Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2009quarterly activities report● Neutral
September quarter report: Njame South drilling (74 holes) finished, Chirundu mining licence approved, Sese drilling began 2 Oct, and Malawi licences (Majete, Rumphi) were allowed to expire on 22 Sept. This resolves the Malawi review. The A$4.0m raise closed in July.
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.
18 Aug 2009agm notice▲ Good
All resolutions at the 18 August meeting passed, including approval of the Tranche 2 placement (completing the A$4m raise) and a convertible note issue. Director option grants were also approved.
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.
27 July 2009quarterly activities report● Neutral
June quarter: Chirundu study work focused on metallurgy, with operating costs revised to US$31/lb (Njame) and US$26/lb (Gwabe) and a US$22-25/lb target. The placement closed oversubscribed at A$4.0m. Sese and other drilling is planned for late 2009.
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.
29 Apr 2009quarterly activities report● Neutral
March quarter: the Measured and Indicated resource was reported and column leach tests began. The company withdrew from the Luano Valley JV and cut costs, including closing its Cape Town office, citing the financial crisis. The Aldershot earn-in was signed.
15 Apr 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with the Managing Director on the new Aldershot earn-in. No new information.
14 Apr 2009farm in farm out agreement▲ GoodMajor
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.
3 Apr 2009security holder rights change● Neutral
On 20 April 2009, 106,387,501 shares and 5,604,756 unlisted options (31.25c, expiring June 2012) leave escrow after 24 months from listing. These become freely tradable; the notice does not say whether holders will sell.
1 Apr 2009director officer appointment● Neutral
Daniel Davis, previously the company's financial accountant since January 2008, replaces Brett Mitchell as Company Secretary. Administrative change.
24 Mar 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with the Managing Director on the Chirundu resource upgrade. No new information.
20 Mar 2009resource reserve update● NeutralMajor
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.
27 Feb 2009half year report▼ Bad
Half-year to 31 Dec 2008: cash A$2.83m, which only partly funds the Chirundu study and exploration. The company says it will restart the deferred study once markets improve and more working capital is raised, with completion by October 2009. Ian Duncan resigned 19 Nov 2008.
