Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 May 2018asset acquisition disposition● Neutral
Seller Metals Australia confirms the same deal: A$30,000 cash plus a 1% gross preferential dividend on EPL3308 for 100% of Mile 72. It is selling as it shifts toward battery-related commodities. A formal sale agreement has been completed.
10 May 2018asset acquisition disposition▲ GoodMajor
Marenica agrees to buy 100% of the Mile 72 uranium project (2,692 ha, Erongo, Namibia) from Metals Australia for A$30,000 cash plus a 1% gross production dividend. It is within 100 km of Marenica and subject to approvals. The first acquisition of the portfolio strategy.
26 Apr 2018joint venture update● Neutral
Following Paladin's note that Langer Heinrich may go into care and maintenance, Marenica and Paladin say the U-pgrade evaluation is expected to continue even then. Testwork may widen to medium- and high-grade ore. No new results.
19 Mar 2018capital raising announcement● NeutralMajor
Placement of 10.62M shares at 10c raises $1.062M, with one free option for every two shares (17c exercise price, two years). The first tranche is 7.02M shares; the second, plus all options, needs shareholder approval. It funds portfolio-building and asset acquisition. Shares would reach 57.4M.
8 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss of $628,103 versus $844,533 a year earlier. The directors report no significant changes in the company's affairs. The board is now Bantock, Hill, Buerger and Chen. Langer Heinrich pathway work is continuing.
1 Mar 2018other▲ Good
Marenica notes Paladin's own presentation says U-pgrade could add 1.5–1.8Mlb a year at Langer Heinrich (about 40% more) and cut site costs by US$1–2/lb. A study of a 3Mtpa plant is under way. This is Paladin's disclosure, not a commitment.
12 Feb 2018investor presentation● Neutral
Corporate presentation repeating known points: the Marenica resource (299Mt at 93ppm, 61Mlb), the Langer Heinrich results and the portfolio strategy. Shows 46.8M shares, $0.11 price (16 Jan 2018), $5.1M market cap and Hanlong at 16%. No new announcements.
8 Feb 2018well test result▲ GoodMajor
Langer Heinrich testwork resolves the open thread: U-pgrade results beat all ores tested before. Recovery is expected in the mid to high 80% range, with 25 kg of leach feed per tonne mined versus 600 kg today. Paladin is reviewing the results.
1 Feb 2018director officer appointment● NeutralMajor
Andrew Bantock, a Senior Managing Director at FTI Consulting and former CFO, CEO and chairman of various companies, is appointed Chairman, succeeding the retiring Doug Buerger, who stays on as a non-executive director for a transition period.
18 Dec 2017director officer appointment● NeutralMajor
Marenica is finalising a new Chairman to replace Doug Buerger, who is retiring but stays as a director for a transition period. John Sestan, who negotiated the Deep Yellow deal and Hanlong note restructure, retires from the board.
23 Nov 2017other▲ Good
Marenica says it has been granted three Australian patents (two also certified as innovation patents) covering U-pgrade. It already holds a US patent. Gives the company exclusive rights to use or license the technology it hopes to commercialise.
23 Nov 2017director officer appointment● Neutral
Lou Guo Qing (Hanlong's board representative) and David Sanders retired as directors at the November 2017 AGM. The company thanked them; no reason or replacements are given.
26 Oct 2017annual report● Neutral
Re-release of the 2017 annual report, repeating the 27 September statutory accounts content including the chairman and CEO commentary, with additional ASX information. No new information is visible in the text provided.
26 Oct 2017admin correction● Neutral
Appendix 4G corporate governance checklist, a standard template with no new information. The visible text is a blank recommendation key; the diversity policy is referenced on the company website. No financial or operational substance.
27 Sept 2017annual report● Neutral
Annual report to 30 June 2017 says the Deep Yellow licence remains in place, but Deep Yellow chose to expand its resource rather than complete a feasibility study at current low prices. Langer Heinrich testwork was ongoing. John Sestan is now listed as a non-executive director. Financial figures not in the text provided.
29 Aug 2017other● Neutral
Langer Heinrich ore samples have reached Perth and U-pgrade testwork starts immediately, with completion expected early in the December quarter 2017. Paladin is in administration, so final ownership of the mine may be unclear for some time.
3 Aug 2017capital raising announcement● NeutralMajor
Shortfall placement of 1,401,236 shares at $0.13 raises $182,161. Hanlong will subscribe $180,000 (1,384,616 shares at $0.13, subject to approval), provided meanwhile as a converting loan. Hanlong also agrees to take its $132,054 November interest in shares, completing the $1.7M target.
15 June 2017material agreement▲ GoodMajor
Marenica and Paladin agree to run U-pgrade testwork on low-grade ore from Paladin's Langer Heinrich mine in Namibia, with results about 6 weeks after the sample reaches Perth. A new test partner after Deep Yellow ended its Tumas testwork; no commercial terms.
13 June 2017capital raising announcement● Neutral
Marenica issues 745,443 shortfall shares plus 2,940,000 shares completing placement tranche 2, approved by shareholders on 2 June, and a further 81,192 shares for oversubscriptions. A shortfall of 2,706,991 shares remains to be placed by 29 August at no less than $0.13.
8 June 2017director officer appointment● Neutral
Shane McBride becomes part-time CFO (effective 1 May 2017) and Company Secretary, replacing Susan Hunter, who held the secretary role since August 2013. He has seven years' experience at an ASX uranium developer. This frees MD Murray Hill for business development.
1 June 2017capital raising announcement▼ Bad
Rights issue closes with valid applications of $303,048 for 2,331,141 shares at $0.13, well short of the $751,865 sought. The board will try to place the 3,452,434-share shortfall within three months.
What it means for a shareholder
2.3m new shares at A$0.130 to raise about A$303,048. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (7,692 at the issue price), your slice goes from 0.0185% to 0.0175% of the company. To keep it you'd need 431 more shares - about A$56 at the issue price.
Create a free account to see this worked out for your own holding.
8 May 2017other● Neutral
Marenica confirms it has finished posting the rights issue offer document and entitlement forms to eligible shareholders. Administrative notice only.
1 May 2017capital raising announcement● Neutral
Letters sent to shareholders on the rights issue. Planned use of the $751,865: $325,000 for new commercialisation deals, $110,000 for creditors, and $78,541 Hanlong interest, which is offset against Hanlong's entitlement, cutting cash raised to $673,324. Shares would reach about 41.6M.
28 Apr 2017capital raising announcement● Neutral
Offer document for the rights issue announced in April: 1 new share for every 6.2 held at $0.13, to raise about $751,865. Opens 8 May, closes 29 May 2017; not underwritten, Patersons is lead manager.
18 Apr 2017resource reserve update▲ GoodMajor
Independent scoping study on the Marenica uranium project concludes it would have industry-competitive costs using U-pgrade, with shallow, flat, low-waste surface mining. Production and cost figures are withheld because ASIC restricts reporting from inferred resources. Further funding would likely be needed.
18 Apr 2017other● Neutral
ASX lifts the trading suspension on Marenica shares immediately, following release of the scoping study announcement. Administrative notice only; no new information.
12 Apr 2017capital raising announcement▲ GoodMajor
Marenica raises $1.7M at 13 cents a share: a $951,200 placement plus a $748,800 rights issue of 1 new share for every 6.2 held. Funds go to finding resource owners and uranium project access. Shares stay suspended pending the scoping study result.
11 Apr 2017other● Neutral
At its own request Marenica's shares are placed in voluntary suspension pending an announcement about a capital raising. The suspension is to end no later than 18 April 2017.
27 Feb 2017half year report▼ Bad
Half-year loss to 31 December 2016 was $844,533, up from $617,488 a year earlier. The report repeats the scoping study and the Deep Yellow testwork termination, with the licence agreement still in place. Text truncated.
31 Jan 2017quarterly activities report▼ BadMajor
December quarter report says Deep Yellow terminated all Tumas testwork with Marenica after its new management's review, though Marenica says the licence agreement itself remains. This undercuts the Tumas path and feasibility work expected from the September deal.
