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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2014quarterly activities report▼ Bad
March quarter: only limited testwork as the company conserved cash. It appointed a strategic advisor to plan U-pgrade commercialisation, targeting higher-grade resources than Marenica. Pilot plant design and further testing now depend on a planned share purchase plan, a change from February's plan.
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.
31 Jan 2014quarterly activities report▲ Good
December quarter: U-pgrade recovery on Marenica ore improved to 73.5% from 72.0%. Ore characterisation on Areva's Trekkopje and Deep Yellow samples completed with similar results to Marenica. Pilot plant design and costing planned for the current quarter. Company-internal results.
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.
31 Oct 2013quarterly activities report▲ Good
September quarter: leach tests extracted over 99.5% of uranium in under 4 hours. Internal processing cost put at US$25/lb, US$39/lb with mining. Samples now held from 10 deposits at 7 companies. Entitlement issue raised A$875,427 plus about A$195k shortfall; total shares 1,015,615,086.
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.
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.
31 July 2013quarterly activities report● Neutral
June quarter report repeats the sea water and high-sulphate results and confirms sample agreements with Areva and Deep Yellow. Received A$268,000 R&D refund and expects over A$500,000 more. Entitlement issue closed 29 July; shortfall can be placed within three months.
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.
29 Apr 2013quarterly activities report▲ Good
March quarter report repeats the April results: over 60 times upgrade at over 65% recovery, 94ppm lifted to over 5,500ppm, and operating costs expected below the US$41/lb spot price. Phase 2 testwork completed on schedule.
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.
31 Jan 2013quarterly activities report▲ Good
December quarter report repeats the 3-5 times primary and 15-25 times upgrade results. The Marenica exploration licence was extended two years to 30 November 2014, resolving the renewal pending since August.
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.
31 Oct 2012quarterly activities report● Neutral
September quarter: upgrade testwork on bulk samples continues through the December and March quarters. A provisional patent is lodged over the process, and the EPL extension (expiring 30 Nov 2012) was applied for. Costs are being cut, including a move to a shared office.