공시 • Jun 27
CZR Resources Ltd (ASX:CZR) proposed to acquire Zuleika Gold Limited (ASX:ZAG) for AUD 32.3 million. CZR Resources Ltd (ASX:CZR) proposed to acquire Zuleika Gold Limited (ASX:ZAG) for AUD 32.3 million on June 26, 2026. The consideration consists of common equity of CZR Resources Ltd at a ratio of 0.1742 per common equity of Zuleika Gold Limited. The Offer represents a: 32.9% premium to Zuleika’s share price for the Reference Price Period; 26.6% premium as calculated based on the 30-day VWAP’s of both companies up to and including 25 June 2026, being $0.2336 for CZR Resources Ltd and $0.0321 for Zuleika; and 16.1% premium as calculated on the last closing prices of both companies, being $0.20 for CZR Resources Ltd and $0.030 for Zuleika on 25 June 2026.
The transaction is subject to approval by regulatory board / committee, minimum tender, approval of merger agreement by target board, approval of offer by acquirer shareholders and approval of offer by acquirer board. A minimum acceptance condition requiring CZR to obtain a relevant interest in at least 90% of all Zuleika Shares and acquire at least 75% of the Zuleika Shares under the Offer. The transaction received approval from the board of directors of CZR Resources Ltd and Zuleika Gold Limited. The expected completion of the transaction is September 28, 2026.
Steinepreis Paganin acted as legal advisor for Zuleika Gold Limited. Thomson Geer acted as legal advisor for CZR Resources Ltd. New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (137% accrual ratio). Revenue is less than US$1m (AU$71k revenue, or US$49k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$30.6m market cap, or US$21.1m). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Alan Willis was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Alan Willis was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.5m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Revenue is less than US$1m (AU$78k revenue, or US$52k). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$41.7m market cap, or US$27.9m). Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Alan Willis was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Oct 28
Zuleika Gold Limited, Annual General Meeting, Nov 27, 2025 Zuleika Gold Limited, Annual General Meeting, Nov 27, 2025. Location: ground floor 8 king park road, west perth wa 6000 Australia Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Alan Willis was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 04
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Alan Willis was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Oct 02
Zuleika Gold Limited, Annual General Meeting, Nov 21, 2024 Zuleika Gold Limited, Annual General Meeting, Nov 21, 2024. Reported Earnings • Oct 01
Full year 2024 earnings released: EPS: AU$0 (vs AU$0.002 loss in FY 2023) Full year 2024 results: EPS: AU$0 (improved from AU$0.002 loss in FY 2023). Revenue: AU$1.07m (up AU$1.03m from FY 2023). Net income: AU$198.2k (up AU$1.24m from FY 2023). Profit margin: 19% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Sep 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.5m free cash flow). Shares are highly illiquid. Revenue is less than US$1m (AU$35k revenue, or US$24k). Market cap is less than US$10m (AU$10.4m market cap, or US$7.06m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (42% increase in shares outstanding). Board Change • May 06
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Director Alan Willis was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Mar 22
Zuleika Gold Limited Announces Company Secretary Changes Zuleika Gold Limited announced the appointment of Mr. Alexander J Neuling as Company Secretary, following the resignation of Mr. Michael Higginson as Company Secretary. Alex is a fellow of the institute of Chartered Secretaries and of the Institute of Chartered Accountants of England and Wales and has over 20 years corporate and financial experience, including as company secretary, CFO &/or a Director of various ASX listed companies in the Mineral Exploration, Oil & Gas, Biotech and Mining Services sectors. Prior to these roles, Alex worked at Deloitte in London and in Perth. New Risk • Mar 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.5m free cash flow). Revenue is less than US$1m (AU$985k revenue, or US$652k). Market cap is less than US$10m (AU$12.5m market cap, or US$8.28m). Minor Risk Shareholders have been diluted in the past year (41% increase in shares outstanding). Board Change • Jan 08
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Company Secretary & Non-Executive Director Mike Higginson was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Dec 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 41% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 6.5% per year over the past 5 years. Revenue is less than US$1m (AU$38k revenue, or US$26k). Minor Risks Shareholders have been diluted in the past year (41% increase in shares outstanding). Market cap is less than US$100m (AU$15.5m market cap, or US$10.3m). 공시 • Dec 02
Zuleika Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 2.999957 million. Zuleika Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 2.999957 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 213,034,895
Price\Range: AUD 0.014082
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing 공시 • Oct 28
Zuleika Gold Limited, Annual General Meeting, Nov 28, 2023 Zuleika Gold Limited, Annual General Meeting, Nov 28, 2023, at 11:00 W. Australia Standard Time. Location: Ground Floor, 8 Kings Park Road, West Perth Western Australia Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors, the Director's report, the Remuneration Report and the auditor's report; to consider Adoption of Remuneration Report; to consider Election of Director - Michael Higginson; to consider Re-Election of Director - Graeme Purcell; to consider Approval of 7.1A Mandate; to consider Approval to Issue Shares and Attaching Options to Related Party - Yandal Investments Pty Ltd and Resulting Increase in Yandal Investments Pty Ltd Voting Power in the Company; and to consider Renewal of Proportional Takeover Provisions in the Constitution. Board Change • Oct 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Company Secretary & Non-Executive Director Mike Higginson was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
Full year 2023 earnings released: AU$0.002 loss per share (vs AU$0.008 loss in FY 2022) Full year 2023 results: AU$0.002 loss per share (improved from AU$0.008 loss in FY 2022). Net loss: AU$1.05m (loss narrowed 69% from FY 2022). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. 공시 • Sep 01
Zuleika Gold Ltd Announces Board and Management Changes Zuleika Gold Ltd. announced the following board and management changes as it continues to evaluate new growth opportunities. Mr. Jonathan Lea retiring from the Board with immediate effect and completing a three-month notice period to ensure an orderly handover. The Board is announce the appointment of Mr. Michael Higginson as a Non-Executive Director. Mr. Higginson has a Bachelor of Business degree from the Western Australian College of Advanced Education (Edith Cowan University) in 1984, majoring in both Finance and Administration. Michael is a professional director and company secretary with extensive experience in public company administration, ASX Listing Rules, the Corporations Act, capital raisings, corporate governance, financial reporting and due diligence. Mr. Higginson has been the Company Secretary of Zuleika since 8 May 2014 and is currently a non-executive director of both SportsHero Limited (ASX: SHO) and Cape Range Limited Mr. Higginson is free from any business or other relationship that could materially interfere with, or reasonably be perceived to interfere with, the independency of his role as a Director of the Company. As a consequence of the resignation of Mr. Lea and the appointment of Mr. Higginson, the Board of the Company is as follows: Annie Guo - Executive Chair Graeme Purcell - Non-Executive Director and Exploration Manager, Michael Higginson - Non-Executive Director and Company Secretary. 공시 • Aug 31
Zuleika Gold Ltd Announces Mr. Jonathan Lea Resigns as Managing Director Zuleika Gold Ltd. announced that Mr. Jonathan Lea has tendered his resignation as Managing Director with immediate effect and completing a three-month notice period to ensure an orderly handover. Reported Earnings • Mar 17
First half 2023 earnings released: AU$0.001 loss per share (vs AU$0.005 loss in 1H 2022) First half 2023 results: AU$0.001 loss per share (improved from AU$0.005 loss in 1H 2022). Net loss: AU$477.3k (loss narrowed 76% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Board Change • Feb 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. MD & Director Jon Lea was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Jan 31
Zuleika Gold Limited Reports Results from Recent Exploration Activity, Including Soil Geochemistry at Zuleika North Zuleika Gold Limited reported results from recent exploration activity, including soil geochemistry at Zuleika North and Grants Patch and aircore (AC) drilling results from East Credo, Carnage North and Paradigm North. The very encouraging geochemistry results (from the Zuleika North Prospect)provide near term drill targets and validate the Company's exploration methodology of using the Ultrafine assaying technology which identifies areas of prospectivity in areas previously covered by less sensitive techniques. With heritage clearance in place for over half of the 3km gold anomaly at Zuleika North, drilling is planned once final approvals are obtained. Initial drilling is anticipated to commence in March. Given its large and highly prospective tenement package in the Kalgoorlie region, the Company continually assesses and reprioritises its activities, ensuring a systematic evaluation of project areas in the most cost-effective manner. Soil geochemical sampling, aimed at defining new drill targets, is continuing over the Goongarrie and Menzies East tenements. Board Change • Dec 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. MD & Director Jon Lea was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. MD & Director Jon Lea was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2022 earnings released: AU$0.008 loss per share (vs AU$0.018 loss in FY 2021) Full year 2022 results: AU$0.008 loss per share (improved from AU$0.018 loss in FY 2021). Net loss: AU$3.37m (loss narrowed 45% from FY 2021). Board Change • Apr 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Director & Company Secretary Mike Higginson was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.005 loss per share (up from AU$0.016 loss in 1H 2021). Net loss: AU$1.96m (loss narrowed 57% from 1H 2021). Revenue was in line with analyst estimates. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.018 loss per share (vs AU$0.011 loss in FY 2020) Full year 2021 results: Net loss: AU$6.18m (loss widened 180% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Board Change • Sep 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Exploration Manager & Non-Executive Director Graeme Purcell was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year earnings released - AU$0.011 loss per share Over the last 12 months the company has reported total losses of AU$2.21m, with losses widening by 27% from the prior year. 
