Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2013capital raising announcement▼ BadMajor
The 0.4c entitlement issue drew valid applications for only A$875,375 (218.8M shares), well short of the up-to-A$2M target. A shortfall of 279.9M shares can be placed by the board within three months at not less than 0.4c.
1 Aug 2013director officer appointment● Neutral
Susan Hunter of Hunter Corporate replaces Michael van Uffelen as Company Secretary. Administrative change.
17 July 2013investor presentation● Neutral
Conference presentation pitches U-pgrade as a technology to license to other calcrete uranium deposits, and mentions a pre-feasibility study on Marenica. Repeats the 57Mlb resource and 0.4c issue. Shares 748.1M, market cap A$3.0M. No new results.
8 July 2013drilling result▲ Good
New testwork shows the U-pgrade process works as well in sea water as in desalinated water, which the company says could cut estimated operating costs from US$49 to under US$42/lb. Early tests on high-sulphate ore also look promising. Company-internal estimates, not independently verified.
8 July 2013capital raising announcement● Neutral
Offer document for the 2-for-3 entitlement issue at 0.4c, raising up to A$2M, a 33% discount to the one-month average price. Hanlong and all directors support it. Funds go to flowsheet optimisation, taking 6-9 months before pilot plant planning begins.
26 June 2013capital raising announcement● Neutral
Shareholder letter on the 0.4 cent entitlement issue: record date 2 July, closing 29 July, with a shortfall facility, raising up to about A$2M. Repeats known terms; no new substance.
25 June 2013security holder rights change● Neutral
Letter telling optionholders they have no entitlement in the 2-for-3 issue at 0.4 cents unless they exercise options before the 2 July record date. Administrative.
24 June 2013capital raising announcement● NeutralMajor
Marenica launches a 2-for-3 entitlement issue at 0.4 cents to raise up to A$2M, well below the 1.3c raising of 2012. Hanlong takes up about A$600,000, with A$350,000 repaying its note, and extends the note's repayment two years to November 2015.
6 June 2013investor presentation● Neutral
June investor update brands the process 'U-pgrade' and pitches it for other calcrete uranium deposits, with commercialisation planned for 2014. Areva and Deep Yellow are to supply samples. Shows 748.1M shares, a 0.6c share price and A$4.5M market value.
2 Apr 2013well test result▲ GoodMajor
Testwork produced a concentrate over 60 times the ore grade at over 65% recovery, lifting leach feed from 94ppm to over 5,500ppm U3O8. Internal estimates put operating costs below the spot price. Company-internal estimates, not an independent study.
11 Feb 2013other● Neutral
Change of registered office address to c/- Bennett + Co, BGC Centre, Perth. Administrative only.
21 Dec 2012drilling result▲ GoodMajor
First numbers from the upgrade testwork: primary upgrade of 3-5 times, and about 30% of that concentrate upgraded a further 15-25 times overall. Testing continues on the other ~70%. Early support for the concept first floated in March 2012, though not yet proven.
12 Dec 2012investor presentation● Neutral
Re-release of the AGM presentation, adding a competent person declaration and splitting the 57.3Mlb resource into 6.5Mlb Indicated and 50.9Mlb Inferred. No new results.
30 Nov 2012investor presentation● Neutral
AGM presentation by the CEO repeats the 276Mt at 94ppm, 57Mlb resource and the carnotite upgrade story. Says recent testwork findings are 'very encouraging' but gives no new numbers.
31 Oct 2012annual report● Neutral
2012 annual report says the 75%-owned Marenica project was seriously sub-economic with conventional leaching, so drilling was suspended and focus moved to ore-upgrade (beneficiation) testwork for the next 6-12 months. Repeats the 57Mlb resource and MA7's 4.0Mlb.
10 Oct 2012other● Neutral
Company changes its registered office, business and postal addresses and a phone number. Administrative only.
31 July 2012quarterly activities report● NeutralMajor
June quarter report: A$3.2M raised at 1.3 cents (249.3M shares), leaving Hanlong with 30% (36.4% if its note converts at 2.674 cents). Bulk samples from five test pits are in Perth; early bench upgrade tests are called encouraging. Completes the raising.
5 June 2012director officer appointment● Neutral
Bo (Simon) Yang, Chief Financial Officer of Hanlong, joins the board as a director. Adds a second Hanlong-linked director alongside Nelson Chen.
4 May 2012director officer appointment● NeutralMajor
Metallurgist Murray Hill becomes CEO from 1 May 2012 on a A$283,400 package. He had consulted to the company for 18 months and is to lead the ore-upgrade testwork. Fills the vacancy left by John Young's departure.
20 Apr 2012capital raising announcement● Neutral
Offer document for the 1-for-2 entitlement issue at 1.3 cents, up to about A$3.24M, underwritten by Hanlong. The price is a 40% discount to the one-month average price. Closes 7 May with a shortfall facility. Formal paperwork for the known raising.
11 Apr 2012capital raising announcement● Neutral
Letter to shareholders on the 1.3 cent entitlement issue: record date 18 April, closing 7 May, with a shortfall facility. Directors sub-underwrite A$120,250 with no fees. Repeats the known terms; no new substance.
11 Apr 2012admin correction● Neutral
Corrects the optionholder letter: the record date should be 18 April 2012, not 17 April.
10 Apr 2012security holder rights change● Neutral
Letter telling optionholders they have no entitlement in the 1-for-2 issue at 1.3 cents unless they exercise options before the record date. The record date given is later corrected to 18 April. Administrative.
2 Apr 2012capital raising announcement● NeutralMajor
Marenica launches a 1-for-2 entitlement issue at 1.3 cents to raise up to A$3.24M, underwritten by Hanlong, to fund bulk-sample upgrade testwork. Hanlong's A$2M convertible note is replaced, with conversion price cut to 2.674 cents from 7 cents.
7 Mar 2012other● NeutralMajor
Board says technical review shows the ore may suit cheaper processing (screening, gravity, magnetic separation, flotation), targeting over 30 times concentration. A six-month bulk-sample testwork program is approved; a new scoping study is committed only if it succeeds. Unproven concept.
14 Dec 2011resource reserve update▼ BadMajor
New Optiro resource for Marenica: 276Mt at 94ppm, 57Mlb U3O8, down from SRK's 648Mt, 138Mlb (2010) due to tighter methods. Maiden MA7 resource 23Mt at 81ppm, 4Mlb. Heap leach is dismissed in favour of tank leach, and the 2010 scoping economics no longer apply.
29 Nov 2011director officer appointment● NeutralMajor
CEO John Young's resignation takes effect 2 December 2011, as foreshadowed; Pearce and Buerger cover the role while a replacement is sought. Company Secretary Simon Robertson is replaced by Michael van Uffelen. Nelson Chen is re-appointed director after retiring by rotation at the AGM.
27 Oct 2011annual report● Neutral
2011 annual report. Chairman says the board will diversify after Fukushima (coal stake, Namibian manganese/rare earths JV). Metallurgy now points to tank leach. CEO John Young steps down shortly after the AGM; Pearce and Buerger share the role. Largely repeats known items.
19 Oct 2011quarterly activities report▼ BadMajor
September quarter report: column leach tests show about 50% recovery after 100 days, with 75% expected eventually. Heavy polymer need makes heap leach costly, so tank leach is also being studied. A scoping study update and a resource re-estimate are due. Also covers the coal stake and a Namibian manganese/rare earths option.
6 Oct 2011director officer appointment● Neutral
Nelson Chen, Chief Operating Officer of Hanlong (Australia) Resources, is appointed non-executive director. He fills the Hanlong board seat left when Calvin Zhu resigned in September 2011 (inference from the timing).
