20/10/2020

The DOCA has now been effectuated and full control of the Company has passed to the Directors of the Company. The issue date for the consolidation of shares, which includes despatch of holding statements, is October 2020, with trading expected to start on a normal T + 2 basis on 21 October 2020. Trading will be on a post-consolidation basis.

20/10/2020

Recent drill intersections highlight the potential for mine life extensions. Nine RC resource definition drill holes completed at the Gilbey's, Sly Fox, and Plymouth deposits (assays for eight of nine holes received). High grades and wide estimated true widths of >15m below the Sly Fox open pit. High grade down dip intersection at Plymouth deposit highlights future potential. All results are immediately adjacent to processing plant (within 1.5km). Further resource definition drilling planned to follow up on near mine extensions. Exploration drilling planned to commence with air core rig in current quarter.

19/10/2020

The company releases an Appendix 4G.

16/10/2020

The company releases its Corporate Governance Statement.

16/10/2020

The company lodge its Annual Report to shareholders.

16/10/2020

The company release an Appendix 3A.3.

13/10/2020

The company releases an Appendix 2A.

13/10/2020

The company completed the retail component of its fully underwritten 2-for-1 accelerated non-renounceable entitlement offer to raise approximately $50 million. The offer closed on 7 October 2020 and was strongly supported by eligible retail shareholders.

08/10/2020

The senior lenders have agreed to continue exclusivity for the current Gascoyne DOCA proposal and that they will not accept or enter into, or offer or agree to accept or enter into, any transaction which may jeopardise the completion of the Gascoyne DOCA until 31 October 2020. Gascoyne has achieved a second successive quarter in excess of 20koz, reporting a total of 20,314 ounces of gold produced in the September quarter. Production results for the June and September quarters demonstrate the sustainable improvement in production being delivered by the Gascoyne team. This achievement was underpinned by a ninth consecutive month in excess of 6koz.

06/10/2020

The company lodges its Unaudited Condensed Annual Report.

30/09/2020

NRW has been informed that this morning a judgment was handed down in legal proceedings dismissing Habrok's claims. Accordingly, NRW understands GCY intends to proceed with implementation of the GCY DOCA and expects GCY to update the market as to its intentions in the coming days.

29/09/2020

Legal action commenced by Habrok (Dalgaranga) Pty Ltd, which sought to overturn the DOCA previously approved by creditors, has been dismissed by the Federal Court of Australia. Costs were awarded by the Judge against Habrok, in favour of Gascoyne. The capital raising and debt refinancing proposed under the DOCA can proceed and the revised offer timetable continues to apply with the retail entitlement offer closing at 5:00pm Perth time on 7 October 2020.

29/09/2020

Gascoyne has decided to extend the closing date for the retail entitlement offer to 5pm (Perth time), Wednesday 7 October 2020 in order to accommodate the anticipated date for the Federal Court of Australia to deliver its judgment in relation to the Habrok proceedings. The hearing of the Habrok proceedings commenced on 14 September 2020 and concluded on 18 September 2020. The Federal Court of Australia has reserved judgment in relation to the Habrok proceedings and indicated that it anticipates delivering judgment in approximately one weeks' time. The company will not be in a position to provide shareholders with a meaningful update regarding the status of these proceedings by the closing date of 5pm (Perth time), 25 September 2020. Gascoyne has today lodged a supplementary prospectus with the ASIC, the principal purpose of which is to extend the closing date of the retail entitlement offer.

21/09/2020

The senior lenders to Gascoyne have continued their ongoing support for the recapitalisation of the company by extending the time limit on previous exclusivity arrangements. The senior lenders have agreed to continue exclusivity for the current Gascoyne DOCA proposal and that they will not accept or enter into, or offer or agree to accept or enter into, any transaction which may jeopardise the completion of the Gascoyne DOCA until 8 October 2020.

07/09/2020

Gascoyne has decided to extend the closing date for the retail entitlement offer to 5pm (Perth time), Friday 25 September 2020 in order to accommodate the revised Federal Court of Australia timetable in relation to the Habrok proceedings. The closing date has been extended to allow a realistic time for the Court to deliver its decision after the anticipated final day of the hearing on 18 September 2020 and to allow the company to provide an update to shareholders that includes details of the outcome of the Habrok proceedings. Upon effectuation of the DOCA, the remaining obligations of the company to unsecured creditors will be met through a cash payment of up to $10,000 for each unsecured creditor out of proceeds received from the capital raising and through the issue of shares to the Creditors' Trust in accordance with the Creditors' Trust offer described in the prospectus. These payments and the issue of shares will enable a possible return to creditors of up to 100 cents in the dollar through a combination of debt repayment and equity entitlement to the value of the creditors' claims as at the commencement of the voluntary administration process. Gascoyne has lodged a supplementary prospectus with ASIC, the principal purpose of which is to extend the closing date of the retail entitlement offer.

04/09/2020

The company releases its August 2020 production update. This is the 8th consecutive month >6k ounces of gold produced. 7,037 ounces of gold produced in August (13,930 ounces September quarter to date). ï‚· 221,834 dry tonnes processed at a feed grade of 1.06g/t and an excellent process recovery of 93.1%. Eighth consecutive month exceeding 6,000 ounces of gold produced, underpinned by consistent higher grades accessed from the Gilbey's Main Zone (GMZ).

03/09/2020

The Federal Court of Australia yesterday ordered that the hearing of the Habrok proceedings will commence on 14 September 2020, with an estimated 5 day hearing.

02/09/2020

The company despatches a Letter to its Ineligible Shareholders.

20/08/2020

Gascoyne completes despatch of Prospectus and Entitlement Forms.

20/08/2020

The company has received approval from the Department of Water and Environmental Regulation to increase the capacity of the existing tailings storage facility at the Dalgaranga Gold Project site. This approval is the final approval for TSF Lift Stage 4.

20/08/2020

A$61.3 million raised in heavily oversubscribed placement and accelerated institutional component of fully underwritten A$85 million equity raising. Placement and accelerated institutional component of entitlement offer strongly supported by existing and new investors located in Australia and overseas. Fully underwritten retail component of entitlement offer to raise a further approximately A$24 million opens on 20 August 2020 and is currently scheduled to close on 10 September 2020.

17/08/2020

The Federal Court of Australia ordered yesterday that the hearing of the Habrok proceedings will take place on 7 and 8 September 2020. Gascoyne and the Deed Administrators* are continuing to monitor the Court timetable and will keep shareholders informed in the ordinary course.

14/08/2020

The company issues a prospectus for a pro-rata accelerated non-renounceable entitlement offer of 2.00 new shares for every 1 share held by eligible shareholders at an issue price of $0.025 per new share to raise approximately $50 million.

13/08/2020

Fully underwritten institutional placement and 2-for-1 accelerated pro rata non-renounceable entitlement offer to raise approximately A$85 million. New shares to be issued at A$0.025 per share. A$40 million debt facility signed with Investec Bank plc. Funding package to facilitate Gascoyne's recapitalisation and reinstatement to official quotation on ASX. Proceeds from the equity raising and new debt facility to be applied to reducing existing debt, effectuating the Deed of Company Arrangement and enhance working capital for growth initiatives such as resource definition drilling and broader exploration activities. With a deleveraged balance sheet and revised life of mine plan, Gascoyne is well positioned to drive sustainable operational performance, having achieved 7 consecutive months of >6Koz monthly production through to July 2020. New Board and Management team well-placed to execute corporate strategy and deliver shareholder value. Gascoyne expected to recommence trading on ASX on 24 September 2020.

13/08/2020

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

Gascoyne and the Deed Administrators are continuing to progress the capital raising as contemplated by the resolutions passed at the EGM and an update will be provided to Gascoyne shareholders in the coming days.

06/08/2020

The company releases its Constitution.

06/08/2020

NRW notes the announcement made yesterday by Gascoyne Resources Limited which referenced that fact that proceedings have been filed in the Federal Court by Habrok Pty Ltd against GCY. The subject matter of those proceedings relates to the recent deed of company arrangement approved by creditors of GCY on 26 June 2020. NRW is not a party to these proceedings. NRW will however continue to monitor developments in these proceedings.

06/08/2020

All resolutions put to the extraordinary general meeting were passed by over 99% of the votes lodged by shareholders. Late on 4 August 2020, Gascoyne received notice that proceedings have been commenced in the Federal Court of Australia by Habrok, an entity which put forwad an unsuccessful DOCA proposal for Gascoyne, and has on 4 August purchased the unsecured debt of an existing creditor owed approximately $616k. These proceedings seek an order terminating the Deed of Company Arrangement entered into by Gascoyne on 26 June 2020 and and orders to the effect that Gascoyne be wound up. An interlocutory order is sought restraining Gascoyne from taking further steps to implement and/or complete the proposed capital raising under the DOCA. Gascoyne and the Deed Administrators are continuing to consider the Habrok proceedings and Habrok's requests for information.

05/08/2020

The company releases the results of its meeting.

05/08/2020

The company releases its July Production Update.

05/08/2020

The company lodges its Quarterly Cashflow Report.

31/07/2020

The company lodges its Quarterly Activities Report.

31/07/2020

Dalgaranga Gold Project maintains robust seven-year Life of Mine Plan. Ore Reserves estimate and LOMP reviewed by Mining One Consultants. Ore Reserve estimated at 426,3003,4 ounces of gold. Ore Reserve estimate based on recently released Mineral Resource estimate, with the benefit of 24 months of operations and reconciliations.

31/07/2020

FY20 and June Quarter Production: Gold production of 73,116 ounces achieved for FY20; A total of 2.92Mt of ore was processed at 0.86g/t (1.04g/t in June) with a gold recovery of 91.0%; June quarter production of 20,607 gold oz achieves upper end of guidance range (18-21Koz). June Results: A total of 6,909 ounces of gold produced in June, at processed grade of 1.04g/t; A total of 226,996 dry tonnes were processed with 91.0% gold recovery; Sixth consecutive month exceeding 6,000 ounces produced, reflecting higher grades accessed from the Gilbey's Main Zone (GMZ); Approx. 60% of ore processed was sourced from the GMZ (contributing approx. 70% of the gold), supported by high grade ore (approx. 10% of tonnes processed) from Golden Wings.

07/07/2020

An extraordinary general meeting will be held on 5 August 2020 at 10:00am (AWST) at Celtic Club, 48 Ord Street, Perth WA 6005.

06/07/2020

The senior lenders to Gascoyne have agreed to continue to provide the deed administrators with their support for the recapitalisation of Gascoyne by agreeing to exclusivity arrangements until 12 September 2020. Pursuant to these arrangements, the senior lenders will give the administrators until 12 September 2020 to complete the recapitalisation and relisting of Gascoyne, which will involve repaying the senior lenders all amounts owing to them in full. Monthly repayments to the senior lenders facility of $1 million per month will also now commence from 1 July up until 30 September.

02/07/2020

The DOCA was today executed by the administrators and the relevant companies. The deed administrators will now continue to advance the broader recapitalisation and relisting plan which, if successful, will see Gascoyne's shares return to trading on the ASX.

26/06/2020

The creditors of Gascoyne have approved a Deed of Company Arrangement as part of a broader recapitalisation and relisting plan at the second meeting of creditors held on 25 June 2020. The DOCA was approved by a majority of creditors in both number and value.

26/06/2020

Gascoyne has now agreed with NRW that the amount of the upfront payment will be 8.75% of the gross proceeds of the equity raising to be conducted pursuant to the Deed of Company Arrangement proposal set out in the Voluntary Administrators' report to creditors on 18 June 2020 up to a maximum amount of $7 million. NRW has confirmed to the Voluntary Administrators that NRW intends to vote in favour of the GCY Proposal and to vote against an adjournment of the meeting of creditors for the purpose of further considering the Hanking Proposal. In the event that a further DOCA proposal is made or the meeting of creditors on 25 June 2020 is adjourned or delayed, NRW has reserved its ability to maintain or change its position.

25/06/2020

On 24 June 2020, the Company released an announcement titled "Update on DOCA Proposal". Unfortunately, the link shown to FTI's website did not work correctly. The link is now updated. https://www.fticonsulting-asia.com/creditors/gascoyne-resources-ltd-and-subsidiaries

25/06/2020

The Voluntary Administrators confirm that an alternative DOCA, recapitalisation and relisting plan for Gascoyne has been received from Hanking Australia Investment Pty Ltd on 22 June 2020. Creditors will determine the next steps for Gascoyne at the second meeting of creditors to be held on Thursday 25 June 2020.

24/06/2020

NRW notes GCY's announcement. NRW has worked closely with FTI Consulting and Gascoyne Resources on the Dalgaranga project to support operational priorities over the past 12 months. NRW remains focused on performing the Mining Contract and on supporting the recapitalisation plan towards a successful outcome. NRW notes the timetable for the recapitalisation plan and does not expect any resulting cash flows to impact the current financial year's results.

18/06/2020

The administrators have recommended that unsecured creditors of Gascoyne approve a Deed of Company Arrangement as part of a broader recapitalisation and relisting plan, that, if successful will see Gascoyne's shares return to trading on the ASX and provide a potential return to unsecured creditors of up to 100 cents in the dollar in respect of their pre-appointment claims.

18/06/2020

Mineral Resource Estimate for the Dalgaranga Gold Project now 801,300 oz gold. Confidence level increased with Measured and Indicated now 628 koz. Mining depletion of 79koz replaced since the last resource statement.

10/06/2020

The company releases a Production Update for May 2020. For FY20: Gold production on track to exceed 70Koz for FY20. FY20 production comes after March quarter production guidance of 18Koz to 21Koz achieved (18.8Koz actual) and June quarter guidance of 18Koz to 21Koz tracking to upper end of range (13.7Koz for first 2 months). The May results are as follows: A record of 7,189 ounces of gold produced in May, at record processed grade of 1.09g/t; A total of 226,431 dry tonnes was processed with a 90.8% gold recovery; Fifth consecutive month exceeding 6,000 ounces produced, reflecting higher grades accessed from the Gilbey's Main Zone (GMZ); Approx. 60% of ore processed was sourced from the GMZ, supported by high grade ore from Golden Wings; Continued excellent overall monthly Gilbey's reconciliation against new mine plan and reserve model: 111% tonnes, 105% grade and 117% ounces (>0.5g/t DOM1 vs OR2) for May.

09/06/2020

The company provides the results from two batch processing trials undertaken on Gilbey's Main Zone (GMZ) ore, which further demonstrates the ongoing successful operational turnaround at Gascoyne. Combined batches result in 18% more tonnes, 6% higher grade for 25% more mined ounces. Current LUC resource model underestimated contained ounces in these two separate batch trials. These trials support our confidence that the GMZ will underpin future profitability.

21/05/2020

The company releases its April 2020 Production Update.

14/05/2020

Down Dip Resource Definition Drilling confirms +400m length of the wide and higher grade Gilbey's Main Zone (GMZ) in the Southern Extension located immediately below 2019 reserve pit. Drilling improves confidence of Inferred Resource zone, with results to be included in upcoming Mineral Resource estimate. Hole DGRC0581 indicates mineralisation continues to the south. Economic analysis on this southern zone has a very good chance of resulting in an increase to Ore Reserves as a result of the improved geological confidence in grade and continuity.

06/05/2020

The company releases the Results of Meeting.

30/04/2020

The company lodges its Quarterly Activities and Cashflow Report.

30/04/2020

The company releases its March Quarter 2020 production report.

14/04/2020

The company's AGM will be held on Thursday, 30 April 2020 at 11:00am (WST) at Level 1, 41 - 47 Colin Street, West Perth WA 6005.

30/03/2020

The company releases its Progress Report.

20/03/2020

The company lodges its Half Yearly Report and Accounts.

13/03/2020

The company's AGM will be held on 30 April 2020. The closing date for the receipt of nominations from persons wishing to be considered for election as a director is Friday, 13 March 2020. As previously announced, the administrators have kept the operation trading whilst progressing a dual track process to achieve either a sale or recapitalisation of the Gascoyne group or its assets. The dual track process has progressed significantly but remains ongoing.

06/03/2020

The dual track process to achieve either a sale or recapitalisation of the Gascoyne group or its asset has progressed fairly significantly but remains ongoing. A request was made that ASIC grant a further extension of time to hold the company's 2019 AGM. On 13 February 2020, ASIC granted a further extension to the period within which Gascoyne must hold its 2019 AGM to 30 April 2020. This extension would allow the 2019 AGM to be held after the second creditors meeting, which is currently scheduled to be held by 6 March 2020. An application has also been made to the Supreme Court of Western Australia to extend the convening period for the second creditors meeting to 30 June 2020.

17/02/2020

The company provides an update on production results for January 2020. For production: A total of 6,395 ounces produced; and 6,676 ounces poured; A total of 262,451 dry tonnes was processed at a grade of 0.81g/t achieving a 93.1% total recovery; Approximately 39% of plant feed was sourced from the higher grade Gilbey's Main Zone (GMZ) compared with approximately 13% in the December 2019 quarter. For mining: The cutback acceleration has now exposed +300m (of the total 800m length) of the southern GMZ; The cutback acceleration is scheduled to cease in late February, as planned, completing a c.$10m investment in derisking the mine's future access to sufficient quantities of ore to continuously meet the processing plant capacity; A total of 1.2M BCM was mined during January 2020 with 1.0M BCM mined from the Gilbey's pit and 0.2M BCM mined from the Golden Wings pit.

06/02/2020

The company releases its Appendix 4G and Corporate Governance Statement.

31/01/2020

The company lodges its Full Year Statutory Accounts Financial Year 2019.

31/01/2020

The company lodges its Quarterly Activities Report.

28/01/2020

The administrators have sought extra time to complete certain activities. As such a request was made that ASIC grant an extension of time to hold Gascoyne's 2019 AGM. On 5 December 2019, under section 250P of the Corporations Act 2001 (Cth), ASIC granted an extension to the period within which Gascoyne must hold its 2019 AGM to 29 February 2020. This extension will allow the 2019 AGM to be held closer in time to the second meeting of creditors. The Supreme Court of Western Australia has granted an order extending the convening period of the second meeting of creditors to 6 March 2020, again to in part facilitate the completion of the dual track process. The company is also required to complete and lodge the annual accounts for the year ended 30 June 2019 by 31 January 2020.

09/12/2019

The company lodges its September 2019 Quarterly Activities and Cash Flow Report.

31/10/2019

The company provides the updated ore reserve for the Dalgaranga gold mine. Updated Dalgaranga Gold Project Ore Reserve estimate of 501,8001,2 ounces of gold. Represents +62% conversion of the 802Koz Dalgaranga Mineral Resource. +90% of the Ore Reserve is located within the wide and continuous Gilbey's Main Lode; Includes 12.4Mt at 1.1g/t for 438Koz (above 0.5g/t cut-off grade) representing +87% of the Ore Reserve; Mining One Pty Ltd (Mining One) closely involved as advisors on design and verification of technical aspects at each stage of the process.

03/10/2019

The company releases an update on its Dalgaranga operations for August 2019. August reconciled monthly gold production of 5,767 ounces recovered. Rolling 3-month average result of 6,113 ounces per month recovered. Record average spot gold price of $2,186/oz received in August on 6,516oz gold sold. 25% of August production included mill feed grade exceeding 1.0 g/t Au. August reconciled monthly gold production derived from processing of 249kt at 0.83 g/t Au at 87.3% recovery, (July 241kt at 0.84 g/t Au at 90.9% recovery). Gravity component of gold recovered was 13.7% for August, continuing the high proportion recovered in July (11.4%) from the areas of the pit where increasing fresh rock is being accessed. Golden Wings pit recommenced mining during August as per Interim Mine Plan. Good August reconciliation results against the Localised Uniform Conditioning geological model of 105% tonnes, 89% grade and 93% metal. Two-month average reconciliation (July-August) of 105% tonnes, 94% grade and 99% metal. Ore Reserve estimation is being finalised, with announcement expected in the near term upon completion. New Life of Mine Plan developed in parallel with Ore Reserve estimation. Dual track sale/recapitalisation process commenced. Revenue protection puts purchased.

20/09/2019

Updated Mineral Resource Estimate for the Dalgaranga Gold Project of 802,500 oz gold. The Gilbey's Main ore body includes +530 koz of Measured and Indicated resources and a further +150koz of Inferred resources representing +86% of the entire Dalgaranga Mineral Resource. The updated resource model reconciles well with (i) the current mining operations 1 and (ii) the historic Equigold production. The updated resource model is robust and will form the basis of an updated Mineral Reserve and Life of Mine Plan (LOMP). New estimate constrained within optimised pit shells based on a gold price of A$2,4002 per ounce. Excellent reconciliation results in July against Localised Uniform Conditioning (LUC) Mineral Resource model. New LUC model checked against Equigold historical production data from the Gilbey's Main zone mined from 1996 to 2000. Company Total Mineral Resource of some 1.8Moz of contained gold.

28/08/2019

The company has not paid their annual listing fees in respect of the year ending 30 June 2020 but the securities are already suspended from official quotation.

22/08/2019

The company provides an operations update on Dalgaranga. July reconciled monthly gold production of 6,012 ounces recovered (second consecutive month above 6koz). Record average spot gold price of $2,023/oz received in July for 5,127oz gold sold. Record of 12 days averaging c.1.0g/t Au daily feed grade to mill in second half of July. July reconciled monthly gold production derived from processing of 241kt at 0.85 g/t Au at 90.9% recovery. Record gravity metal recovery of 11.4% in July (up from 3.4% in June), primarily from second half of month when treating higher component of transitional and fresh ore - bodes well for future increases in gravity gold component. Effective recovery from wet pit floors by mining team in second half of July to achieve c.0.9M BCM total movement whilst still delivering 273kt of ore at 0.8 g/t Au to the ROM pad. Excellent July reconciliation results against the modified Localised Uniform Conditioning geological model of 105% tonnes, 100% grade and 105% metal. Positive 2% grade mine call factor for July continues improved predictability against new isoshell grade control models. Updated Mineral Resource using optimised pit shells progressing, with final results expected in late August. Progressing towards the commencement of dual track process for sale or recapitalisation in September.

16/08/2019

The company lodges its June 2019 Quarterly Activities and Cash Flow Report.

31/07/2019

The company provides an operations update on Dalgaranga's record monthly production. Month of June record reconciled monthly gold production of 6,561 ounces recovered (first month above 6koz). Month of June reconciled production derived from processing of 275 kt at 0.84 g/t Au at 88.7% recovery. Reduced Total Material Moved of 1.1M BCM in June in line with reducing waste movement to reduce costs. Improved grade control geological models adopted using 0.2g/t and 0.3g/t Au ISO shells sees improved reconciliation in June. Vastly improved processed grade predictability with positive 8% Mine Call factor for June. Blast Movement Indicator (BVI) trial underway in July using GPS locatable "blast balls" technology. Interim mine plan developed under Voluntary Administration to ensure trade on viability for next 6 months. Cash flow positive for June under Voluntary Administration (financials to follow in quarterly activities report). For long-term planning, the highlights are as follows: New Localised Uniform Conditioning (LUC) geological models for Mineral Resource estimation for Gilbey's and Golden Wings are completed; Updated Mineral Resource and Reserve estimation process using optimised pit shells, underway with final results expected in late August; A new Life of Mine Plan is being developed, based on the new LUC models, focussing on minimising waste to ore strip ratios whilst maximising grade.

15/07/2019

The company releases a shareholder update. The administrators have determined that in order to achieve the best value for creditors, it would be preferable to continue to operate the Dalgaranga Gold Mine rather than place it into care and maintenance. An extension of the convening period of creditors for the GCY Group was granted by the Supreme Court of Western Australia. The convening period is extended to 4 November 2019. The meeting of creditors may be held at any time within the five business days after the end of the convening period.

05/07/2019

At the first meeting of creditors, with the support of key stakeholders including employees, banking lenders, the mining contractor NRW, and suppliers, the current intention of the administrators is to continue operating the Dalgaranga mine. Technical advisors, Mining One, and GCY Group have been appointed by administrators to develop an updated optimised life of mine plan for the Gilbey's ore body, reflecting updated resource modelling, which will form the underlying basis for a dual track recapitalisation/sales process for the GCY Group. The administrators are also exploring options for short term funding in order to support ongoing trading. The administrators expect that the administration may last from 2 to 6 months. The creditors also resolved to appoint a Committee of Inspection to Gascoyne Resources Limited and GNT Resources Pty Ltd. The administrators are also in the process of appointing an experienced M&A advisor that can assist in expediting a successful outcome for the GCY group across three identified work streams: debt, capital raise and asset divestment. The company's gold hedging program was closed out by the company's hedge counterparties as a consequence of the appointment of administrators. This has now crystallised a $29.7 million liability owing by the GCY Group to the hedge counterparties on the existing pre-appointment hedge position.

14/06/2019

Zenith Energy Limited has considered the impact of the appointment of FTI Consulting as Voluntary Administrators to Gascoyne Resources Limited and its related entities. Zenith's assessment of its exposure to the possible outcomes of the Gascoyne Administration can be summarised into four potential outcomes under the provisions of its PPA. Zenith is confident it can redeploy its assets and workforce resources to other sites and near-term projects if necessary. Any earnings impact would be limited to the timing between demobilisation of the Dalgaranga site assets and their redeployment into new projects. The Company estimates it could redeploy those assets within a six-month time frame, which would lead to a ~$1m EBITDA impact for the period.

05/06/2019

The securities of Gascoyne Resources Limited will be suspended from quotation immediately under Listing Rule 17.3, following the appointment of voluntary administrators.

03/06/2019

FTI Consulting today announces that the Directors of Gascoyne Resources Limited and its subsidiaries resolved on 2 June 2019 to appoint Michael Ryan, Kathryn Warwick and Ian Francis as Voluntary Administrators.

02/06/2019

The suspension of trading in the securities of Gascoyne Resources Limited will be lifted from the commencement of trading on Monday, 1 April 2019, following the release by GCY of an announcement regarding a capital raising.

01/04/2019

Firm commitments received for an initial Placement to raise ~$3.8 million. 4 for 5 non-renounceable fully underwritten Entitlement Offer to raise ~$20.6 million. The Placement and Entitlement Offer proceeds provide funding to strengthen Gascoyne's balance sheet as it advances its Dalgaranga Gold Project towards commercial production with lifting production forecast in the second half of 2019. The proceeds will support the planned operational improvement programs focused on increasing material movements and mined grade, as mining progresses from satellite deposits and peripheral lodes in to the extensions of the previously mined main Gilbeys lode that provides the majority of future ore.

01/04/2019

The company releases an Equity Raising Presentation.

28/03/2019

The company releases a corporate and operational update. The Dalgaranga Gold Project remains Lost Time Incident (LTI) free since the start of construction. Gold production of approximately 43,000 ounces since commissioning in mid-2018.

27/03/2019

The company lodges its Half Year Accounts.

27/03/2019

As a result of operational performance for the quarter to date being below expectations, production and cost guidance for calendar year 2019 is under review. A detailed operational update will be provided later this week. Gascoyne is progressing potential funding options and will provide an update on progress later this week.

19/03/2019

The securities of the company will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 18 March 2019, following failure to lodge the relevant periodic report by the due date.

18/03/2019

The suspension of trading in the securities of Gascoyne Resources Limited (the " Company") will be lifted immediately, following receipt of an announcement in relation to the proposed Monument Mining Limited transaction. Security Code: GCY

23/12/2014

The securities of Gascoyne Resources Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending release of an announcement. Security Code: GCY

19/12/2014

The suspension of trading in the securities of Gascoyne Resources Limited will be lifted immediately following the release of an announcement regarding a proposed exploration and mining alliance with Canadian listed gold miner Monument Mining Limited. ASX Code: GCY

05/09/2014

The securities of Gascoyne Resources Limited (the "Company") will be suspended from quotation immediately at the request of the Company pending the release of an announcement. Security Code: GCY

03/09/2014

The suspension of trading in the securities of Gascoyne Resources Limited (the "Company") will be lifted immediately, following receipt of an announcement regarding a capital raising. Security Code: GCY

10/12/2012

securities suspended pending an announcement

06/12/2012

suspension of trading in the securities of the Company will be lifted immediately

05/04/2012

securities suspended pending an announcement

03/04/2009

 

Click here for free access to this company's:
ASX, Legal & CGT Status

Your comments

Please read our Terms before viewing comments.

 

Company Updates

Post your comments here

Please read our Terms before posting comments.
OMISSIONS
    You can post a comment here about this company

    Please click in the "I'm not a robot" box and enter the word/figures you see in the image that then appears.

    loading Posting your comments. Please wait...

     


     

    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

    rss feeds

    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    09/11/2018Mike Joyce150,000$0.120$18,000
    30/10/2018Mark Le Messurier100,000$0.115$11,500
    30/10/2018Sally-Anne Layman700,000$0.124$86,500
    30/10/2018Mike Joyce250,000$0.120$30,000
    30/11/2017Mike Joyce100,000$0.400$40,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    George BaukChairman05/08/2020
    Stanley MacDonaldNon Exec Director20/04/2011
    Graham RileyNon Exec Director19/10/2009
    Richard HayExecutive Director26/04/2019
    Rowan JohnstonDirector05/08/2020
    Julian GoldsworthyGeneral Manager03/06/2011

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    David CoyneCFO20/07/202020/07/2020
    David LimCFO29/11/201620/07/2020
    Mike JoyceNon Exec Director21/04/201130/04/2020
    Ian KerrExecutive Director21/11/201705/07/2019
    Michael BallCFO18/06/201803/06/2019
    Sally-Anne LaymanNon Exec Chairman07/06/201731/05/2019
    Mark Le MessurierNon Exec Director08/10/201831/05/2019
    Michael DunbarManaging Director31/03/201125/10/2018
    Ian MurrayNon Exec Chairman08/10/201824/10/2018
    John den DryverNon Exec Director25/09/200918/04/2018
    Gordon DunbarNon Exec Director25/09/200931/12/2017

    Date of first appointment, title may have changed.