28 Oct 2016drilling result▲ Good
New rock chips at Marble Bar returned up to 3.38% and 2.86% Li2O, with tantalum up to 701ppm. Pegmatite swarms are traced over 5km, adding to the earlier 3.72% peak. RC drilling is due to start in November.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Oct 2016drilling scheduled▲ GoodMajor
Spodumene found in all outcropping pegmatites at Marble Bar, traced over 5km of strike. Blaze extended its option by two months by committing to at least 3,000m of RC drilling, and plans a $2.1m rights issue at 5 cents. EL45/4669 has been granted.
3 Oct 2016other● Neutral
Corporate governance statement setting out which ASX governance recommendations Blaze follows, including a diversity policy without measurable gender targets. Administrative; no change to business. Text is truncated.
30 Sept 2016annual report● Neutral
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the company website. Administrative filing with no new business information.
30 Sept 2016annual report● Neutral
Loss for the year to 30 June 2016 was $2,000,485 (2015: $738,277). Net assets rose to $1,902,757 from $296,510. The KMM settlement ($466,379) remains unresolved; Barkly interest is shown as 'earning 70%'. Text shown is truncated.
2 Aug 2016asset acquisition disposition▲ GoodMajor
Blaze took a three-month option, signed 30 July 2016, to acquire the Marble Bar Lithium Project in WA's East Pilbara (370 km², four applications) from Great Sandy Pty Ltd. Rock chips averaged 1.85% Li2O, peak 3.72%. This marks a shift from Tennant Creek copper-gold.
29 July 2016quarterly activities report● Neutral
June 2016 quarter: cash fell to $1.92 million and the KMM disposal is still unresolved. Blaze entered a trading halt on 29 July ahead of a new project acquisition to be announced by 2 August.
2 May 2016quarterly activities report● Neutral
March 2016 quarter: cash rose to $2.08 million after the $2.12m placement. The KMM disposal is still not completed, and new-investment talks remain non-binding. Blaze keeps EL28620, listing its interest as 'earning 80%'.
8 Apr 2016director officer appointment● NeutralMajor
Darren Patterson joins the board and Robert Collins retires. Shareholders on 1 April approved handing Power Resources and Colour Minerals to KMM to settle the management agreement, but this has not yet happened as talks continue.
15 Mar 2016half year report▼ Bad
Half-year to 31 December 2015 net loss was $1,047,047 (prior period $347,140), mainly from capital raising and restructuring. Shareholders are asked to approve disposing of Colour Minerals, the main undertaking, to a related party; an independent expert called it fair and reasonable.
10 Mar 2016price query● Neutral
ASX queried a 20% share price rise (5c to 6c) with high volume. Blaze said it knew of no unannounced information explaining the trading and confirmed compliance with disclosure rules.
29 Jan 2016quarterly activities report▲ Good
December 2015 quarter: Blaze raised $1.2m, then a further $2.12m at 4c, leaving it with no debt, about $2m cash and 115m shares. It is assessing new investments, not limited to resources. The EM survey found no strong responses; the KMM settlement choice remains open.
22 Jan 2016admin correction● Neutral
Corrects a typo: the 13,069,032 placement shares will be issued around 25 January 2016, not the October 2015 date stated earlier.
21 Jan 2016capital raising announcement▲ GoodMajor
The placement was oversubscribed, with $2.12 million of applications for 53 million shares at 4 cents. It will use both the shareholder approval and existing placement capacity. Funds are for working capital and new acquisitions.
What it means for a shareholder
53.0m new shares at A$0.040 to raise about A$2.1m. That's 46% dilution: every existing holder's slice gets 46% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0403% to 0.0217% of the company. To keep it you'd need 21,371 more shares - about A$855 at the issue price.
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20 Jan 2016capital raising announcement▲ GoodMajor
Blaze placed 38 million shares at 4 cents to raise $1.52 million, under the 70m-share approval given at the 25 November 2015 meeting. Funds are for working capital and finding new acquisitions, continuing the shift away from Barkly drilling.
What it means for a shareholder
38.0m new shares at A$0.040 to raise about A$1.5m. That's 38% dilution: every existing holder's slice gets 38% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0403% to 0.025% of the company. To keep it you'd need 15,323 more shares - about A$613 at the issue price.
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8 Dec 2015admin correction● Neutral
Clarifies the 4 December settlement: if Blaze settles with KMM by handing over assets rather than cash, it needs shareholder approval under Listing Rule 10.1. No new terms.
4 Dec 2015director officer appointment● NeutralMajor
Board overhaul: Josh Puckridge joins; Majteles and Scivolo retire. Registered office moves to Subiaco. Blaze raised $1,202,761 (30.07m shares, about 4c) to cut debt. It also terminated the Kalgoorlie Mine Management agreement, settling for $466,379 cash or the Colour Minerals (Barkly tenement) assets.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter: a downhole EM survey of BBDD0004 found only subtle responses, still being interpreted, and Bluebird drill holes were rehabilitated. Phase III drilling is now pushed to 2016 after the wet season. No new drill results.
26 Oct 2015annual report● Neutral
Appendix 4G corporate governance checklist for year to 30 June 2015, a compliance form with no operational or financial news. It notes no employees and no written director agreements.
30 Sept 2015annual report● Neutral
Loss for the year to 30 June 2015 was $738,277 (2014: $754,695). No dividend. The report confirms Loren Jones' 9 September appointment. Text shown is truncated.
9 Sept 2015director officer appointment● Neutral
Loren Jones joins as a non-executive director, bringing the board to four. She is a partner and company secretary of Cicero Corporate Services, the firm linked to Blaze's recent placements (inference: placement arranger).
7 Sept 2015capital raising announcement● Neutral
Disclosure on the 3 September Rule 7.1A placement: dilution to existing holders was 5.79%, the issue was not underwritten, and a 6% placement fee is payable to Cicero Advisory Services. Funds are needed promptly for working capital.
2 Sept 2015capital raising announcement● NeutralMajor
Blaze placed 14,387,971 shares to Cicero Advisory clients at 3.02–3.37 cents, raising about $440,000 for working capital. It will also seek shareholder approval to place a further 70 million shares at 4 cents. This follows the thin cash position flagged earlier.
31 July 2015quarterly activities report● Neutral
June 2015 quarter: Blaze says Bluebird is emerging as a significant discovery needing only a little more drilling for a JORC resource. Phase III drilling is planned and a downhole EM survey is pending. Nine 'Bluebird lookalike' targets are identified.
12 June 2015security holder rights change● Neutral
Blaze set up a sale facility for holders of unmarketable parcels (under $500). About 1,350 of roughly 1,900 holders qualify, together about 5.54% of shares. Closing date is 4 August 2015; the company bears costs.
4 May 2015farm in farm out completion▲ GoodMajor
Blaze has earned a further 20% of the Barkly joint venture by spending another $350,000, lifting its interest to 70%. It has elected to sole-fund to a bankable feasibility study to earn a final 10%, reaching 80%.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter: wet weather limited fieldwork to Phase III drill planning and downhole probing. Testwork showed the Bluebird copper sulphides are highly conductive, giving a 3D magnetic target. No new drill results.
13 Mar 2015half year report● Neutral
Half-year to 31 December 2014 net loss was $347,140 (prior period $401,294). The report restates Phase II results, with Bluebird mineralisation defined to at least 150m depth and 120m strike. Text shown is truncated.
11 Feb 2015listing compliance notice▼ Bad
ASX queried Blaze over its December quarter cash report: $299,000 operating outflow, $32,000 cash at quarter end and $130,000 forecast outflow next quarter. It asks whether Blaze can fund its activities and comply with disclosure rules. Blaze's reply is not included.
30 Jan 2015quarterly activities report● Neutral
December 2014 quarter: Phase II drilling was completed at Bluebird, restating the BBDD0004 sulphide result and the two abandoned holes. Future holes targeting the supergene zone will be diamond-drilled from surface. Text shown is truncated; no new results.