Catalina Resources secures $2M Topdrill drilling agreement
By Jon CuthbertKey points
- Catalina Resources executed an $2 million drill-for-equity agreement with Topdrill and appointed Jade Smith as managing director.
- Topdrill will accept Catalina shares for up to 50% of eligible drilling charges, preserving company cash.
- Catalina stated the deal will fund 40,000–50,000m of drilling to expand its Badja Gold Project.
Catalina Resources (ASX:CTN) signed a binding $2 million drill-for-equity agreement with Topdrill and appointed Jade Smith as Managing Director.
The Badja Gold Project currently holds a JORC 2012 mineral resource of 90,358 ounces of gold.
Topdrill will accept Catalina shares for 50% of eligible drilling charges up to $2 million.
Executive Director Ross Cotton commented, "The Badja Gold Project transforms Catalina from a junior explorer into a company with a clear development pathway."
Catalina stated that drilling will start in January 2027 across 40,000–50,000m to expand resources at Gnaws Nest.
Following the announcement, the Catalina share price was unchanged at $0.057.
Catalina plans to conduct additional drilling at Monte Cristo and Flying Emu to target new discoveries.
The company stated that appointing Smith and preserving cash will support its exploration and development phases.
