8 May 2008joint venture update● Neutral
Albidon repeats African Energy's partial conversion of Njame and Gwabe to Indicated status, lifting the Chirundu resource to 4,345t (9.5Mlb), up 5%. No new information beyond the African Energy release.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2008resource reserve update▲ GoodMajor
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.
5 May 2008capital raising announcement● Neutral
Rights issue closed 1 May with only 1,175,547 of 9,858,334 shares taken up by shareholders. The 8,682,787 shortfall shares at 27c, worth $2.34m, are largely covered by firm applications to date. Placement to be finalised that week.
24 Apr 2008joint venture update● Neutral
Albidon repeats African Energy's announcement that it will commit to a bankable feasibility study at Chirundu and that the pre-feasibility study is approved. No new information beyond the African Energy release.
24 Apr 2008drilling result▲ GoodMajor
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.
21 Apr 2008security holder rights change● Neutral
600,000 unlisted options at 40c, expiring 30 June 2012, issued for nil consideration to Wiscort Banda, new Project Manager, Zambia. 670,000 unvested 40c options were cancelled under a consultancy contract. Small administrative change.
16 Apr 2008capital raising announcement● Neutral
Formal notice and offer document for the one-for-fifteen entitlement offer at 27c, up to 9,858,334 shares (~$2.66m), partly underwritten to $1m by two parties. Opens 16 April, closes 1 May 2008. Funds further Chirundu feasibility work and exploration. Follows the 4 April announcement.
4 Apr 2008capital raising announcement● NeutralMajor
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.
What it means for a shareholder
17.0m new shares at A$0.270 to raise about A$4.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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17 Mar 2008drilling result▲ Good
Soil and rock-chip sampling at Namakande in the Kariba Valley JV found anomalies up to 1,150ppm U3O8 (target C). Drilling is now scheduled for Q3 2008, after Chisebuka. These are surface results only, not drilling.
17 Mar 2008joint venture update● Neutral
Albidon repeats African Energy's Namakande sampling results, with anomalies up to 1,150ppm U3O8. No new information beyond the African Energy release.
11 Mar 2008joint venture update● Neutral
Albidon repeats African Energy's final Chisebuka results from all 35 holes. No new information beyond the African Energy release.
11 Mar 2008drilling result▲ GoodMajor
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.
7 Mar 2008drilling result▲ Good
Final Njame infill assays (about 100 holes) confirm grade and continuity, best 17m at 835ppm U3O8 from 23m. Drilling density now suits an Indicated Resource, expected early Q2 2008. The pre-feasibility study remains on schedule for end of Q1.
7 Mar 2008joint venture update● Neutral
Albidon repeats African Energy's Njame infill results, including 17m at 835ppm U3O8, and the Indicated Resource estimate due Q2 2008. No new information beyond the African Energy release.
29 Feb 2008half year report● Neutral
Half-year report to 31 December 2007 shows cash of $4.26m, which the directors say partially funds the 2008 feasibility and exploration programs. Directors state the company can pay its debts. Pre-feasibility study still due March 2008; no new project results.
19 Feb 2008resource reserve update▲ GoodMajor
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.
5 Feb 2008investor presentation● Neutral
February update repeats known results and targets about 9Mlb at Njame/Gwabe, with first uranium deliveries targeted for December 2009. Cash is shown as US$3.75m at 31 December 2007, down from A$7.1m reported in October. Diluted market cap is A$55m.
18 Jan 2008security holder rights change● Neutral
984,375 shares (nil consideration) leave 12-month ASX escrow on 2 February 2008. After release, 35.9m shares are quoted and 112.0m unquoted. No cash raised.
10 Jan 2008drilling result▲ GoodMajor
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.
10 Jan 2008joint venture update● Neutral
Albidon repeats African Energy's Njame East results, including 5m at 2,389ppm U3O8, the highest grades yet. No new information beyond the African Energy release.
14 Dec 2007drilling result▲ Good
First assays from 5 of 35 Chisebuka holes (Kariba Valley JV) confirm near-surface uranium, best 7m at 445ppm U3O8 from 11m. Remaining 30 holes' assays are due Q1 2008; more drilling follows the rains. Early, partial results.
14 Dec 2007joint venture update● Neutral
Albidon repeats African Energy's first Chisebuka assays, best 7m at 445ppm U3O8. No new information beyond the African Energy release.
5 Dec 2007joint venture update● Neutral
Albidon repeats African Energy's first Gwabe resource: Inferred 4.2Mt at 267ppm U3O8, 2.5Mlb, lifting Chirundu JV resources 50% to 7.3Mlb. No new information beyond the African Energy release.
5 Dec 2007resource reserve update▲ GoodMajor
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.
4 Dec 2007security holder rights change● Neutral
9,843,765 shares will be released from the 12-month ASX escrow on 11 December 2007, issued for nil consideration. The release leaves 34.9m shares quoted and 113.0m unquoted. No cash raised; the release could add shares available to trade (inference).
27 Nov 2007drilling result▲ GoodMajor
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.
5 Nov 2007director officer appointment● Neutral
Non-executive director Donal Windrim, a founding director, will resign at the November AGM for personal reasons, seeking to reduce his corporate commitments. This is a board change only, with no stated effect on projects.
5 Nov 2007director officer appointment● NeutralMajor
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.
26 Oct 2007investor presentation● Neutral
October investor update repeats known results: Njame 4.8Mlb inferred resource, Gwabe modelling, Chisebuka and Sese drilling, and the pre-feasibility study. Cash is shown at A$7.1m (A$8m in September) and fully diluted market cap at A$60m (A$65m).
25 Oct 2007annual report● Neutral
Annual Report 2007 for the year to 30 June, with directors' letter recapping the Njame 4.8Mlb resource, Gwabe discovery, Chisebuka and the April 2007 listing. It repeats known facts; the excerpt shows no financial figures. Re-release of the August financial report in glossy form.