Past year: ▲ 261%(47.0c – 1.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2014production update▼ BadMajor
Produced 43,850 ounces in 2013 from record mill throughput of 280,054 tonnes at 5.11 g/t and 95.25% recovery, selling 44,823 ounces at about $1,423 - below the 50,000-54,000 ounce guidance, on grade. Mine production also set a record at 286,145 tonnes with 10% fewer site staff.
24 Dec 2013resource reserve update● NeutralMajor
Filed the Seabee technical report behind the 7 November reserve increase, setting out proven and probable reserves of 2,785,200 tonnes at 6.19 g/t for 554,100 ounces (Seabee 221,100 oz at 7.26 g/t, Santoy 8 89,900 oz at 4.45 g/t, Santoy Gap 243,000 oz at 6.24 g/t), 77,000 ounces measured and indicated and 603,400 ounces inferred at 6.35 g/t.
20 Dec 2013asset acquisition disposition● NeutralMajor
Agreed to sell the Madsen project in Red Lake outright to Laurentian Goldfields for C$3.75 million cash on closing, C$2.5 million three months later, a further C$2.5 million in cash or shares at six months, and shares equal to 19.9% of Laurentian. Two years of drilling at Madsen ended with the asset going for cash to fix the balance sheet, with equity upside retained.
8 Nov 2013resource reserve update▲ GoodMajor
Santoy Gap converted to reserve for the first time - 243,000 ounces at 6.24 g/t - lifting Seabee's total reserves 78% to 554,100 ounces. This is the payoff from the 2011 surface discovery, and the reason the company could talk about growing production rather than just sustaining it.
1 Nov 2013listing compliance notice● Neutral
Corrected the OTCQB symbol issued hours earlier: the shares trade as CLGRF, not CLGRS.
1 Nov 2013listing compliance notice● Neutral
Shares began trading on the OTCQB following the NYSE MKT delisting that took effect the same morning, with the TSX listing unaffected.
9 Oct 2013listing compliance notice▼ BadMajor
Chose to leave the NYSE MKT voluntarily to cut costs, with the last US trading day around 31 October and a Form 25 to follow. The TSX listing continued and the company said it would keep filing with the SEC for now, but intended to deregister when permitted - the shares moved to the OTCQB instead.
22 May 2013drilling result▲ GoodMajor
Three step-out holes, two of them decisive: JOY-13-692 cut 18.80 g/t over 13.86 m (including 73.49 g/t over 3.00 m) some 400 m below the base of the Santoy 8 inferred resource, and JOY-13-690 cut 330.35 g/t over 1.55 m at 684 m depth at Santoy Gap. Both were materially higher grade than the existing reserve and resource base.
8 Apr 2013capital raising announcement● NeutralMajor
Closed the $25 million five-year Crown Capital facility at 10%, with no principal due for twelve months then $300,000 a month and $10.9 million at maturity, and granted 5.75 million warrants at $0.70. With the expanded Canadian Western Bank lines that gave access to $50 million of debt at a blended cost of about 8% - deliberately chosen, management said, over a large equity raise.
4 Apr 2013listing compliance notice▼ BadMajor
Disclosed, as NYSE MKT rules require, that its auditors had put a going-concern qualification on the 2012 accounts filed a week earlier. The company was producing about 50,000 ounces a year and had just arranged $50 million of debt, but its auditors were not satisfied it could fund itself - the low point of the record held here.
4 Feb 2013production update▲ GoodMajor
Completed the Seabee shaft extension from 600 m to 980 m depth. The 20-day shutdown was covered by ore from Santoy 8 and the upper Seabee mine at over 700 tonnes a day, and mining costs at Seabee Deep and L62 were expected to fall by as much as 10% a tonne on shorter trucking and better ventilation.
22 Jan 2013production update▲ GoodMajor
Met guidance with 49,570 ounces in 2012 from record mill throughput of 275,230 tonnes at 5.86 g/t, up about 10% on 2011, and guided 2013 to 50,000-54,000 ounces. The shaft extension was due to finish in January and the newly upgraded Santoy Gap resource - 281,000 ounces indicated at 8.80 g/t - was being worked into the life-of-mine plan.
17 Jan 2013debt financing● NeutralMajor
Two facilities. Canadian Western Bank's lines were expanded to $25 million in total (line of credit to $10m, leases and demand loans to $10m, a new $5m revolver) at a weighted average rate near 4.5%, with only $8.6 million drawn. And a new five-year $25 million facility with Crown Capital Partners at 10% interest, principal repayments starting in 2014, with 5.75 million warrants struck at $0.70 - expensive money, and not yet closed.
3 Dec 2012resource reserve update▲ GoodMajor
Updated Santoy Gap resource from 194 holes and 71,600 m: 994,000 tonnes at 8.80 g/t for 281,000 ounces indicated, plus 1,875,000 tonnes at 5.92 g/t for 357,000 ounces inferred, over 800 m of strike to 690 m depth. Most of the 495,000 inferred ounces of a year earlier had been upgraded and the grade nearly doubled in the indicated category. About 265 m of a planned 800 m exploration drift had been driven.
27 Nov 2012drilling result▲ GoodMajor
The 2012 Santoy Gap programme extended the system down-dip to 650 m and south towards the Santoy 8 mine (8.16 g/t over 5.93 m in JOY-12-686, 6.91 g/t over 16.73 m in JOY-12-636) and discovered a sub-parallel lens about 150 m to the east - evidence the Santoy shear hosts several deposits over a three-kilometre strike.
20 Nov 2012drilling progress report▲ Good
The 2012 Madsen programme - 19,100 m in 16 holes - confirmed the 8 Zone's plunge continuity (26.50 g/t over 2.00 m in MUG-12-20, 29.60 g/t over 1.50 m in MUG-12-28) and depth continuity in the Austin and McVeigh Tuffs. Encouraging grades on narrow widths at a project that would be sold a year later.
27 Aug 2012drilling result▲ GoodMajor
The widest Santoy Gap intercept to date, 14.58 g/t over 29.74 m in JOY-12-677, confirming a high-grade core with combined vein widths of 20 to 30 m. Santoy Gap then held an inferred resource of 495,000 ounces at 6.63 g/t, and underground development from the Santoy 8 workings had started.
2 May 2012resource reserve update● Neutral
Filed the Seabee technical report on SEDAR carrying the March resource and reserve statement unchanged - 355,600 ounces of reserves at 5.37 g/t, 873,400 ounces inferred at 6.48 g/t. Paperwork behind an already-announced number.
14 Mar 2012resource reserve update▲ GoodMajor
The first resource statement to take in L62 and Santoy Gap. Inferred resources rose 236% to 873,400 ounces at 6.48 g/t from 260,100 ounces at 6.23 g/t, measured and indicated rose 43% to 70,700 ounces at 5.35 g/t, and reserves edged up net of depletion to 355,600 ounces at 5.37 g/t from 352,600 at 5.58 g/t. L62 alone added 70,400 ounces of probable reserve and Santoy Gap 495,000 ounces of inferred - both within reach of existing infrastructure. 130,000 m of drilling was budgeted for 2012.
10 Feb 2012production update▼ BadMajor
Guided 2012 to about 50,500 ounces after producing 44,760 ounces in 2011, a 5% fall the CEO called disappointing: Santoy 8 reached commercial production but lower-grade ore and unforeseen problems held output back. The response was capital spending - a shaft extension, a mill expansion and more mine development - to lift production sustainably and cut unit costs.
2 Feb 2012business combination▲ GoodMajor
Closed the St. Eugene acquisition by court-approved plan of arrangement for about 9.6 million Claude shares, taking Amisk to 100% ownership at 23,450 hectares. St. Eugene holders also received 0.25 of a share in the spun-out Satori Resources per share, which took the Tartan Lake project and began trading as BUD; Claude kept its pro-rata Satori stake, assumed St. Eugene's warrants and cut its Tartan Lake royalty to 2%, repurchaseable at $1 million per percentage point.
17 Jan 2012drilling result▲ GoodMajor
Final 2011 underground results from L62: 195.06 g/t over 2.29 m true width (U11-651), 27.06 g/t over 4.83 m, 24.16 g/t over 5.71 m and 22.03 g/t over 4.41 m. Six months after discovery the zone measured up to 85 m of strike by 400 m of dip and was heading into an updated resource for the first quarter.
6 Jan 2012drilling result● Neutral
The remaining 2011 Amisk holes returned 6.24 g/t gold and 23.5 g/t silver over 12.00 m plus 3.39% zinc over 1.81 m (AL-11-318) and 1.95 g/t over 18.95 m (AL-11-319), from 20 holes and 6,480 metres testing to beyond 700 m depth.
21 Dec 2011drilling result▲ Good
Underground drilling at the Madsen project in Red Lake extended the 8 Zone about 250 m further down plunge and found depth extensions to the McVeigh Tuff (15.70 g/t over 2.00 m in MUG-11-13, 53.70 g/t over 0.70 m in MUG-11-17). On the strength of it the company approved a 29,000 m programme for 2012 - money going into a second, non-producing asset.
22 Nov 2011asset acquisition disposition● Neutral
Closed the Nokomis sale; Auriga Gold issued the 3,428,571 shares, subject to a four-month hold. The release notes Seabee had produced over 962,000 ounces since 1991.
15 Nov 2011drilling result▲ GoodMajor
The widest Santoy Gap intercepts yet - 19.10 g/t over 20.48 m (JOY-11-556) and 12.79 g/t over 20.25 m (JOY-11-555), with 36.51 g/t over 1.72 m and 25.10 g/t over 1.20 m in step-outs. The results were to feed a first Santoy Gap resource in the first quarter of 2012.
3 Nov 2011asset acquisition disposition● Neutral
Agreed to sell its 46% minority in the Nokomis property near Flin Flon to Auriga Gold, the 54% holder, for 3,428,571 Auriga shares at $0.35 - about 7.8% of Auriga. Paid in paper, in line with a stated strategy of shedding minority positions while keeping exploration upside through equity.
26 Oct 2011business combination▲ GoodMajor
Agreed to buy the rest of St. Eugene Mining - its 35% of Amisk - for about $19 million in Claude shares, at 0.0789 of a Claude share per St. Eugene share, worth $0.145 each on 20-day averages: a 28% premium to St. Eugene's own 20-day average and 53% to where it traded before Claude first approached it in July. St. Eugene's Tartan Lake project and $800,000 of cash were to be spun out to its shareholders, with Claude keeping its pro-rata share and cutting its Tartan Lake royalty to a flat 2%.
11 Oct 2011drilling result● Neutral
The Amisk Gold Project, a 65:35 joint venture with St. Eugene Mining that Claude operates, returned 1.88 g/t gold and 12.4 g/t silver over 24.61 m (AL-11-301) and 0.51 g/t over 89.75 m (AL-11-306) from 18 holes and 5,500 m. Bulk-tonnage grades, an order of magnitude below Seabee's, on a separate 15,400-hectare property.
26 Sept 2011drilling result▲ GoodMajor
Surface drilling at Santoy Gap, on strike from and within 400 m of the producing Santoy 8 mine, expanded the system to over 400 m of strike and beyond 450 m depth: 10.30 g/t over 5.43 m (JOY-11-535), 22.06 g/t over 2.82 m (JOY-11-551) and 49.60 g/t over 1.36 m (JOY-11-554), from 30 holes and 11,000 m drilled in 2011. A third surface rig was added.
