Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Apr 2023drilling result▲ GoodMajor
New Briggs assays: 22BRD0014 returned 222.7m at 0.20% Cu from 306m, and 23BRD0015 returned 300m at 0.20% Cu from 8.1m with the company's best molybdenum yet. Copper lies 190m north of the 143Mt resource; the company says this is likely to support an upgrade.
21 Feb 2023drilling result▲ Good
Second Briggs hole 22BRD0014 finished at 536.5m, with about 140m of well mineralised porphyry in its lower part that does not reach the surface. Only visual observations; assays due early Q2 2023. Drilling of the next hole at Briggs Central has started.
30 Jan 2023drilling result▲ GoodMajor
First assays from Briggs: hole 22BRD0013 at the Northern Porphyry returned 441.5m at 0.21% Cu from 8m, ending in mineralisation. This is about 750m north of the current resource, and the company says the system is larger than thought. Supports the exploration target concept; it is not a resource.
24 Nov 2022drilling progress report● Neutral
First Briggs hole 22BRD0013 at the Northern Porphyry ended at 449.5m in weakly mineralised volcanic sediments, with visible copper sulphides. Assays are due in the New Year. Drilling will run into the New Year because of weather delays; the second hole is starting.
14 Oct 2022drilling spud▲ GoodMajor
Alma began the 3,000m, six-hole core drilling campaign at Briggs (143Mt at 0.29% Cu), with the first hole at the Northern Porphyry. This is the planned test of the exploration targets. A new application, Don River EPM 28588, was added to the joint venture area.
4 July 2022farm in farm out completion▲ GoodMajor
Alma exercised its Briggs option, starting the earn-in: A$15.25M of spending over nine years for up to 70%. It set an exploration target of 455-850Mt at 0.20-0.35% Cu (conceptual) and plans six core holes (3,000m). CEO Tabeart goes full-time.
4 July 2022farm in farm out completion▲ Good
Canterbury's release confirms Alma exercised its Briggs option, starting the earn-in: A$15.25M of spending for up to 70%. Alma sole-funded over $750,000 in the option phase. Duplicates Alma's 4 July announcement, with the 455-850Mt exploration target and six-hole, 3,000m core plan.
12 May 2022drilling result▲ Good
Soil sampling defines a copper anomaly over 2,200m long and 950m wide, extending up to 1,200m outside the resource, with a molybdenum anomaly. Alma expects to exercise the option within weeks and plans 20 core holes (about 5,000m).
18 Feb 2022drilling result▲ GoodMajor
Briggs RC assays show copper-molybdenum mineralisation up to 750m beyond the 143Mt at 0.29% Cu resource; best Briggs Central hole 155m at 0.21% Cu, and 85m at 0.30% Cu at the Southern Porphyry. Major drilling planned mid-Q2 2022. Cash about A$2.1M.
18 Feb 2022drilling result▲ Good
Canterbury, the Briggs owner, released the same RC drilling results as Alma: mineralisation up to 750m beyond the 143Mt at 0.29% Cu resource. It adds that Alma could reach 70% by funding $16M. Duplicate of Alma's own release.
28 Oct 2021drilling spud● Neutral
Canterbury Resources reports the RC drilling programme at Briggs has begun: about 12 holes for 3,000m, funded by AFR under its option. It takes about a month. Duplicates AFR's own release from the counterparty.
28 Oct 2021drilling spud▲ GoodMajor
AFR's 3,000m, 12-hole RC drilling programme has started at Briggs, testing extensions to the 143Mt at 0.29% Cu resource and higher-grade zones. This is the first drilling under the option signed in August. No results yet.
18 Aug 2021farm in farm out agreement▲ GoodMajor
AFR signed a binding term sheet with Canterbury Resources for an option to earn up to 70% of the Briggs copper project in Queensland (143Mt at 0.29% copper Inferred). It pays A$1.0M for Canterbury shares at 12c and must spend A$750,000 by 31 July 2022. A$1.4M placement at 2c funds it.
18 Aug 2021farm in farm out agreement● Neutral
Canterbury's own release of the same deal: AFR subscribes 8,333,333 shares at 12c (about A$1.0M), giving it 6.93%, plus 3M options at 24c. Earn-in could reach 70% through A$15.25M spend over 9 years. Repeats AFR's announcement from the counterparty's side.
11 May 2020resource reserve update▼ BadMajor
Updated Sese West coal resource is 1,977Mt (35Mt Measured, 7Mt Indicated, 1,935Mt Inferred), down from the earlier 2,501Mt Inferred figure. The estimate reflects new drilling and a smaller licence area. AFR holds 33.3% of the Sese JV.
11 Oct 2019resource reserve update▲ GoodMajor
Mmamabula West coal resource rose to 2,935Mt from 2,443Mt, with 17Mt now Measured and 1,061Mt Indicated. The 2014 export prefeasibility study will be updated. This delivers the Measured resource the company had been seeking.
31 Jan 2019resource reserve update▲ GoodMajor
Sese resource updated to 2,418Mt (JORC 2012) after infill drilling, including 325Mt and 304Mt Measured in two blocks. The mining licence holds about 630Mt, 256Mt of it Measured. This delivers the Measured upgrade long flagged; a reserve statement is being prepared.
26 July 2016farm in farm out agreement▲ GoodMajor
First Quantum committed A$3M to Sese work programmes, including drilling, site studies and updating approvals for up to 450MW. The deadline for its remaining A$7M to reach 75% was extended 12 months to 12 July 2017, from July 2016.
4 Mar 2016farm in farm out agreement▲ GoodMajor
AFR signed a non-binding term sheet with an unnamed South African investment group to develop a mine and power station at Mmamabula West, with 3 months' exclusivity. Terms are confidential. The share buy-back is suspended until the deal is disclosed.
14 Jan 2015farm in farm out completion▲ GoodMajor
All conditions are met and First Quantum now buys 51% of the Sese holding company for $8m and becomes project manager. It must invest a further $12m within 18 months for 75%. AFR expects about $10m working capital, no debt, and a 25% carried interest.
16 Dec 2014farm in farm out agreement▲ GoodMajor
African Energy and First Quantum signed the binding Sese shareholders agreement after due diligence. FQM buys 51% for $8m (repaying loans), then 75% with $12m more within 18 months. Remaining conditions are administrative, due by 31 January 2015. AFR keeps a loan-carried 25%.
20 Oct 2014farm in farm out agreement▲ GoodMajor
First Quantum Minerals signed a binding heads of agreement to earn 75% of the Sese Project by investing A$20m and arranging a loan carry for African Energy's 25%. FQM also buys 69m shares at 5.5c (A$3.8m, about 12.6%), with a A$3.5m underwritten rights issue. A$8m returns to repay loans.
13 May 2014resource reserve update▲ GoodMajor
First estimate for Sese West: 2,501Mt inferred coal at 14.6MJ/kg, from 15 drill holes. It is thought to be the down-dip extension of Sese. Lifts total coal inventory to 8.7Bt; scoping study to start in June.
12 May 2014resource reserve update▲ GoodMajor
Prefeasibility study for Mmamabula West underground mine: 4.4Mtpa run-of-mine, up to 3Mtpa export coal over 20 years. Capital cost US$113m and operating cost US$25/t at the mine gate. Based on a 200Mt part of the 2,433Mt resource; the licence extension was requested.
23 Oct 2013farm in farm out agreement▲ GoodMajor
Signed a joint development agreement with Saudi-based ACWA Power, naming it as the partner behind the 2 October Sese 300MW power expression of interest. ACWA leads, funds equity and becomes major Sese Power shareholder; African Energy gets a structured return with no extra development funding commitment. Resolves the partner search.
28 Mar 2013drilling result▲ GoodMajor
Washing and swelling tests on 19 samples from the first four of eight Sinazongwe holes show 17 with Free Swelling Index above 4.5 (max 8.5), indicating some potential for medium to hard coking coal. Follow-up on the Zambian coal project awaited in the open thread; more drilling and washing tests are needed.
19 Oct 2012drilling scheduled▲ GoodMajor
Board approved 14 core holes at Sese West, starting within days and taking 6-8 weeks. An inferred resource is expected to be announced in Q1 2013, testing the 3-6 billion tonne Exploration Target.
2 Oct 2012resource reserve update▲ GoodMajor
Sese West licence renewed to 30 September 2014 with coal added, and an Exploration Target of 3-6 billion tonnes set, based on coal in six earlier holes. It is conceptual only, not a resource. Infill drilling is planned before year end.
15 Aug 2012resource reserve update▲ GoodMajor
First Measured Resource at Sese: 651Mt (318Mt Block-B, 333Mt Block-C), within a 2,517Mt total. Delivers the long-promised Measured upgrade, the basis for future reserves. The Sese Prospecting Licence has also been renewed.
10 May 2012drilling result▲ GoodMajor
Coal discovery at Sinazongwe East, Zambia: all nine holes (1,691m) hit multiple seams, with raw calorific values 10-26MJ/kg and vitrinite bands hinting at possible coking coal. Washing and coking tests follow. Resolves the pending drilling analysis, though economic value is unproven.
