Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2014regulatory community update▲ GoodMajor
On April 30, 2014 Avalon received a 'Class A' land use permit from the Mackenzie Valley Land and Water Board to start phased pre-construction work at Nechalacho (site preparation, early camp, portal development, roads, power and water treatment). This is the first of the permits sought after the November 2013 environmental approval; a 'Class B' water licence is still expected, and full construction and operating permits are targeted by early 2015. Management targets commercial operations by 2017/2018 but says that depends on project financing being in place, which remains unresolved.
Avalon sent out proxy materials for its annual and special shareholder meeting on February 25, 2014 in Toronto (record date January 14, 2014). Shareholders vote on electing seven directors (Bubar, MacEachen, Ferry, McCarter, Fontaine, Marchi, Thomas), appointing Deloitte LLP as auditors, and approving unallocated stock options up to 10% of outstanding shares until February 25, 2017. This is routine meeting paperwork; the unallocated-options item could mean future dilution if options are granted.
Avalon released its second sustainability report on December 5, 2013, and said its sustainability reporting period is now aligned with its August 31 fiscal year. The release repeats that the company is adequately funded, has no debt and has a positive feasibility study and environmental assessment completed; it adds no new financial or project figures.
Avalon filed the full technical report on the feasibility study for the Nechalacho rare earth project (report dated May 31, 2013, effective April 17, 2013), replacing the earlier 2011 pre-feasibility work. The visible text is only the cover and table of contents, so it gives no resource, reserve, cost or economic figures; it does show the plan covers a Nechalacho mine and concentrator, a Pine Point hydrometallurgical plant and a refinery at Geismar, Louisiana.
On November 4, 2013 the federal minister approved the Nechalacho environmental assessment report, adopting the review board's recommendation of July 2013 and resolving that pending decision. Avalon can now apply to the Mackenzie Valley Land and Water Board for land use permits and water licences; Aboriginal and Northwest Territories government agreements are still being completed.
Avalon signed a sales agreement on September 24, 2013 with Cowen and Company allowing it to sell common shares from time to time at market prices for up to US$25 million, under a US$500 million base shelf prospectus dated September 10, 2013. Shareholders could be diluted if shares are sold; the filing sets a ceiling, not an amount actually sold.
29 July 2013regulatory community update▲ GoodMajor
The Mackenzie Valley Environmental Impact Review Board recommended approval of the Nechalacho project, saying a full environmental impact review is not needed, subject to mitigation measures. The federal minister's decision was still pending; Avalon reported about $12 million in cash, 103,796,986 shares outstanding and no debt, and was still working on Aboriginal agreements, off-take agreements, strategic partners and project financing.
Avalon filed an updated technical report on the Thor Lake project dated August 25, 2011, prepared by Roscoe Postle Associates, describing an updated pre-feasibility study. The visible text says the project has 14.5 million tonnes of mineral reserves of rare earths, zirconium, niobium and tantalum, and that it is an undeveloped deposit; it refines the March 2011 report.
Avalon Rare Metals (then its name) filed a technical report dated March 13, 2011 on the Nechalacho deposit at its Thor Lake project in the Northwest Territories. The filing text shown is the report's cover page and contents list, so it gives no resource or economic figures here.
