Mark Creasy's mining story
Mark Creasy's mining story
Mark Creasy achieved billionaire status through a combination of prospecting and astute partnerships with junior exploration companies. His journey to wealth is
Mark Creasy achieved billionaire status through a combination of prospecting and astute partnerships with junior exploration companies. His journey to wealth is a compelling narrative of ambition and business acumen, offering a fascinating glimpse into how he turned geological prospects into vast riches.
Born in the UK in 1944, his story is a testament to steadfast dedication and the thrill of striking gold. Inspired by the tales of the Klondike gold rush penned by the legendary Jack London, a young Mark Creasy developed an insatiable passion for gold mining. His destiny was set in motion when he graduated from the Royal School of Mines in 1964. With the dream of discovering a gold mine and amassing wealth, he bid farewell to his homeland and set sail for Australia.
Creasy's mining odyssey began in a Queensland coal mine, where he worked as a mining engineer. However, the allure of gold, akin to the Klondike gold rush he had so ardently read about, remained a constant draw. In pursuit of this dream, he made the transition to opal mining, but the prospects were limited, and the allure of gold remained irresistible.
In 1968, Mark Creasy made a life-altering decision, relocating to Perth, Western Australia. Here, his career as a prospector took root, with a primary focus on gold and nickel. The early years were characterized by hardship, meager wages, and the constant struggle to unearth significant discoveries.
But fate smiled upon Creasy in 1976 when he stumbled upon a 46-ounce gold nugget near Mount Magnet, followed by an 86-ounce specimen near Laverton in 1977. These monumental discoveries brought him a $60,000 windfall, which he wisely used to finance his prospecting endeavors.
In 1978, Mark Creasy set his sights on the Yandal greenstone belt, located approximately 400 kilometers north of Kalgoorlie. However, the land was held by others at the time, so he patiently waited for an opportunity to acquire the licenses. After finally obtaining the licenses, he conducted thorough exploration, including panning off samples from creeks and watercourses, and utilized advanced geochemical surveying techniques to prove the potential of the land.
In areas where gossan (oxidized iron sulfide) was visible, Mark Creasy would manually crush rocks and pan off the samples to extract gold. He discovered substantial gold-soil anomalies and high-grade outcrops. His discoveries in the Yandal Belt were highly promising.
The stock market crash temporarily halted his efforts, but in 1991, Mark Creasy began seeking potential partners. On December 4, 1991, a deal was struck with Great Central Mines, wherein they purchased a 70% stake in Bronzewing and a 51% stake in Jundee, along with an option over Creasy's remaining Yandal interests. Two and a half years later, Great Central exercised their option and acquired Creasy's remaining interest. The total purchase price exceeded $120 million.
However, success came hand-in-hand with adversity. The Australian government's changing tax laws in response to his triumph in the Jundee gold mine project caused controversy, eroding the tax-free status prospectors had long enjoyed.
In 2012, a small exploration company named Sirius Resources, based in Perth, embarked on a remarkable journey after securing ground from Mark Creasy. Through relentless drilling and a near financial crisis, they discovered a valuable nickel deposit in Western Australia. This discovery transformed them from financial uncertainty to a leading stock in Australia, with their stock price increasing 100-fold.
In 2015, Creasy's financial fortunes skyrocketed, when Sirius Resources merged with Independence Group. His 35% stake in Sirius transformed into an 18.6% stake in the merged entity. He emerged as the largest shareholder in Independence Group, pocketing $75 million in cash. In the subsequent years, the stock of IGO, which was the new name for Independence Group, experienced a 500% increase, benefiting Creasy's investment position greatly (over $1 billion at IGO’s peak).
Today, Mark Creasy is involved in several public and private companies, including Galileo Mining $GAL.AX , where he holds a notable 26% stake valued at approximately $38.6 million. His involvement has sparked investor enthusiasm, particularly after Galileo's significant platinum group elements discovery in 2022.
Creasy is the also the second-largest shareholder in Azure Minerals, which made a remarkable lithium discovery this year. In just six months, the stock soared from $0.24 to $2.40, resulting in Creasy's stake being worth a substantial $140 million.
On October 10, 2023, Zuleika Gold $ZAG.AX announced that Creasy has agreed to invest $3 million in the company. This investment, subject to shareholder approval, increases his voting power in Zuleika from 19.12% to 42.53%. The funds will be earmarked for funding the company's planned exploration programs across multiple targets at its Kalgoorlie gold projects.
In his own words, discovering ore in the province of Western Australia's was the icing on the cake for aspiring miners, and Mark Creasy had proven, time and again, that he knew how to find the sweetest slices of that cake, no matter how deep they were buried.