Warwick Gold slips briefly into receivership while spruiking billions to be made at Queensland project,

David Catsoulis’s Warwick Gold Holdings, which is talking up the multi-billion dollar potential of a newly acquired Queensland project, briefly slipped into receivership last month.

Warwick Gold founder David Catsoulis.

Warwick Gold Holdings, which has been raising money to develop gold and precious metals projects in Australia and Papua New Guinea worth, it says, potentially several hundred billion dollars, was briefly placed in receivership last month over a debt issue.

Company founder David Catsoulis - who has been bankrupt twice in the past - said the company was in administration for just two days because of a delay in refinancing.

ASIC records show that Mr Catsoulis himself is no longer a director of the company, ceasing in that role and as company secretary on June 20.

Mr Catsoulis said this was an “oversight” and he would be reappointed as a director on Wednesday, before making legal threats against News Corp Australia and hanging up the phone.

On the debt issue Mr Catsoulis said there was a “simple oversight on a matter that hadn’t been addressed. The lender was delayed by two days and in their wisdom the existing lender decided to put it into administration’’.

On his role as a director, Mr Catsoulis said “they took me off because they felt there was an issue there, I’m back on, you’ll find I’m back on today’’.

When asked about a capital raise document supplied to News Corp Australia, dated June 2023, which seeks to raise $45m via the issue of shares at $150 apiece - discounted from $250 apiece until July 15 - Mr Catsoulis demanded to know where the document had been sourced before threatening legal action.

The offer document values Warwick Gold at $3bn post-raise, with the money to be used to develop projects including the recently-acquired Twin Hills project in Queensland.

Warwick signed a deal to buy the Twin Hills and Silver Spur projects for $3.5m from Thomson Resources last year, with the process of transferring the project tenements into Warwick Gold’s ownership understood to be close to finalised.

The offer document sighted by News Corp Australia says a conservative estimate of the heap leach mining project at Twin Hills “indicate a multi $Billion resource’’.

“We are excited to bring our novel precious metal (platinum group elements) discovery into production and realise the resource’s full potential to deliver generous dividends to investors and opportunity to industrial and technical innovation over the ensuing 12-24 months,’’ the document says.

“We believe the discovery of the PGE resource in the Texas beds in the Warwick Region

could develop into the world’s leading PGE resource.’’

The document says the company’s staff have “diligently progressed to near completion of our

proprietary processing to extend extraction to single metals from concentrates’’.

“Solving the separation process provides an in-house solution and significant resource value-add compared to concentrates.’’

Mr Catsoulis and his companies Impact Gold and PGL Gold have in the past promoted a gold project in Papua New Guinea they claim to be worth billions of dollars, and which was to underpin a planned $20.7bn listing on the London Stock Exchange this year.

Impact Gold has in the past promised extraordinary dividend returns to shareholders, based off of the “phone book numbers of gold/valuations in our portfolio’’.

There is no evidence that these returns have eventuated to date.

The company claims to have proprietary access to “Resonance Frequency Geo Technology” which it uses to identify mineral deposits, however there is little evidence of the technology’s existence outside of the claims made by the company.

The capital raise document lists a former Labor Senator as a director - which is not reflected in the company’s ASIC records - and a proposed chief executive who said he has no association with the company.

As reported by News Corp Australia in June, Mr Catsoulis’s fundraising efforts around the PNG project are understood to be being scrutinised by the corporate regulator, ASIC.

Documents lodged with ASIC recently, show the PNG-focused Impact Gold, had just $121,929 on hand at the end of 2022, a large net asset deficiency, and a recently appointed director has resigned saying he has not been paid.