Australian Potash exits administration

Lake Wells village. (Image courtesy of Australian Potash.)

Australian Potash (ASX: APC), which owns potash and gold projects in Western Australia’s northeastern Goldfields, said on Friday it had exited administration, with its directors fully back in control of the company.

The explorer entered voluntary administration in December, engaging in a formal restructuring. It’s now finalizing the audit of its 2023 financial accounts and is working towards resumption of trading on the Australian Stock Exchange in March this year, it said.

“The company’s balance sheet has been significantly restructured with all previous trade creditors and other payables agreeing to the settlement terms proposed in the deed of company arrangement presented on Jan. 19,” managing director and chief executive, Matt Shackleton, said in the statement.

Australian Potash noted it had also re-analyzed all previous results on the Lake Wells gold project and had identified walk up drill targets to target immediately. The explorer will also push forward with the requisite access and heritage agreements at the Nexus rare earths project in the West Arunta.

To mark the new phase, the company has appointed Jonathan Fisher to its board, while Natalia Streltsova and Rhett Brans have resigned their directorships.