Impact Gold - Liquidation

Impact Gold, a mining company owned by Greek Australian mining entrepreneur David Catsoulis, entered liquidation on 10 September.

The company, which recently appointed a new CEO, has been advertising its gold project in Papua New Guinea for nearly five years and told investors in 2019 that it estimated a conservative 35,000 kg gold resource. However, no evidence under Australian mining standards has reportedly been produced to support this claim, nor has a substantial amount of gold been mined.

The company had recently hoped to secure a $25 million investment from Melbourne’s Australian Refining Services, but the investment, which was contingent on due diligence, does not appear to have been made.

Michael Caspaney of Menzies was appointed liquidator.