Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2021capital raising announcement▲ GoodMajor
Deep Yellow raised about A$40.8M from institutions at A$0.65 per share (62,768,803 shares), with a further A$2M share purchase plan offered. Pro-forma cash about A$50M, to fund the Tumas DFS, exploration and targeted acquisitions, following the PFS.
What it means for a shareholder
62.8m new shares at about A$0.650 to raise about A$40.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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.
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.
Corporate presentation summarising the Tumas PFS outcomes announced the same day. It repeats known results, with no new figures visible in the extract.
Deep Yellow was named in the 2021 OTCQX Best 50, a ranking of top US-market performers based on 2020 one-year return and trading volume growth. Recognition only, with no operational or financial impact stated.
Reminder of listed option terms: 50 cent exercise price, expiry 1 June 2022. If shares trade above 78 cents for 20 consecutive trading days, holders get 22 business days to exercise or lose the options. No terms changed.
Issue of 431,363 shares on rights vesting, 770,000 performance rights, 229,884 director options and 10,918,707 Loan Shares after the AGM. Director disclosure notices were filed late through an administrative oversight, which the company says it has addressed.
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.
Amended version of the 26 November 2020 AGM presentation, with changes to Slide 3 only. The visible text does not say what changed and shows no new results or figures.
Corporate presentation for the 26 November 2020 AGM, covering the uranium market outlook and company strategy. The visible text shows no new results or announcements.
Addendum to the September quarterly report: A$939,000 spent on exploration and evaluation in the quarter, mainly PFS, environmental assessment and drilling. No mining development or production. Disclosure of required spending detail only.
JOGMEC completed its A$4.5M Nova JV earn-in in September 2020, leaving Deep Yellow and JOGMEC with 39.5% each, Toro 15%, Sixzone 6%. Partners approved an A$570,000 budget to 31 March 2021 for a 13-hole, 3,200m Barking Gecko drilling program, starting 13 November.
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.
Corporate presentation to the OTC virtual conference on 22 October 2020. It repeats known Tumas resources and PFS status, and states cash of A$11M at September 2020 and 'advanced' M&A opportunities. No deal announced.
2020 Annual Report with audited accounts for the year to 30 June 2020. The visible text restates known FY20 achievements (Tumas Scoping Study, PFS start, Nova JV results). Board unchanged; no new figures shown in the extract.
Corporate Governance Statement and Appendix 4G for the year to 30 June 2020, adopted by the board on 23 September 2020. Routine compliance filing with no new commercial information.
Deep Yellow released its first Sustainability Report, covering environmental, social and governance practice for the year to 30 June 2020. Reporting document only; the text shows no new results or financial figures.
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.
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.
Ausenco appointed to complete engineering and a Class 4 capital cost estimate for the Tumas PFS, which remains on track for the December 2020 quarter. The Environmental Impact Statement runs in parallel, with the Mining Licence Application intended for the March 2021 quarter.
Administrative equity notices: 364,365 new performance rights for Namibian employees, and 165,953 vested rights converted into shares. A corrected Appendix 3Y for Gillian Swaby fixes a clerical error on 18,000 shares. Not new funding.
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.
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.
Corporate presentation from the OTC virtual investor conference on 7 May 2020, covering the company's growth strategy. The text provided shows no new announcements or figures beyond what was already disclosed.
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.
Reacting to COVID-19, Deep Yellow cut its work program to the end of June 2020, keeping the Tumas PFS and selected M&A work. Cash was about A$13M. Labour costs and directors' fees are to be reduced; other activities are suspended.
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.
Half-year report to 31 December 2019, mostly recapping known events: the resource increase, the Scoping Study and PFS start, and the A$11.3M raising completed in July 2019. The text provided shows no new facts beyond earlier announcements.
223,450 performance rights held by employees vested, with an Appendix 2A lodged for the resulting shares. A small, administrative issue at nil cost, not new funding.
