28 June 2017drilling result▲ GoodMajor
Assays confirm the Zone 2 veins are high grade: 3.38m at 1.45% Li2O in P15-5 and 3.99m mineralised at 1.26% Li2O in P15-6, with up to 1.92% in places. Supports the idea Zone 2 could mirror Zone 1.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2017other▲ Good
Processing testwork completed: flotation gives 6.2% Li2O spodumene concentrate, plus feldspar and quartz by-products (32.2% of ore). Expected overall lithium recovery is 85% in continuous operation; 75.4% in the batch balance. Technical grade hydroxide shown, battery grade still in progress.
15 June 2017other● Neutral
Cervantes' own release confirming the signed Paynes Find sale agreement and presenting its technical review of the project's exploration potential. It is the buyer's view and adds nothing new on the sale terms for European Lithium shareholders.
14 June 2017asset acquisition disposition▲ Good
Formal sale agreement signed with Cervantes for Paynes Find gold: $500k of CVS shares (25M at 2c) plus $500k cash in instalments, with $25k more received. Balance is due on completion. Follows the December 2016 terms sheet.
9 June 2017drilling result▲ GoodMajor
First two Zone 2 holes hit wide spodumene-rich pegmatite, up to 3.51m (P15-5) and 5.38m (P15-6) true width, which the CEO says beat expectations. Assays are due mid-June. Contrasts with the earlier Zone 2 hole that hit no pegmatite.
8 June 2017capital raising announcement▼ BadMajor
Placement raising A$1.1M at $0.045 per share, with one $0.05 option (expiring 31 March 2020) for every two shares. Below the $0.08 raised in September 2016. Funds go towards finalising the PFS.
31 May 2017drilling result▲ GoodMajor
Final two deep holes confirm veins to about 1250m above sea level, with 2.01% Li2O over 2.03m of veins in amphibolite near surface. Resource upgrade now due June 2017, slipping from end May.
15 May 2017material agreement▲ GoodMajor
Binding term sheet with China's Shandong RuiFu to be first off-take partner, planning up to 50,000tpa of 6% spodumene concentrate. A formal agreement is due within 90 days, after Shandong tests ore samples. Not yet final.
5 May 2017investor presentation● Neutral
Re-release of the May 2017 company presentation with added disclaimer and competent person wording. No new information.
4 May 2017investor presentation● Neutral
Presentation for European investor events repeats known facts: 433.7M shares, A$25.3M market cap, 208M options. Roadmap now shows PFS finalised Q3 2017, DFS H1 2018. Dates indicative.
28 Apr 2017quarterly activities report● Neutral
March quarter report recaps deep drilling, 6% concentrate and the mine design with US$94.8M NPV. Zone 2 drilling began after quarter end. Glock Gut arbitration ruling expected Q2 2017. Cash figures not shown in the excerpt.
27 Apr 2017other▲ GoodMajor
SRK scoping-level mine design finds the project viable: 13-year mine life on the current resource and preliminary pre-tax NPV10 of US$94.8M. Dorfner produced 99.9% lithium carbonate. Resource increase would be inferred only; PFS still to come.
18 Apr 2017drilling result▲ GoodMajor
First two deep holes confirm veins extend to depth: 4.33m at 1.9% Li2O in amphibolite and 2.71m at 0.73% in mica schist. Resource upgrade expected by end May 2017. This follows the earlier 6.3Mt resource.
7 Apr 2017asset acquisition disposition● Neutral
Cervantes completed due diligence on Paynes Find, paying a $20,000 instalment. The $1M sale still needs a formal agreement and approvals; balance is paid on completion. Continues the December 2016 terms sheet.
29 Mar 2017other▲ Good
Flotation testwork produced a spodumene concentrate above 6% Li2O, up from the 5.3% DMS grade, and it suits acid-roast conversion. A European glass-ceramic producer wants a pilot plant trial. Battery-chemical work due end April.
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.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter report: drilling resumed 9 January; the only Zone 2 hole drilled (150m) hit no lithium pegmatite. Recaps the 6.3Mt resource, second-tranche shares issued, and the pending Paynes Find sale. Cash figures not given in the excerpt.
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.