10 Sept 2019drilling result▲ GoodMajor
First results from the Bermingham deep target: 8.1 m true width at 1,414 g/t silver, showing the mineralisation carries into the deeper stratigraphic level that hosts the neighbouring Hector-Calumet deposit.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2019drilling progress report▲ Good
Started the 2019 surface programme around Bermingham, where the indicated resource including reserves stood at 32.9 million ounces at 930 g/t silver, chasing the deposit north-east and down into the stratigraphy that hosted the historic Hector-Calumet mine (96 million ounces at a recovered 1,213 g/t).
7 June 2019capital raising announcement▲ Good
Closed at US$6.5m: 6,500,000 shares at US$1.00.
What it means for a shareholder
6.5m new shares at US$1.00 to raise about US$6.5m. That's 5.7% dilution: every existing holder's slice gets 5.7% smaller. If you held US$1,000 of shares (1,000 at the issue price), your slice goes from 0.000926% to 0.000873% of the company. To keep it you'd need 60 more shares - about US$60 at the issue price.
Create a free account to see this worked out for your own holding.
4 June 2019capital raising announcement▲ Good
The same US$6.5m bought deal, announced on Alexco's own wire the following day.
3 June 2019capital raising announcement▲ Good
US$6.5m bought deal, priced in US dollars with Cantor Fitzgerald as sole bookrunner.
9 May 2019resource reserve update● Neutral
Filed the technical report behind the March 2019 pre-feasibility study for expanded silver production at Keno Hill.
23 Apr 2019capital raising announcement▲ Good
Closed at C$3.5m: 1,842,200 flow-through shares at C$1.90.
1 Apr 2019capital raising announcement▲ Good
C$3.5m flow-through bought deal, days after the pre-feasibility study.
29 Mar 2019resource reserve update▲ GoodMajor
Pre-feasibility study for Keno Hill: after-tax net present value C$101.3m and a 74% return at US$17.90 silver, 154,000 tonnes a year at 804 g/t silver over about eight years for 27.2 million payable silver ounces, C$23.2m of initial capital and C$76.5m of sustaining capital, at all-in sustaining costs of US$11.98 an ounce. It replaces the 2017 assessment and is the first study to reserve standard.
15 Feb 2019debt financing● Neutral
Paid 171,480 shares to extend the drawdown window on the undrawn Sprott facility by six months, at an all-in cost then quoted as about 9.75%, while waiting on Bermingham permits due at the end of Q2 2019 and targeting a production decision in the first half of the year.
22 Jan 2019drilling result▲ Good
Reconnaissance and deep drilling across six mostly blind district targets, testing whether the ore-control model that worked at Bermingham repeats elsewhere at Keno Hill, and confirming Bermingham mineralisation continues at depth.
20 Sept 2018resource reserve update▲ GoodMajor
Bermingham's indicated resource nearly doubled to 33.3 million ounces of silver (1.65 Mt at 628 g/t), with inferred up to 10.4 million ounces though at a grade 32% lower than before. District indicated resources rose 24% to 84.0 million ounces.
17 Sept 2018drilling result▲ Good
Fifteen more holes completing about 8,600 m of 2018 drilling at Bermingham, including 4.3 m true width at 3,605 g/t silver, with a resource update promised within the month.
10 Aug 2018drilling result▲ Good
Initial 2018 underground and surface drilling at Bermingham, aimed at tightening up the 17.3-million-ounce indicated resource and the 220,000 tonnes at 1,276 g/t silver carried in the economic assessment as potentially mineable.
18 June 2018business combination▲ Good
Alexco's environmental arm bought Contango Strategies, a Saskatoon water-treatment specialist with 20 staff, for C$1.388m in cash and shares. A bolt-on to the consulting business, not the mine.
13 June 2018capital raising announcement▲ Good
Closed at C$9.0m: 4,703,000 flow-through shares at a blended C$1.92, split between ordinary Canadian exploration expense shares at C$2.05 and mining-expense shares.
4 June 2018capital raising announcement▲ Good
Increased the flow-through bought deal announced the same day.
4 June 2018capital raising announcement▲ Good
C$7.5m flow-through bought deal to fund the Keno Hill programme.
2 May 2018drilling progress report▲ Good
Finished the Bermingham exploration decline and mobilised for 5,000 m of underground infill drilling plus a surface programme of at least 15,000 m - the physical access that let the deposit be drilled from inside rather than from surface.
10 Apr 2018material agreement▲ Good
Alexco's US environmental subsidiary signed a master services agreement with Colorado Legacy Land to act as operator of responsible charge for reclamation of the Schwartzwalder mine and the former Canon City uranium mill, about 3,300 acres in Colorado.
26 Feb 2018debt financing▲ GoodMajor
Established a US$15m credit facility with Sprott Private Resource Lending, three-year term maturing 23 February 2021, about 8.5% all-in on drawn funds, no minimum drawdown and no standby charge. Management described it as a back-stop to manage project risk while underground development and mill refurbishment continued, rather than money it intended to spend.
7 Nov 2017drilling progress report▲ Good
Surface drilling around Bermingham returned 5.01 m at 2,464 g/t and 5.15 m at 1,547 g/t silver from 28 of 37 holes, expanding the deposit and opening a new shallow target 200 m to the north-east.
30 May 2017capital raising announcement▲ Good
Closed the upsized flow-through deal: 4,205,820 shares at C$2.15 for C$9.0m - four times the C$0.53 of November 2015, on the strength of the Bermingham resource.
What it means for a shareholder
4.2m new shares at C$2.15 to raise about C$9.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 May 2017capital raising announcement▲ Good
Increased the size of the flow-through bought deal announced a week earlier.
8 May 2017capital raising announcement▲ Good
C$5m flow-through bought deal at Keno Hill, priced after the stream restructuring and the new economic assessment.
13 Apr 2017material agreement● Neutral
Amendment No. 8 to the October 2008 silver purchase agreement, the document behind the March 2017 restructuring of the Silver Wheaton stream.
30 Mar 2017resource reserve update● Neutral
The RPA technical report for the Keno Hill preliminary economic assessment, effective 3 January 2017.
30 Mar 2017resource reserve update▲ GoodMajor
Renegotiated the 2008 silver stream with Silver Wheaton: the fixed US$3.90 an ounce production payment became a percentage of spot that rises when grades or prices fall, so lower-grade ore stops being uneconomic to mine, and Silver Wheaton took 3 million Alexco shares. The same release carried a new economic assessment - after-tax net present value C$79.4m, 75% return, 143,000 tonnes a year at 843 g/t silver for eight years, 25.1 million payable silver ounces, C$27m to build.
3 Jan 2017resource reserve update▲ GoodMajor
SRK more than tripled Bermingham's indicated resource, from 5.2 to 17.3 million ounces of silver, with inferred up from 0.7 to 5.5 million ounces, lifting the district-wide indicated resource 22% to 67.5 million ounces. Bermingham, discovered in the 2015-16 drilling, became the reason to restart Keno Hill.
13 Dec 2016drilling result▲ GoodMajor
Final 32 of the 50 holes at Bermingham returned 7.16 m at 4,375 g/t and 3.98 m at 6,477 g/t silver in the Bear Vein, and first metallurgical work indicated 94-96% silver and lead recoveries producing a lead concentrate over 60% lead and 30,000 g/t silver, using the existing Keno Hill district mill flowsheet.