The Company was formed in 2006 to progress gold exploration in Central Victoria, with a particular focus on the famous Clunes Goldfield, which had produced well over one million ounces of gold between the 1850s and 1893.
Following a moderately successful initial public offering (IPO) the Company was listed, until 2020, on what later became the National Stock Exchange. The Company has some 350 shareholders, but there is no active market for the shares at present.
Despite many drillholes, the gold lodes intersected prior to 2021 were only ‘encouraging’ rather than commercial, and around 2015 financial support from shareholders began to wane. The board spent the next few years endeavouring to locate a well-funded partner, to enable a more active exploration program at Clunes, but without success.
In April 2021 shareholders elected a number of new directors, with a far broader range of expertise, and since that time the refreshed board has made considerable advances. They renegotiated the terms of two earlier offers, and put both to shareholders in December 2021. The offer from Esploratore Pty Ltd was approved at that meeting, and since May 2022 there has been a fully-funded vigorous ongoing drilling program at Clunes.
The Company also has title to an accumulation of mine residues from past gold mining at Glenfine, southwest from Ballarat, and in September 2021 the new board negotiated a joint venture with an experienced partner, who fully-funded a processing plant and became the operator.
Under the direction of the new board other important advances have been made : the obligatory audited annual financial statements, not completed in recent years, have been prepared and lodged, and the share register is being brought up to date.
Further information will be added to this website in due course.