Stawell-based Navarre Minerals has entered voluntary administration.
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Andrew Sallway, Andrew Fielding and Duncan Clubb from BDO in Sydney were appointed joint and several voluntary administrators of the company on June 19, 2023.
The administrators were also appointed administrators to the following related entities on June 19 2023:
- Black Range Metals Pty Ltd ACN 158 123 687
- Navarre Minerals Queensland Pty Ltd ACN 653 931 803
- Loddon Gold Pty Ltd ACN 640 282 882
- North Central Gold Exploration Pty Ltd ACN 640 554 516
- Tandarra Gold Pty Ltd ACN 640 554 534
- Western Victoria Gold Pty Ltd ACN 641 639 018 (collectively 'the Companies').
Receivers and Managers were appointed to the company's subsidiary, Navarre Minerals Queensland, by secured creditor Evolution Mining Limited on June 21.
McGrathNicol Restructuring announced that Mark Holland, Jason Preston, Jason Ireland and Shaun Fraser were appointed Receivers and Managers of NMQ.
The appointment of Receivers and Managers by one of NMQ's secured creditors is in response to the appointment of voluntary administrators by the directors of Navarre Minerals Limited (NML) and its related entities on June 19,2023.
The receivers and managers are not appointed to the listed head company NML.
The receivers and managers have taken control of NMQ and are continuing to operate the Mt Carlton Mine on a business-as-usual basis whilst undertaking an urgent assessment of the financial position of NMQ.
This includes working with the key off-taker for the mine to ensure that ongoing operations remain sustainable whilst a sale and recapitalisation process is undertaken.
The receivers and managers appreciate the ongoing support of employees and suppliers to maximise the likelihood of the best possible outcome for all stakeholders.
Ongoing trading enquiries for NMQ should be directed to the Receivers and Managers.
An initial meeting of the creditors of the companies is to be held within eight business days of the date of appointment.
The initial meeting will be held by no later than 29 June 29, 2023.
The administrators have commenced an urgent assessment of the business of the companies and will shortly commence a process to seek proposals to restructure and/or recapitalise the business.
Further announcements will be made to the ASX by the Administrators in due course.
All other shareholder and creditor enquiries should be directed to BDO.
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Vera Demertzis
Journalist at the Southern Highland News covering council yarns and community news. Got a tip or a story to tell? Email vera.demertzis@southernhighlandnews.com.au or call on 0427 250 908.
Journalist at the Southern Highland News covering council yarns and community news. Got a tip or a story to tell? Email vera.demertzis@southernhighlandnews.com.au or call on 0427 250 908.
