Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2010material agreement▲ GoodMajor
Areva NC agreed in late December 2009 to buy 10.57% of Marenica from Polo Resources. Areva's Trekkopje uranium mine is under 30km away. The update also reports 16 new exploration targets from airborne surveys; the final resource slips to late January/early February 2010.
7 Dec 2009director officer appointment▼ Bad
At the 25 November AGM, polls defeated the re-election of Paul Ingram, the option grant to him and the directors' fees resolution. Ingram, the Polo Resources nominee appointed in July 2009, ceased as a director on 7 December 2009.
3 Dec 2009other● Neutral
Following AGM approval, the company is renamed Marenica Energy Limited, with ASX code MEY from 3 December 2009. This resolves the open name-change thread.
3 Dec 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with CEO John Young on the probe results and the name change. It carries no new information.
2 Dec 2009drilling result▲ Good
Final probe results from 355 re-probed historic holes average 196ppm eU3O8, above the 140ppm interim resource grade, with best 7.9m at 1,256ppm. Supports a higher-grade January 2010 resource update. Springbok assays due late December.
27 Nov 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with CEO John Young on the ANSTO testwork results. It carries no new information.
25 Nov 2009investor presentation● Neutral
AGM presentation repeats known facts. It shows 449M shares, A$55M market cap at 25 November 2009 (A$20M a year earlier) and A$6M cash. No new results.
25 Nov 2009other▲ GoodMajor
ANSTO scoping testwork shows Marenica ore can be upgraded: grade rose 375% from 232ppm to 871ppm U3O8, with 90% of uranium kept in 30-37% of the ore. Initial leach tests extracted 96%. Results are preliminary; bottle roll tests continue. Feeds the scoping study due Q2 2010.
19 Nov 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with CEO John Young on the interim resource upgrade. It carries no new information.
18 Nov 2009resource reserve update▲ GoodMajor
Interim resource rises to 122Mt at 140ppm for 38.6Mlb, with 16Mt at 170ppm now Indicated (about 15%). That is a 9% rise in tonnage and 12% in contained uranium on the July 2008 estimate. It uses only 39% of new data; the final estimate slips to January 2010.
10 Nov 2009drilling result▲ Good
Assays from Scaddan's 32 aircore holes show a lignite seam typically 5-10m thick at 15-50m depth, which the company says supports coal-to-liquids potential. Further assaying will feed an Inferred resource estimate. It follows the September drilling near Blackham's 760Mt deposit.
9 Nov 2009investor presentation● Neutral
November Munich presentation repeats known facts. It shows 449M shares, A$76M market cap and A$8M cash at 21 October, and a A$7M exploration budget for 2010. EPL renewed to November 2010; new resource due in Q4 2009.
30 Oct 2009regulatory community update▲ GoodMajor
Namibia renews exploration licence EPL 3287 for two years, with the area cut 25%. This resolves the renewal thread. The company signs an MOU giving local firm Millennium Minerals a 5% free-carried interest, and will fund a BEE trust with A$150,000.
30 Oct 2009annual report● Neutral
2009 annual report. The chairman proposes renaming the company Marenica Energy Limited at the November AGM, and says a full resource upgrade and start of a scoping study are due around year end. Joint venture and acquisition opportunities are being pursued, though nothing concrete.
30 Oct 2009quarterly activities report● Neutral
September quarter: 527 RC holes for 12,235m at Marenica, bulk samples sent to ANSTO, and 32 aircore holes (1,460m) drilled at Scaddan, with results due late October. Dargo licence EL4942 relinquished. Largely repeats announced results.
7 Oct 2009other● Neutral
Notice of a Boardroom Radio audio broadcast with CEO John Young on the Phillipus results. It carries no new information.
6 Oct 2009drilling result▲ Good
First 11 holes at Phillipus, 4.5km north of the resource, show a continuous mineralised horizon, including 16.2m at 169ppm and 7.5m at 299ppm eU3O8 (preliminary probe grades). Drilling has started at Springbok. RC total reaches 9,404m; extra western infill is planned for the December resource.
6 Oct 2009other● Neutral
Notice linking to a Boardroom Radio video of CEO John Young. The text says its substance was already released in the 18 September presentation. No new information.
23 Sept 2009drilling progress report● Neutral
Further probe results from 154 holes, best 12.7m at 216ppm eU3O8 (MAR1136), will miss the October preliminary resource (data cut-off 12 September) and go into the December final. ANSTO awarded the metallurgical scoping testwork, testing heap-leaching, with preliminary results due by December.
18 Sept 2009investor presentation● Neutral
September update presentation repeats known facts: 34Mlb resource, A$5M budget, Polo 11.9%, 449M shares and A$9M cash at 21 July. It shows market cap of A$75M undiluted. No new results.
9 Sept 2009drilling progress report▲ Good
4,104m of RC drilling was completed in August, taking the total to 5,289m since July. Probe results include 14m at 415ppm eU3O8 (SP2455). A preliminary resource upgrade is due in October and the final in December 2009, aiming to lift much of the 111Mt Inferred resource to Indicated.
27 Aug 2009drilling scheduled● Neutral
Plans a 32-hole, 2,000m aircore program at its 100%-owned Scaddan tenements in WA, testing for lignite near Blackham's 760Mt deposit, plus gold and base metals. Revives the older Scaddan project, though Marenica remains the main focus.
25 Aug 2009drilling progress report▲ Good
The RC infill program is expanded from 5,000m to 7,870m, with 190 holes (2,600m) done. New probe results from historical holes include 11.1m at 1207ppm eU3O8 (M0602). Primary-target RC drilling at Phillipus and Springbok is due in early September.
17 Aug 2009investor presentation● Neutral
August roadshow presentation repeats known facts: 34Mlb Inferred resource, A$5m budget, Polo 11.9%. States 449M shares, A$9M cash and A$90M market cap (undiluted) at 21 July 2009. No new results.
12 Aug 2009quarterly activities report● Neutral
Revised quarterly cashflow report: cash at 30 June 2009 was A$721k, down from A$1.96m, after A$1.4m net outflow; expected spend next quarter is A$1.0m. Placement money arrived after quarter end. 32.9m shares were issued on note conversion at 7c.
12 Aug 2009drilling result▲ Good
Rock chips at the Phillipus target returned up to 880ppm U3O8, with 28 of 42 samples above 100ppm over a 700m anomaly. The company listed on the Namibian Stock Exchange (code WAM) on 4 August. About 150 of a proposed 350 RC holes are done.
31 July 2009quarterly activities report● Neutral
June quarter report recaps the two diamond drilling programs, probe results and the A$9.9m raising with Polo as cornerstone. Resource model upgrade is due in the September quarter. Largely repeats previously announced results.
28 July 2009drilling result▲ Good
First re-probing of historic holes, not in the 111Mt at 140ppm Inferred resource, returned intercepts such as 11.3m at 347ppm and 8.1m at 442ppm eU3O8. Probe done on 98 holes before a technical fault; back by 6 August. A 180 sq km airborne survey is planned.
20 July 2009capital raising announcement▲ GoodMajor
Completes the placement of 82.6m shares at 12c with 41.3m attaching options, raising A$9.9m before costs, after the 9 July approval. Polo's Paul Ingram joins the board; Polo holds 49.56m shares, about 11.95%. Resolves the placement thread.
What it means for a shareholder
82.6m new shares at A$0.120 to raise about A$9.9m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.00228% to 0.00186% of the company. To keep it you'd need 1,880 more shares - about A$226 at the issue price.
Create a free account to see this worked out for your own holding.
10 July 2009drilling scheduled▲ GoodMajor
Plans a drilling campaign at Marenica with up to A$5m over six months: 5,000m RC infill, a 100-hole west exploration program, 5,000m for primary uranium, and re-probing of about 750 historic holes. Shareholders approved the A$9.9m placement on 9 July. Swakopmund office leased.
