19 June 2014investor presentation● Neutral
Presentation for a Guangzhou roadshow run by Joseph Investment, a shareholder in the A$11m placement. The visible text is disclaimers and a corporate overview; no new results are shown.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2014capital raising announcement▲ GoodMajor
Cauldron secures an A$11m placement from Chinese investors at A$0.118 a share (93.2m shares), paid June 2014 to December 2015, subject to shareholder approval. Includes A$2m from director Qiu Derong. Finishes the long-pending Beijing funding effort; funds Yanrey, Marree and Argentina work.
28 May 2014price query● Neutral
ASX queried a rise from 9.6c to 16c. Cauldron knew of no undisclosed information, pointing to the RNI discovery (indirect 7.14% Fe Limited stake), the lapsed bid, the quarterly report and better uranium sentiment. It says it will more than likely have the capital to progress Bennet Well.
28 May 2014other▲ Good
Cauldron congratulates RNI on a high-grade copper-gold intersection at the Grosvenor Project. Fe Limited has a 20% free carry there, and Cauldron holds 7.14% of Fe Limited, giving indirect exposure. The Sandfire comparison is the company's own view.
2 May 2014business combination▼ BadMajor
Cauldron confirms its Energia bid lapsed at 5pm on 1 May 2014 as conditions were not met; acceptances are void. Also gives the shareholder distribution: 1,726 holders, top 20 hold 66.96%, led by Dempsey Resources 22.61% and Joseph Investment 14.25%.
2 May 2014business combination▼ BadMajor
Energia says Cauldron's takeover offer closed unsuccessfully on 1 May 2014 with its conditions unmet, with only 0.20% acceptances now void. Energia holders keep their shares. Ends Cauldron's year-long bid.
30 Apr 2014quarterly activities report● Neutral
March quarter: cash about A$180,000 plus A$626,000 of listed investments; the A$1m Cape Lambert loan was not yet drawn. Revised Bennet Well resource now expected in the June quarter. Beijing funding mandate said to be due in the June quarter. 5m options issued.
24 Apr 2014business combination● Neutral
Cauldron serves the required notice that the Energia offer, closing 1 May 2014, is still subject to its conditions, none known to be fulfilled. Its voting power in Energia is 0.20%.
22 Apr 2014other● Neutral
Administrative notice: the share registry's address and fax number change from 24 April 2014. No other substance. Header shows unlisted options at 12.3m, up from 7.3m.
1 Apr 2014price query● Neutral
ASX queried a rise from 8.1c to an intra-day 9.8c. Cauldron said it knew of no undisclosed information and attributed the move to its recent announcements (Hong Kong presentation, Bennet Well results, Cape Lambert loan).
24 Mar 2014resource reserve update▲ GoodMajor
Independent work says high porosity (31%-43%) in Bennet Well core requires a moisture correction of 1.33 to 1.61 on all drill holes, so the 15.7Mlb resource is expected to rise significantly. Revised estimate due May 2014; no size given. Recalibration lowers grades by up to 9%.
24 Mar 2014flow test result▲ Good
Further ANSTO bottle roll tests, which better simulate in-situ leaching, gave about 96% uranium extraction using acid with no added oxidant, and acid use under 1.4 kg/t. Builds on the February leach results and suggests potentially low operating costs at Bennet Well.
24 Mar 2014investor presentation● Neutral
Presentation for the Hong Kong Mines and Money conference. The text shown is mostly disclaimers and a corporate overview (178.06M shares, market cap about A$16m at A$0.09); no new results are visible in the text provided.
17 Mar 2014debt financing▲ GoodMajor
Cape Lambert, a major shareholder, agrees to lend A$1m by 31 March 2014 under a converting loan, converting to shares at 80% of the 10-day average price if shareholders approve at the 2014 AGM. Otherwise repayable by 31 Dec 2014 with 10% interest. Funds start Bennet Well drilling.
5 Mar 2014half year report● Neutral
Half-year to 31 Dec 2013 shows a loss of $2,066,071, down from $4,404,042 a year earlier. The $1.5m converting loans became 13,824,102 shares at $0.1125 after the 22 Nov AGM. Joseph Investments now holds 14.25% after the 13c placement; Qiu holds 13.25%.
20 Feb 2014flow test result▲ GoodMajor
ANSTO leach tests on Bennet Well core achieved over 96% uranium extraction with acid and about 94% with carbonate, with recoveries up to 98.6%. Supports the in-situ recovery plan. XRF also lifts the assay-over-gamma difference to about 25%, suggesting the resource may be understated.
14 Feb 2014regulatory community update▼ BadMajor
A Mining Warden recommends refusing three uranium exploration licences near Yanrey on the Minderoo pastoral station because Cauldron lacked funding at the December hearing. Cauldron will urge the Minister to overrule. Sage says existing Yanrey ground is unaffected.
6 Feb 2014business combination● NeutralMajor
Cauldron extends its Energia offer to 1 May 2014 and says there will be no further extension. Energia's October placement and January rights issue breach a bid condition, giving Cauldron a right to walk away, though it currently intends to proceed. Its holding is about 0.18%.
31 Jan 2014quarterly activities report● Neutral
December quarter: cash about $487,000 plus about $580,000 of listed investments. A Beijing mandate to raise A$10m at A$0.25 a share has not yet delivered the A$5m due by 31 December; the deadline is now 30 June 2014. A $600,000 placement at 13 cents and $400,000 in short-term loans were received.
31 Jan 2014drilling result▲ GoodMajor
Core assays from Bennet Well show uranium about 20% higher than the earlier gamma probe estimates; best hole YNDD018 5.1m @ 1209 ppm U3O8, a 68% grade-width increase. Ravensgate is working on a revised JORC 2012 resource. This suggests the existing resource may be understated.
30 Jan 2014director officer appointment● Neutral
Company Secretary Claire Tolcon resigns effective 31 January 2014; Catherine Grant replaces her. Header now shows 178,062,092 shares and 7.3m options, up from 159.6m shares and 4.3m options, so new shares were issued since September.
6 Nov 2013business combination● Neutral
Cauldron extends its Energia takeover offer to 16 February 2014, terms unchanged at 1 Cauldron share per 8 Energia shares. Cauldron's holding in Energia is now about 0.22%, down from 0.27% earlier. Acceptors can withdraw for one month.
31 Oct 2013quarterly activities report● Neutral
September quarter: cash about $468,000 plus about $745,000 of listed investments, up from $214,000 cash at June after the $1.5m converting loans. Recaps Ooloo and Bennet Well results and the Energia bid, extended to 16 November. Qiu signed a share transfer agreement after quarter end (detail truncated).
21 Oct 2013investor presentation● Neutral
October 2013 Beijing investor presentation on Yanrey, Marree (Korean consortium at 40%) and Argentina's Rio Colorado. Mainly repeats known project information. Appears to be groundwork for the Beijing fundraising; the text provided shows no new results.
8 Oct 2013drilling result▲ GoodMajor
Diamond core at Yanrey's Bennet Well found uranium in all eight holes, best 6.48m @ 602 ppm eU3O8. Results suggest the resource could grow north and south. Barradale looks more complex. A resource upgrade and scoping study are planned; leach and metallurgical results due late 2013.
8 Oct 2013investor presentation● Neutral
Notice of a Proactive Investors video interview with Simon Youds on the Bennet Well and Barradale drilling at Yanrey. No new results or figures; it points to previously announced information.
24 Sept 2013drilling scheduled▲ GoodMajor
An independent report finds a gravity anomaly over 1km deep beneath the old Ooloo mine at Marree, matching the earlier IP anomalies. Cauldron plans one deep hole in late 2013 or early 2014, subject to available funds. Builds on the May and June 2013 Marree work.
5 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013 with the same board (Sage, Smith, Qiu) and auditor Bentleys. Qiu holds 41.9m shares. Only the front sections were provided, so no financial results can be stated here.
31 July 2013quarterly activities report● Neutral
June quarter: cash was about $214,000 plus roughly $572,000 of listed investments, down from about $1m at March. The $1.5m converting loans arrived after quarter end. Marree and Barradale results and the extended Energia bid are recapped, with nothing new.
31 July 2013business combination▼ Bad
Energia says new substantial holder Charles Arve will not accept Cauldron's offer, so holders opposed now total 53.34%. It repeats that the bid cannot succeed unless terms change, and notes only 0.27% acceptances. Reverses the opening from the Carbon sale.