Alma Metals Ltd

First assays from the 2026 Briggs infill program match the resource model: 322m @ 0.17% Cu (hole 39), 388m @ 0.15% Cu (hole 40), 400m @ 0.13% Cu (hole 41). Grades sit in the lower-grade granodiorite core. Seven holes are done; 34 more infill holes are planned for 2026.

drilling result

Alma raised A$4.0M through a placement of 400M shares at 1.0c, a 16.7% discount to the last price. Directors' A$318k portion (31.8M shares) needs shareholder approval at a June EGM. Funds drilling and prefeasibility work, and Alma says it covers the spending needed to reach 70% of Briggs.

capital raising announcement

The major Briggs drilling program has started, running 12-15 months: 41 infill holes (~12,500m) to lift Inferred resource to Indicated by end 2026, 4 exploration holes (~1,250m), and more drilling in H1 2027. It supports the prefeasibility study, starting with one rig.

drilling spud

Final 2025 Briggs assays: hole 25BRD0037 returned 620m @ 0.25% Cu from 9m, the longest intersection at Briggs, and 25BRD0038 returned 30m @ 0.90% Cu. Results match the geological model, completing the November and December results. Drilling is due to restart within two months.

drilling result

The share purchase plan closed having raised A$1.93M at 0.6c (321M shares), short of the A$2.5M maximum. Lowell added A$200k, keeping about 9.5%. The A$2.13M total funds a Briggs drilling program from March 2026. Shares on issue are now 2.23B.

capital raising announcement

Alma announces a share purchase plan for Australian and New Zealand holders: up to A$30,000 each at 0.6c, a 15% discount to the 20-day average price. It follows cash of about A$1M at 31 October. Closes 17 December; results due 24 December.

capital raising announcement

First assays from the top of deep hole 25BRD0037: 222.2m @ 0.26% Cu, 48ppm Mo and 0.72g/t Ag from 9m, including 54m @ 0.31% Cu. This supports the logging and the April 2025 resource model. Remaining assays are due within about six weeks.

drilling result

Briggs scoping study completed. No production targets or returns can be published because much of the resource is still only Inferred. Alma and Canterbury have committed to a prefeasibility study, including drilling toward an aspirational 30Mtpa rate, which is not a production target.

resource reserve update

The rights issue closed raising A$669,527 (167.4M shares at 0.4c). A further A$388,039 of the shortfall is committed via a Foster Stockbroking placement, taking the total to about A$1.06M. Meets the target set in May, with drilling due mid-July.

capital raising announcement

Alma seeks up to about A$1.06M via a rights offer of 1 new share for every 6 held at 0.4c (minimum A$500,000, not underwritten). Funds go to the scoping study and Briggs drilling. The price is below the 0.75-0.8c of 2024 raisings, so existing holders are diluted unless they take part.

capital raising announcement

Briggs resource updated: Indicated 110Mt at 0.27% Cu plus Inferred 329Mt at 0.24% Cu, total 439Mt at 0.25% Cu (0.2% cut-off), about 1.1Mt copper. First Indicated category, versus the 2023 all-Inferred 415Mt. Feeds the scoping study; more drilling planned later this year.

resource reserve update

Locked-cycle flotation tests show 95% copper recovery into 29% Cu concentrate for intrusive rock and 94% into 23% Cu for volcanic-sediments, up from the 89-90% in February's preliminary tests. No penalty elements found. Resource update is nearing completion.

drilling result

First Briggs flotation tests recover 89-90% of copper into concentrate above 25% Cu at coarse grind sizes, with up to 75% molybdenum recovery. Supports the base case for the scoping study (mid-2025); the revised resource is due this quarter.

drilling result

Final Briggs assays confirm the Southern Porphyry as a new discovery about 300m from the resource: 270.5m at 0.22% Cu in 24BRD0035 and 97m at 0.20% Cu in 0036. Central infill hole 0033 gave 203.1m at 0.36% Cu. Resource update due this quarter; scoping study mid-2025.

drilling result

Alma has completed Stage 2 of the Briggs earn-in and now holds 51%, with Canterbury at 49%, almost two years ahead of schedule. It has committed to Stage 3 (70%) by spending A$10M by 30 June 2031. The drill program was increased from 2,000m to 2,650m.

farm in farm out completion

Alma's own release of the same holes: 24BRD0028 returned 159.3m at 0.40% Cu, including 68m at 0.70% Cu; 24BRD0027 gave 82.3m at 0.26% Cu. Supports the higher-grade theme from 24BRD0026. Next two holes' assays are due in 3-4 weeks; placement funds extend drilling.

drilling result

Alma is raising A$750,000 by placing 100M shares at 0.75c, below April's 0.8c, to fund two to three more Briggs holes. A$140,000 from directors needs shareholder approval. The drill contractor will also take up to A$75,000 of fees in shares at 0.75c.

capital raising announcement

Hole 24BRD0026 returned 276m at 0.45% Cu from surface, including 49m at 1.01% Cu from 3m, the best copper intersection at Briggs since discovery. It supports the higher-grade theme from the 2023 drilling; more assays are due in 4-6 weeks.

drilling result

Alma signed iDrilling Australia for a minimum 2,000m of core drilling at Briggs, starting in June. The contractor will take about A$240,000 of fees in shares at 1.2c, a 33% premium to the 10-day VWAP. First assays are expected in August.

contract award

The Share Purchase Plan raised A$0.86M, issuing 107M shares at 0.8c, below the A$1M maximum. Cash is A$2.61M, with Cooke's A$0.2M tranche awaiting a 24 May meeting. Drilling at Briggs is expected this quarter.

capital raising announcement

Alma raised A$1.77M via a placement of 221.8M shares at 0.8c, down from the 1.0c earlier placements, to fund more Briggs drilling. A$200,000 from Chairman Cooke needs shareholder approval; a Share Purchase Plan of up to A$1M follows.

capital raising announcement

Final assays from holes 22-25 extend the higher-grade zone along the eastern contact of Briggs Central to about 500m, over 200m deep and still open. More drilling is planned from early Q2 2024, aiming for a scoping study later this year.

drilling result

Hole 23BRD0021 hit copper-molybdenum from surface to 136.3m, including 51m at 0.59% Cu and 32.8m at 0.78% Cu, among the best Briggs results so far. It continues the higher-grade contact zone theme; assays for holes 22-25 are due in 2-4 weeks.

drilling result

Alma agreed binding terms to buy two Queensland exploration permits next to Briggs from Tropex for A$50,000 in shares (6-month escrow) plus a 1% royalty capped at A$7.5M. The cost counts toward Alma's earn-in spending.

asset acquisition disposition

Assays from holes 23BRD0019 and 0020 show thick copper-molybdenum zones above 0.30% Cu from surface, including 16.9m at 0.50% Cu in 0020. This supports a possible higher-grade starter pit. Company says a resource upgrade in 2024 is possible; more drilling planned early Q2 2024.

drilling result

Alma completed Stage 1 of the Briggs earn-in, holding 30% after A$3M spent, over nine months ahead of the June 2024 deadline. It committed to Stage 2 (51% for a further A$3M by 30 June 2026); core drilling is already under way.

farm in farm out completion

New Briggs Inferred Resource of 415Mt at 0.25% Cu and 31ppm Mo (0.2% cut-off), about 1Mt of contained copper. This is a 2.5x rise in contained copper over the 143Mt at 0.29% maiden resource of 2021, and molybdenum is included for the first time.

resource reserve update

Alma raised A$2.0M through a placement of 200M shares at 1.0c, including 10M for Chairman Cooke (A$100,000) subject to shareholder approval. Funds go to more Briggs drilling from early Q3 2023; a resource update is expected early Q3. Lead manager gets 25M options at 3.0c.

capital raising announcement

New Briggs assays: 22BRD0014 returned 222.7m at 0.20% Cu from 306m, and 23BRD0015 returned 300m at 0.20% Cu from 8.1m with the company's best molybdenum yet. Copper lies 190m north of the 143Mt resource; the company says this is likely to support an upgrade.

drilling result

First assays from Briggs: hole 22BRD0013 at the Northern Porphyry returned 441.5m at 0.21% Cu from 8m, ending in mineralisation. This is about 750m north of the current resource, and the company says the system is larger than thought. Supports the exploration target concept; it is not a resource.

drilling result

Alma began the 3,000m, six-hole core drilling campaign at Briggs (143Mt at 0.29% Cu), with the first hole at the Northern Porphyry. This is the planned test of the exploration targets. A new application, Don River EPM 28588, was added to the joint venture area.

drilling spud

Alma raised $1.75M before costs by placing 174.5M shares at 1.0c, with a free 1-for-2 option at 4.0c (two-year term). That is well below November 2021's 4.3c placement. Directors take $160,000, subject to approval. Funds the Briggs core drilling from early October.

capital raising announcement

Alma signed a Heritage Protection Agreement and a Negotiation and Funding Agreement with Balanggarra, allowing reconnaissance exploration over about 1,000km2 of the East Kimberley. This clears the access step for its pending licence applications and starts exploration JV talks. Cash is $1.3M plus $4.5M of investments.

material agreement

Alma exercised its Briggs option, starting the earn-in: A$15.25M of spending over nine years for up to 70%. It set an exploration target of 455-850Mt at 0.20-0.35% Cu (conceptual) and plans six core holes (3,000m). CEO Tabeart goes full-time.

farm in farm out completion

Briggs RC assays show copper-molybdenum mineralisation up to 750m beyond the 143Mt at 0.29% Cu resource; best Briggs Central hole 155m at 0.21% Cu, and 85m at 0.30% Cu at the Southern Porphyry. Major drilling planned mid-Q2 2022. Cash about A$2.1M.

drilling result

AFR raised A$2.0M before costs by placing 46.5M shares at 4.3c to institutions, to fund more drilling at Briggs and WA copper exploration. Pro forma cash is about A$3.1M plus A$6.1M of listed shares.

capital raising announcement

The in-specie distribution is complete: shareholders received 1 AFR Newco share per AFR share held at 1 November 2021 record date. This ends AFR's direct exposure to the Sese JV and Botswana coal projects; holders keep that exposure via unlisted Newco.

asset acquisition disposition

AFR's 3,000m, 12-hole RC drilling programme has started at Briggs, testing extensions to the 143Mt at 0.29% Cu resource and higher-grade zones. This is the first drilling under the option signed in August. No results yet.

drilling spud

The Sese JV, in which AFR holds 30.3%, was shortlisted as one of four bidders for Botswana's 300MW coal power station tender, resolving the long-awaited tender question. Bids are due 30 March 2022. The JV is being spun out with the coal assets.

contract award

AFR plans to spin its Botswana coal assets (Sese JV interest, Mmamantswe, Mmamabula West) into unlisted Newco, distributed pro rata to shareholders, subject to approval. Newco gets about A$300,000 cash. AFR keeps copper projects, about A$1M cash and 15.2M Caravel shares. Strategy shift away from coal.

asset acquisition disposition

AFR applied for nine East Kimberley exploration licences in two stratiform copper projects, Cambridge Gulf and Menuair Dome, with no modern copper exploration on record. Land access talks with traditional owners have started. Extends its new Australian copper push alongside Briggs.

regulatory community update

AFR signed a binding term sheet with Canterbury Resources for an option to earn up to 70% of the Briggs copper project in Queensland (143Mt at 0.29% copper Inferred). It pays A$1.0M for Canterbury shares at 12c and must spend A$750,000 by 31 July 2022. A$1.4M placement at 2c funds it.

farm in farm out agreement

AFR requested a voluntary trading halt pending an announcement about a joint venture agreement and capital raising, expected by 18 August 2021. No terms given yet.

listing compliance notice

All five Western Australian exploration licences were granted (Kondinin, Tarin Rock, Sunnyside-Mayanup), resolving the applications lodged in October 2020. They target porphyry copper-gold and orogenic gold. Roadside soil sampling and mapping will start this quarter.

regulatory community update

AFR applied for five exploration licences in three Western Australian areas (Kondinin, Tarin Rock, Sunnyside-Mayanup) for copper-gold and gold. Described as diversification away from Botswana coal-to-power. These are applications only, not yet granted, and a competing application overlaps Kondinin North.

asset acquisition disposition

The formal generation licence document was received. It permits export and sale of 225MW for 15 years, below the 300MW now planned, so an amendment will be sought. This follows the March approval announcement.

regulatory community update

Updated Sese West coal resource is 1,977Mt (35Mt Measured, 7Mt Indicated, 1,935Mt Inferred), down from the earlier 2,501Mt Inferred figure. The estimate reflects new drilling and a smaller licence area. AFR holds 33.3% of the Sese JV.

resource reserve update

Botswana's energy regulator approved the Sese 300MW power generation licence, which the company calls the final regulatory approval needed. This resolves the export licence thread open since 2019. Financiers are described as well advanced in due diligence; no financing is agreed yet.

regulatory community update

Sese JV signed the 100MW, 15-year Power Sales Agreement with FQM's Zambian subsidiaries, alongside the Zimasco term sheet for 150MW. Both carry conditions, and a meeting with Botswana's energy regulator is scheduled. This completes the FQM agreement flagged in December.

material agreement

Sese JV signed a term sheet to sell 150MW for 15 years to Zimasco, a Zimbabwean ferro-chrome producer. A 100MW agreement with FQM is near approval. AFR's stake is fixed at 33.3% (FQM 66.7%), with both contributing pro rata to costs.

material agreement

Mmamabula West coal resource rose to 2,935Mt from 2,443Mt, with 17Mt now Measured and 1,061Mt Indicated. The 2014 export prefeasibility study will be updated. This delivers the Measured resource the company had been seeking.

resource reserve update

Sese resource updated to 2,418Mt (JORC 2012) after infill drilling, including 325Mt and 304Mt Measured in two blocks. The mining licence holds about 630Mt, 256Mt of it Measured. This delivers the Measured upgrade long flagged; a reserve statement is being prepared.

resource reserve update

Botswana approved the Sese environmental assessment for up to 500MW, allowing two 225MW units, if implemented within two years. AFR also says higher coal prices may help Mmamabula West (2,443Mt) and is seeking a South African equity partner.

regulatory community update

AFR lifted its Caravel Minerals stake to 9.6%, becoming the largest shareholder, after buying 3.8M shares on market for about A$300,000. With holders of 27.5%, it also requisitioned a meeting to replace three Caravel directors with Alasdair Cooke and Alex Sundich.

asset acquisition disposition

AFR cut costs: Frazer Tabeart moves to a reduced-time executive director role, executive fees fall 45% and non-executive fees 22%, with about A$450,000 annual savings. Trumble and Clark will retire 31 March. It also began evaluating base and precious metals opportunities.

other

AFR completed the sale of its Zambian uranium projects to GoviEx, receiving 3.0M GoviEx shares and 1.6M warrants at US$0.23, restricted until 30 April 2018. This resolves the pending sale; AFR now focuses on its Botswana power projects.

asset acquisition disposition

FQM extended its Sese earn-in deadline by 12 months to 12 July 2018 and subscribed for 17.7M AFR shares at 7.8c (A$1.38M), lifting it to 13.8%. It also transfers its Caravel Minerals shares; its remaining commitment falls to about A$5M. Cash rises to about A$4.8M.

capital raising announcement

Botswana approved a Development Approval Order for the 450MW Sese power station: a five-year tax holiday from first commercial operation, then a 15% tax rate. A formal tax agreement needing National Assembly approval is still required. The Generation and Export Licence remains the main outstanding permit.

regulatory community update

Botswana granted the Sese joint venture a 25-year mining licence over 51.47 sq km, containing 650Mt of Measured and Indicated coal. It resolves the long-pending licence application. The Generation and Export Licence is now the only major permit outstanding.

regulatory community update

AFR signed a binding deal to sell its Zambian uranium projects to GoviEx Uranium for 3.0M GoviEx shares and 1.6M warrants. Closing is expected before the second half of July 2017, subject to approvals. It keeps AFR's focus on Botswana power projects.

asset acquisition disposition

Mmamabula West will get eight infill holes (about 1,200m) to upgrade part of its 892Mt Indicated resource to Measured. Talks with the South African developer are suspended pending Eskom and Energy Department discussions, continuing non-exclusively; AFR will keep sole-funding the project.

joint venture update

First Quantum committed A$3M to Sese work programmes, including drilling, site studies and updating approvals for up to 450MW. The deadline for its remaining A$7M to reach 75% was extended 12 months to 12 July 2017, from July 2016.

farm in farm out agreement

South Africa's energy minister set a 3,750MW cross-border coal power procurement programme, up from 2,500MW, allowing direct negotiation as well as tenders. AFR's Mmamabula West and Mmamantswe are being developed for it, widening the route to the Mmamantswe US$20M sale.

regulatory community update

Botswana's Department of Mines accepted First Quantum's Sese mining licence application, covering 51 sq km and coal for multiple 300MW stations for over 35 years. Once approved, the licence runs 25 years. It advances the Sese permitting thread, but is not yet granted.

regulatory community update

AFR signed a non-binding term sheet with an unnamed South African investment group to develop a mine and power station at Mmamabula West, with 3 months' exclusivity. Terms are confidential. The share buy-back is suspended until the deal is disclosed.

farm in farm out agreement

AFR signed a binding Share Sale Agreement to sell Mmamantswe to TM Consulting for US$20M, paid on completion. It resolves the run of extensions but is conditional: RFP within 12 months, financial close within 18 months, and Botswana and South African approvals.

material agreement

Mmamantswe sale terms are revised. The US$20M is now paid only at financial close, with a US$20M bank guarantee due within 15 days of preferred-bidder status. This replaces the earlier US$10m on shortlisting. Deadline is now 30 November.

material agreement

AFR signed a binding term sheet to sell the 100%-owned Mmamantswe coal and power project to a South African developer. AFR gets US$10m if the developer's bid is shortlisted and US$10m more at financial close. Conditions include 30-day due diligence.

asset acquisition disposition

All conditions are met and First Quantum now buys 51% of the Sese holding company for $8m and becomes project manager. It must invest a further $12m within 18 months for 75%. AFR expects about $10m working capital, no debt, and a 25% carried interest.

farm in farm out completion

African Energy and First Quantum signed the binding Sese shareholders agreement after due diligence. FQM buys 51% for $8m (repaying loans), then 75% with $12m more within 18 months. Remaining conditions are administrative, due by 31 January 2015. AFR keeps a loan-carried 25%.

farm in farm out agreement

The 1-for-8 rights issue closed 19 November with holders applying for 65.8m of 68.3m shares. Sentient's underwriting takes the 2.5m shortfall shares, so the issue is fully subscribed at 5.5 cents, about A$3.76m. Completes the raising.

capital raising announcement

First Quantum Minerals signed a binding heads of agreement to earn 75% of the Sese Project by investing A$20m and arranging a loan carry for African Energy's 25%. FQM also buys 69m shares at 5.5c (A$3.8m, about 12.6%), with a A$3.5m underwritten rights issue. A$8m returns to repay loans.

farm in farm out agreement

Botswana's environment department approved the environmental impact assessment for the 300MW Sese power project and 1.6Mtpa coal mine, valid for five years. Together with surface rights and the water allocation, this advances permitting of the first Sese power project.

regulatory community update

Mining licence application lodged for the first 300MW Sese power project, covering 12.8km2 and enough coal for 35 years. Surface rights and a Shashe Dam pipeline easement are approved. Botswana's brownfield tender workshop was held; the request for proposals is due shortly.

regulatory community update

Rights issue closed 29 May: holders applied for only 3.5m of 34.7m shares. Sentient's underwriting takes 17.1m shares, leaving 14.1m shortfall shares that may be placed at 8.5 cents within three months. Raise is likely below the full A$2.95m (inference).

capital raising announcement

The company says the Mmamantswe 'probable reserve' (895Mt) was wrongly kept in quarterly reports after the 2012 JORC code began. The 2009 scoping study is not sufficient to support a reserve. Follows the February retraction of Mmamantswe production and cost figures.

admin correction

First estimate for Sese West: 2,501Mt inferred coal at 14.6MJ/kg, from 15 drill holes. It is thought to be the down-dip extension of Sese. Lifts total coal inventory to 8.7Bt; scoping study to start in June.

resource reserve update

Prefeasibility study for Mmamabula West underground mine: 4.4Mtpa run-of-mine, up to 3Mtpa export coal over 20 years. Capital cost US$113m and operating cost US$25/t at the mine gate. Based on a 200Mt part of the 2,433Mt resource; the licence extension was requested.

resource reserve update

Karoo has decided not to buy the Zambian uranium portfolio, so the sale agreed in September 2013 lapses. The company will pursue other options. The US$2.0m cash plus US$0.5m shares deal is lost.

material agreement termination

Non-binding MOU with Zambia's power utility ZESCO and adviser Maysen and Borowski to explore delivering 300MW from Sese into southern Zambia, 500km north. The company will do a desktop transmission study. Opens a possible export market for Sese power; no binding commitment.

material agreement

The company will raise about A$4.5m at 8.5 cents a share: a A$1.5m placement of 17.3m shares, then up to A$3.0m via a rights issue. Sentient takes 14.9m shares, lifting its stake to 19.9%. Directors' 2.4m shares need shareholder approval. Funds go to Botswana coal and power projects.

capital raising announcement

The African Energy/ACWA Power consortium is shortlisted to receive the Botswana 300MW tender bid invitation, indicatively in late March. If the bid succeeds, financial close could be sought by year end. Advances the October expression of interest.

regulatory community update

Botswana's minister approved transfer of the Mmamabula West licence, completing the purchase. African Energy now pays Asenjo US$1m, with US$1.5m due once a retention licence is granted, expected mid-to-late 2014. Resolves the October agreement; total Botswana coal above 6.2Bt.

asset acquisition disposition

Signed a joint development agreement with Saudi-based ACWA Power, naming it as the partner behind the 2 October Sese 300MW power expression of interest. ACWA leads, funds equity and becomes major Sese Power shareholder; African Energy gets a structured return with no extra development funding commitment. Resolves the partner search.

farm in farm out agreement

Binding agreement to buy the 2.4Bt Mmamabula West coal project in Botswana from Asenjo Energy for US$2.5m cash: US$1m on licence transfer approval, US$1.5m on retention licence grant. Resources 892Mt Indicated, 1,541Mt Inferred; Botswana total rises to 6.2Bt. Conditional.

asset acquisition disposition

Binding letter of intent to sell the Zambian uranium licences to Karoo Exploration for US$2.0m cash plus US$0.5m of shares and warrants. Conditional on Karoo financing, due diligence and TSX-V approval. Follows the long-running search for a uranium buyer, refocusing on Botswana coal.

asset acquisition disposition

Aviva shareholders approved the sale, clearing the final condition for African Energy's A$3.5m purchase of the 1.3 billion tonne Mmamantswe project. Sentient subscribes the A$3.5m second tranche at A$0.12, ending near 17.4% as largest shareholder. Total Botswana coal 3.8Bt.

asset acquisition disposition

Aviva Corporation announced a conditional deal to sell its Mmamantswe coal project to African Energy for A$3.5m. Conditions include Aviva shareholder approval, due diligence by 3 May, and African Energy raising funds. Aviva cites a 1.3 billion tonne resource.

asset acquisition disposition

African Energy agreed to buy the 1.3 billion tonne Mmamantswe coal project for A$3.5m. Sentient will subscribe up to A$8.5m at A$0.12: A$5m now (41.67m shares), A$3.5m conditional. Sentient would hold about 17.5%, becoming largest shareholder.

capital raising announcement

Washing and swelling tests on 19 samples from the first four of eight Sinazongwe holes show 17 with Free Swelling Index above 4.5 (max 8.5), indicating some potential for medium to hard coking coal. Follow-up on the Zambian coal project awaited in the open thread; more drilling and washing tests are needed.

drilling result

Placement of 21.43 million shares at A$0.14 to raise A$3.0m, to Asian and Australian investors via Blackswan Equities. Directors commit A$0.5m, subject to shareholder approval. Funds advance Sese. Price is below the A$0.18-0.235 seen in May.

capital raising announcement

Board approved 14 core holes at Sese West, starting within days and taking 6-8 weeks. An inferred resource is expected to be announced in Q1 2013, testing the 3-6 billion tonne Exploration Target.

drilling scheduled

Non-binding MOU signed with an unnamed international EPC contractor for the 300MW Sese power project. It contemplates two binding deals within months: help with the bankable feasibility study, and construction, which would depend on raising project finance.

material agreement

Sese West licence renewed to 30 September 2014 with coal added, and an Exploration Target of 3-6 billion tonnes set, based on coal in six earlier holes. It is conceptual only, not a resource. Infill drilling is planned before year end.

resource reserve update

First Measured Resource at Sese: 651Mt (318Mt Block-B, 333Mt Block-C), within a 2,517Mt total. Delivers the long-promised Measured upgrade, the basis for future reserves. The Sese Prospecting Licence has also been renewed.

resource reserve update

Non-binding MOU signed with a credit-rated national utility, a Southern African Power Pool member, as potential buyer of power from the proposed 300MW Sese plant. It is only a first step; binding agreements are not yet agreed. Progresses the power off-take discussions.

material agreement

Coal discovery at Sinazongwe East, Zambia: all nine holes (1,691m) hit multiple seams, with raw calorific values 10-26MJ/kg and vitrinite bands hinting at possible coking coal. Washing and coking tests follow. Resolves the pending drilling analysis, though economic value is unproven.

drilling result

Over 95% of the Sese resource is upgraded to Indicated: 2,626Mt total, of which about 2.5bn t is Indicated. This delivers the Q4 2011 upgrade goal, though the total is below the earlier 2.73bn t, with more conservative geological loss factors used. Measured Resource still due Q2 2012.

resource reserve update

2011 annual report says focus has shifted from uranium to Sese coal, with a 2.7bn t maiden resource and the A$15m raising. Notably, management no longer seeks an outside partner for the coal project, reversing last year's stated search, citing its own capability.

annual report

Concept study says the 2.7bn t Sese project is technically and commercially viable. Stage 1 (1Mtpa) costs US$46m capex at US$13/t opex and is cash positive from 2013; Stage 2 (5Mtpa) US$104m at US$10/t. Board approves a feasibility study for up to 5Mtpa, resolving the pending concept study.

other

Places 30 million shares at A$0.50 to raise A$15m from institutions, led by Helmsec. Funds go to infill drilling (A$2m), trial pit (A$1m), feasibility studies (A$6m), environmental assessment (A$1m) and working capital (A$5m). Targets potential development in late 2012. Repays no debt per the stated use.

capital raising announcement

Six uranium reconnaissance holes at Sese West hit coal 7-30m thick, 2-17km south of the Sese deposit. The licence covers uranium only, and the coal-rights amendment is frozen by the Botswana moratorium until about September. Company suggests coal may span roughly 500 sq km, still unproven.

drilling result

Maiden Sese coal resource of 2.73bn tonnes, above the 1.5-2.0bn t Exploration Target: 500Mt Indicated (Block-B) and 2,230Mt Inferred. Lower seam, 62% of total, can be washed to export quality (up to 5,420 kcal/kg). Full Indicated upgrade expected July-September quarter.

resource reserve update

Botswana's government is reviewing its coal strategy until about September 2011 and suspends new coal prospecting licences. Six AFR applications around Sese are frozen. The granted Sese licence is said to be unaffected. Inferred resource still due late April.

regulatory community update

Sese inferred-resource drilling is finished; Block-B averages 14.8m of coal at 40m depth, with coal continuous over about 110 sq km. The company commits to about 90 infill holes (three months) for an Indicated resource, plus a 10,000t trial-pit bulk sample. Inferred resource still due April.

drilling result

Acquires Albidon's remaining interests, taking 100% of the Chirundu (previously 70%) and Kariba Valley (previously 30%) uranium projects. Chirundu holds 11.1Mlb U3O8. Funded from cash, with working capital replenished by a partial Macquarie drawdown. Price is not stated.

asset acquisition disposition

Secures a US$5m convertible loan facility from Macquarie at LIBOR+3.5%, repayable by 31 December 2011, for Sese exploration and working capital. Macquarie receives 4,843,230 options at A$1.03 expiring December 2012. First debt for a company previously debt free.

debt financing

Block-C coal now covers about 70 sq km, with the main seam averaging 11m at 52m depth. The company says extent exceeds Exploration Target assumptions. Block-B drilling starts 10 January; inferred resource still expected end Q1 2011.

drilling result

First Sese resource drilling in Block A: 23 holes show coal averaging 14.5m thick at 39m depth over 7km by 3km, beyond the Exploration Target outline. More rigs added. Inferred resource still due Q1 2011; Sese licence renewed two years.

drilling result

Private placement of 9,600,000 shares at A$0.15 to raise up to A$1.44m, using the company's remaining 15% placement capacity. Funds the Sese coal resource drilling. First raising since December 2009's A$4.2m, at the same price.

capital raising announcement

Sese coal resource drilling starts 18 October: about 40 core holes at 2km spacing plus 90 RC holes to infill a 1km grid, to test the 1.0-1.5bn tonne Exploration Target. Inferred resource estimate expected in Q1 2011. Revises the 29 September plan.

drilling scheduled

Energy Ventures plans to distribute 85,250,968 AFR shares (about 80% of its holding) to its own shareholders, about 1 AFR share per 3.9 EVE shares, keeping 20m. Subject to approvals. This would end AFR's largest single holder's ~37% stake and spread it among many holders.

security holder rights change

Sese coal Exploration Target of 1.0-1.5 billion tonnes of 4,000-5,000 kcal/kg raw coal, which is conceptual and not a JORC resource. Multiple expressions of interest received for a 10-20% stake. Resource drilling is being prepared, about US$1m.

resource reserve update

First coal quality results at Sese: raw coal averages about 9m thick, 19 MJ/kg, 27% ash and 1.8% sulphur. Seams run over 30km strike. The company is seeking a cornerstone partner; an initial resource still needs more drilling. Resolves the earlier open question on coal quality.

drilling result

More Sese drilling found coal seams up to 25m thick, now over an inferred strike of more than 30km. Diamond core drilling has started for quality testing, and a new coal prospecting licence application is lodged. Extends the June coal discovery.

drilling result

Uranium drilling at Sese unexpectedly hit near-surface coal, with seams averaging 11.7m (up to 16m) in 21 holes over an area up to 6.5km by 5km. Coal quality is unknown and more drilling is underway. This is a new, non-uranium thread.

drilling result

Board approves a 2010 programme of 21,000m of drilling across Sese, Chirundu, Kariba Valley, Aldershot and Sitwe. Budget is US$3.7m, with US$2.4m for direct exploration. Cash was US$5.1m at end February.

drilling scheduled

Njame South Inferred Resource revised to 4.4Mt @ 250ppm U3O8, 2.4Mlb (from 2.3Mlb). Chirundu total becomes 11.1Mlb. Siamboka and Namakande assays also released. Cash is stated as A$6m after the late-2009 placement.

resource reserve update

Albidon, after its administration, will keep its 30% of the Chirundu JV, commits to meet future cash calls and has repaid US$752k owed. This resolves doubt over the partner's funding of the JV.

joint venture update

The company has met its A$1.0m funding milestone and earned a 30% interest in the Kariba Valley JV with Albidon. It can reach 70% by funding a prefeasibility study on an Indicated Resource. Issued shares now 284.7m, up from 254.8m.

farm in farm out completion

The company plans a private placement of up to A$5m at 15 cents a share to institutions, with a Share Purchase Plan for existing holders on similar terms. Funds are for exploration in Zambia and Botswana. It follows the A$4m raised in July.

capital raising announcement

First Inferred Resource for Njame South: 4.4Mt @ 237ppm U3O8, 2.3Mlb. Chirundu JV total rises from 7.4Mlb (Measured and Indicated) to 11Mlb. The company says it may extend the proposed mine life by up to two years.

resource reserve update

First 10 holes at Gojwane (Sese, Botswana) hit near-surface uranium, best 19m @ 327ppm U3O8. Spectrometer readings suggest mineralisation over about 2km x 3km, apparently the northern continuation of A-Cap's adjacent deposit. 82 holes still await assay; infill drilling likely early 2010.

drilling result

Annual report says the Chirundu feasibility study has been suspended, because a 5-6 year mine life is short for about US$108m of capital. Exploration aims to extend life to 8-10 years. This confirms the earlier suspension of the study.

annual report

Njame South drilling (74 holes) finds near-surface uranium in two zones over about 1,000m of strike. Early results from 29 holes include 8m @ 414ppm U3O8. A resource estimate is due early 2010 and could add to the 7.4Mlb.

drilling result

Zambia grants a 25-year, renewable large-scale mining licence over 248 sq km at Chirundu, covering Njame, Gwabe and Siamboka. This resolves the licence applied for in June 2008. It is held by Albidon's entity, with transfer to the JV company pending ministerial approval.

regulatory community update

Drilling starts at Njame South (about 60 holes), then moves to Siamboka (70 holes), Gwabe South and Namakande. The aim is to find more resource to extend Chirundu's 5-6 year mine life; results are expected from late October.

drilling spud

African Energy raises A$4m by placing 80 million shares at 5 cents with institutions. A$1.21m comes immediately and A$2.79m needs shareholder approval at a mid-August meeting. Funds are for exploration in Zambia and Botswana; the issue is about 46% of existing shares.

capital raising announcement

Soil sampling finds a 5km long, up to 0.6km wide uranium anomaly at Siamboka, 8km north of Njame, in rocks similar to those hosting Njame. Drilling starts in September within a planned 17,500m programme, so exploration resumes after the earlier suspension.

drilling result

Revised operating cost estimate for Chirundu is US$26–31/lb U3O8 over a 5–6 year life, from lower acid use and continuous surface mining machines. Njame is about US$31/lb and Gwabe about US$26/lb. Study manager GRD Minproc supplied the estimate; more test work is still needed to verify assumptions.

material agreement

African Energy signs an earn-in with Aldershot Resources over two licences (about 754 sq km) next to its Kariba Valley JV. It can earn 51% by spending A$500,000 within three years, rising to 70% with a prefeasibility study and an Inferred Resource.

farm in farm out agreement

Chirundu resource upgraded in confidence: Njame and Gwabe now include a Measured category, but total contained uranium falls to 8.7Mlb from 9.5Mlb. Further drilling is planned, and the company is talking to potential strategic partners about funding it.

resource reserve update

December quarter: directors, citing the global financial crisis, suspended exploration until further notice and postponed the engineering part of the Chirundu study (about six months' work once restarted). Metallurgical testing found high uranium recoveries and low acid use. Resource upgrade due Q1 2009.

quarterly activities report

Chirundu partners defer most of the bankable feasibility study, citing global financial instability. Only the Measured and Indicated resource update (due this quarter) and Mintek metallurgical testwork continue. This reverses the planned feasibility timetable; work resumes when markets improve.

joint venture update

Pre-feasibility study completed: 1.3Mlb a year over 5-6 years, open pit, heap leach, US$68m capital plus US$21m deferred. African Energy has earned 70% of Chirundu. Bankable feasibility study began in early May, and uranium sales talks are underway.

material agreement

Njame and Gwabe partly upgraded to Indicated (Njame 3.9Mt at 388ppm, Gwabe 0.9Mt at 196ppm). Total Chirundu resource rises 5% to 4,345t (9.5Mlb) U3O8. African Energy's stake rises to 70%; Albidon has 60 days to elect to fund or dilute.

resource reserve update

Board approves the Chirundu pre-feasibility study, which found commercially viable mining possible, and commits to a bankable feasibility study. Indicated resource upgrades await peer review, then the stake rises to 70%. Energy Ventures now holds 64% after the placement.

drilling result

Placement of 17m shares at 27c raised $4.59m for Chirundu feasibility work and exploration. A one-for-fifteen entitlement offer at 27c seeks up to about $2.66m, partly underwritten to $1m. The 27c price compares with the 40c IPO in 2007.

capital raising announcement

Final assays for the remaining 30 Chisebuka holes confirm a uranium discovery: two parallel zones up to 800m long, best 7m at 465ppm U3O8, still open along strike. More drilling follows in Q2 or Q3 2008 after the rains, with a track-mounted rig.

drilling result

Njame's Inferred Resource rises to 8.8Mt at 340ppm U3O8, 3,000t (6.6Mlb), up from 2,200t at Njame North. Chirundu JV total becomes 4,120t (9.1Mlb), up 25%, meeting the 4,100t target. Indicated category update expected Q2 2008.

resource reserve update

Njame East, a new blind zone next to the Njame North resource, returned the highest grades yet: 5m at 2,389ppm U3O8 (first 19 of 23 holes). It is open in several directions; an updated Njame resource model takes about a month.

drilling result

Gwabe, discovered in 2007, gets a first Inferred Resource of 4.2Mt at 267ppm U3O8 (2.5Mlb), 3m to 29m deep. Chirundu JV resources rise 50% to 7.3Mlb, feeding the pre-feasibility study due Q1 2008. Resolves the pending Gwabe estimate.

resource reserve update

Sese in Botswana, wholly owned, is a new greenfields uranium discovery at the Foley anomaly. Best result is 9m at 370 ppm U3O8 from 40m, which may suit open pit mining. Assays are in for 14 holes of over 80 drilled; the rest are due in Q1 2008.

drilling result

Frazer Tabeart, previously Exploration General Manager, became Managing Director from 1 November 2007 on A$250,000 a year, as the pre-feasibility study begins. He holds 1,972,824 options at 31.25c and 54,000 shares. Executive Chairman Alasdair Cooke remains.

director officer appointment

Drilling has started at Sese (Botswana, 100% owned; 2,500m programme, 39 holes done, rig extended) and at Chisebuka (Kariba Valley JV; up to 4,000m planned, 13 holes done). Assays are due late November. Pre-feasibility study now due February 2008, later than the December 2007 target; Njame resource due December.

drilling spud

Gwabe RC drilling is complete at 161 holes, defining continuous shallow uranium mineralisation over at least 700m, 1m to 18m thick. A resource estimate, audited by Coffey Mining/RSG Global, is expected within two weeks; infill drilling has started at Njame.

drilling result

Board approved a A$1.5m pre-feasibility study on Njame and Gwabe, due by end December 2007, after a scoping study. Base case is 1.4 Mlb U3O8 a year for five years at US$65/lb; cash is expected to be about A$5.0m afterwards.

material agreement

African Energy earned its initial 30% interest in the Chirundu JV by spending A$1.0m, resolving the earn-in thread with Albidon. It can reach 70% by completing a pre-feasibility study; Kariba Valley spending requirement is still being met.

farm in farm out completion

First 40 Gwabe infill holes found higher-grade shallow uranium, best 9m at 684 ppm U3O8 including 5m at 936 ppm, possibly suited to open pit mining. This builds on July's discovery; 70 more holes are due in September.

drilling result

Rock-chip sampling at Chisebuka, Kariba Valley JV, found surface uranium up to 4,823 ppm U3O8, the highest in the company's portfolio; 11 of 46 samples exceed 100 ppm. Reconnaissance drilling is due in September after Njame extensional drilling.

drilling result

First 25 Gwabe holes found shallow uranium mineralisation; 11 holes exceed 100ppm, best 6m at 566ppm U3O8 from 21m. This confirms the earlier soil anomalies. About 90 infill hole assays are due in August.

drilling result

African Energy began trading on ASX on 18 April after a $5 million IPO that was over 3.5 times oversubscribed. It focuses on Zambian uranium, with drilling due to start in early May.

other

African Energy Resources (Guernsey) issues a prospectus to raise up to $5 million by offering 12.5 million shares at 40 cents each, ahead of an ASX listing. The offer is described as speculative.

capital raising announcement