Catalina Resources Ltd. has locked in a AU$2 million drill-for-equity agreement with contractor Topdrill and named Jade Smith as Managing Director as it prepares to accelerate exploration at its recently acquired Badja gold project in Western Australia.
Under the binding agreement, Topdrill will accept fully paid ordinary Catalina shares, priced at a 20-trading-day volume-weighted average, to settle 50 per cent of eligible drilling metre and active-rate charges up to AU$2 million.
The structure preserves cash reserves while supporting up to AU$4 million in eligible drilling activity, equivalent to roughly 40,000 to 50,000 metres of reverse circulation drilling through to November 2027.
Located in Western Australia’s Yalgoo Mineral Field, Badja hosts a JORC-compliant mineral resource of 90,358 ounces of gold at 2.52 grams per tonne, alongside a broader exploration target.
Drilling is scheduled to kick off in January 2027, with Catalina targeting more than 15,000 metres over the first six months.
Initial rigs will prioritise extending high-grade gold mineralisation along strike and at depth beneath historical underground workings at the Gnows Nest deposit, before testing extensions and regional targets at Monte Cristo, Flying Emu, and Water Tank.
Executive Director Ross Cotton said the deal gives Catalina financial flexibility to rapidly grow its resource inventory toward an additional 300,000 ounces while advancing scoping and pre-feasibility studies.
Alongside the drilling agreement, Catalina appointed former COO Jade Smith as Managing Director, effective immediately. Smith played a central role in securing Badja and shaping the company’s Mid-West gold strategy.
“The AU$2 million drill-for-equity arrangement provides additional flexibility to accelerate these programs while preserving cash for other exploration and development activities,” Cotton said.
Smith played a central role in securing Badja and shaping the company’s Mid-West gold strategy.
“With Badja now secured, our focus is firmly on execution,” Smith said.
“My immediate priority is to accelerate drilling, grow the resource and drive Badja rapidly towards development.”
