10 Mar 2017drilling progress report▲ Good
First of four Zone 1 deep holes (P15-11, 515.9m) is complete and hit pegmatite; assays expected early April. Second hole finished, third started 7 March. Zone 2 drilling waits until all deep results are in.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2017director officer appointment● Neutral
Melissa Chapman replaces Amy Fink as Company Secretary and CFO from 24 February 2017. Ms Fink is on maternity leave and described as temporarily resigning.
14 Feb 2017half year report● Neutral
Half-year report to 31 December 2016, accounted as a reverse acquisition with the Wolfsberg owner as the accounting acquirer. Recaps the $6.232m raising, tranche 2 share issues and the name change. Excerpt shows no cash or loss figures.
9 Feb 2017other▲ Good
Metallurgical tests produced a 5.3% Li2O spodumene concentrate by dense media separation, with samples now being assessed by a European glass-ceramic producer. Laser sorting rejects waste rock; battery-chemical conversion tests have begun. Supports the fast-track production idea; no production yet.
12 Jan 2017asset acquisition disposition▲ Good
Buyer Cervantes says its due diligence on Paynes Find is progressing and it is confident the purchase will proceed. Describes 17 permits over about 700 hectares. Still conditional; no completion yet.
28 Dec 2016other● Neutral
Cleansing prospectus offering up to 20,000 shares at $0.05 to raise up to $1,000, a technical document to remove trading restrictions on recently issued shares. Not a real capital raising.
28 Dec 2016security holder rights change● NeutralMajor
Following the resource upgrade, the milestone is met and 62.5M second-tranche shares are issued to sellers of the Wolfsberg acquisition, plus 7.8M shares to adviser EverBlu. Escrow applies to most; this closes the open milestone thread and adds dilution.
23 Dec 2016asset acquisition disposition▲ GoodMajor
Binding terms sheet to sell Paynes Find gold project to Cervantes for $1M: 25M Cervantes shares at 2 cents ($500,000) plus $500,000 cash in instalments. Resolves the open sale search; conditional on due diligence and approvals.
22 Dec 2016asset acquisition disposition● Neutral
Cervantes Corporation announces a binding terms sheet to buy the Paynes Find gold project from European Lithium for $500,000 in Cervantes shares plus $500,000 cash. Conditional on due diligence and approvals. This is the buyer's side of the sale in item 7.
20 Dec 2016drilling progress report▲ Good
Progress update: drilling paused 22 December and restarts 9 January, with all permits now received, including Zone 1 deep holes. SRK engaged for mine design (seven-week first phase, then 12 weeks to PFS level); marketing consultant engaged; sorting tests encouraging.
8 Dec 2016other● Neutral
Company announces that EverBlu Research, an affiliate of its lead manager EverBlu Capital, has published a research report. Only a link is given; no new company information.
28 Nov 2016other● Neutral
CEO interview on a financial news channel repeating the 6.3Mt resource upgrade, PFS by mid-2017 and production targets of two years (glass-ceramics) and four years (batteries). Says the raising covers funding to PFS; other capital sources needed beyond.
21 Nov 2016resource reserve update▲ GoodMajor
Resource upgraded under JORC 2012 to 6.3Mt measured and indicated at 1.17% Li2O (2.86Mt measured at 1.28%, 3.44Mt indicated at 1.08%): tonnes up 75%, contained lithium up 33%. Replaces the 3.7Mt inferred figure; drilling continues to extend it.
21 Nov 2016investor presentation● Neutral
November company presentation restating known facts: 361.8M shares, A$25.3M market cap, escrow terms and an indicative roadmap (PFS and resource increase Q2 2017, DFS H1 2018). Dates are described as indicative. Nothing new.
16 Nov 2016resource reserve update▲ GoodMajor
Company says twin-hole and channel data show the old Minerex data is not significantly different, so it can be used in a JORC 2012 resource model. Upgrade is described as imminent; the figure is not yet released, and the end-October target has slipped.
7 Nov 2016drilling result▲ Good
Twin-hole drilling assays confirm high-grade veins, with amphibolite intersections up to 3.35% Li2O and mica schist up to 4.26m at 1.44% Li2O. The company says the results verify the old Minerex data; upgraded resource still to come.
2 Nov 2016other● Neutral
Company will exhibit at a precious metals and commodities show in Munich on 3 to 4 November 2016, following its Frankfurt listing. Marketing notice only.
2 Nov 2016drilling result▲ Good
Channel sampling of underground veins returned averages of 1.80% Li2O (Vein 2.1, 140m), 1.82% (Vein 3.1, 145m) and 1.31% Li2O in mica schist (Vein 7, 40m). Supports the old Minerex data; the resource stays at 3.7Mt inferred until the upgrade.
21 Oct 2016other▲ Good
Shares also listed on the Frankfurt Stock Exchange under ticker PF8, to widen access for European investors and support liquidity. No capital raised; upgraded resource still expected by early November.
20 Oct 2016drilling scheduled▲ GoodMajor
Surface drilling begins at Wolfsberg: four deep Zone 1 holes (1,760m) and nine Zone 2 holes (1,750m), plus 300m of trenching, over about 16 weeks. The Zone 2 permit is received; Zone 1 awaits a written decree. Upgraded resource still expected early November.
10 Oct 2016other● Neutral
CEO Steve Kesler interview restating plans: JORC resource by end of October, prefeasibility study by mid-2017, and production in two years for glass/ceramics and four for batteries. The $6M raised is said to fund the company through the PFS; more funding needed after.
4 Oct 2016investor presentation● Neutral
Roadshow presentation restating known facts: 100% of Wolfsberg in Austria, 361.8M shares, 208M options, 156M free float, and escrow terms. Nothing new for shareholders.
30 Sept 2016annual report● Neutral
Annual report for year to 30 June 2016, covering the old Paynes Find gold shell: net loss $553,745 (2015: $986,321). The Wolfsberg acquisition completed after year end, so the business is now lithium in Austria. No dividend.
30 Sept 2016admin correction● Neutral
Appendix 4G governance checklist filed alongside the annual report, pointing to the governance statement on pages 39 to 49. Administrative filing with no new commercial information.
26 Sept 2016material agreement▲ GoodMajor
Dorfner Anzaplan engaged for metallurgical test work to optimise the Wolfsberg process and test a possible low-cost route to fast-track limited production. Pilot programme is scheduled to finish by end Q1 2017.
20 Sept 2016drilling result● Neutral
Wolfsberg verification drilling done: seven twin holes totalling 828m and 95 channel samples over 190m. Assay results are due mid-October, with an upgraded JORC resource expected by end October or early November 2016. Results pending.
19 Sept 2016director officer appointment● Neutral
Amy Fink appointed Company Secretary and CFO, replacing Paul Lloyd in those roles. Lloyd stays as a non-executive director.
16 Sept 2016other● Neutral
Company confirms no material subsequent events, no impediments to the planned activities, and compliance with Listing Rules. Standard reinstatement confirmations.
16 Sept 2016capital raising announcement● NeutralMajor
Actual funds raised were $6,232,200, near the $6M minimum rather than the $9M maximum. Planned spend includes $1.36M Zone 1 drilling and $867,000 Zone 2 drilling, from $6.58M total including existing cash.
16 Sept 2016other● Neutral
Securities trading policy lodged as an ASX reinstatement requirement. Standard insider trading guidelines with no new information.