Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2010quarterly activities report● Neutral
June quarter: Sese coal found (initial seam 11.5m average), while Gobe and Railway uranium drilling was disappointing. Drilling began at Kabanana in the Chirundu JV, and the Sitwe environmental brief was approved. Cash A$4.64m.
28 July 2010investor presentation● Neutral
Presentation for the Proactive One2One forum and a roadshow, repeating known facts including the Sese coal discovery. It states potential for uranium production within 2 years. Cash A$4.6m, market cap A$23m.
27 July 2010drilling result▲ GoodMajor
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.
22 July 2010investor presentation● Neutral
July 2010 Australian Uranium Conference presentation restating known facts. Cash A$4.6m at 30 June, no debt, market cap A$23m. The Chirundu feasibility study stays on hold pending resource growth, with a mine life above 10 years sought to justify capex over A$100m.
30 June 2010drilling result▲ GoodMajor
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.
30 June 2010investor presentation● Neutral
June 2010 presentation at the Botswana Resources Conference, repeating the Sese coal discovery and drilling plans. Cash was A$5.0m at 31 May with no debt; market cap A$19m. It also notes the Gobe and Railway uranium targets are being drilled.
27 May 2010drilling spud● Neutral
A 7,500m reverse circulation drilling programme has started at the wholly owned Sese project in Botswana, expected to take up to ten weeks. It tests untested uranium targets and includes 50-hole infill drilling at the Gojwane discovery.
20 May 2010investor presentation● Neutral
May 2010 Sydney roadshow presentation repeating known facts: 11Mlb Chirundu resource and granted mining licence, cash A$5.4m, no debt. Market cap is shown as A$23m (17 May), down from A$31m in January. No new results.
19 May 2010drilling result▲ Good
Soil sampling at Chisebuka, in the Kariba Valley JV (30% earned), found uranium anomalies up to 2km long, with outcrop up to 754ppm eU3O8. Drilling is due to start in June 2010 and follows 2007 drilling that hit 7m @ 465ppm.
30 Apr 2010quarterly activities report● Neutral
March quarter: little fieldwork because of the rains, with access and line clearing started at Sese. Chirundu metallurgical test work continues. Cash A$5.44m, debt free. Reporting currency to change to US dollars from 1 July 2010, subject to ASX approval.
7 Apr 2010investor presentation● Neutral
Notice of an audio broadcast of Managing Director Frazer Tabeart presenting the 2010 exploration programme on 7 April. No new information in the announcement itself.
30 Mar 2010investor presentation● Neutral
March 2010 roadshow presentation repeating the approved 2010 programme: 21,000m drilling, about US$4m budget, 11.1Mlb Chirundu resource. No new results or figures.
25 Mar 2010drilling scheduled▲ GoodMajor
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.
1 Mar 2010half year report● Neutral
Half-year accounts to 31 Dec 2009: A$7.72m raised after costs from two placements (A$4m at 5c, A$4.2m at 15c), cash A$5.99m. The Chirundu feasibility study remains suspended since October 2008, a decision under continuing review.
1 Feb 2010investor presentation● Neutral
February 2010 roadshow presentation repeating known facts: 11.1Mlb Chirundu resource, mining licence, Gojwane discovery. Cites cash of A$6m, no debt, market cap A$31m, and operating cost estimate of US$26-31/lb, versus the earlier US$22-25 target.
27 Jan 2010quarterly activities report▲ Good
December quarter: the A$4.2m placement at 15c closed and the SPP was withdrawn because the share price traded below 15c. Albidon repayments cleared the Energy Ventures convertible note, leaving the company debt free with A$5.99m cash. Kariba Valley 30% earned.
20 Jan 2010resource reserve update▲ GoodMajor
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.
19 Jan 2010joint venture update▲ GoodMajor
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.
15 Dec 2009drilling result● Neutral
Assays for another 55 Gojwane holes (Sese, Botswana) show widespread but modest uranium, best 2m @ 716ppm. Spacing is too broad to judge size. The company is assessing infill drilling for a resource estimate in the first half of 2010, continuing earlier results.
10 Dec 2009drilling result▲ Good
Soil sampling at Sitwe, in the wholly owned Northern Luangwa project, defines a uranium anomaly over more than 8km, with outcrop up to 124ppm eU3O8. Reconnaissance drilling is planned for the second quarter of 2010, after the wet season.
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.
