Trial date set for Creasy-backed Zuleika Gold, Catalyst Metals dispute

A long-running legal row between Zuleika Gold and Catalyst Metals over alleged damages owed to the Mark Creasy-backed junior miner will be heard in the state's highest court.

Zuleika Gold, backed by prominent prospector Mr Creasy and run by his wife Annie Guo, told the market a court date had been set to “determine the quantum of damages payable by the Catalyst entities to Zuleika” stemming back to an earn-in agreement made in 2017. 

The junior gold miner is claiming significant damages including the loss of opportunity to earn up to 50 per cent interest in the gold deposits that form part of Catalyst’s Plutonic gold project in the Murchison region.

Zuleika chair Ms Guo told the market the trail date comes after five years of legal proceedings dating back to 2020.

“It has taken five long years to get to this stage but, on behalf of and for all Zuleika shareholders, I am pleased we can finally present to the Supreme Court the significant opportunity lost to us when the Catalyst Entities breached Zuleika’s rights under the binding terms sheet agreement,” she told the market.

News of the Supreme Court of WA trial – set for mid-October – and the gold price retreating from close to its record highs sent Catalyst’s shares down 12 per cent to $6.16 apiece.  

Goldminers Northern Star Resources, Evolution Mining, Westgold Resources and Ramelius Resources were also hampered in trade today as the worst performers on the S&P/ASX 200, followed by the ASX after the corporate watchdog launched an inquiry.

The legal action announcement pushed Zuleika’s shares up 23 per cent to 1.6 cents each. The junior has a market capitalisation of $9.64 million.