Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2017other▲ GoodMajor
Marenica starts a revised scoping study on the Marenica project, using U-pgrade to test viability at US$65-75/lb uranium. Results are due by about April 2017, with DRA and Orelogy engaged and a feasibility study possible later in 2017.
19 Dec 2016regulatory community update▲ GoodMajor
Namibia's mines ministry grants a five-year Mineral Deposit Retention Licence over the Marenica Uranium Project, replacing the exploration licence, with no exploration spending required. This resolves the open licence review and gives tenure certainty while uranium prices stay low.
22 Nov 2016investor presentation● Neutral
Managing Director's AGM presentation restates the year's achievements, the Deep Yellow licence fee terms, the Hanlong note extension and the plan to target acquisitions of deposits suited to U-pgrade. No new results.
9 Nov 2016listing compliance notice▼ Bad
ASX queried the company's cash after the September quarter showed $146,000 cash and $412,000 operating outflow, warning that funding might run short. Marenica replied it expects to keep raising funds, citing the $500,000 placement announced the same day.
9 Nov 2016capital raising announcement● NeutralMajor
Marenica raises $500,000 by placing 5,000,000 shares at $0.10, a 20% discount to the last price. Only $100,000 is issued now; $400,000 needs shareholder approval. Hanlong defers note interest to 30 April 2017 at 12% instead of 8%.
3 Nov 2016director officer appointment● Neutral
Interim pay for executive director John Sestan is set at $208,000 a year from 1 October 2016, including director fees and super, on a part-time basis. His final contract terms are still being negotiated.
21 Oct 2016annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the 2016 annual report, pointing to the governance statement on the company website. Administrative filing with no new information on the business.
21 Oct 2016annual report▲ Good
2016 annual report calls the year a watershed because of the Deep Yellow licence deal, with feasibility work on Tumas to come. It also notes the U3O8 Corp testwork and the note restructure. Largely repeats known events. Text truncated.
20 Oct 2016contract award▲ Good
Canadian-listed U3O8 Corp asks Marenica to run U-pgrade amenability testwork on its Laguna Salada ore in Argentina, fully funded by U3O8 Corp. A second third-party test after Toro and Deep Yellow, and the first in South America. No fee amount is stated.
6 Oct 2016director officer appointment▲ Good
John Sestan, previously commercial consultant and part-time CCO, joins the board as Executive Director; Dr John Farrow replaces Gavin Becker as chair of the Technical Steering Committee. Some directors are exercising options early after the Deep Yellow deal. Continues board renewal.
28 Sept 2016annual report● Neutral
Annual financial report for the year to 30 June 2016 is lodged. The text provided covers only the contents and directors' details, with no financial figures, so nothing new can be drawn from it. Text truncated.
12 Sept 2016material agreement▲ GoodMajor
Marenica signs a binding Technology Licence Agreement with Deep Yellow, its first commercial deal for U-pgrade. It earns a life-of-project fee sliding from nominal below US$50/lb to US$4.80/lb above US$80/lb, plus milestone payments, with Deep Yellow funding development. Resolves the commercialisation talks thread.
12 Sept 2016material agreement▲ Good
Deep Yellow's side of the same licence agreement: a binding deal giving it the option to use U-pgrade at Tumas, with a 75/25 split of project value. Fees are 2% to 6% of price received, plus three back-loaded lump sums. Duplicates the Marenica announcement.
31 May 2016capital raising announcement● Neutral
Deep Yellow, Marenica's testwork client, launches a share purchase plan at 0.4 cents per share to raise up to $1M, mainly for further Tumas testwork. Not a Marenica raising; it shows Deep Yellow is funding the Tumas path. Text truncated.
31 May 2016well test result▲ GoodMajor
Update gives numbers: U-pgrade could reject up to 98% of Tumas mass and keep over 82% of the uranium, making a concentrate above 13,000ppm from 368ppm ore. Interim only; final results due in June.
20 May 2016well test result▲ GoodMajor
Deep Yellow reports interim U-pgrade testwork on its Tumas ore, with a gravity concentrate above 13,000ppm U3O8 and the de-slime and carbonate step 'exceeding expectations'. Work is due to finish end of June 2016. Builds on the Feb 2016 services agreement.
20 May 2016well test result▲ Good
Marenica's own release of the same interim Tumas results: gravity concentrate above 13,000ppm U3O8, on schedule and budget for end of June. Results will feed talks on a commercialisation agreement with Deep Yellow. Repeats the Deep Yellow release.
2 May 2016director officer appointment● NeutralMajor
CEO Murray Hill becomes Managing Director on the board with pay unchanged. John Sestan is appointed Chief Commercial Officer and Riccardo Vittino Chief Financial Officer, both part time, to strengthen commercial and financial management.
27 Apr 2016capital raising announcement▲ Good
Mingsun, an existing holder of about 10%, subscribed for 400,064 more shares at 12.4 cents ($49,608). This lifts the total raised from $697,400 to $747,008.
22 Apr 2016capital raising announcement▲ GoodMajor
Raising completed at $697,400 against a $500,000 target: $506,000 from the SPP plus $191,400 of placements at $0.107. The chairman says this funds U-pgrade development well into 2017.
15 Apr 2016capital raising announcement▲ Good
Marenica received offers for $186,400 of extra placement shares at $0.107, on top of at least $400,000 underwritten under the SPP. Total funding will exceed the SPP maximum, so the SPP closes as scheduled that day.
31 Mar 2016director officer appointment● Neutral
Non-executive director Gavin Becker resigns from 31 March 2016, citing work-life balance, after joining in August 2010. He stays on as a consultant to the Technical Steering Committee. This continues the board shrinking, an open thread.
29 Mar 2016capital raising announcement● Neutral
Cleansing notice confirming Marenica can offer shares under the share purchase plan announced 10 February 2016 without a disclosure document. Administrative; no new substance.
29 Mar 2016capital raising announcement● Neutral
SPP offer document sent to eligible holders at $0.107 per share, $500 to $15,000 each, closing 15 April 2016. The 5 April general meeting must approve the note changes first. Underwriters get a 10% fee ($40,000 on $400,000) payable in shares.
10 Mar 2016half year report● Neutral
Half-year to 31 December 2015 shows a loss of $617,488 (prior year $622,811). Deep Yellow and Toro testwork are described as before, and fixing a path to repay the Hanlong debt is called the most important objective. Text is truncated.
26 Feb 2016investor presentation● Neutral
Shareholder presentation largely repeats known points on U-pgrade, the restructured note, the underwritten SPP and the Deep Yellow and Toro testwork. New details: shares on issue 15.76M, cash $160k, and a stated plan to diversify into other minerals. Text is truncated.
15 Feb 2016material agreement▲ GoodMajor
Deep Yellow signs a services agreement for U-pgrade testwork on its Tumas ore, due mid-2016. Deep Yellow pays the estimated $265,000 cost, about $70,000 of which is fees to Marenica. Commercialisation talks are agreed in principle to follow a successful outcome.
10 Feb 2016capital raising announcement▲ GoodMajor
Marenica will run a share purchase plan at 10.7 cents (20% discount), with each eligible holder able to apply for $500 to $15,000. Sophisticated investors underwrite $400,000, subject to shareholder approval of the note changes at a late-March meeting. Funds go to testwork, patents and pilot plant funding.
9 Feb 2016debt financing▲ GoodMajor
Marenica and Hanlong agree to restructure the roughly $1.65M convertible note: term extended to November 2018 and conversion price cut from $1.80 to $0.58. Marenica can repay with about 2.8 million shares or cash. Shareholder approval is needed, and a ~$500,000 share purchase plan is planned.
30 Nov 2015investor presentation● Neutral
AGM presentation mostly repeating known facts. New: a Deep Yellow bulk-sample test is due to start next month, and the plan includes recapitalising to build the pilot plant and repay the convertible note. Namibian retention licence review is still in progress.
