18 Dec 2008material agreement▲ Good
CSA Global is appointed geological adviser for Marenica, with Paddy Reidy as Technical Manager. CSA is reviewing the last drilling and preparing a 2009 work program leading to scoping studies.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2008security holder rights change● Neutral
750,000 unlisted 10c options expired unexercised on 30 November 2008. Minor housekeeping.
18 Nov 2008director officer appointment▼ BadMajor
Managing Director Gary Stokes resigns from the board immediately, saying it is in the company's interest pending resolution of issues in a CCC report about his former government job. He had been CEO only since August.
31 Oct 2008quarterly activities report● Neutral
September 2008 quarter: 11,715m of drilling at Marenica, 34m lb Inferred resource restated, palaeochannel drilling over 16 sq km finished, and Scaddan airborne survey completed. Dargo gold licence path cleared by Native Title agreement. Mostly repeats earlier news; cash not shown.
28 Oct 2008annual report● Neutral
Full 2008 annual report. The chairman notes the 34m lb resource and Phillipus discovery, but warns global credit tightness and a uranium price near US$46/lb (from US$76 at start of year) will make near-term capital raisings challenging for juniors.
22 Oct 2008security holder rights change● Neutral
The requisitioning shareholders (over 5% holders) withdrew their request for resolutions at the next AGM, by letter of 21 October. This follows Johnston and Reisgys resigning, and ends the board fight.
21 Oct 2008admin correction● Neutral
Corrects a typing error in the previous notice: the Johnston and Reisgys resignations took effect 20 October 2008, not 2009. No other substance.
21 Oct 2008director officer appointment● Neutral
Rodger Johnston and Leon Reisgys, the two original directors targeted by the requisitioning shareholders, resigned from the board effective 20 October. The board is now Judge, Stokes and Sanders.
1 Oct 2008drilling progress report● Neutral
Phase two drilling at Phillipus alaskite is complete (8 holes, 1,207m); early readings suggest grades similar to the first phase (50-200ppm eU3O8). Palaeochannel drilling over 15 sq km is nearly done. Drilling of the Thys alaskite zone is imminent; Scaddan airborne survey starting.
30 Sept 2008annual report● Neutral
Year to 30 June 2008 loss was A$5.06m (2007: A$2.51m restated), after the company began writing off all exploration spending as incurred. Principal activity is now Marenica, where it has earned 80%. A$5.49m raised in the year; A$2.07m more since 30 June.
22 Sept 2008security holder rights change▼ Bad
The same requisitioning shareholders withdraw their request for a special meeting and instead give notice of resolutions for the next AGM to remove directors Rodger Johnston and Leon Reisgys. Continues the board fight, now targeting the remaining original directors.
27 Aug 2008security holder rights change▲ Good
Of 70,000,000 listed 5c options, 69,452,099 were exercised by 24 August 2008 and 547,901 lapsed. Resolves the option expiry; the exercise would have brought in roughly A$3.5m (inference from figures given).
18 Aug 2008security holder rights change● Neutral
Repeat reminder to holders of the listed 5c options expiring 24 August 2008. The share price is now 16c, below the 5c exercise price plus premium, a fresh three-month low. Payment is due by 22 August.
6 Aug 2008director officer appointment● NeutralMajor
After the 4 August meeting, Kevin Judge becomes Non-Executive Chairman from 5 August. Gary Stokes is appointed Managing Director and CEO on A$280,000 a year. Rodger Johnston stays as non-executive and David Sanders is on the board. Reisgys stays Technical Director but is no longer Acting CEO. Requisitioners' nominees now run the board.
1 Aug 2008security holder rights change▼ Bad
The Court declined the company's request to postpone the 4 August general meeting on the director removal resolutions, so it goes ahead. The company had sought more time for shareholders to review the competing letters.
1 Aug 2008quarterly activities report▲ Good
June 2008 quarter: 15,800m drilled at Marenica, the new 34m lb Inferred resource was announced after quarter end, and first Phillipus hard-rock holes found uraninite. Largely repeats announcements already made. Text is truncated, so cash is not shown.
30 July 2008resource reserve update▲ GoodMajor
Updated JORC Inferred resource at Marenica of 34m lb U3O8 (111Mt at 140ppm, 80ppm cut-off), more than double the 15m lb of November 2007. A further 7-27m lb is flagged as exploration potential. Drilling is to extend to 16 sq km south and west.
29 July 2008security holder rights change▼ Bad
Board writes to shareholders opposing the requisitioning parties, said to be controlled by Vladimir Nikolaenko. It questions his independence claims and his A$300m in-ground valuation, and says a new resource is due shortly. The board says he may hold over 20% (a newsletter claimed over 40%), unconfirmed.
23 July 2008investor presentation● Neutral
Cover note attaching the presentation given at the company's booth at the Australian Uranium Conference in Perth. The announcement itself has no further substance.
22 July 2008security holder rights change● Neutral
Standard notice to holders of the listed 5c options (WMEO), which expire 24 August 2008, with a share price of 20c at the time. Payment is due by 22 August; unexercised options lapse.
21 July 2008drilling result▲ Good
Mineral studies find uraninite makes up on average 92% of the uranium in Phillipus Zone alaskite samples. The company says uraninite is easily treatable and is also the main mineral at the Rossing mine 60km south. Supports the hard-rock discovery.
8 July 2008drilling result▲ Good
Phase Two infill drilling in the Priority Area is done, with 15,800m drilled in total and more gamma results reported. Phase Two drilling at the Phillipus hard-rock target has started. The revised resource, previously aimed at mid-2008, is now expected by end of July.
26 June 2008drilling result▲ GoodMajor
Gamma probe results confirm a hard-rock uranium discovery at the Phillipus Zone, with all four holes over 100ppm eU3O8. Best: 29.2m at 123ppm eU3O8 in MAR351. Assays are pending and deeper drilling is planned for September quarter 2008, adding a second style of mineralisation to Marenica.
25 June 2008agm notice● Neutral
General meeting set for 4 August 2008 to vote on the requisitioning shareholders' resolutions to remove Terence Shanahan and appoint Stokes, Judge and Sanders as directors. Notice of Meeting to follow. Continues the board dispute.
17 June 2008capital raising announcement▲ GoodMajor
Company issues 10,770,000 shares and 10,770,000 unlisted options (25c, expiring 8 May 2009) from the placement announced 9 May, completing the first tranche. At the A$0.22 price in that announcement, this implies about A$2.4m (inference). Includes a routine secondary-trading notice.
10 June 2008capital raising announcement▲ Good
Company says it now holds unconditional applications for more than 10m shares and options and will set a settlement date. Moves the first Falco placement towards completion after the earlier delays.
5 June 2008security holder rights change▼ BadMajor
Shareholders holding over 5% (Vargas, Kaliara, Mallee) requisition a general meeting to remove director Terence Shanahan and appoint three new directors: Judge, Sanders and Stokes. Chairman Johnston and Acting CEO Reisgys are not targeted and say they do not support it. A board fight begins.
2 June 2008capital raising announcement● Neutral
Placement completion is delayed again because the small group of Canadian institutions has due diligence requirements, expected to be concluded that week. Follows the 21 May delay on the minimum A$2.2m raise.
30 May 2008drilling result▲ Good
Initial four-hole, 333m RC test of the Phillipus Zone, a 1,500-2,000m hard-rock alaskite target separate from the palaeochannel resource, found alaskite zones up to 50m combined width and surface readings to 6,000cps. Assays are pending; a new type of target for Marenica.
21 May 2008capital raising announcement● Neutral
Company says the first Falco placement, due to close 19 May, was delayed by a Canadian public holiday. It understands the placement is fully subscribed and expects to announce completion within days. Part of the minimum A$2.2m raise announced 9 May.