14 Aug 2023drilling spud● Neutral
Drilling has started at Gemini with two rigs on the 4,000m program: one at the known mineralised zone, one on the untested western trend. Runs to end September. The company now lists 57 claims in 10 projects.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2023drilling spud● Neutral
Crews and two rigs are mobilising for a new 4,000m Gemini drilling program, running to end September, targeting extensions of the 9.66% U3O8 zone and the 280m-north uranium. Serdar Donmez, ex-Denison, replaces Kanan Sarioglu as VP Exploration.
26 July 2023quarterly activities report● Neutral
June quarter report restates the winter Gemini results and the $5.5m raise, with summer drilling set for early August. New: three projects (Murphy, Cable, Snowbird) were staked in June and the Clover EM survey results are reported. Cash not visible in the excerpt.
25 July 2023capital raising announcement● Neutral
Prospectus lodged for the 12,305,171 flow-through shares from the July placement, priced at C$0.3657. It is a cleansing document to allow secondary trading of those shares; no new funds or information beyond the earlier raise.
20 July 2023investor presentation● Neutral
July investor presentation repeating known Gemini results (9.66% U3O8, open mineralisation) and an August drill start. States market cap of $35m, down from $40m in May's presentation. Adds a McClean Lake comparison; no new results.
20 July 2023capital raising announcement▲ GoodMajor
Raising about $5.5m: $5m via 12.3m flow-through shares at about $0.41 (an 18.8% premium to last close) plus $0.5m via 1.67m shares at $0.30. Funds a new Gemini drilling program from August. Flow-through spend is due by 31 December 2024.
What it means for a shareholder
1.7m new shares at A$0.300 to raise about A$500,000. That's 1.8% dilution: every existing holder's slice gets 1.8% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.0036% to 0.00353% of the company. To keep it you'd need 60 more shares - about A$18 at the issue price.
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13 June 2023drilling result▲ Good
A ground EM survey at the Clover project, 65km northwest of Gemini, found three conductors at the intersection of two key structural trends. They are interpreted as graphitic zones and drill targets; drill planning is under way. No drilling yet.
15 May 2023investor presentation● Neutral
Presentation for the Resources Rising Stars Conference restating the 9.66% U3O8 assays and a $40m market cap. Claims now stated as 52 (1,163.6 sq km) versus 40 previously; no new results.
4 May 2023drilling result▲ GoodMajor
Final winter assays: GEM23-061 returned 1.47% U3O8 over 5.0m including 9.66% over 0.5m, the best grade at Gemini to date. Also 5.2 g/t gold over 2.5m 280m north, and dravite 1km north. Company says results warrant a significant follow-up program.
24 Apr 2023quarterly activities report▲ Good
March quarter report restates the winter Gemini results (6% eU3O8 over 0.5m; 4,385m drilled). New items: a ground EM survey found a 1.9km untested conductor trend, and five claims (25.9 sq km) were added at Powerline. Clover EM survey was being mobilised.
6 Apr 2023other● Neutral
Notice that 6,037,902 shares and three tranches of 2,175,000 unquoted options (strikes $0.25, $0.30, $0.40, expiring 6 April 2026) leave ASX escrow on 15 April 2023. Administrative; no new operational or financial information.
27 Mar 2023drilling result▲ GoodMajor
Winter 2023 program finished at Gemini. Holes 65m south of the discovery hit GEM23-061: 3.8m at 1.3% eU3O8 (6.0% over 0.5m) and GEM23-063: 14.4m at 0.3%. Mineralisation now over 490m x 240m (the text also cites 250m x 240m) and open; follow-up drilling planned.
16 Mar 2023half year report● Neutral
Half-year report to 31 December 2022 shows $7.3m cash and records the $2.2m raise. It restates the summer drilling results and growth from five to seven projects with Wares and Wormboiler. The excerpt shows no loss figure.
9 Feb 2023drilling spud▲ GoodMajor
Winter 2023 drilling has started at Gemini: an initial 4,000m program. It will step out 60m southeast of the GMZ, test look-alike targets along the 2.8km trend, and drill an area 8km away. Portfolio is now 40 claims in seven projects, including Wormboiler.
8 Feb 2023investor presentation● Neutral
February 2023 investor presentation repeating known facts: the GMZ over 200m x 220m, a 2.8km corridor to test, and a winter program starting. States market cap of about $40m and 1,095 sq km across seven projects. No new results.
18 Jan 2023drilling scheduled▲ Good
Geophysics identified several look-alikes of the GMZ along a 2.8km fold trend, including a 600m conductor north of the GMZ. None have been drilled. These targets will be drilled in the winter program, with 4,000m due in early February.
16 Jan 2023quarterly activities report● Neutral
December quarter report: a 4,000m winter drilling program at Gemini is due to start in early February 2023. Also reports a purchase of four claims next to Wares (34 sq km), staking of a new Wormboiler project, and talks on partnering Powerline, Clover, Cypress and Wormboiler. Completed the A$2.2m placement.
2 Dec 2022capital raising announcement● NeutralMajor
Placement of 4.47 million shares at A$0.50 to raise A$2.235m, a 9% premium to the last close of A$0.455. It funds exploration at Gemini, the GMZ and GMX. It is within existing capacity and has no commissions. The price is well below June's A$0.78 raise.
What it means for a shareholder
4.5m new shares at A$0.500 to raise about A$2.2m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.00244% to 0.00232% of the company. To keep it you'd need 109 more shares - about A$55 at the issue price.
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1 Dec 2022drilling result● Neutral
Lab results for all four maiden Tower holes show only weak anomalous uranium, up to 570 ppm U3O8 (0.057%) in TOW22-004, which is far below the radioactivity readings' hype. Dravite, a mineral found near big Athabasca deposits, was identified. The company wants more drilling; the eastern corridor remains untested.
30 Nov 2022other● Neutral
ASX paused trading in the company's shares pending a further announcement. The text gives no reason. Given the 2 December placement that follows, a capital raising is the likely cause (inference).
23 Nov 2022drilling result▲ Good
Final summer assays for all 21 GMZ holes, including GEM22-042 at 56.5m at 0.28% U3O8 and 3.5m at 0.83% in GEM22-045A. About 40% of holes had individual assays of 1.0% or more; hit rate now 87%. Drone magnetic and electromagnetic geophysics is complete, with results due.
21 Nov 2022investor presentation● Neutral
Notice that CEO Siobhan Lancaster presents at the PAC Partners Uranium Forum on 21 November 2022, with a webinar link. Announcement only; no new results or figures.
17 Nov 2022other● Neutral
Updated company constitution, adopted 28 October 2020 and varied by special resolution on 3 November 2022 (the AGM date). Re-lodged document; the excerpt does not show what changed. Administrative with no operational or financial content.
27 Oct 2022quarterly activities report● Neutral
September quarter report restates the Gemini summer program (7,162m, 25 holes), the first assays (43.0m at 0.62% U3O8) and the Tower radioactivity. Geophysics at the GMZ and the 1.8km strike to the north is under way for October/November. Cash figure not visible in the excerpt.
17 Oct 2022drilling result▲ GoodMajor
Maiden Tower program finished: 1,919m in four holes, three with elevated radioactivity. The final hole TOW22-004 peaked at 960 cps. Handheld readings only, not assays; lab results are due within eight weeks. The eastern corridor was not drilled; further drilling is planned.
5 Oct 2022drilling result▲ Good
Early Tower results: elevated radioactivity in two of the first three holes, peaking at 829 cps on a handheld scintillometer at 414.5m, in altered basement rock. These are not assays; a fourth hole is under way to follow up.
3 Oct 2022agm notice● Neutral
Letter notifying shareholders that the AGM will be held in person in Perth on 3 November 2022 at 3.00pm AWST. Proxies are due by 1 November. Administrative.
30 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022 shows a loss of $9.42m (prior year $2.70m). The chairman highlights the GMZ discovery and a portfolio approach in the Athabasca. Excerpt shows no other new detail.
30 Sept 2022other● Neutral
Appendix 4G corporate governance statement for the year to 30 June 2022, dated 29 September 2022. Compliance paperwork with no operational or financial content.
19 Sept 2022drilling spud● NeutralMajor
Drilling has started at Tower, 10km from Cigar Lake: about 1,600m (up from the 1,500m planned) of diamond drilling testing five targets in two structural corridors. This is the maiden program at the company's second project. Gemini follow-up is planned for early 2023.