9 Feb 2009investor presentation● Neutral
February investor presentation repeats the 9.5Mlb Chirundu resource and deferred study. First uranium target is now 2011, later than late 2010. Cash was A$2.85m at 31 Dec 2008, down from A$3.8m in November.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2009other● Neutral
Notice of a Boardroom Radio audio interview with the Managing Director on the Sitwe discovery. No new information.
29 Jan 2009quarterly activities report▼ BadMajor
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.
28 Jan 2009drilling result▲ Good
Soil sampling at the 100%-owned Sitwe prospect in northern Zambia found an 8km uranium anomaly, peak 66ppm eU, in Karoo-age rocks similar to Chirundu. Early stage: more sampling and drilling are planned for Q2-Q3 2009 after the wet season.
15 Jan 2009other● Neutral
Notice of a Boardroom Radio audio interview with the Managing Director on the Gwabe drilling results. No new information.
13 Jan 2009joint venture update● Neutral
Albidon re-releases African Energy's January Gwabe diamond drilling results. No new information beyond the African Energy announcement.
13 Jan 2009drilling result▲ Good
Diamond drilling at Gwabe confirms a core zone about 8m thick, 16m below surface; best hits 5m at 899ppm and 6.15m at 772ppm U3O8. Decision on restarting the deferred study now expected by Q2 2009, then about six months to finish.
8 Dec 2008joint venture update● Neutral
Albidon (30% partner) re-releases African Energy's Gwabe drilling results, best 10m at 907ppm U3O8. No new information beyond the African Energy release.
8 Dec 2008drilling result▲ Good
Gwabe infill drilling at Chirundu returns high-grade hits, best 10m at 907ppm U3O8 and 12m at 669ppm. Drilling is complete; Measured and Indicated resource now due Q1 2009, and Mintek testwork has begun. Deferred study aspects to be reviewed Q1 2009.
28 Nov 2008security holder rights change● Neutral
330,000 unlisted options at 40c (expiring 30 June 2012) cancelled because a services agreement ended and vesting conditions were not met. Administrative; leaves 1.6m 40c options and 12.225m 31.25c options.
21 Nov 2008investor presentation● Neutral
Revised AGM presentation of 19 Nov 2008 repeats known facts: 9.5Mlb Chirundu resource (70% AFR), bankable study largely deferred to 2H 2009 if markets improve, first uranium late 2010. Cash A$3.8m, 174.47m shares.
20 Nov 2008investor presentation▼ Bad
AGM presentation says the bankable study is now largely deferred, with completion in the second half of 2009 if markets improve. First uranium is now targeted for late 2010, later than the early 2010 aim. Cash is A$3.8m, down from A$7.06m at June.
30 Oct 2008joint venture update● Neutral
Albidon repeats African Energy's announcement deferring most of the Chirundu bankable study because of global financial instability. Only the resource update and metallurgical testwork continue. No new information beyond the African Energy release.
30 Oct 2008joint venture update▼ BadMajor
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.
27 Oct 2008quarterly activities report● Neutral
September quarter: bankable study scoping finished, with a US$7.5m budget and completion due Q2 2009. Infill drilling completed at Njame and Gwabe, and 50 holes drilled at Chirundu North, best 2m at 317ppm. Outlook is for a Measured and Indicated resource update.
20 Oct 2008annual report● Neutral
Annual report describes the year's move from explorer to a possible producer: pre-feasibility study done, 70% of Chirundu earned, 9.5Mlb resource. Cash was A$7.06m at 30 June. Bankable study due Q2 2009; production possible by mid-2010 if financed.
2 Oct 2008drilling result▲ Good
Infill drilling at Njame finished ahead of schedule, with best result 16m at 885ppm U3O8. GRDM Minproc is appointed to manage the bankable study, due Q2 2009. A Measured and Indicated resource statement is planned for Q4 2008.
11 Sept 2008annual report● Neutral
Audited financial report for the year to 30 June 2008, listing the directors and the Perth-based company. Cash at 30 June was A$7.06m per the companion annual report. The extract shows no new operating news.
30 July 2008quarterly activities report● Neutral
June quarter: bankable feasibility study approved, sterilisation drilling completed over key sites, and the 70% Chirundu interest vested. Albidon chose to keep its 30% and pay its share of costs; a mining licence application was lodged. Chirundu North drilling began.
23 July 2008investor presentation● Neutral
July conference presentation repeats the known 9.5Mlb Chirundu resource and 70% interest. Production target is now early 2010 at about 1.4Mlb a year for 5-6 years. Cash is stated at A$7.1m, down from about A$8.5m in the June update.
14 July 2008admin correction● Neutral
Secondary trading notice for 75,207 shares issued in lieu of fees to a key executive. Administrative notice only, no other substance.
26 June 2008investor presentation● Neutral
June investor update repeats the Chirundu story: 70% owned, 9.5Mlb resource, BFS started May 2008, with BFS and financing due end 2008 and construction from March 2009. Lists 173.2m shares and about A$8.5m cash. Notes the project is marginal at the current uranium price.
14 May 2008capital raising announcement● Neutral
8,344,350 shortfall shares issued at 27c, raising $2,252,975 before costs. Only 338,347 rights issue shares remain unallocated. Together with shareholder take-up, the offer has raised close to the targeted $2.66m.
9 May 2008joint venture update● Neutral
Albidon repeats African Energy's pre-feasibility results: 1.3Mlb a year over 5-6 years, US$68m up-front capital, and 70% earned by African Energy. Adds that Albidon has 60 days to decide whether to fund the bankable study. Otherwise no new information.
9 May 2008capital raising announcement● Neutral
1,175,547 rights issue shares issued at 27c, raising $317,398 before costs. This is the shareholder take-up portion only; the shortfall is placed separately. Includes the required secondary trading notice.
9 May 2008material agreement▲ GoodMajor
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.
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.
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.
28 Apr 2008quarterly activities report● Neutral
March quarter report recaps the completed pre-feasibility study, Njame's 8.8Mt Inferred Resource, and Sese, Chisebuka and Namakande results. Notes the $4.59m April placement and the rights issue. Outlook: bankable feasibility decision and Indicated resource upgrades. No new results.