Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2009drilling result● Neutral
Re-lodged release of the 29 June probe results: best intercepts 6.5m at 183ppm (MARD034) and 12.7m at 135ppm eU3O8 (MARD037), with visible uraninite at 38.7m. Eastern target is not high priority but supports primary uranium potential. Exploration drilling is planned from August.
29 June 2009other● Neutral
WME says it has held no formal talks with Areva, Rio Tinto or anyone else about selling or joint-venturing Marenica, responding to media speculation. It intends to develop the project itself, with a scoping study in the second half of 2009.
29 June 2009capital raising announcement● Neutral
Prospectus for a nominal offer of 1,000 shares at 12c (A$120) with options. Its stated purpose is to let shares from earlier issues, including the convertible note shares, be freely on-sold. Administrative, not new funding.
29 June 2009drilling result▲ Good
Probe results from the primary-target holes include 12.7m at 135ppm eU3O8 (MARD037) and 6.5m at 183ppm (MARD034). The company calls the eastern target not high priority but a confirmation of potential; RC drilling is planned from August.
26 June 2009capital raising announcement▲ Good
Batavia has issued a conversion notice turning its A$2.1m of notes into 30m WME shares at 7c, with the market price at 23.5c. Completes the conversion flagged on 2 June and removes the debt.
17 June 2009resource reserve update▲ Good
SRK's preliminary mineralogy finds the main uranium mineral in calcrete and secondary ore is carnotite (about 85%+), and expects better than 75% extraction from supergene ore. It says the earlier 2008 AMMTEC testwork sample was not representative. Positive for the processing route; still preliminary.
15 June 2009investor presentation● Neutral
June investor update repeats known facts: 34m lb Inferred resource, A$5m 2009 budget, Polo as cornerstone, cash A$1.1m, market cap A$56m. It says the market values the resource below peers' per-pound sale prices. No new results.
11 June 2009agm notice● Neutral
The 10 June general meeting was adjourned without any business to 9 July 2009, so the placement can be put to the new meeting. Proxies carry over.
5 June 2009capital raising announcement▲ GoodMajor
Polo Resources (AIM) takes 49.56m of the 82.6m placement shares at 12c (about A$5.95m), for roughly 11.95%. Its director Paul Ingram will join the board. The company also ends its administration contract with Corporate Admin Services, costing about A$880,000 and paid from the placement. A$5m 2009 exploration budget.
2 June 2009capital raising announcement● Neutral
Batavia says it intends to convert its A$2.1m of notes into 30m WME shares at 7c, with the market price at 19.5c. Resolves the convertible note thread, with the shares tradable after the placement.
1 June 2009capital raising announcement▲ GoodMajor
Paterson Securities is mandated to place up to 82.6m shares at 12c to raise up to A$9.9m, with one option at 25c (to 30 June 2011) per two shares. It exceeds existing shareholder approval, so a new meeting is planned for 9 July. Follows cash of about A$1.6m.
What it means for a shareholder
82.6m new shares at A$0.120 to raise about A$9.9m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.0025% to 0.00201% of the company. To keep it you'd need 2,068 more shares - about A$248 at the issue price.
Create a free account to see this worked out for your own holding.
27 May 2009director officer appointment● Neutral
Simon Robertson replaces David Semmens as Company Secretary from 27 May 2009.
27 May 2009drilling result▲ GoodMajor
Diamond hole MARD038 intersected hydrothermally altered granite from 33 to 46m with scintillometer readings to 750cps at Marenica East, the first sign of primary uranium. A$3m more is allocated to follow-up RC drilling, and work to upgrade the resource from Inferred to Indicated starts in June.
12 May 2009drilling result▲ Good
Probe results from the metallurgical diamond holes include 21.5m at 748ppm eU3O8 (MARD031). Further chemical assays on 983 earlier RC samples are also positive. Results feed an updated resource estimate in 2009; samples go to Mintek for testwork.
11 May 2009security holder rights change● Neutral
11.12m unlisted 25c options expired unexercised on 8 May 2009. Housekeeping.
30 Apr 2009quarterly activities report● Neutral
March 2009 quarter: A$2.55m raised via 51 convertible notes (A$2.1m from Batavia, up from the A$1.4m first reported), cash about A$1.6m. Marenica geology reinterpreted, 31 metallurgical holes done, HQ drilling next; scoping study later in 2009.
29 Apr 2009drilling result▲ Good
Metallurgical drilling at Marenica finished: 31 PQ holes for 562m, with visible carnotite in palaeochannel and bedrock. Next phase of HQ holes now started on primary targets on the southern Dome margin. Probe results expected early May; the 34m lb resource is unchanged.
9 Apr 2009director officer appointment● Neutral
Kevin Judge resigns as a director and from subsidiaries at close of business 9 April 2009, days after handing the chair to Graham Woolford. No reason is given.
8 Apr 2009remuneration report● Neutral
The exercise price of CEO John Young's 3m options is cut from 22c to 15c, to be issued 8 April 2009; he also gets a company vehicle. Changes the terms announced on 27 January 2009.
7 Apr 2009director officer appointment● NeutralMajor
Graham Woolford, an Oxford MBA with 30+ years of business development experience, becomes Non-executive Chairman from 6 April 2009, replacing Kevin Judge, who stays on as a director. Another change to the board after the late-2008 turnover.
6 Apr 2009drilling result▲ Good
Lab assays on the first 466 of about 2,000 samples confirm earlier probe results, with best 24m at 1,057ppm U3O8 (MAR510) and 14m at 674ppm (MAR627). Supports the October 2008 gamma readings but does not change the 34m lb resource.
30 Mar 2009drilling scheduled▲ Good
About 1,500m of diamond drilling starts 1 April at Marenica: 28 shallow holes for metallurgical samples from the 34m lb resource, then hard-rock targets on the Marenica Dome margin. Aims to set a processing route for a scoping study later in 2009.
13 Mar 2009director officer appointment● Neutral
Dr Erik van Noort, a palaeochannel geochemistry specialist, is appointed Senior Geologist for Marenica. The company says the completed A$1.4m convertible note funds will pay for this year's Marenica work.
5 Mar 2009debt financing▲ GoodMajor
Batavia says the A$1.4m note conditions are met and the investment has proceeded. It will add A$700,000 of further convertible notes on the same terms, after documentation, taking its total to A$2.1m.
26 Feb 2009material agreement▲ GoodMajor
The shareholders agreement with Namibian partner Jaco Smith and Marenica Minerals is signed, securing WME's 80% interest in Marenica; this was a condition of Batavia's investment. Resource model reinterpretation has begun and diamond drilling is planned for late March or April.
9 Feb 2009debt financing● NeutralMajor
Company agrees a A$1.4m unsecured convertible note facility with Batavia Mining (a company Neil Biddle also directs): 8% interest, 12-month term, convertible into 20m shares at 7c. Follows cash of about A$0.5m reported for December.
9 Feb 2009capital raising announcement● Neutral
Batavia's own notice of the same A$1.4m convertible note: 8%, 12 months, convertible at 7c into 20m WME shares. Adds that WME has about 330m shares and describes Marenica; no new terms.
30 Jan 2009quarterly activities report● Neutral
December 2008 quarter: board and management overhaul, CSA appointed, and probe results up to 12.3m at 668ppm eU3O8. Dargo gold licence granted. Cash only about A$0.5m, share price 6c, about 330m shares, so funding is tight.
27 Jan 2009director officer appointment▲ GoodMajor
John Young, a geologist and former CEO of Thor Mining, becomes CEO on 27 January 2009 on A$190,000 plus super and 3m unlisted options at 22c expiring 30 June 2010. Fills the role vacated by Stokes in November.
29 Dec 2008director officer appointment● Neutral
Neil Biddle, a geologist and Managing Director of TNG Ltd and director of Batavia Mining, joins the board on 29 December 2008. Replaces the vacancies left by recent resignations.
