Past year: ▲ 219%(1.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2013business combination● Neutral
Cauldron extends its Energia takeover offer to 16 November 2013 from 16 August, with terms unchanged at 1 Cauldron share per 8 Energia shares. Acceptors may withdraw for one month. Cauldron and associates hold about 0.27% of Energia so far.
25 July 2013business combination● Neutral
Energia's supplementary statement says Carbon Energy sold its whole 29m-share stake, cutting the large holders opposing Cauldron's bid from 51.97% to 35.52%. Directors still recommend rejecting. The 90% condition still cannot be met unless waived or terms change. A slight opening for Cauldron's bid.
10 July 2013investor presentation● Neutral
July 2013 media luncheon presentation on uranium and base metal assets in Australia and Argentina. It mainly repeats known project information. It lists the Korean consortium at 40% of the Marree JV and no new results or figures of substance.
10 July 2013capital raising announcement▲ GoodMajor
Cauldron secures A$1.5m in converting loans from Cape Lambert and director Qiu, at 10% interest, due by 31 July. They convert to shares if approved at the 2013 AGM, otherwise repayable by 30 June 2014. Also reports early Barradale drilling at Yanrey, which found deep paleochannels, with assays due end of July, and A$300k in grants.
7 June 2013drilling result▲ GoodMajor
Mapping at Marree's Mt Freeling prospect found a 1.6km mineralised fault zone with workings; rock chips peaked at 2,830 g/t silver and 33.9% lead. Drilling is being planned. Builds on the Ooloo work after the weak March drilling, but samples are from old mullock heaps, not drilled.
28 May 2013drilling result▲ Good
Reprocessed 1970s IP data shows a 1.5km by 500m resistive zone southwest of the old Ooloo silver-lead mine at Marree, similar to Ooloo's response. A historical pit sample assayed 7.92% lead. Heritage agreements now allow drilling access. It indicates alteration, not direct detection of sulphides.
24 May 2013business combination▼ BadMajor
Energia's directors unanimously recommend rejecting Cauldron's offer. An independent expert (BDO) values Energia at 18 cents per share and calls the offer neither fair nor reasonable. Along with the large holders' refusal, this makes success of the bid look unlikely (inference).
17 May 2013business combination▼ Bad
Energia's chairman writes to shareholders repeating 'take no action'. With Cauldron shares at $0.11, the offer implies $0.014 per Energia share, a 36.4% discount to Energia's $0.022 close. Cauldron's share price has fallen from $0.27 at announcement.
16 May 2013business combination● Neutral
Cauldron confirms it has despatched its takeover offers to Energia shareholders, dated 16 May 2013 and open until 16 August 2013 unless extended. Procedural notice attaching the Bidder's Statement; no new terms.
6 May 2013business combination▼ Bad
Energia says Cauldron's offer now implies $0.019 per share, a 20.8% discount to Energia's $0.024 close, with Cauldron shares at $0.155. Its three largest holders (48.19%) won't accept, so the 90% condition can't be met unless waived or terms change.
2 May 2013business combination● Neutral
Cauldron lodges its Bidder's Statement for Energia with ASIC. Offer is dated 16 May 2013 and closes 16 August 2013 unless extended or withdrawn, at 1 Cauldron share per 8 Energia shares. Continues the 18 March bid.
30 Apr 2013quarterly activities report● Neutral
March quarter: cash about $1m plus roughly $800,000 of liquid assets, down from about $2.7m at December. The Energia bid is outlined, and Marree and Yanrey exploration continues. Nothing new beyond earlier announcements.
17 Apr 2013drilling scheduled▲ Good
Diamond drilling of 500m at the Yanrey Barradale Channel is set for early to mid-May 2013, with Terra Drilling contracted. It will re-drill three earlier holes abandoned in hard cemented bands. Follows the failed December-quarter drilling at Barradale.
16 Apr 2013investor presentation● Neutral
April 2013 company presentation repeating known figures: 159.6M shares, 12.8M listed options, 4.3M unlisted options, A$3.07M cash at 31 December, market cap A$25.5M at A$0.16. Qiu holds 26.25% and Cape Lambert 20.38%. No new results.
21 Mar 2013drilling result▼ BadMajor
First Marree base metals drilling: eight RC holes (898m) mostly failed to reach target because the rig was inadequate for ground and water conditions. Three holes gave anomalous silver, lead and copper, lower than surface values. Falls short of the October 2012 discovery hopes; further mapping and sampling planned.
18 Mar 2013business combination▼ Bad
Energia's board calls Cauldron's 1-for-8 scrip bid unsolicited and highly conditional, and tells its shareholders to take no action. It says there were no prior discussions with Cauldron. A formal recommendation will follow.
18 Mar 2013business combination● NeutralMajor
Cauldron announces an off-market all-scrip takeover bid for Energia Minerals, offering 1 Cauldron share for 8 Energia shares (A$0.034 per share, 29% premium to 5-day VWAP), with a 90% minimum acceptance condition. Combined uranium resources would be 32.4Mlb across 190km of Carnarvon Basin strike.
14 Mar 2013investor presentation● Neutral
March 2013 company presentation repeating known facts: 159.6M shares, 12.8M listed options and 4.3M unlisted options, and cash of A$3.07M at 31 December. Major holders: Qiu 26.25%, Cape Lambert 20.38%. No new results.
12 Mar 2013half year report▼ Bad
Half-year to 31 December 2012: loss of $4.40m, against a $1.33m profit a year earlier. The $11.3m notes converted at 20c in August, and UEQ's West Lake Frome withdrawal is confirmed. Little else new.
11 Mar 2013joint venture update▲ Good
Partner Rumble Resources reports Beadell drilling: Maxwell hit wide zinc-lead-copper sulphides with SEDEX-style features, and Ninety Nine found a mineralised alteration system. Cauldron keeps a 20% free-carried interest. Rumble, not Cauldron, is the operator.
21 Feb 2013resource reserve update▲ GoodMajor
Yanrey exploration target raised to 30-115Mlb U3O8 at 250-900 ppm, from 25-30Mlb. It is conceptual, not a resource. Barradale Channel drilling is planned for Q1 2013, weather permitting. Follows the 15.7Mlb resource upgrade.
7 Feb 2013resource reserve update▲ GoodMajor
Yanrey inferred uranium resource rises about 300%, from 4.8Mlb to 15.7Mlb at 270 ppm eU3O8, after 7,146m of drilling, per Ravensgate. It adds Bennet Well East and South resources. This resolves the earlier upgrade expectation; the exploration target is being revised further.
31 Jan 2013quarterly activities report● Neutral
December quarter: cash about $2.7m; option exercise and underwriting raised $1,989,281 net. Marree base metals drill preparation completed. Drilling at the Barradale prospect at Yanrey failed to obtain a sample because of difficult conditions. Amadeus tenements surrendered.
19 Dec 2012drilling scheduled● Neutral
First-ever drilling at the Marree silver-lead-zinc anomaly is set for early January 2013, with a rig mobilised before Christmas and heritage clearance for ten sites under way. This is later than the early-to-mid December start flagged on 13 November; lab results are expected in January.
21 Nov 2012drilling result▲ GoodMajor
Bennett Well South drilling shows a third high-grade uranium palaeochannel at Yanrey, 2.5-3m thick, with a potential length of 10-20km by 500m wide. Builds on the 9 Nov 11m intersections; the company says it supports an exploration target upgrade, still conceptual.
21 Nov 2012admin correction● Neutral
Correction to the same-day Yanrey announcement: the 25-30Mlb exploration target should have been quoted with its 300-900 ppm grade range. No new results.
13 Nov 2012drilling scheduled▲ Good
Board fast-tracks exploration at the Marree 8km x 10km silver-lead-zinc anomaly: about 6,000 soil samples and a gravity survey now, with drilling possible from early to mid-December 2012. First modern ground exploration there; an Induced Polarisation survey is proposed for Q1 2013.
9 Nov 2012drilling result▲ GoodMajor
The first two Bennet Well South holes hit 11m-wide uranium zones (grade widths 950 and 989 ppm.m), with oxidised and reduced sediments suggesting a nearby roll-front. The company expects a significant upward revision of the exploration target; drilling ends mid-November.
5 Nov 2012capital raising announcement▲ GoodMajor
Of 12.6m listed options, 10,203,338 expired and 2,437,360 were exercised at 45c, raising $1,096,812, including by Tony Sage and Cape Lambert. A further $832,500 of shares will be issued under the underwriting. Shares on issue rise to 157.8m.
31 Oct 2012quarterly activities report● Neutral
September quarter: cash about $1.7m, down from $2.93m at June. Notes of $11.3m were converted in August. Post-quarter Marree base metals anomaly and Yanrey high-grade uranium are highlighted; Marree soil sampling was completed in the quarter.
