Past year: ▼ 9%(0.00c – 0.38c USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Dec 2014regulatory community update▼ Bad
Besra said a further CAD$115,000 of the first CAD$2 million of the financing has been received, with the investor saying the balance will follow. Adding to the earlier CAD$431,096.86, about CAD$546,000 of the CAD$2M is in (inference from summing the two releases).
28 Nov 2014regulatory community update▼ Bad
Besra said CAD$431,096.86 of the first CAD$2 million of the current financing has been received so far, with the investor saying the balance will follow (timing cut off). Roughly a fifth of the first tranche has arrived.
12 Nov 2014regulatory community update▲ Good
Besra received a second instalment of about CAD$290,000 from Mr George Molyviatis under a financing deal announced earlier (date cut off in excerpt). It is a small amount of money arriving in stages.
28 Oct 2014regulatory community update● Neutral
Besra gave a regulatory update following its Oct 9, 2014 release, which referred to the annual financial filings not yet being filed. The rest of the update is not in the excerpt, so its content is unknown.
20 Oct 2014listing compliance notice▼ BadMajor
Besra advised that the TSX will delist its common shares at a close date given in the full release but not in the excerpt. This confirms the delisting flagged in September; the ASX listing is not stated to be affected.
17 Sept 2014listing compliance notice▼ BadMajor
Besra's market update says the Toronto Stock Exchange has determined to delist its shares, and the title also refers to financing delays and financial statements. The details (reasons, dates) are not in the excerpt. It is a sharp reversal from the 2013 buy-back and feasibility progress, and the missing financial statements and delayed financing are likely linked (inference).
12 Mar 2014resource reserve update▲ GoodMajor
Besra reported improved results for the Bau Stage 1 Feasibility Study, updating the preliminary findings of December 2013. The excerpt shows only the headline, so the improved figures are not available.
25 Feb 2014regulatory community update▲ Good
Besra said the Vietnam Government renewed its gold export licence. The excerpt gives only the headline and opening, so the licence term is not shown.
14 Feb 2014production update● Neutral
A Feb 14, 2014 release announces Q2 FY2014 results and revised 2014 production guidance. The excerpt has only the cover page, so the results and the revised numbers are not available; the word 'revises' does not say whether up or down.
5 Dec 2013resource reserve update▲ GoodMajor
Besra released preliminary Stage 1 Feasibility Study findings for the Bau Gold Project, with the headline of initial production of 120,000 oz per year planned from late 2015. This follows the Jugan feasibility expected mid-2013. Only the headline is visible; costs, reserves and funding are not in the excerpt.
15 Oct 2013regulatory community update● Neutral
Besra put out a release saying it welcomes a Vietnam Government decision on gold royalty, following a decision by the Standing Committee of the National Assembly. The excerpt has only the cover page, so the nature of the royalty change and its financial effect are not shown.
23 July 2013production update● Neutral
A July 23, 2013 release is titled as announcing 2014 production guidance, cost reductions and feasibility progress. The excerpt shows only the cover page and signature, so the guidance figures, cost savings and feasibility details are not available.
9 July 2013production update▲ Good
A July 2013 release is titled as saying a record-breaking quarter let Besra meet its 2013 gold production guidance. The excerpt contains only the cover page and signature, so no production figures are available and none are stated here.
8 Feb 2013security holder rights change▲ Good
Besra received TSX approval to renew its share buy-back, with the board intending to buy about 25,000,000 shares (7.8% of public float) between Feb 11, 2013 and Feb 10, 2014. The prior program (Dec 2011 to Nov 2012) bought 1,050,000 shares on the TSX at about CAD$0.35 and 1,307,679 on the ASX at about AUD$0.34. There were 378,781,186 shares outstanding at Jan 31, 2013. The release now projects new Bau production in late 2015, with the Jugan feasibility due June 2013, a later timeline than the 2014 target given earlier (company expectation).
23 Nov 2012material agreement● Neutral
The company's articles were amended on November 16, 2012 to change its name from Olympus Pacific Minerals Inc. to Besra Gold Inc. The filing is a name change only; it states nothing about changes to assets, share structure or business.
22 May 2012drilling result▲ Good
Olympus reported more drill results at the Jugan Hill deposit in Bau, Malaysia, including 61.10m at 2.40 g/t gold in hole JUDDH-50, and says mineralisation remains open at depth and along strike. The release gives the Bau resource as 3.02M oz (up from 2.45M oz in 2011), and the company's stake in the Bau operating JV as 83.25% (up from 80.53%), with the plan to reach 93.55% unchanged. The expected resource expansion has not yet been published here.
12 Oct 2011drilling result▲ Good
Olympus reported trench results at Bau Central: Jugan trenches such as 41.35m at 3.47 g/t and 103.00m at 1.30 g/t gold, and Taiton trenches up to 7.00m at 11.84 g/t. The company says Jugan mineralisation extends beyond its modelled resource. A resource update is now expected in Q1 2012, moved from the end-2011 timing in the previous release. Jugan feasibility is targeted for late 2012, with construction in 2013 and a goal of 100,000 oz a year by 2014 (company expectations). The Bau JV stake remains 80.53%.
4 Oct 2011drilling result▲ GoodMajor
Olympus reported new drill results at Bekajang (Bau Central, Malaysia), including 40.00m at 4.79 g/t gold (headline 4.67), 47.35m at 4.53 g/t and 8.60m at 24.07 g/t, below and south of the old open pit. The company says this suggests the mineralised zone steepens, and step-out drilling continues. The existing resource is 2.45M oz (0.56M Indicated, 1.89M Inferred), and the company expects an updated estimate by end-2011. Its stake in the Bau operating JV is now 80.53%, with plans to reach 93.55% within about 2.5 years, versus 50.05% in earlier context. The company targets over 200,000 oz a year by 2014 (company expectation).
30 Sept 2011drilling result▲ GoodMajor
Olympus signed a formal joint venture agreement on the Capcapo gold property in the northern Philippines with AMIC, Jabel, its subsidiary Kadabra Mining and PhilEarth Mining. It gives Olympus an option to earn 60%, subject to Philippine foreign ownership laws. Olympus paid AMIC US$300,000 on signing and owes US$400,000 more on gaining unencumbered access. Earning in takes staged spending of US$1M, US$2M and US$4M. Jabel gets a royalty (the higher of 3% of gross production value or 6% of annual profit), and milestone payments to AMIC are due when reserve or production levels are reached. This resolves the open question of the Capcapo JV negotiations, which had halted work since 2009. The drilling cited dates from 2007.
27 June 2011production update▲ GoodMajor
Olympus poured its first gold bar (11.1 kg) made entirely at the new Phuoc Son plant on June 22, 2011. Earlier output from the plant had been run through the Bong Mieu gold room while commissioning finished. This resolves the plant delay flagged in January (commissioning expected late Feb/early Mar 2011), which came in later than that. The company forecasts 2011 Vietnam production of 40,000-45,000 oz (company expectation) and says the plant has plated capacity of 500 tonnes per day.
9 May 2011capital raising announcement● NeutralMajor
Olympus closed the second part of a note financing: US$14.6M of four-year 8% unsecured convertible notes, convertible at US$0.51 per share, with two warrants per unit. A similar CAD$15M placement closed May 5, 2011. Net proceeds on this tranche are about US$13.2M, and Euro Pacific Capital was placement agent on both. Conversion and warrant exercise need shareholder approval, and the offering also needs TSX and ASX-related approvals. The company says it chose notes over pure equity to minimise dilution; the notes and warrants could still add shares if converted or exercised (inference). This adds to the 2010 convertible and gold delivery notes already outstanding.
5 Jan 2011regulatory community update▼ BadMajor
Olympus said its permit to truck Phuoc Son ore to Bong Mieu expired December 31, 2010 and it has asked Quang Nam for an extension. The new Phuoc Son plant, due in Q4 2010, is now expected in late February or early March 2011 because of wet weather. Olympus expects Q1 2011 production at Bong Mieu to be lower, though it still expects 2011 output to rise 45% over 2010 (company expectation). This is a delay to the plant funded by the 2010 notes and a setback to the Q4 2010 timeline given earlier. The extension is unresolved.
12 Aug 2010resource reserve update● Neutral
Olympus filed a 265-page NI 43-101 technical report on the Bau Project in Sarawak, Malaysia, the asset gained through the Zedex amalgamation, prepared by Stevens and Associates and Terra Mining Consultants. The excerpt shows only the table of contents (resource estimates for Jugan, Pejiru, Sirenggok, Taiton, Bekajang-Krian and tailings; a joint venture with Gladioli Enterprises Sdn Bhd; recommendations on feasibility and exploration). No resource figures or conclusions are visible, so the numbers cannot be stated here. It follows through on the post-merger plan for a compliant resource estimate.
21 June 2010business combination● Neutral
Olympus filed its formal business acquisition report on the Zedex amalgamation, effective for accounting purposes January 13, 2010. Consideration was about US$15.2M, paid by issuing 54,226,405 new Olympus shares (issued January 25, 2010) plus 4,395,835 options in place of Zedex options. Zedex's previous management has joined Olympus management, and the first priority is a NI 43-101 resource estimate covering all the joint ventures. Campbell MacPherson's appraisal found the terms fair to Zedex holders; no valuation opinion was required for Olympus. The report notes Zedex held 65,551,043 Olympus shares (26.28% of 249,476,531). Attached are Zedex financial statements and pro forma statements, which are not shown in the excerpt.
21 June 2010capital raising announcement● NeutralMajor
Olympus closed a private placement of gold delivery note units for gross proceeds of US$21,960,000. The 8% senior secured notes mature May 31, 2013 and are repaid in gold deposited semi-annually from November 30, 2010, using a US$900 base price with adjustments for gold price rises up to US$1,200. Each unit has a warrant over 3,470 shares at CAD$0.60 until May 31, 2013 (about 7.62M shares in total). Euro Pacific was paid US$1,724,300 plus warrants over 2,668,750 shares at CAD$0.60. Proceeds are for processing facilities at Phuoc Son and Bong Mieu, exploration and general purposes. This adds a second financing for the Phuoc Son plant after the March convertible notes, and creates obligations to be repaid in gold.
26 Mar 2010capital raising announcement● NeutralMajor
Olympus closed a brokered private placement raising about CAD$12.75M through units of four-year 9% subordinated unsecured convertible notes (convertible at CAD$0.42, maturing March 26, 2014) plus two warrants per unit (CAD$0.50 and CAD$0.42 exercise prices, to maturity). Euro Pacific Capital took a cash fee of about CAD$1,019,999 plus warrants over 2,428,571 shares at CAD$0.50. Net proceeds are for building the Phuoc Son processing plant, which answers the earlier question of how the plant would be funded, at least in part, with debt convertible into shares (potential dilution is an inference). The company targets 85,000 oz annualised by early 2011 and about 300,000 oz by 2014 (company expectations).
4 Feb 2010listing compliance notice● NeutralMajor
Olympus said it will begin trading on the ASX on February 5, 2010 following the Zedex amalgamation. 119,777,448 Olympus shares were distributed to former Zedex holders on January 25, 2010 for the cancellation of 287,466,863 Zedex shares, held through CHESS Depositary Nominees as CDIs that are fungible with TSX shares. The company says it now has 322,685,184 shares on issue (202,907,736 traded on the TSX plus the 119,777,448). The count differs from the 54.2M new shares announced in November because the 65.55M shares Zedex already held were apparently passed to Zedex holders too (inference). This completes the amalgamation and the ASX listing step. ASX granted a waiver of Listing Rule 1.1 Condition 6, and 2010 exploration budgets are being finalised.
18 Dec 2009business combination▲ GoodMajor
Zedex shareholders approved the amalgamation with Olympus at their December 17, 2009 meeting, with both resolutions passing by 69% of the company (holders of 70.3% of Zedex shares attended). No Olympus shareholder vote is needed. This clears the main Zedex vote flagged as pending; Olympus expects to start trading on the ASX early in Q1 2010. The release also says the Phuoc Son second plant is expected in Q4 2010, taking annualised output from about 40,000 oz to some 80,000 oz (company expectation).
10 Nov 2009business combination▲ GoodMajor
Olympus and Zedex Minerals announced a merger by amalgamation under New Zealand law: Zedex shareholders get 1 new Olympus share per 2.4 Zedex shares, about 54,227,279 new shares (21.7% of current Olympus shares), leaving them with 39.4% of Olympus. Zedex already holds 65,551,043 Olympus shares, which pass to the surviving Olympus subsidiary. This revives the Zedex relationship after Zedex's 2007 takeover offer was withdrawn, now as an agreed deal. It needs 75% approval of Zedex holders (meeting expected mid-December 2009), a fairness report for Olympus holders, due diligence and other approvals; no Olympus shareholder vote is expected to be needed. Olympus also plans an ASX listing, and Zedex director Leslie Robinson would join the board. The deal adds the Bau Gold Project in Malaysia (50.05% JV) and the Tien Thuan project in Vietnam (75% JV). John Seton is a director of Olympus and Executive Chairman of Zedex, so he did not take part in negotiations. Olympus targets about 40,000 oz annualised production in 2010 and plans a second plant at Phuoc Son at 80,000 oz/yr by Q1 2011, with funding still being scoped. Capcapo work is stopped pending joint venture negotiations.
21 Aug 2009regulatory community update▲ GoodMajor
Vietnam's minister extended the Phuoc Son joint venture's Dak Sa mining licence 116/GP-BTNMT to July 31, 2011 (the original was issued January 23, 2006), on August 13, 2009. The licence specifically allows Phuoc Son ore to be processed at the Bong Mieu plant until the end of 2010, by which time the JV must have completed its own Phuoc Son production plant. This answers the earlier question of trucking permission, at least through 2010; Olympus is applying for an additional licence for development outside the extended one and is working with Quang Nam officials on continuous trucking.
