10 Oct 2012other● Neutral
Company changes its registered office, business and postal addresses and a phone number. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 May 2012quarterly activities report▼ Bad
March quarter report says the board judged the project unlikely to be viable with conventional processing at current uranium prices, and spending on resource work was halted pending the technical review. Repeats the upgrade concept and the A$3.24M entitlement issue.
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.
31 Jan 2012quarterly activities report● Neutral
December quarter report repeats the new 57Mlb resource, MA7 maiden resource and the shift to tank leach, with CSIRO engaged for upgrade testwork. Summerdown option drilling (5 holes, 568m) found no commercially viable targets. Project still shown as 75% owned.
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).
27 Sept 2011annual report● Neutral
Annual financial statements for the year to 30 June 2011, shown here only as the directors' report and front pages (rest truncated). Hanlong nominee Calvin Zhu is recorded as resigning from the board on 13 September 2011, only nine months after joining.
22 Sept 2011asset acquisition disposition● NeutralMajor
Marenica subscribes for 3.4M shares in Texas & Oklahoma Coal Company, a new US coal start-up, equal to 6.4% of its pre-IPO capital. Chairman Robert Pearce is also a director and investor in it. First step in diversifying beyond uranium; ASX listing is expected in early 2012.
28 July 2011quarterly activities report● Neutral
June quarter report: repeats East Pit and MA7 drilling results. Agglomeration testwork shows heap leach would need added polymer (up to 600g/t), a possible cost issue. Consultants are engaged to review all metallurgy and the economics, with reports due late September 2011. Largely known.
18 July 2011drilling result▲ Good
East Pit infill drilling is finished (205 holes, 11,201m); 86% of holes probed hit over 100ppm, with best results such as 4.0m at 1,169ppm. MA7 drilling is also complete (88 holes, 2,525m), with results to follow. Supports the planned resource update.
8 June 2011drilling result▲ Good
Infill drilling in the East Pit area of the Marenica resource confirms continuity: 62 of 74 holes probed returned over 100ppm, with best intercepts to 19.4m at 193ppm. A further 3,000m is planned at MA7 to support a first resource estimate there.
28 Apr 2011quarterly activities report▲ Good
March quarter report: bottle-roll leach recoveries reach up to 66% after 30 days, and a 14,000m drilling program began mid-April. Paperwork is complete to transfer 5% of the project to BEE partner Millennium Minerals. Column leach results not expected until end of September 2011. Still shown as 75%-owned.
16 Mar 2011other▲ Good
First-stage testwork on the Marenica ore shows 80-93% of the uranium can be collected into a concentrate. Early bottle-roll leach tests show recoveries around 50% after 24 days with low reagent use. Supports the heap leach route in the 2010 scoping study; a pre-feasibility study is planned for 2011.
4 Feb 2011investor presentation● Neutral
Notice of an audio broadcast of CEO John Young discussing the December 2010 quarterly report. No new information in the announcement itself.
28 Jan 2011quarterly activities report▲ Good
December quarter report: Hanlong funding completed (A$2M note, A$1M placement, A$2M rights issue at 7c). Namibian licence EPL3287 renewed to November 2012 with 100% of the tenure retained. MA7 drilling found two trends, best 8.8m at about 320ppm. Resolves the open licence renewal; interest still stated as 75%.
24 Dec 2010other● Neutral
Company lodges its securities trading policy with the ASX under Listing Rule 12.9, effective 1 January 2011. It bars trading in the 5 days before half-year and annual reports and while holding unreleased price-sensitive information. Administrative; no new project or funding news.
20 Dec 2010drilling result▲ GoodMajor
Reconnaissance RC drilling of 67 holes at MA7 finds two mineralised trends, each over 2km long and up to 400m wide. Best intercept is 8.8m at 319.6ppm eU3O8. Infill drilling is planned for first half 2011. This builds on the earlier first-pass MA7 result. The release states 80% ownership, while earlier reports said 75%.
14 Dec 2010other● Neutral
Top 20 shareholder list after the rights issue. Hanlong Energy is now third at 5.82%, with Areva at 9.54%. The top 20 hold 65.18%. Reflects the completed rights issue and underwriting; no new events.
14 Dec 2010director officer appointment● Neutral
Calvin Zhu, who works for Sichuan Hanlong Group and previously worked at Credit Suisse in M&A, is appointed non-executive director. Follows the Hanlong funding deed, which gave Hanlong the right to nominate a board representative.