Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2009farm in farm out completion▲ GoodMajor
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.
27 Nov 2009capital raising announcement● Neutral
Share Purchase Plan offer for Australian and NZ shareholders: up to A$12,000 each at 15 cents a share, matching the placement price. Open 30 Nov to 21 Dec 2009. The board can scale back applications if oversubscribed.
25 Nov 2009drilling result▲ Good
Remaining Njame South assays and 7 infill holes confirm continuity, with best results 5m @ 690ppm U3O8. The 2.3Mlb Inferred Resource will be updated, and part may be upgraded to Indicated.
24 Nov 2009investor presentation● Neutral
AGM presentation largely repeating known facts: 11Mlb Chirundu resource, Sese discovery, licence approved. It gives cash of A$3.05m at 31 Oct 2009 and notes the planned A$5m placement and SPP.
23 Nov 2009capital raising announcement● NeutralMajor
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.
18 Nov 2009resource reserve update▲ GoodMajor
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.
17 Nov 2009drilling result● Neutral
Assays for 21 more Gojwane holes confirm widespread but modest uranium mineralisation, with thin intercepts such as 5m @ 168ppm. The company says the drill spacing is too broad to judge size or continuity. 61 holes await assay; infill drilling is likely early 2010.
10 Nov 2009drilling result▲ GoodMajor
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.
10 Nov 2009investor presentation● Neutral
Roadshow presentation repeating known facts: Chirundu 70% interest, 7.4Mlb resource, mining licence, Sese discovery. It states cash of A$3.70m at 30 Sept 2009, Energy Ventures ~41%, and a Njame resource upgrade due that month.
4 Nov 2009drilling result▲ Good
Soil sampling at Namakande (Kariba Valley JV) finds three more uranium anomalies (D, E, F), lifting prospective strike to over 20km. Rock outcrop assays reach 2,950ppm eU3O8, the highest surface value on its Zambian projects. Drilling starts early November.
22 Oct 2009annual report● NeutralMajor
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.
20 Oct 2009drilling result▲ GoodMajor
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.
15 Oct 2009regulatory community update▲ GoodMajor
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.
8 Oct 2009other● Neutral
Notice of a Boardroom Radio broadcast with the Managing Director titled 'Positive Uranium Exploration Results'. No new information.
7 Oct 2009drilling spud▲ Good
Drilling starts at Siamboka, the 5km uranium soil anomaly 8km north of Njame, with about 70 holes planned. Results are expected from early November, as flagged in the September drilling plan.
6 Oct 2009drilling spud▲ Good
Drilling starts at the 100%-owned Sese project in Botswana: about 50 holes on a radiometric anomaly next to A-Cap's Letlhakane project (98Mlb inferred resource). Results are expected from late October.
30 Sept 2009drilling result▲ Good
Soil sampling at Namakande in the Kariba Valley JV defines three uranium anomalies over 10km of strike, with rock outcrop up to 453ppm eU3O8. Drilling is scheduled for November. Issued capital is now 254.8m shares.
22 Sept 2009annual report● Neutral
Statutory financial report for the year to 30 June 2009, with the directors' report and accounts. The extract shows no new figures, and the board is unchanged.
11 Sept 2009drilling spud▲ GoodMajor
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.
17 Aug 2009drilling scheduled▲ Good
A review of Sese data, including earlier Foley drilling (best 4m @ 854ppm U3O8), identifies new targets, including land next to A-Cap's inferred resource. Reverse circulation drilling is planned from October 2009, following the Sese plan in the quarterly report.
31 July 2009other● Neutral
Notice of a Boardroom Radio audio broadcast of the Managing Director's 30 July 2009 Sydney investor presentation on developing a uranium business in southern Africa. No new information.
24 July 2009capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
80.0m new shares at A$0.050 to raise about A$4.0m. That's 31% dilution: every existing holder's slice gets 31% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0115% to 0.00786% of the company. To keep it you'd need 9,169 more shares - about A$458 at the issue price.
Create a free account to see this worked out for your own holding.
22 July 2009other● Neutral
Notice of a Boardroom Radio video interview with the Managing Director. No new information.
21 July 2009drilling result▲ GoodMajor
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.
9 July 2009investor presentation● Neutral
July presentation shows cash of A$1.13m at 30 May 2009, down from A$2.83m at December. It says the company is negotiating to buy Albidon's uranium interests and expects the Chirundu mining licence imminently. First uranium is possible from mid-2011.
25 June 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with the Managing Director on the reduced Chirundu operating cost estimate. No new information.
12 June 2009investor presentation● Neutral
June presentation at the Botswana Resources Conference repeats the May messages: 7.4Mlb Measured and Indicated at Chirundu, study completion planned for end 2009, first uranium targeted early 2011. No new information.
11 June 2009material agreement▲ GoodMajor
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.
20 May 2009investor presentation● Neutral
Presentation at the China Nuclear Energy Congress repeats known facts: 7.4Mlb Measured and Indicated at Chirundu (70% AFR), study completion planned for end 2009, first uranium targeted early 2011, and no uranium yet sold.
15 Apr 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with the Managing Director on the new Aldershot earn-in. No new information.
