27 Mar 2019drilling spud▲ GoodMajor
Drilling starts at Mile 72, a 60-hole program targeting an 11 km by 2 km palaeochannel, following the environmental clearance received earlier. Results are expected by the end of June 2019.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Mar 2019regulatory community update▲ GoodMajor
First of Marenica's Namib licence applications granted: EPL 6987 Koppies, covering the eastern extension of the Tumas palaeochannel next to Deep Yellow's ground. Non-JORC exploration target of 20-60Mlb at 300-500ppm. Environmental clearance (about two months) is needed before exploration.
13 Mar 2019half year report● Neutral
Half-year to 31 December 2018: loss $648,458 versus $628,103 a year earlier. Confirms the $1.178M placement and settlement of the $1.65M convertible note via shares at 58c. Directors state the company can pay its debts as they fall due.
19 Feb 2019regulatory community update● Neutral
Marenica sets out its strategy of securing Namibian licences east of known calcrete uranium deposits, using 1970s General Mining maps. Nine licence applications are pending and Mile 72 exploration has begun. It would hold Namibia's largest uranium landholding if all are granted.
29 Jan 2019quarterly activities report● Neutral
December quarter report: cash $1.4M, debt free after the $1.18M placement. Mile 72 environmental clearance received, drilling planned for March quarter. Two more Namibian licence applications (Skilderkop, Amichab) lodged; Paladin talks continue with no deal. Exploration spend $33,765.
30 Nov 2018security holder rights change● Neutral
Prospectus covering 5,890,000 placement options (from the $1.178M September placement) plus 2,000,000 broker options. No funds are raised. Paperwork for options already promised, following shareholder approval.
26 Nov 2018other● Neutral
320,338 unlisted options at 35.5c expired unexercised on 26 November 2018. Shares on issue are 73,212,293. Routine securities update.
19 Nov 2018investor presentation● Neutral
November corporate presentation repeating known points: 61Mlb inferred resource, U-pgrade, Namibian portfolio. Shows 73.2M shares, 8c price (13 Nov 2018), A$5.9M market cap, $1.6M cash and no debt. No new announcements.
14 Nov 2018debt financing▲ GoodMajor
Marenica is debt free after issuing 2.85M shares to Hanlong at 58c to clear the $1.65M convertible note due that day. Tranche 2 (3.17M shares, $317k) also completed, leaving $1.6M cash. This resolves the Hanlong note and placement threads.
13 Nov 2018admin correction● Neutral
Registered and principal office moved to Office C1, 1139 Hay Street, West Perth. Administrative notice only.
1 Nov 2018regulatory community update● Neutral
Marenica highlights its licence applications next to Deep Yellow's Tumas tenement, where Deep Yellow's drilling is 200 m from one application. It says the Tumas channel likely extends into its ground. Applications are still pending in Namibia, so nothing is granted.
30 Oct 2018quarterly activities report● Neutral
September quarter report: cash $1.465M. Four new Namibian licence applications lodged near Deep Yellow's Tumas and Aussinanis deposits, and Mile 72 area cut from 27 to 20 km². Paladin talks continue with no deal. Exploration spend $25,427. General meeting set for 5 November.
26 Sept 2018other● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report. Administrative filing with no new information on the business.
25 Sept 2018annual report● Neutral
2018 annual report to 30 June. Chairman Bantock's first letter restates the strategy: acquire tenements, apply U-pgrade to third-party projects such as Langer Heinrich and Tumas, and build on the Mile 72 purchase. No new commercial deals in the text provided.
19 Sept 2018capital raising announcement● NeutralMajor
Marenica raises $1.178M by placing 11.78M shares at 10c, with one 17c two-year option per two shares. Tranche 1 is 8.61M shares; tranche 2 and the options need shareholder approval. Total shares would reach 69.18M. Funds go to U-pgrade outreach and acquisitions.
What it means for a shareholder
11.8m new shares at A$0.100 to raise about A$1.2m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.0174% to 0.0145% of the company. To keep it you'd need 2,052 more shares - about A$205 at the issue price.
Create a free account to see this worked out for your own holding.
31 July 2018director officer appointment● Neutral
Doug Buerger retires as non-executive director, completing the transition foreshadowed when Bantock became Chairman in February. He was on the board from 2010 and chair 2014 to early 2018, and stays on the technical committee.
27 July 2018quarterly activities report● Neutral
June quarter report: Mile 72 acquisition (100%, 2,692 ha) completed. Paladin put Langer Heinrich into care and maintenance, which Marenica sees as a chance to optimise U-pgrade there; talks continue, nothing signed. Exploration spend $16,125.
17 May 2018security holder rights change● Neutral
Prospectus lets placement participants receive 5,309,998 free options (17c, two years) from the $1.062M March placement, plus 2,000,000 broker options. No funds are raised. This is the paperwork for options already promised.
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.
30 Apr 2018quarterly activities report● Neutral
March quarter report: restates the successful Langer Heinrich testwork, the Bantock appointment and the $1.062M placement. Due diligence is being completed on several projects for acquisition or U-pgrade use. No tenement changes were visible in the text provided.
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.
31 Jan 2018quarterly activities report● Neutral
December quarter report: Langer Heinrich testwork is described as successful, with discussions continuing on how to apply U-pgrade there. The board shrank from six to three directors. Exploration spend was $35,159; no tenement changes.
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.