25 Sept 2019other● Neutral
Appendix 4G and 2019 Corporate Governance Statement for the year to 30 June 2019, lodged as required. Administrative; no new commercial information. The excerpt shows the gender diversity recommendation was not followed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2019investor presentation● Neutral
Benchmark World Tour presentation. The text provided is mainly disclaimers and cautionary notes repeating the DFS basis; no new information shown.
10 Sept 2019drilling progress report● Neutral
Core reports spodumene pegmatite in recent Finniss drilling, including 51m and 60m intersections at BP33, in line with expectations. Assays are delayed by a lab fault, due within two weeks; a second drilling round has started.
5 Sept 2019investor presentation● Neutral
Mining The Territory conference presentation. The text provided is mainly disclaimers and cautionary notes repeating the DFS basis; no new information shown.
5 Aug 2019investor presentation● Neutral
Diggers and Dealers conference presentation. The text provided is mainly disclaimers and cautionary notes, repeating the DFS basis; no new figures shown.
26 July 2019quarterly activities report● Neutral
June quarter report recaps the DFS, 9.6Mt resource, $8.125M LRC royalty, $3.3M SPP, positive NT environment report and the Yahua offtake increase. Largely repeats known facts. Shares on issue: 788.3M. Cash figures are not shown in the text provided.
10 July 2019capital raising announcement▲ GoodMajor
LRC got unconditional FIRB approval, so the A$6.875M held in escrow is released to Core. The SPP underwriters also took 8.75M shares at 4c ($0.35M). Core cites $11.8M raised across the SPP, royalty and placement; shares now 786.9M.
What it means for a shareholder
8.8m new shares at $0.040 to raise about $350,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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9 July 2019drilling spud▲ Good
Core has started resource-growth and exploration drilling at Finniss with one RC and one diamond rig, planned through the rest of 2019. It funds this with the SPP and LRC money. 50 more pegmatite targets are identified; no results yet.
27 June 2019capital raising announcement▲ GoodMajor
The SPP closed oversubscribed, raising $3.3M at 4c (83.725M shares, versus $2M targeted), lifting shares on issue to 778.2M. The first $6.9M of LRC royalty funds is expected in July. Money will fund resource drilling and exploration ahead of a final investment decision.
What it means for a shareholder
83.7m new shares at about $0.0394 to raise about $3.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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24 June 2019admin correction● Neutral
58.1M unlisted options at 8c lapsed on 21 June 2019. Core also issued 4M unquoted underwriter options (6c, expiring 30 June 2022) for the SPP, as announced on 5 June. Administrative; no cash raised.
20 June 2019capital raising announcement▲ Good
The SPP drew demand above the $2M target. Closing is extended to 24 June and Core is considering raising more to limit scale-backs. Share issue moves to 27 June.
18 June 2019regulatory community update▲ GoodMajor
The NT environment regulator delivered a positive Assessment Report on Grants, completing the environmental impact assessment. Core will now submit a Mining Management Plan, with authorisation expected next quarter. This advances the open approvals thread, though full approval is not yet granted.
5 June 2019capital raising announcement● NeutralMajor
Core offers shareholders a Share Purchase Plan to raise up to $2.0M at 4.0c, partly underwritten to $1.0M, alongside the $8.1M LRC royalty. Underwriter gets a 5% fee and 4M options at 6c. Funds go to Finniss development, resource drilling and working capital.
5 June 2019asset acquisition disposition▲ GoodMajor
Lithium Royalty Corp pays A$8.125M for a 2.5% gross revenue royalty over Finniss. A$6.875M is held in escrow until FIRB approval (expected within 8 weeks); A$1.25M depends on a 15Mt resource and 14 days of continuous plant operation. A non-dilutive funding source.
5 June 2019capital raising announcement● Neutral
Offer booklet for the SPP announced the same day: eligible Australian and NZ holders can apply for $2,500-$15,000 of shares at 4.0c, a 10.4% discount to the 5-day average price. MIMO Strategies underwrites $1.0M. Closes 21 June; no new commercial information.
28 May 2019material agreement▲ Good
Core has received expressions of interest in buying fine lithium, a by-product of 200,000-250,000tpa, at indicative US$50-75/t. It is not in the DFS, and there is no binding deal yet. Binding offtake is targeted in coming months.
21 May 2019investor presentation● Neutral
Strategy presentation, 'Beyond 10 Million Tonnes', on exploration, resource and reserve expansion for 2019/2020. The text provided is mainly disclaimers and repeats the known Hang Gong and Lees-Booths Exploration Targets; no new figures are shown.
6 May 2019resource reserve update▲ GoodMajor
Maiden Lees resource of 0.78Mt @ 1.3% Li2O (Inferred) lifts the Finniss total to 9.63Mt @ 1.3%. A 2-3Mt Exploration Target (conceptual) is also defined at Lees-Booths Link. Follow-up drilling is planned in coming months.
26 Apr 2019quarterly activities report● Neutral
March quarter report recaps the 8.85Mt resource, the Mineral Lease, preferred contractors and the CFO hire, with the DFS released in April. Largely repeats known facts. 694.5M shares and 74.1M unquoted options on issue; cash figures are not shown in the text provided.
17 Apr 2019investor presentation● Neutral
Presentation of the DFS released the same day. Text provided is mainly disclaimers and cautionary notes, with no new information beyond the DFS announcement.
17 Apr 2019resource reserve update▲ GoodMajor
DFS and maiden Ore Reserve (1.4% Li2O) for Grants and BP33: capex A$73M, pre-tax NPV A$114M, IRR 80%, payback 1.5 years, up to 180,000tpa concentrate. Capex is up from PFS A$53.5M and NPV down from A$140M. Construction targeted 2H 2019, production 1H 2020, subject to financing and approvals.
1 Apr 2019material agreement▲ GoodMajor
Core and Yahua expanded the existing binding offtake by 50% to 75,000tpa of 5.5% Li2O concentrate, covering 300,000 dry tonnes to 30 November 2023. It has a price floor and ceiling for the first 2 years and covers about 40% of Grants and BP33 production.
27 Mar 2019drilling result▲ Good
New BP33 drilling returned 76m @ 1.78% Li2O and 51.75m @ 1.72%, and will feed into the DFS. The DFS slips from end of March to April 2019.
14 Mar 2019agm notice● Neutral
Results of a general meeting: all three resolutions passed, ratifying earlier share issues (Dec 2018 and Jan 2019), 4M contractor options and 431,373 services shares. Administrative housekeeping with no new commercial information.
12 Mar 2019resource reserve update▲ GoodMajor
Carlton resource rises 38% in three months to 1.1Mt @ 1.3% Li2O, 42% Indicated, lifting the Finniss total to 8.85Mt @ 1.3%. Hang Gong and Lees-Booths Link updates are expected before the DFS. Construction is now targeted Q3 2019, with production early 2020.
1 Mar 2019admin correction● Neutral
5,000,000 unquoted options lapsed on 28 February 2019 (half at 12.5c, half at 15c). It is an administrative update with no cash impact; shares on issue are shown as 694.5M.
1 Mar 2019drilling result▲ GoodMajor
Diamond drilling found a new 26m spodumene pegmatite just 15m west of the Carlton orebody. It will not be in the initial DFS. A Carlton resource update is due next week, with more drilling in mid-Q2 2019.
28 Feb 2019drilling result▲ Good
New Lees-Booths Link results include 4m @ 1.50% Li2O and Hang Gong 8m @ 1.90%. Drilling has stopped for the wet season. Carlton update due next week; Hang Gong and the maiden Lees-Booths resources are now expected in March, slipping from January.
28 Feb 2019half year report● Neutral
Half-year to 31 December 2018 shows a net loss of $1.07M, against $1.33M a year earlier. The report says $2.4M was raised through a placement in the period. No other figures are readable in the text provided.
20 Feb 2019investor presentation● Neutral
Conference presentation by the Managing Director at Lithium Mine to Market in Perth. The text provided is mainly disclaimers and cautionary notes and shows no new information.