Market Sentiment, page-11

In April 2018 , the Pilbara Playbook released valued Calidus at 0.11 to 0.15 cents .


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


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