Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2015annual report● Neutral
2015 annual report: Mingsun is now a roughly 10% shareholder. A pilot program costing about $3 million is the next step, with partners still being sought. Directors took no cash fees for the year, and Toro testwork results are called outstanding.
21 Sept 2015annual report● Neutral
Annual financial report for year to 30 June 2015, with directors' report, remuneration report and auditor Rothsay. Board unchanged. The extract provided shows no new figures.
21 Sept 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative; no new substance.
28 May 2015capital raising announcement▲ GoodMajor
The 1,500,000-share placement to Hong Kong's Mingsun Technology is completed at $0.2373, raising about $356,000. This finalises the April deal after due diligence. A further 269,603 shares were issued to the CEO and consultant in lieu of pay.
9 Apr 2015capital raising announcement▲ GoodMajor
Placement of 1.5M shares at 23.73c to Hong Kong's Mingsun Technology raises $356,000, subject to due diligence, with funds due May 2015. It is the first outside investment since July 2014, and Mingsun could become a cornerstone investor.
What it means for a shareholder
1.5m new shares at A$0.2373 to raise about A$356,000. That's 9.8% dilution: every existing holder's slice gets 9.8% smaller. If you held A$1,000 of shares (4,214 at the issue price), your slice goes from 0.0305% to 0.0275% of the company. To keep it you'd need 458 more shares - about A$109 at the issue price.
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16 Mar 2015half year report▼ Bad
Half-year loss to 31 December 2014 was $622,809, up from $377,184 a year earlier. Repeats the commercialisation strategy, with investor talks 'advanced' but no deal. Lou Guo Qing joined the board and Buerger became chairman.
13 Feb 2015capital raising announcement● Neutral
269,602 shares will be issued to CEO Murray Hill and consultant John Sestan in lieu of about 70% of their cash pay, at roughly $0.23-$0.27 per share. This preserves cash.
15 Jan 2015material agreement▲ Good
Toro Energy will supply Wiluna calcrete uranium ore for U-pgrade testwork, fully funded by Toro and due within six months. It is the first Australian ore test, and could lead to pilot trials. A funding decision is expected this quarter.
13 Jan 2015resource reserve update● Neutral
Required addendum restating the Marenica-area resource: 276.1Mt at 94ppm for 57.3Mlb, plus MA7 inferred 22.8Mt at 81ppm for 4.0Mlb, unchanged from 2013. It is a 2011 Optiro estimate; no new drilling.
7 Jan 2015regulatory community update● Neutral
ASX grants a waiver letting the company issue up to 300,000 post-consolidation shares to consultant John Sestan, approved at the AGM, after the usual 3-month limit, by 31 December 2015. Administrative.
14 Nov 2014security holder rights change● Neutral
The 1-for-100 share consolidation is complete, leaving 13,797,722 shares, 675,000 performance rights and notes convertible at $1.80. New shares trade from 17 November 2014. This resolves the proposal approved at the AGM.
4 Nov 2014debt financing● NeutralMajor
Hanlong's roughly A$1.65M convertible notes are extended from 14 Nov 2015 to 14 Nov 2016, with the conversion price cut from 2.626c to 1.8c. Interest is now payable at maturity. This supersedes the earlier deferral; the company says investors asked for it.
3 Nov 2014director officer appointment● NeutralMajor
Chairman Robert Pearce (chair since 2010) retires; director Doug Buerger becomes chairman. Hanlong nominee Lou Guo Qing, Hanlong's managing director, joins the board, filling the vacancy left by Bo Yang's May resignation.
3 Nov 2014investor presentation● Neutral
AGM presentation repeating known U-pgrade claims (50-70% lower operating cost) and funding talks. New detail: TOCC merged with Metals Finance Corporation, leaving Marenica 2.83M shares at a $0.20 list price. First project commercialisation is pencilled for 2015.
1 Oct 2014annual report● Neutral
2014 annual report (re-lodged 1 Oct): repeats that Hanlong (27.1%) defers $132,054 note interest to 14 Nov 2015, funding for Uranium Beneficiation is targeted early 2015, and a Namibian retention licence is sought. No new figures beyond the earlier release.
10 Sept 2014annual report▼ BadMajor
2014 annual report: Hanlong, holding 27.1%, defers the $132,054 convertible note interest due 14 November 2014 to 14 November 2015. Funding for the subsidiary is targeted for early 2015. The company applied for a retention licence on Marenica, retrenched four Namibian staff and closed its Swakopmund office.
12 Aug 2014other▲ Good
The $367,590 R&D tax refund arrived from the tax office, ahead of the expected September. With the July raising, this adds about $904,000 to cash. The company is looking for a funding partner for U-pgrade commercialisation.
30 July 2014capital raising announcement▲ GoodMajor
Placement of 84.8M shares raised $136,000, mostly at 0.16c. Total raised across the plan and placements is $536,000, for working capital. Total shares now 1,374,272,473. The company says it is fully funded to complete financing of Uranium Beneficiation.
What it means for a shareholder
84.8m new shares at A$0.0016 to raise about A$136,000. That's 6.2% dilution: every existing holder's slice gets 6.2% smaller. If you held A$1,000 of shares (625,000 at the issue price), your slice goes from 0.0485% to 0.0455% of the company. To keep it you'd need 41,102 more shares - about A$66 at the issue price.
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16 July 2014capital raising announcement▲ GoodMajor
The share purchase plan raised $400,000 at 0.16c, $77,500 above the $300,000 underwriting, plus $22,500 from a placement. The company plans further placements to meet demand. CEO Murray Hill was issued 67.5M performance rights tied to commercialising U-pgrade. An R&D refund of about $362,000 is expected in September.
1 July 2014capital raising announcement● Neutral
Closing date of the share purchase plan extended to 10 July 2014, with shares to be issued on 16 July. Terms are otherwise unchanged.
10 June 2014capital raising announcement● NeutralMajor
Share purchase plan for eligible shareholders at a 20% discount to the recent average price, capped at 0.26c, for $500-$15,000 each. Four directors commit $15,000 each; the CEO and strategic advisor underwrite $300,000. Funds are for working capital while the subsidiary seeks funding.
4 June 2014material agreement● NeutralMajor
New strategy: commercialise U-pgrade by moving it into a wholly owned subsidiary, Uranium Beneficiation, and seek outside investors to fund a pilot plant. Reason given is weak uranium price expectations. A share purchase plan is planned for working capital. This shifts focus away from developing Marenica itself.
2 May 2014director officer appointment● Neutral
Non-executive director Bo (Simon) Yang, a Hanlong representative, has resigned. Hanlong is to nominate a replacement in due course.
22 Apr 2014other● Neutral
Administrative notice that the share registry, Advanced Share Registry, moves to 110 Stirling Highway, Nedlands from 24 April 2014. No substance for shareholders.
14 Mar 2014half year report● Neutral
Half-year loss of $377,184, down from $1,508,039 a year earlier. Repeats U-pgrade results, including 73.5% recovery and rejection of most sulphate and calcite in high-sulphate ore tests. Cash position was not in the text provided.
21 Nov 2013investor presentation● Neutral
AGM presentation repeats the 50 times upgrade and 72% recovery, and compares US$39/lb to US$80-82/lb for conventional leaching. Says Marenica will not be developed until uranium prices rise. Pilot plant design goes to the board in February 2014.
18 Oct 2013annual report● Neutral
Second release of the 2013 annual report, with the same chairman and CEO commentary: over 50 times upgrade, 72% recovery, about US$39/lb. Apparent duplicate of the 27 September report; no new information seen.
11 Oct 2013capital raising announcement● Neutral
A further A$192,004 raised by placing 48.0M shortfall shares at 0.4c; 231.9M shortfall shares remain available until 29 October. Hanlong will be paid interest on its notes on 14 November instead of the conversion price being cut to 0.4c from 2.626c. Total shares now 1,015,955,086.
27 Sept 2013annual report● Neutral
2013 annual report repeats the U-pgrade results: over 50 times upgrade, 72% recovery, about US$39/lb internal cost estimate. Describes a possible second revenue stream from licensing the technology. Financial figures were not in the text provided.
30 Aug 2013flow test result▲ Good
Flowsheet optimisation lifted U-pgrade uranium recovery to 72% from 66%, with concentrate grade easing to 5,000ppm. Internal operating cost estimate falls from US$42 to US$39/lb. Company is talking to seven more companies about samples. Internal estimates only.
