Karratha 3.0 is Artemis gold
Artemis Resources executive director Ed Mead was a surprise presenter at yesterday’s annual Pilbara Economic Development Conference at the Hyatt Regency.
The geologist wowed delegates with the story of how the company believed it had discovered a conglomerate gold deposit on its landholding south of Karratha, which could be geologically linked to the world-famous Witwatersrand gold basin in South Africa, from which 40 per cent of the world’s gold has been extracted.
Artemis’ market capitalisation has surged since late last year from $3 million to a high of $75 million on buzz around the discovery of watermelon seed-shaped flat gold nuggets in shallow rock at the company’s Purdy’s Reward project in the middle of last year.
The story grew legs with the addition of a Canadian farm-in partner in Novo Resources and the appointment of Monaco-living, London-based spruiker David Lenigas as executive chairman.
However, Mr Mead admits it’s been a struggle convincing his rock-kicking colleagues of the merits of the find.
“People thought it was a pump and dump,” he told the Bull after yesterday’s presentation. “But with Novo, we have put credibility into the story.”
Mr Mead said drilling would start in the next few months ahead of an expected maiden resource before the end of the year.
“I think of it as Karratha 3.0,” he said. “Karratha 1.0 was iron ore, 2.0 was oil and gas and 3.0 will be gold.” printing by the nation’s big four. BHP’s market capitalisation hit $135 billion this week while CBA’s money laundering woes sent its market value down 11.5 per cent to $129 billion over the past three weeks.
The mighty miner’s cash flow has rebounded strongly along with the iron ore price over the past months, while the serially naughty lender has really irked the regulators this time and faces serious reputational risk analysts believe could take years to recover from.
After a lean time last year when no short-term bonuses were paid,
Austal’s executives have done much better this time around.
According to the shipbuilder’s annual report, chief executive David Singleton was on the receiving end of a $841,000 short-term incentive payment.
The bonus helped push Singleton’s total remuneration to $2.1 million.
Austal USA boss Craig Perciavalle could argue his $205,000 bonus sold him a bit short given the Mobile, Alabama-based business did most of the heavy lifting profit-wise. But we know he wouldn’t.
Perciavalle’s total pay added up to $1.1 million, while chief bean counter
Greg Jason earned a $199,000 bonus for a total of $725,000. home. Word has reached the Bull that he is saying vamos to being general manager of the Mexican food chain he helped establish.
Bain grew the brand from two stores to 37 stores in WA and Tasmania over the past four years.
Well done to Cassini Resources for being named “WA’s Smartest Company” at the recent Redkite Corporate Quiz.
Executive director Greg Miles told the Bull the new piece of silverware went straight to the Cassini pool room.
“Not only did we stick it to the big end of town, we raised some money for the sick kids at PMH too. Bonus!” he said.
The next test for the Mike Young-chaired Cassini is a little more challenging — working out how to get the 50,000 tonnes of nickel and 1.8 million tonnes of copper out of the ground at the West Musgrave Project. With Gareth Costa, Stuart McKinnon and Peter Williams
Artemis Resources executive director Ed Mead yesterday.
The Cassini quizmasters.