5 Feb 2020security holder rights change● Neutral
The 263,440,000 A$0.10 options expiring 30 June 2020 are being listed on the ASX as code EURO. Exercising them would bring in cash; the chairman says it gives investors flexibility to build a stake.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2020other● Neutral
Routine notice: issued capital was 627,557,626 ordinary shares at 31 January 2020, up from 619,224,293. Administrative only.
31 Jan 2020other● Neutral
Routine option register: 263,440,000 unlisted options (A$0.10, expiring 30 June 2020) held by 108 holders. Anglo Australasia holds 37.69%. Administrative only.
31 Jan 2020quarterly activities report● Neutral
December quarter: metallurgical test-work completed, final report due Q1 2020. Phase 1 assays slipped again to Q1 2020 after samples were resent. Phase 2 deep-hole approval expected Q1 2020. Magna notes all converted; Winance has 940 left.
6 Jan 2020other● Neutral
Routine notice: issued capital was 619,224,293 ordinary shares at 31 December 2019, up from 614,563,836. Administrative only.
30 Dec 2019debt financing▲ GoodMajor
Agreed a EUR7.5M (about A$12M) two-year debt facility at 5% interest with a Swiss lender via Helvetican, secured over Wolfsberg, to replace the Winance notes. Austria also extended the 11 mining and 54 exploration licences to December 2021. Helvetican gets 70M options.
2 Dec 2019other● Neutral
Routine notice: issued capital was 614,563,836 ordinary shares at 30 November 2019, up from 605,278,123. Administrative only.
1 Nov 2019other● Neutral
Routine notice: issued capital was 605,278,123 ordinary shares at 31 October 2019, up from 598,743,923. Administrative only.
31 Oct 2019quarterly activities report● Neutral
September quarter: Phase 1 summer drilling finished (five holes, up to 290m), with pegmatite hits such as 4.1m at 1.5% Li2O in P18-13. Final assays now expected Q4 2019. Winance drew A$2.0M; Magna down to 103,260 notes.
1 Oct 2019other● Neutral
Routine notice: issued capital was 598,743,923 ordinary shares at 30 September 2019, up from 592,158,210. Administrative only.
27 Sept 2019other● Neutral
Routine Appendix 4G corporate governance checklist lodged with the annual report. Administrative only; no new business information.
27 Sept 2019annual report● Neutral
FY2019 annual report: net loss A$2.80M (2018: A$0.75M). Subsequent events include the Winance facility (A$2.0M drawn 20 Sep 2019), a 1M-share fee to Magna for extending note maturity, and a US$550,000 partial repayment to Magna.
5 Sept 2019joint venture update▲ Good
Dorfner/Anzaplan say metallurgical test-work for the DFS will finish within budget and ahead of schedule, within about 2 months. Management and investors saw the pilot plant on 27 August, including lithium hydroxide samples. A final report is still awaited.
2 Sept 2019other● Neutral
Routine notice: issued capital was 592,158,210 ordinary shares at 31 August 2019, up from 591,141,799. Administrative only.
1 Aug 2019other● Neutral
Routine notice: issued capital was 591,141,799 ordinary shares at 31 July 2019, up from 587,163,028 a month earlier. Administrative only.
31 July 2019debt financing● NeutralMajor
Signed a binding A$10m convertible note facility with Winance, replacing the Magna facility. A$2.0m is available immediately; notes convert at 92% of the lowest 10-day VWAP, floor A$0.055. Funds repay Magna and speed the Wolfsberg DFS.
30 July 2019quarterly activities report● Neutral
June quarter report: 18.2M placement shares issued at A$0.09 raising A$1.638M; placement kept open. Magna has 688,042 notes left. Phase 1 drilling assays due Q3 2019; deep-hole approval expected Q3. Pilot plant commissioned.
18 July 2019other● Neutral
Cape Lambert (a substantial holder in EUR) corrects a prior substantial holding notice about a 22 March 2019 sale of EUR shares. Its stake is shown as 64,376,666 shares, 11.16% of 576,965,847 shares; diluted from 12.94%.
1 July 2019other● Neutral
Routine notice: issued capital was 587,163,028 ordinary shares at 30 June 2019. Administrative only.
3 June 2019other● Neutral
Routine notice: 2,000,000 new shares admitted to NEX; issued capital 576,965,847 shares at 31 May 2019. Administrative only.
31 May 2019security holder rights change● Neutral
Unlisted options expired unexercised on 31 May 2019: 8,705,556 at $0.25 and 11,250,000 at $0.15 (the directors' options). Removes potential future dilution; no cash raised.
28 May 2019admin correction● Neutral
Clarification to the 28 May drilling release: the 10.98Mt resource is the existing April 2018 estimate (6.3Mt Measured and Indicated at 1.17%, 4.68Mt Inferred), not a new increase. Adds an updated competent person statement.
28 May 2019drilling scheduled▲ GoodMajor
Resource drilling resumes at Wolfsberg Zone 1 after approvals; Phase 1 (five shallow holes, 1,300m) due in about 5 weeks, then an upgraded resource statement. Aims to convert the 4.68Mt Inferred to Measured/Indicated. Long-delayed drilling finally under way.
14 May 2019admin correction● Neutral
Clarifies that the March presentation's economics used a lithium hydroxide price of US$16,000/t, down from US$18,351/t in the April 2018 PFS. Other PFS assumptions said unchanged.
10 May 2019capital raising announcement● NeutralMajor
Placement mainly to European investors at A$0.09 per share to raise up to €1.5M, for the Wolfsberg DFS. Uses existing placement capacity; shares issued as funds arrive over about three weeks. Priced well below the earlier A$0.225 placement.
1 May 2019other● Neutral
Routine notice: issued capital was 566,965,847 ordinary shares at 30 April 2019. Administrative only.
30 Apr 2019quarterly activities report● Neutral
March quarter report: drill rigs mobilised to upgrade the 10.98Mt resource; deep-hole approval now expected Q2/Q3 2019. Magna converted 652,458 notes, leaving 988,042. Offtake talks described as advanced; no deal signed. Zone 1 drilling still hadn't produced results.
1 Apr 2019other● Neutral
Routine notice: issued capital was 563,587,302 ordinary shares at 31 March 2019, up from 549,921,537 a month earlier. Administrative only.
28 Mar 2019other▲ Good
Dorfner/Anzaplan's interim report on ore sorting, ahead of schedule: laser sorting rejected about 25% of mass and gave 93% lithium recovery (95.5% with scavenger stage). Laser preferred over XRT. An early DFS test milestone.
22 Mar 2019investor presentation● Neutral
March 2019 corporate presentation repeating known facts: production targeted 2021/22, planned Austrian subsidiary spin-off and Vienna Prime Market listing. Revenue illustration uses US$16,000/t lithium hydroxide, US$1.6 billion over 10 years, based on the PFS.