Citigold : Half Year Report 31 December 2021

About this update from Citigold Corporation Limited

For personal use only Citigold Corporation Limited ASX ANNOUNCEMENT 2 February 2022 Half Year Report 31 December 2021 Citigold Corporation Limited ("Citigold" or "Company") (ASX:CTO) hereby announces the Half Year Financial Report for the period ending 31 December 2021. Net assets at 31 December 2021 are $101 million and net loss was $1,094,306. Financing discussions, to enable the transition to gold production, have progressed and at this time we reasonably expect they may be in place by end of March 2022 Quarter. Design and strategies for the Central Mine continued to be refined. Restart strategy is in place utilising ultra-low cost mining plan. Ongoing regional exploration sampling highlights additional anomalous gold results indicating potential for new undiscovered mineralised bodies (For full details see ASX announcement dated 12 November 2021, Exploration highlights area to the north of Charters Towers). Please read the following Half Yearly Report. Authorised for release by Mark Lynch, Chairman. For further information contact: Niall Nand Company Secretary Level 1, 1024 Ann Street (PO Box 1133), Fortitude Valley, QLD, 4006 Australia +61 7 3839 4041 [email protected] www.citigold.com Cautionary Note: This release may contain forward-looking statements that are based upon management's expectations and beliefs in regard to future events. These statements are subject to risk and uncertainties that might be out of the control of Citigold Corporation Limited and may cause actual results to differ from the release. Citigold Corporation Limited takes no responsibility to make changes to these statements to reflect change of events or circumstances after the release. 1 For personal use only HALF YEAR REPORT 31 DECEMBER 2021 For personal use only CORPORATE DIRECTORY REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS Level 1, 1024 Ann Street [PO Box 1133] Fortitude Valley QLD 4006, Australia Telephone: +61 7 3839 4041 Email: [email protected] Website: www.citigold.com CHARTERS TOWERS MINE SITE 10 Nagle Street [PO Box 10] Charters Towers QLD 4820, Australia DIRECTORS Mr Mark Lynch (Executive Chairman) Mr John Foley (Non-Executive Director) Dr Sibasis Acharya (Non-Executive Director) COMPANY SECRETARY Mr Niall Nand STOCK EXCHANGE LISTING Australia (ASX) Code 'CTO' SHARE REGISTRY CONTENTS Link Market Services Limited ABN 54 083 214 537 Level 21 10 Eagle Street Brisbane QLD 4000 Corporate Directory 2 Telephone: 1300 554 474 AUDITOR Business Overview 4 Directors' Report 5 KS Black & Co ABN 48 117 620 556 Review of Operations 5 Level 1 251 Elizabeth Street Sydney NSW 2000 JORC Checklist 13 BANK Auditor's Independence Declaration 20 Westpac Banking Corporation Limited Consolidated Statement of Profit or Loss and ABN 33 007 457 141 Comprehensive Income 21 260 Queen Street Brisbane QLD 4000 Consolidated Statement of Financial Position 22 Consolidated Statement of Changes in Equity 23 Consolidated Statement of Cash Flow 24 Notes to the Interim Consolidated Financial Statements 25 Directors' Declaration 27 Independent Auditor's Review Report 28 PAGE 2 For personal use only CHARTERS TOWERS GOLD PROJECT - CENTRAL MINE The red arrow below shows the entrance to the underground mine which is 4 m × 4.5 m. The main access tunnel is 1.6 km long with plans to initially increase by a further 1,000 metres. 1,000 metres Above top: Photo of Citigold's Central mine site and the entrance to the underground ramp portal. Above: Shows the gold areas to be mined in PINK and, the BROWN areas were previously mined. GREY lines are 1 kilometer grid spacing, large gold deposit is in PINK and mining gold starts at relatively shallow 300 metres deep. Long section looking south, showing the drill pierce points through the Central Area Indicated Mineral Resource structures. Above diagram, see ASX announcement dated 9 December 2020, Mineral Resources & Ore Reserves 2020 Report. The above diagram is based on estimates of mineral resources. The material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. PAGE 3 CITIGOLD CORPORATION LIMITED HALF YEARLY REPORT 31 DECEMBER 2021 BUSINESS OVERVIEW For personal use only Citigold Corporation Limited (Citigold) is an Australian gold mining and exploration company, operating on the high-grade Charters Towers Goldfield in north-east Queensland, Australia. The Company's prime focus is the Charters Towers Gold Project. The Project comprises of the 14 million ounce gold deposit, with an Inferred Mineral Resource of 32 million tonnes at 14 grams per tonne gold and 620,000 ounces of gold in the Probable Ore Reserve (2.5 Mt @ 7.7 g/t Au at a 4 g/t cut-off) (See ASX announcement dated 9 December 2020 Mineral Resources and Reserves 2020 Report). The Charters Towers Project is one of Australia's largest high-grade pure gold deposits. The Company does not require additional mine acquisitions to sustain long-term gold production. Citigold has already invested over $200 million in acquiring the gold deposit, developing the infrastructure and test mining at Charters Towers, producing over 100,000 ounces of gold. The Company is seeking to raise the required capital funding to complete the underground capital works to commercialise its gold deposit. The Charters Towers gold deposit is large and forecasts show that it has the potential to generate substantial positive cash flows for decades. This will help generate large returns for all shareholders over time. "Our aim is to be a 300,000 plus ounces per OUR annum ultra-low cost gold producer in five years using state of the art technologies and MISSION efficiencies, all with the aim of returning substantial profits to shareholders in harmony with the local environment" Production Ready CHARTERS TOWERS GOLD PROJECT 14 Million oz Gold Deposit that remains under explored in all directions • Production Ready. Above: See ASX announcement dated 14 December 2020, Corporate Presentation. PAGE 4 CITIGOLD CORPORATION LIMITED HALF YEARLY REPORT 31 DECEMBER 2021 This is an excerpt of the original content. To continue reading it, access the original document here .

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