Finance Sector Union demands Commonwealth Bank of Australia justify job cuts after posting multi-billion dollar profit

AUC to deliver Katanning DFS by end June 2025

The Australian

7 hours ago

The Australian

AUC to deliver Katanning DFS by end June 2025

Ausgold's Katanning gold project covers 3500km2 of ground in WA's Great Southern region DFS for proposed 3.6Mtpa development with a 10-year mine life nearing completion Decision to mine could come as early as Q1 or Q2 2026 Pegging large tracts of ground around promising projects is common enough in the mining world, but having a junior company lock down what's essentially an entire greenstone belt is far less common. Yet that's exactly what Ausgold (ASX:AUC) has managed to achieve with its Katanning gold project in Western Australia's Great Southern, where it has secured a landholding of over 3500km2 that is just 30km from the town of Katanning and some 275km southeast (and 3.5hrs via the Albany Highway) from Perth. This is primarily on freehold land – requiring the company to engage with landholders rather than deal with native title agreements, and includes mineralised trends that strike over 100km. This achievement was made possible by the relatively recent recognition by the Geological Survey of Western Australia in 2019 that what was previously considered to be just granite was actually a greenstone belt. Greenstone belts are much sought after for explorers due to their well-known gold prospectivity. Executive chairman John Dorward, who took the helm about a year ago as Ausgold brought in fresh blood with experience in operations and project development, told Stockhead the late identification of the project area as a greenstone enabled the company to really 'put its foot' on the entire belt. 'All of the ground that is of interest we have under tenure,' he added. Katanning gold project map. Pic: Ausgold Katanning gold project That greenstone was indeed fertile. Ausgold has defined one of the largest undeveloped resources in WA of 3.04Moz of gold at an average grade of 1.06g/t. Further highlighting the level of work already conducted, this includes higher confidence measured and indicated resources totalling over 2.42Moz and an ore reserve of 1.28Moz at 1.25g/t. That is enough for a plant with proposed throughput of 3.6 million tonnes per annum to comfortably sustain production of some 136,000oz of gold per annum for an initial 10-year mine life. Katanning is certainly attractive enough for Ausgold to be able to attract primarily northern hemisphere institutions to back a $38m placement last year to fast track its development. This includes the key definitive feasibility study which the company is putting the finishing touches on. It's due for release before the end of the month. 'It's starting to look really good, taking shape. I think it's going be a really strong project,' he added. He also noted the feasibility study is a big step towards putting a milestone out in the public domain and that not missing it would be a critical step on the right path for the company, contrasting with when it previously struggled to advance projects in a timely fashion. That gold prices are still trading at near record levels – A$5212/oz on Wednesday – is certainly helping, though Dorward said Katanning will be very competitive against other developments even at conservative price assumptions. Katanning gold project deposits. Pic: Ausgold Only the beginning The current Katanning project is a starter kit for Ausgold believes will be a multi-decade asset. The company's enormous land holding means there is plenty of the greenstone belt still to explore for large new gold deposits. 'We have started to actively explore that. We have enough to build a very attractive project. today, but we think it's just the early innings and very much just the starter for what we think will ultimately be there,' he said. Immediate growth could come through drilling to the north and south of existing resources as it remains open in those directions. There is also potential for repeat structures in the immediate vicinity of the project and opportunities for high-grade satellite feeders to be found across the company's regional exploration package. A major ~19,000m drill program is currently underway including 12,000m of RC drilling proximal to the KGP designed to de-risk the first 18 months of production and grow the mineral resource. The infill drilling has already delivered near-surface gold intercepts such as 14m grading 4.58g/t gold from 29m in the Central Zone that support the de-risking strategy and high-grade results such as 10m at 10.55g/t gold from 42m in the Southern Zone that supports the project's growth potential. Likewise, drilling has extended the Datatine high-grade shoot in the Northern Zone by ~240m down-plunge after returning a notable intercept of 6.6m at 3.4g/t gold from 362m, reinforcing its potential as a high-grade underground prospect that remains open down-plunge. Drilling at regional prospects has also intersected broad gold zones, which reinforce Ausgold's belief in the prospectivity of its regional growth pipeline. Road ahead Besides the upcoming DFS, Ausgold is focused on permitting. 'We will have our initial application in by the end of this month to start the permitting clock, which we think is around a nine-month timeline,' Dorward said. The company is also looking at debt financing, led by chief financial officer Benjamin Stockdale, a experienced operator who has assisted junior mining companies in securing financing for development of their first project. 'We are also starting detailed engineering and looking to buy long lead items as well as securing the last of the land access that we need in terms of compensating the underlying landholders,' he noted. 'It's going to be a busy 12 months but by end of Q1, early Q2 next year, we'll be looking to press the button on breaking ground. 'Once we publish the DFS, it is going to look to people like a very straight down the middle of the fairway, substantial Western Australian open pit gold mine. 'There's nothing challenging in terms of the mining or the metallurgy or the sort of the environmental aspects or anything like that. 'It's a straightforward project that's of really good size and it will make a tonne of money.' At Stockhead, we tell it like it is. While Ausgold is a Stockhead advertiser, it did not sponsor this article.

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

The Age

8 hours ago

The Age

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

In the late summer of 2017, Melbourne-based investor Craig Astill ventured to the Northern Territory to spend a few days at Aileron Station, a major cattle farm sprawling over a million acres just 130 kilometres from Alice Springs. During the trip, the 54-year-old marvelled over the farm's oasis-like vista: bright-green grass and brimming dams set against the backdrop of Central Australia's endless red dust desert. Astill's investment firm, Caason Group, had acquired the significant property two years earlier for an undisclosed sum. While Caason Group, founded by Astill in 1999, held a diverse portfolio – from telecommunications to mining to fintech – there was no doubt Aileron Station was its crown jewel. So much so that in 2021, Astill led the purchase of neighbouring hay farm Oolloo Farm for $6.1 million. The spoils of Caason Group's success over its 26-year lifespan afforded Astill and his family a life of opulence. He vacationed in beachfront villas in the Maldives and carved turns on the Val d'Isère slopes of the French Alps. He showcased renovations of a multimillion-dollar home and was known to drive luxury cars through the streets of Melbourne's affluent inner-east suburbs. Astill couldn't know it during that 2017 trip up north, but lenders would eventually seize possession of the Aileron and Oolloo farms, selling them to rich-lister Charlie Shahin. It was an event dubbed by sources unable to speak publicly as the beginning of the end for Caason Group and Astill's life of luxury. The Melbourne investor now faces serious questions about the management of his firm, whose key subsidiary collapsed with just $75 in its bank accounts, minor share holdings in two collapsed mining companies, and two luxury cars – a $75,000 black Maserati coupe and $50,000 black Land Rover wagon. Astill is subject to ongoing scrutiny from the corporate cop, and a long list of investors and creditors furious over money they are unlikely to ever see again. He was declared bankrupt last month with a $10.7 million debt pile mounted from excessive borrowing, business failures, legal action and gambling. As liquidators, receivers and administrators trawl through Caason's various insolvent companies, a murkier picture of the firm's operation has begun to emerge. Alleged misconduct has been identified. Millions of dollars have been lost. Lucrative metal rods, gold bullion and precious mineral sands purportedly owned by Caason and used to secure loans, have either not been found or are owned entirely by another company. The firm's key entity, Caason Investments, entered liquidation in November after a lengthy court battle with a $24 million hole in its balance sheet. It owes 108 creditors an estimated combined total of $4.7 million. They range from private lenders to individuals with personal relationships with Astill and his family. Caason Investment liquidator Adam Preiner determined the company traded while insolvent from at least June 30, 2021, leaving Astill liable to the tune of $3.5 million. The creditors' report, filed to the Australian Securities and Investments Commission in February, detailed $18 million in loans to Caason Group's related companies, Astill himself, and his wife. Preiner also identified several potential offences, which he indicated were detailed in a confidential report sent to ASIC. Questions have also been raised about the firm's commercial associations, which included twice-bankrupt mining spruiker David Catsoulis, self-described 'Christian marketplace leader' Dave Hodgson – who has been sued twice by ASIC – and previously banned director Colin Oxlade. Astill told the liquidator in November that Caason Investments had operated an 'innovation, research and development and project management investment business'. Preiner's investigation, however, painted a largely different picture: 'My investigations have identified that [Caason Investments'] predominant activity was borrowing funds from private investors and lending the borrowed funds to related entities of the company,' the liquidator stated in his report. The Australian Securities and Investments Commission is investigating Astill and his companies amid the litany of concerns identified in reports filed to the corporate regulator by liquidators, a well-placed source unable to speak publicly confirmed. The regulator declined to respond to detailed questions, but said: 'ASIC is aware of the concerns involving Caason Group and is considering them in line with our normal processes.' The corporate cop has already charged Astill. In December, the investor fronted Sydney Downing Local Court on two counts of failing to lodge a key report directors are required to file during the insolvency process, known as a Report on Company Activities and Property (ROCAP). The charges, launched by ASIC, were related to Aileron Station and Oolloo Farm. Astill eventually submitted the two ROCAPs. He was fined, and no conviction was recorded. When contacted by this masthead, Astill insisted on sitting down for an interview but on the day it was scheduled his solicitor responded, questioning the public interest of the story and revoking the offer of speaking to his client. There was no response to detailed questions sent later to Astill and his lawyer. The firm's collapse, and Preiner's findings, have been a long time coming for some creditors, several of whom launched a series of court proceedings last year in a bid to wind up several of its key entities after Caason defaulted on repayments. But applications to wind up some of Caason's companies go as far back as 2020. Some creditors who spoke to this masthead on condition of anonymity expressed sympathy for Astill, placing the blame on the private lenders Astill sourced financing from. 'He's straight up, [before this loan] he's paid me back – apart from this it's all been good,' said one investor, who met Astill over a decade ago. The creditor has written off the six-figure loan made out to Caason about five years ago. Others are not angry the business failed, but rather that Astill failed to act as his companies continued to incur losses and defaulted on repayments. Instead, they claim, Astill obfuscated and denied creditors' concerns, leading to an increase in debts and the unlikelihood of any sort of return. 'Craig had a moment when he realised he f----- up – he could've copped it, but instead he decided to weave a web of deceit,' one creditor said. And then there are those with more serious concerns, who feel deliberately misled. This includes creditors whose loans agreements, several of which have been obtained by this masthead, were supposed to be secured by collateral that liquidators say they have been unable to locate or if located, were owned by another company. These include the precious metal rods, gold bullion and mineral sands. Until his bankruptcy, Astill continued to operate various Caason Group entities and in October, he appeared as a speaker on an online forum discussing success in agriculture, despite the litany of financial woes, court proceedings and angry creditors. Astill stated in his bankruptcy documents his insolvency was due to 'excessive borrowing, business failure, legal action, and losses from gambling'. Astill's bankruptcy trustee, Gavin King, found that Astill owes at least $10.7 million, according to his initial report to creditors. His bank accounts are overdrawn by $20,000, and a SportsBet account held a little over $156. There are no other assets, and – like Caason Investments – Astill's personal creditors are unlikely to recoup any of their funds. Many of Astill's personal creditors were private investors to the Caason Group, whose loans were secured by personal guarantees provided by the Melbourne businessman. Curiously, the largest creditor of Astill's estate is an entity called Castill Investments – incorporated by Astill a month before he applied for bankruptcy – which is owed $4.2 million. One investor, owed over $150,000, has breathed a sigh of relief that Astill is banned from managing companies now he is bankrupt. 'I play high-risk games, and you don't win all the time and that's fine, but … you expect people to be straight up. Craig wasn't,' the investor said.

Sydney Morning Herald

8 hours ago

Sydney Morning Herald

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

In the late summer of 2017, Melbourne-based investor Craig Astill ventured to the Northern Territory to spend a few days at Aileron Station, a major cattle farm sprawling over a million acres just 130 kilometres from Alice Springs. During the trip, the 54-year-old marvelled over the farm's oasis-like vista: bright-green grass and brimming dams set against the backdrop of Central Australia's endless red dust desert. Astill's investment firm, Caason Group, had acquired the significant property two years earlier for an undisclosed sum. While Caason Group, founded by Astill in 1999, held a diverse portfolio – from telecommunications to mining to fintech – there was no doubt Aileron Station was its crown jewel. So much so that in 2021, Astill led the purchase of neighbouring hay farm Oolloo Farm for $6.1 million. The spoils of Caason Group's success over its 26-year lifespan afforded Astill and his family a life of opulence. He vacationed in beachfront villas in the Maldives and carved turns on the Val d'Isère slopes of the French Alps. He showcased renovations of a multimillion-dollar home and was known to drive luxury cars through the streets of Melbourne's affluent inner-east suburbs. Astill couldn't know it during that 2017 trip up north, but lenders would eventually seize possession of the Aileron and Oolloo farms, selling them to rich-lister Charlie Shahin. It was an event dubbed by sources unable to speak publicly as the beginning of the end for Caason Group and Astill's life of luxury. The Melbourne investor now faces serious questions about the management of his firm, whose key subsidiary collapsed with just $75 in its bank accounts, minor share holdings in two collapsed mining companies, and two luxury cars – a $75,000 black Maserati coupe and $50,000 black Land Rover wagon. Astill is subject to ongoing scrutiny from the corporate cop, and a long list of investors and creditors furious over money they are unlikely to ever see again. He was declared bankrupt last month with a $10.7 million debt pile mounted from excessive borrowing, business failures, legal action and gambling. As liquidators, receivers and administrators trawl through Caason's various insolvent companies, a murkier picture of the firm's operation has begun to emerge. Alleged misconduct has been identified. Millions of dollars have been lost. Lucrative metal rods, gold bullion and precious mineral sands purportedly owned by Caason and used to secure loans, have either not been found or are owned entirely by another company. The firm's key entity, Caason Investments, entered liquidation in November after a lengthy court battle with a $24 million hole in its balance sheet. It owes 108 creditors an estimated combined total of $4.7 million. They range from private lenders to individuals with personal relationships with Astill and his family. Caason Investment liquidator Adam Preiner determined the company traded while insolvent from at least June 30, 2021, leaving Astill liable to the tune of $3.5 million. The creditors' report, filed to the Australian Securities and Investments Commission in February, detailed $18 million in loans to Caason Group's related companies, Astill himself, and his wife. Preiner also identified several potential offences, which he indicated were detailed in a confidential report sent to ASIC. Questions have also been raised about the firm's commercial associations, which included twice-bankrupt mining spruiker David Catsoulis, self-described 'Christian marketplace leader' Dave Hodgson – who has been sued twice by ASIC – and previously banned director Colin Oxlade. Astill told the liquidator in November that Caason Investments had operated an 'innovation, research and development and project management investment business'. Preiner's investigation, however, painted a largely different picture: 'My investigations have identified that [Caason Investments'] predominant activity was borrowing funds from private investors and lending the borrowed funds to related entities of the company,' the liquidator stated in his report. The Australian Securities and Investments Commission is investigating Astill and his companies amid the litany of concerns identified in reports filed to the corporate regulator by liquidators, a well-placed source unable to speak publicly confirmed. The regulator declined to respond to detailed questions, but said: 'ASIC is aware of the concerns involving Caason Group and is considering them in line with our normal processes.' The corporate cop has already charged Astill. In December, the investor fronted Sydney Downing Local Court on two counts of failing to lodge a key report directors are required to file during the insolvency process, known as a Report on Company Activities and Property (ROCAP). The charges, launched by ASIC, were related to Aileron Station and Oolloo Farm. Astill eventually submitted the two ROCAPs. He was fined, and no conviction was recorded. When contacted by this masthead, Astill insisted on sitting down for an interview but on the day it was scheduled his solicitor responded, questioning the public interest of the story and revoking the offer of speaking to his client. There was no response to detailed questions sent later to Astill and his lawyer. The firm's collapse, and Preiner's findings, have been a long time coming for some creditors, several of whom launched a series of court proceedings last year in a bid to wind up several of its key entities after Caason defaulted on repayments. But applications to wind up some of Caason's companies go as far back as 2020. Some creditors who spoke to this masthead on condition of anonymity expressed sympathy for Astill, placing the blame on the private lenders Astill sourced financing from. 'He's straight up, [before this loan] he's paid me back – apart from this it's all been good,' said one investor, who met Astill over a decade ago. The creditor has written off the six-figure loan made out to Caason about five years ago. Others are not angry the business failed, but rather that Astill failed to act as his companies continued to incur losses and defaulted on repayments. Instead, they claim, Astill obfuscated and denied creditors' concerns, leading to an increase in debts and the unlikelihood of any sort of return. 'Craig had a moment when he realised he f----- up – he could've copped it, but instead he decided to weave a web of deceit,' one creditor said. And then there are those with more serious concerns, who feel deliberately misled. This includes creditors whose loans agreements, several of which have been obtained by this masthead, were supposed to be secured by collateral that liquidators say they have been unable to locate or if located, were owned by another company. These include the precious metal rods, gold bullion and mineral sands. Until his bankruptcy, Astill continued to operate various Caason Group entities and in October, he appeared as a speaker on an online forum discussing success in agriculture, despite the litany of financial woes, court proceedings and angry creditors. Astill stated in his bankruptcy documents his insolvency was due to 'excessive borrowing, business failure, legal action, and losses from gambling'. Astill's bankruptcy trustee, Gavin King, found that Astill owes at least $10.7 million, according to his initial report to creditors. His bank accounts are overdrawn by $20,000, and a SportsBet account held a little over $156. There are no other assets, and – like Caason Investments – Astill's personal creditors are unlikely to recoup any of their funds. Many of Astill's personal creditors were private investors to the Caason Group, whose loans were secured by personal guarantees provided by the Melbourne businessman. Curiously, the largest creditor of Astill's estate is an entity called Castill Investments – incorporated by Astill a month before he applied for bankruptcy – which is owed $4.2 million. One investor, owed over $150,000, has breathed a sigh of relief that Astill is banned from managing companies now he is bankrupt. 'I play high-risk games, and you don't win all the time and that's fine, but … you expect people to be straight up. Craig wasn't,' the investor said.

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AUC to deliver Katanning DFS by end June 2025

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Finance Sector Union demands Commonwealth Bank of Australia justify job cuts after posting multi-billion dollar profit

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AUC to deliver Katanning DFS by end June 2025

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

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