Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2010investor presentation● Neutral
AGM presentation repeats the scoping study case (US$260M capital, US$38/lb, 13 years) and Hanlong funding. Shows 499M shares after the rights issue, A$3.5M cash and A$2M convertible debt. Targets definitive feasibility by end 2012 and production in 2014. Nothing new.
19 Nov 2010agm notice● Neutral
On the day of the AGM, the company sets the exercise price for the proposed director options at 13 cents, being 1.43 times the five-day average share price. Shareholders were being asked to approve the grant. Administrative.
15 Nov 2010capital raising announcement● Neutral
Offer document for the rights issue: one share for every 16 at 7c to raise up to about A$2.04M, underwritten by Hanlong. The price is a 15.75% discount to the one-month average trading price. Closes 3 Dec. Details already announced.
5 Nov 2010capital raising announcement● Neutral
Letters set out the underwritten rights issue announced 3 Nov: one new share for every 16 held at 7c, raising up to about A$2M. Hanlong-related entity underwrites with no fee. Closes 3 Dec; shares issue 8 Dec. Shareholders in some countries are excluded.
1 Nov 2010capital raising announcement▲ GoodMajor
Hanlong Energy, a Chinese group, provides A$5M: a 3-year A$2M convertible note at 8% (convertible at 7c), a A$1M placement of 14.26M shares at 7c, and underwriting of a A$2M rights issue at 7c. An MOU offers exclusive talks to Dec 2011 on further funding and off-take.
28 Oct 2010quarterly activities report● Neutral
September quarter report restates the completed scoping study and the 648Mt, 138Mlb resource. Heap leach testwork is under way at AMMTEC, and an EM survey outlined three areas at MA7, with RC drilling due November. Project still shown as 75%-owned. Mostly known.
18 Oct 2010annual report● Neutral
2010 annual report with chairman and CEO letters. Repeats the 85Mlb resource, heap leach preference and 2014 production target, and calls the project 75%-owned. AGM on 19 Nov seeks to lift the directors' fee cap to A$300,000 and approve director options. Neil Biddle will not stand for re-election.
5 Oct 2010resource reserve update▲ GoodMajor
Upgraded SRK scoping study: heap leach producing 3.5Mlb a year over 13 years, operating cost US$38/lb, capital US$260M, five-year payback. Resource rises from 85Mlb to 648Mt at 97ppm for 138Mlb at a 50ppm cut-off. Resolves the suspended scoping study.
27 Sept 2010investor presentation● Neutral
Melbourne Resource Roundup presentation restates the project case: 85Mlb resource 'and growing', heap leach production potential of 2.4-3.5Mlb a year over 10-18 years. Shows 455M shares, 54M options and Areva at 10.45%. Largely repeats known facts.
24 Sept 2010director officer appointment▲ GoodMajor
Doug Buerger, former Bendigo Mining chief executive who began his career in Namibia, joins the board. Director Robert Pearce becomes Chairman immediately, filling the seat vacant since Woolford resigned in May.
23 Sept 2010annual report● Neutral
Annual financial statements for the year to 30 June 2010; the extract available mostly lists directors and officers. Woolford is recorded as resigning on 19 May. Financial figures are not in the text provided.
10 Sept 2010other● Neutral
Notice of a Boardroom Radio audio broadcast of CEO John Young's Africa Downunder presentation. It carries no new information.
20 Aug 2010director officer appointment▲ Good
Metallurgist Gavin Becker, with over 35 years' experience including heap leach and uranium, joins as non-executive director. The update says heap leach testwork, supervised by Kappes-Cassiday, starts early September at AMMTEC in Perth, a delay from August.
28 July 2010quarterly activities report● Neutral
June quarter report: the scoping study is suspended pending more heap leach data, and an MA5 exploration target of 3-5Mlb (conceptual) is set. It describes Marenica as 75% owned, down from the 80% previously reported; the text gives no explanation.
16 July 2010other● Neutral
CEO letter reviews the year: the A$10M raising with Areva at 10.4%, resource rise to 85Mlb and heap leach preference. It targets production by 2014 and plans testwork starting August, trial mining and more drilling. Mostly known facts.
17 June 2010other▲ GoodMajor
Preliminary scoping work favours a large bulk heap leach over the planned agitated leach, with positive economics. The company will do more testwork from August and further drilling, aiming for a prefeasibility study. It cites an exploration target of 100-150Mt at 140-180ppm (conceptual).
31 May 2010drilling result▲ Good
First-pass drilling at new target MA7, 7km south-east of the resource, hits 6.4m at 231.6ppm eU3O8. More MA5 results include 1.4m at 960ppm. RC drilling to define resources at both is planned for Q3 2010.
20 May 2010director officer appointment▼ BadMajor
Chairman Graham Woolford resigned as chairman and director after 13 months. No reason or successor is given in the announcement.
30 Apr 2010quarterly activities report● Neutral
March quarter report restates the 227Mt, 85Mlb resource, 410 aircore holes, MA5 results and up to 90% recoveries in agitated leach tests. Scoping study is still due June 2010, and Robert Pearce's appointment is noted. Nothing new.
27 Apr 2010drilling result▲ Good
Further probe results at MA5, west of the resource, define a 1.6km shallow mineralised zone open to the west; best 2.9m at 398ppm eU3O8. Aircore finished at 410 holes for 6,002m; RC drilling is planned for Q2-Q3 2010.
21 Apr 2010other● Neutral
Third-party notice from Quest Minerals, not Marenica: Quest pays A$5,000 a month for four months of exclusive due diligence on the 20% Namibian partner Xanthos's free-carried stake in the Marenica project. It may lead to talks to buy that stake; no change to Marenica's 80%.
21 Apr 2010investor presentation● Neutral
April 2010 'Road to Production' presentation in Germany repeats known facts: the 85Mlb resource, Areva's 10.6% stake, the scoping study under way and 16 new targets. Includes a uranium market outlook. No new results.
9 Apr 2010director officer appointment● Neutral
Robert Pearce, a chartered accountant of over 40 years, joins the board. He was most recently chairman of AIM-listed Gladstone Pacific Nickel. Fills the seat left by Paul Ingram's departure in December (inference).
25 Mar 2010admin correction● Neutral
Addendum to the half-year report gives the Indicated and Inferred breakdown of the 227Mt at 170ppm U3O8 resource. No new information.
23 Mar 2010drilling result▲ Good
Early aircore drilling at target MA5, west of the resource, finds shallow uranium mineralisation, best 1.4m at 259ppm eU3O8; a possible western extension. Granite uranium seen at MA6. A further A$648,400 is payable under the Mallee agreement after the new resource.
16 Mar 2010other● Neutral
Notice of a Boardroom Radio audio broadcast with CEO John Young presenting the Marenica investor presentation. It carries no new information.
15 Mar 2010half year report● Neutral
Half-year to 31 December 2009 shows a net loss of A$5.4M (A$4.1M a year earlier), including A$2.5M of exploration written off. Reports the 120% resource increase and Paul Ingram's retirement on 7 December.
1 Mar 2010resource reserve update▲ GoodMajor
Updated resource rises to 227Mt at 170ppm U3O8 for 85Mlb, a 120% rise in contained uranium on the interim estimate. Indicated is 31Mt at 175ppm; Inferred 196Mt. Resolves the pending final resource; the scoping study is due June 2010.
25 Feb 2010investor presentation● Neutral
Presentation 'Forging Ahead in 2010' repeats known facts: the A$9.9M raising, about 40Mlb resource, Areva's 10.6% stake and a A$5M 2010 exploration budget. It also gives a uranium market outlook. No new results.
29 Jan 2010quarterly activities report● Neutral
December quarter: 90 holes for 2,654m drilled, Springbok assays showed only low-grade zones, and the final resource is now due February 2010. Otherwise repeats the interim resource, Areva stake, name change and testwork already announced.
