Each one in plain English, with the numbers worked through for a shareholder.
4 Nov 2021resource reserve update▲ GoodMajor
Omahola's old resource (45Mlb at 420ppm, JORC 2004) is restated under JORC 2012 at a lower 100ppm cut-off: 125.3Mlb at 190ppm. At a 150ppm cut-off it is 82.9Mlb at 269ppm. This is a reporting and cut-off change from a data review; no new drilling is included.
19 Oct 2021drilling result▲ Good
Nova JV Barking Gecko North Phase 1 finished: 14 holes, 3,561m, 13 hit uranium. TN258RC was extended to 271m and now has 70m at 503ppm. Mineralisation looks limited to about 700m by 200m; Phase 2 (3,500m) is planned by early 2022.
7 Oct 2021drilling spud▲ GoodMajor
A 7,100m, 200-hole shallow RC drilling program started 5 October at Omahola, the basement uranium project with an existing 45.1Mlb resource at 420ppm. It targets new mineralisation outside known deposits; Tumas DFS remains the priority.
5 Oct 2021resource reserve update▲ GoodMajor
Tumas Probable Ore Reserve rises 121% to 68.4Mlb at 345ppm (89.8Mt), from the 31.0Mlb in the February PFS. This supports a 20-plus-year mine life at about 2.8Mlb a year, resolving the DFS goal set earlier; DFS still due late 2022.
2 Sept 2021resource reserve update▲ GoodMajor
Tumas 1 East gets a maiden Indicated resource of 19.6Mlb at 245ppm (28.8Mlb total with Inferred). Measured and Indicated at Tumas 1, 1E, 2 and 3 rises to 98.7Mlb from 52.6Mlb. Company says this supports the 20-year-plus mine life target in the DFS.
19 Aug 2021drilling result▲ Good
Tumas DFS resource drilling is complete: Tumas 1 East had 556 holes (6,982m), 70% above 100ppm, best 5m at 1,016ppm. The whole program drilled 1,473 holes (24,942m) since February. Tumas 1 East resource update is expected end of August.
5 Aug 2021drilling result▲ GoodMajor
First four holes of the Nova JV Barking Gecko North follow-up program all hit uranium. TN258RC returned 62m at 537ppm, the best intersection there so far, and ended in mineralisation. The 14-hole, 3,500m phase is due to finish mid-September.
29 July 2021resource reserve update▲ GoodMajor
Tumas 3 resource upgraded to 59.9Mlb at 308ppm, up from 49.8Mlb in the February PFS, with Indicated now 54.9Mlb (from 28.4Mlb). Infill drilling converted Inferred to Indicated, resolving the delayed update. Management says it supports the 20-year-plus mine life target.
13 July 2021drilling result● Neutral
Tumas 3 infill program is complete: 911 holes, 17,679m. Tumas 3 West was weaker, with 36% of holes over 100ppm, as expected for the edge of the deposit. Resource update now due late July (slipped again); Tumas 1 East drilling has begun.
8 June 2021drilling result▲ Good
Infill drilling at Tumas 3 Central finished: 359 holes, 7,634m; 804 holes in total since February. Best result 8m at 2,242ppm. Drilling has moved to Tumas 3 West; updated Tumas 3 resource now expected late June, slipping from the earlier June estimate.
5 May 2021drilling result▲ Good
First phase of Tumas infill drilling finished at Tumas 3 East: 445 holes, 6,987m, with 48% hitting over 100ppm. Best result 7m at 997ppm. Supports converting Inferred resource to Indicated; updated Tumas 3 East resource due late May. Phase two has started at Tumas 3 Central.
20 Apr 2021drilling result▲ GoodMajor
Barking Gecko follow-up drilling finished: 13 holes, about 3,200m. Eight of nine new holes hit uranium, best TN253RC with 14m at 404ppm and 45m at 222ppm. Two zones, North and South, identified; more drilling planned for second half of 2021.
12 Feb 2021drilling result▲ Good
Barking Gecko drilling resumed after structural re-interpretation. Two new holes hit 27m at 291ppm and 11m at 214ppm, following narrow December results. Four holes (1,001m) done of the 3,200m program; completion expected by end March.
11 Feb 2021drilling spud▲ GoodMajor
Infill drilling began for the Tumas DFS: 700-800 RC holes for about 15,000m over four months at Tumas 3 and Tumas 1 East. It aims to convert the remaining 51.2Mlb Inferred to Indicated, targeting about 95% conversion as in the PFS.
10 Feb 2021resource reserve update▲ GoodMajor
Tumas PFS completed: maiden Probable Ore Reserve of 31.0Mlb, 11.5-year mine life, NPV US$207M, IRR 21.1%, C1 cost US$27.3/lb, initial capex US$98M per Mlb of capacity. Board approved proceeding straight to a Definitive Feasibility Study. Resolves the long-pending PFS.
9 Dec 2020drilling result▲ Good
Tubas drilling paused for Christmas after 70 holes for 1,831m; 60% hit over 100ppm. Best was 4m at 442ppm. Results suggest eastern Tubas mineralisation connects to Tumas Central, a possible resource expansion. Drilling resumes in 2021.
29 Oct 2020drilling result▲ Good
Second phase of Tumas 3 drilling finished (53 holes, 1,115m), testing the deposit edges; 57% had over 100ppm over 1m. Best was 5m at 454ppm. PFS drilling is complete, and PFS completion is now expected late November, versus the December quarter earlier.
24 Sept 2020drilling result▲ GoodMajor
First phase of Tumas 3 drilling finished: 38 holes, 92% with over 100ppm over 1m. Hole T3I284 hit 7m at 5,820ppm, the highest grade on the deposit. The 1,000kg metallurgical sample is collected; 52 holes remain. Supports the 36.8Mlb resource.
7 Sept 2020drilling spud▲ Good
Drilling restarted at Tumas on 7 September: about 90 RC holes for 1,800m, due to finish in October 2020. It will collect over 1,000kg of metallurgical samples and consolidate resources for the PFS area. A project manager was appointed for the environmental assessment.
9 July 2020drilling result▲ GoodMajor
Nova JV drilling at Barking Gecko (EPL3669) hit thicker basement uranium than earlier narrow results, best 24m at 297ppm in TN236RC. Seven of 2,000m program holes done; all hit mineralisation. It follows the weak 2019 EPL3670 results, and drilling and evaluation are due to finish by end July.
12 May 2020resource reserve update▲ GoodMajor
Tumas 3 infill drilling converted 96.4% of Inferred resource in the drilled area to Indicated. Tumas 3 now totals 36.8Mlb at 328ppm (24.1Mlb Indicated), up from 33.1Mlb Inferred. Measured and Indicated at Tumas 1-3 is 37.2Mlb, enough for the PFS. Resolves the May update.
6 May 2020drilling result▲ Good
First Tumas PFS metallurgical tests on RC samples matched or beat Scoping Study assumptions, with overall uranium recovery above the 92.2% assumed. Confirmatory diamond core tests are due by end June, then PFS design criteria can be completed.
2 Apr 2020drilling result▲ Good
Tumas 3 infill drilling finished (246 holes, 5,154m); 85% of holes exceeded 100ppm. Best result 14m at 2,461ppm. Early interpretation suggests enough Indicated resource for the PFS. Updated Tumas 3 estimate expected mid-May 2020.
29 Jan 2020drilling progress report● Neutral
Tumas PFS has started. RC drilling began 27 January, with about 5,000m to upgrade 40-50% of Tumas 3 Inferred resource to Indicated, due March/April, plus 5,000m more. PFS now expected to finish in the December quarter 2020. Targets: over 20-year mine life, cash costs under US$30/lb.
10 Jan 2020drilling result● Neutral
Nova JV 2019 drilling on EPL3670 finished (153 holes, 3,009m), with little found; best was 130ppm over 1m at STD 24. Limited follow-up planned at Skink/STD 24, with Namaqua and Barking Gecko still earmarked. JOGMEC is earning 39.5% for A$4.5M.
16 Dec 2019drilling result▲ Good
Tubas Red Sand exploration drilling finished (147 holes, 3,938m), finding calcrete mineralisation beneath the red sand; best 3m at 685ppm. Three areas set for infill drilling. 55km of channel untested; drilling restarts late January 2020.
18 Nov 2019resource reserve update▲ GoodMajor
New Tumas 1 East inferred resource of 24.8Mlb at 319ppm, up 34% from the 18.5Mlb of March 2019. Tumas palaeochannel resources now 92.5Mlb at 303ppm; Namibian calcrete-type resources 110.5Mlb. Delivers the awaited estimate; 60km of channel untested.
29 Oct 2019drilling result● Neutral
Nova JV drilling on EPL3669 (60 holes, 3,472m), funded by JOGMEC, found little at Goanna, Berger's and Turtle's Neck. Namaqua extended to about 600m strike, and Barking Gecko returned 3m at 307ppm. Modest results; follow-up planned.
21 Oct 2019drilling result▲ Good
Exploration drilling at Tumas 3 East, West and Central (144 holes, 3,214m) better defined the mineralisation. Tumas Central is closed off over 2km and ready for infill drilling in H1 2020; Tumas 3 West's western edge is identified. Best hit 647ppm over 1m.
15 Oct 2019drilling progress report▲ Good
Accelerated Reptile drilling started under the 24 September plan, with a second RC rig and a diamond rig contracted. FY20 RC drilling is raised to 22,000m, with 10,800m and 600m of diamond core due by December. Upgraded resource now expected early November, later than earlier guidance.
