Navarre Minerals Group (ASX:NML) - Case Update

Duncan Clubb, Andrew Sallway and Andrew Fielding of BDO have given an update on their administration of Navarre Minerals Group (ASX:NML), a Victoria-based mining and mineral exploration company.

The group’s main asset was a mine at Mt Carlton, Queensland extracting and processing gold, silver and copper ore.

On 19 June, 2023, the group entered voluntary administration and two days later receivers from McGrath Nichol were appointed by secured creditor Evolution Mining over the Mt. Carlton mine.

The receivers are continuing to operate the mine while a sale and recapitalisation process is undertaken.

BDO, who were referred the appointment by the company’s counsel at Gadens, attribute the group’s failure to insufficient cash flow to meet debt amortisation committments to Evolution and Glencore. BDO is recommending that only the company owning the mine be placed in liquidation now, with a decision on the remaining group companies be deferred while a potential DOCA is prepared.

Full report.