Calidus Resources Limited (ASX:CAI) agreed to acquire Nullagine Gold Project from Novo Resources Corp. (OTCPK:NSRP.F) for approximately AUD 5.25 million on December 20, 2023.

Calidus Resources Limited (ASX:CAI) completed the acquisition of Nullagine Gold Project from Novo Resources Corp. (OTCPK:NSRP.F) on December 20, 2023. As consideration for the sale, the Company received 1,347,089 Calidus shares at AUD 0.19 per share totaling AUD 0.250 million ($0.226 million). The Company has a right to receive a further AUD 5 million deferred consideration upon Calidus reaching a production milestone of 100,0000 ounces with respect to the NGP asset within a 10-year period to which the Company has assigned no value. The transaction included a share sale agreement where Calidus purchased all the issued shares of Millennium and an asset sale agreement where Calidus acquired additional tenements from Beatons Creek, Nullagine Gold and Rocklea.