5 Sept 2018material agreement● Neutral
Core appointed Argonaut as financial adviser, alongside broker Hartleys, to help assemble the financing package for the Finniss project. No fees or financing terms are stated.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2018drilling result▲ GoodMajor
BP33 extension drilling returned wide intersections including 63m @ 1.50% and 59m @ 1.59% Li2O, thicker and higher grade down-plunge than expected. A new resource estimate is expected in coming months; the maiden resource was 1.42Mt @ 1.4%.
16 Aug 2018drilling result▲ Good
Regional drilling returned shallow high-grade pegmatite at Carlton (16m @ 1.79% Li2O) and Hang Gong (11m @ 1.34%), both within 1.5km of Grants on the mining licence area. Follow-up drilling is planned; no resource yet.
6 Aug 2018investor presentation● Neutral
Diggers and Dealers conference presentation on the Finniss project. Text provided shows only disclaimers and the PFS cautionary notes, repeating known facts. No new information.
2 Aug 2018other▲ Good
New Grants metallurgical testwork produced 5.5% Li2O concentrate at 79% recovery, versus the PFS assumption of 5.0% at 76%. It also produced 6.1% concentrate at 69% recovery. Results will be considered in the feasibility study, so are not yet in project economics.
31 July 2018quarterly activities report● Neutral
June quarter report covers the Grants PFS, the resource upgrades and BP33 maiden resource. Issued capital is 633.6M shares, with 65.1M unquoted options and 10.3M performance rights. Cash figure is not shown in the text provided.
30 July 2018material agreement▲ GoodMajor
Non-binding term sheet with Shandong RuiFu Lithium for up to 150,000tpa concentrate offtake, a conditional US$35M prepayment, and a roughly $3.0M placement at 5c for a 10% stake. Together with Yahua's US$20M, this gives US$55M of potential prepayments. Binding agreements are targeted within weeks.
27 July 2018security holder rights change● Neutral
Liontown's 26,154,683 Core shares were crossed to investors, satisfying the escrow condition, so Liontown is no longer a Core shareholder. This closes the Bynoe share-consideration thread and the Liontown overhang.
24 July 2018drilling result▲ GoodMajor
Assays confirm Grants extensions outside the resource, including 67m @ 1.57% Li2O and 45m @ 1.72% Li2O. Of 12 holes, six had significant intercepts, five at the edges were barren and one missed depth. Results may feed the feasibility study resource.
10 July 2018security holder rights change● Neutral
A further 13,077,341 Liontown-held shares, the third Bynoe tranche originally escrowed to 7 November 2018, will be released after 24 July if sold via a crossing between 25 July and 15 August. This is the final issue of Core shares to Liontown.
6 July 2018drilling result▲ GoodMajor
New Grants drilling found spodumene pegmatite south and deeper than the defined resource, including a 73m intersection; all 10 holes hit pegmatite. This suggests the resource and mine life could grow beyond the PFS case. Assays are due late July.
28 June 2018investor presentation● Neutral
Technical conference talk on the geology of the Bynoe pegmatite field, restating Grants (2Mt at 1.5%) and BP33 (1.4Mt at 1.40%) resources and the PFS. Drilling continues to test the down-plunge extension at Grants. No new results.
25 June 2018investor presentation● Neutral
Presentation of the Grants PFS released the same day, repeating its results. It notes the PFS relies on 37% Inferred resource, though Inferred is 14% of production in the 12-month payback period. No new information.
25 June 2018resource reserve update▲ GoodMajor
Grants PFS shows pre-tax NPV10 of A$140M and 142% IRR on a 26-month initial mine life, with A$53.5M capital cost. Yahua's US$20M prepayment is expected to cover about half the capital. Board approved starting the Feasibility Study, due late 2018.
21 June 2018security holder rights change● Neutral
Administrative notice that 13,077,342 shares in voluntary escrow will be released after 7 July 2018. This is the second Liontown tranche from the Bynoe deal, leaving one tranche escrowed to November 2018.
21 June 2018agm notice● Neutral
All three resolutions passed on a poll at the general meeting, including approval of the 58,104,000 Hartleys broker options and performance rights for MD Stephen Biggins. This closes the open broker option approval.
5 June 2018drilling spud▲ Good
2018 drilling has started at Finniss, with the first RC rig near Grants and three more rigs (RC, diamond, RAB) to follow at BP33 and regional targets. Over 40,000m is planned in 12 months. The PFS is still expected this month.
23 May 2018resource reserve update▲ GoodMajor
Maiden BP33 resource is 1.42Mt at 1.4% Li2O, all Inferred, lifting total Finniss resources 70% to 3.45Mt at 1.4% Li2O. The resource sits only 20m south of the 75m at 1.68% hole and remains open. Extension drilling restarts next month.
8 May 2018resource reserve update▲ GoodMajor
Grants resource upgraded to 2.03Mt at 1.5% Li2O, with Indicated more than doubling to 1.13Mt, versus the 492kt Indicated in the May 2017 maiden 1.8Mt estimate. It feeds the PFS, due next month. Environmental assessment is expected to take up to 12 months.
7 May 2018capital raising announcement▲ GoodMajor
Yahua committed a further $1.4M at 5.3c (26.4M shares), on top of its $2.0M in 2017, taking it to a 9.7% holding before SPP shares. Funds go to resource and regional drilling at Finniss. It uses the same placement capacity (LR 7.1).
2 May 2018regulatory community update▲ Good
Core won an Exploration Development Incentive tax credit of up to $952,967 for shareholders on the register at 21 May 2018, about 0.161 cents per share before the SPP. Entitlements are to be notified on 20 June 2018. This is a separate scheme from the JMEI credits.
30 Apr 2018quarterly activities report● Neutral
Quarter to 31 March 2018 report recaps Grants infill drilling, the 75m at 1.68% BP33 result, the $5M placement at 5.3c and the $2M SPP. PFS is due in Q2 after resource updates. Issued capital is 591.6M shares. Cash figure not shown in the text provided.
24 Apr 2018regulatory community update▲ Good
Core won an allocation of up to $750,000 of Junior Minerals Exploration Incentive tax credits. Only shares issued after 23 April and by 30 June 2018 qualify, including the placement and SPP shares. Expected payout is about 0.5-0.8 cents per share, notified by 30 September 2018.
20 Apr 2018capital raising announcement● Neutral
Offer document for the Share Purchase Plan announced 16 April: eligible holders can buy up to $15,000 of shares at 5.3c, an 18.6% discount to the recent average price. It targets $2.0M and closes 8 May, with shares issued 14 May.
16 Apr 2018capital raising announcement● NeutralMajor
Core raised about $5M through a placement of about 95.3M shares at 5.3c, with a Share Purchase Plan of up to $2M at the same price to follow. Broker Hartleys also gets 58.1M options at 8c, subject to shareholder approval. Funds go to the PFS, feasibility study and drilling.
What it means for a shareholder
95.3m new shares at $0.053 to raise about $5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
11 Apr 2018drilling result▲ GoodMajor
Assays for BP33 hole FRCD007 give 75m at 1.68% Li2O, including 55m at 1.97%, the widest spodumene pegmatite drilled in the NT. It confirms February's visual estimate and the hole ended in mineralisation. A maiden BP33 resource is now expected in May.
6 Apr 2018drilling result▲ Good
More Grants infill assays include 41.1m at 1.77% Li2O and 41.0m at 1.59%; 49 of 50 resource holes are mineralised across the pegmatite. Resource evaluation has begun, with the PFS to follow shortly after. Regional drilling is due to start in May.
4 Apr 2018investor presentation● Neutral
April Hong Kong conference deck largely repeats the March one: PFS nearing completion, Grants resource upgrade and BP33 maiden resource imminent, production targeted late 2019. Share price about $0.06, market cap about $30M. No new results.
21 Mar 2018investor presentation● Neutral
Conference presentation repeats known points: Yahua offtake and US$20M prepayment, PFS nearing completion, and imminent Grants upgrade and BP33 maiden resource. Production is now targeted for late 2019. Shows a price of about $0.061, market cap about $30M and cash about $4.5M.
19 Mar 2018other● Neutral
Liontown's own announcement on its WA drilling mentions it sold 13,077,342 Core shares for $809,874 after costs, and still holds 26,164,683. This is the first escrow tranche from the Bynoe deal, now sold. Nothing new from Core itself.