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ga totalled just over 80,000oz in 2020 We’ve done all the hard yards, we’ve got struggles at Nullagine in the Pilbara. Last
for an average AISC of $1,576/oz, al- a very strong operation generating good year TSX-listed Novo Resources Corp
though that figure dropped to $1,100/oz cash flow and a really good team with the struck a deal with creditors to acquire the
in the December quarter. The number right experience that will be able to take mothballed operation for $130 million.
of tonnes processed through the 2 mtpa Gascoyne forward.” Unlike Eastern Goldfields and Millen-
mill also exceeded primary ore plant de- Gascoyne was one of three high-pro- nium, Gascoyne continued to operate
sign capacity by 7% during the final three file collapses for the WA gold industry in while in voluntary administration. Hay
months of the year as the average head the space of 12 months from late 2018 said regular contact with those on site
grade lifted to 1.03 g/t gold. when Eastern Goldfields entered volun- was crucial to the success that followed,
For Hay and his team, it is now a case tary administration following a failed bid especially with a potential sale being an
of looking forward not back despite the to raise $75 million to save its proposed option on the table early in the process.
likelihood that the mistakes of the past revival of the Davyhurst processing plant “It was a dual track process, but at the
will remain front of mind with Gascoyne’s near Kalgoorlie. Now known as Ora same time we really valued our employ-
senior management for some time. Banda Mining Ltd, the company was also ees and offered them retention bonuses
“We’ll never forget the challenges we able to recapitalise after a new board at certain points in time to stay with us for
had and what got us into trouble in the was installed and announced in Febru- the journey,” Hay said.
past and I think that’s one lesson we’ve ary that it had poured its first gold bar “It was very important that we retained
learned and we will always take forward from the recommissioned mill. our people, but also gave them a degree
as a team,” Hay said. Millennium also raised the white flag of hope for the future that we could ac-
“The opportunity in front of us now is shortly after Gascoyne in mid-2019 tually turn this around. It was all about
huge and I guess that’s the exciting part. having encountered further production regular engagement. I was up there

Gascoyne managing director Richard Hay

“ We just needed

that protected time
in administration to have
a chance of coming out in
the recap, which we did.

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