Calidus Resources' A$106 million Warrawoona gold development, near Marble Bar in Western Australia's Pilbara region, is closing in on 80% completion.

Construction kicked off in March 2021.

The company recently reported that construction was 78% complete.

Construction of the processing plant has passed 85% completion and mining is ramping up ahead of first gold in the June quarter of 2022.

"It is looking like a gold mine now," Calidus managing director Dave Reeves said.

"It's like a house - it's just those finishing touches that seem to take forever."

The on-time and on-budget performance keeps Calidus on track to be Australia's next gold producer.

Reeves said since its inception five years ago, Calidus had demonstrated a track record of delivery and grown resources from 300,000 ounces to 1.7 million ounces.

Warrawoona is set to produce an average of 90,000oz of gold per annum - peaking at 105,000oz - over eight years, at all-in sustaining costs of A$1290 an ounce.

Calidus is also completing a definitive feasibility study on the nearby high-grade Blue Spec deposit, which could see production rise to 139,000ozpa.

The project has a post-tax net present value of $245 million, internal rate of return of 57% and a 15-month payback period at a gold price of $2355/oz.

Warrawoona comprises one large low-strip open pit and an underground mine, as well as a conventional 2-2.5 million tonne per annum carbon-in-leach plant being built by GR Engineering Services.

Calidus sees further exploration potential both underground and regionally, as the broader 855sq.km tenement package remains largely underexplored.

De Grey Mining's 6.8 million ounce Hemi discovery has shone a spotlight on the Pilbara's gold potential.

Canada's Novo Resources Corp has recently reopened the Nullagine gold mine, while ASX-listed Capricorn Metals is a $1 billion company after achieving first production in June from its 120,000ozpa Karlawinda gold project near Newman.

Reeves noted Warrawoona would generate $100 million per annum in earnings before interest, tax, depreciation and amortisation at current gold prices.

"We want to use that cashflow to become a mid-tier, multi-mine producer," he said.

He added the company would be aggressively pursuing that strategy once in production.

Canaccord Genuity most recently had a speculative buy rating for Calidus and price target of 85c.

"There's so much value to be had there once we get into production," Reeves said.

"I'm a true believer that a re-rate is just around the corner."