14 Sept 2022admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2022annual report● Neutral
2022 annual report: net loss A$12.3M for the year to 30 June 2022 (2021: A$3.96M). Discloses a 1 Aug 2022 agreement to buy E47/4144 from Wombat for 5M shares, A$10,000 and a 1% royalty. Completion had not occurred at report date.
8 Sept 2022drilling result▲ GoodMajor
EVR, owning 80% of the Eastern Alps satellite projects (EUR 20%), reports rock chip assays up to 3.24% Li2O from 39 samples. Millstätter Seerücken is flagged a high-priority drilling target, and 33 new licences (14.90 km2) were secured. Follows the June 2022 geological assessment.
8 Sept 2022joint venture update▲ Good
EUR relays EVR's high-grade rock chip results from the Austrian satellite projects, in which EUR holds 20%. Chairman Sage says Zone 2 drilling at Wolfsberg is expected later this year. Repeats the EVR news, nothing new.
8 Aug 2022capital raising announcement● Neutral
Confirms issue of 7,232,508 shares to the underwriter on the expired A$0.05 options, completing the shortfall under the 25 July underwriting agreement. Routine issue notice.
5 Aug 2022material agreement▲ GoodMajor
Signs a non-binding MoU with BMW AG giving BMW the first right to buy 100% of EUR's lithium hydroxide. If a binding contract follows, BMW would pay a US$15M prepayment. This is EUR's first offtake, but terms are not agreed.
4 Aug 2022listing compliance notice● Neutral
ASX pauses trading in EUR shares pending a further announcement. No reason is given in the notice; the BMW announcement followed the next day.
1 Aug 2022capital raising announcement● Neutral
Issues 8.5M shares on exercise of A$0.05 options that expired 31 July 2022. Routine issue notice.
1 Aug 2022security holder rights change● Neutral
7,232,508 unlisted A$0.05 options expired on 31 July. Under the 25 July underwriting agreement, the shortfall is referred to the underwriter, with shares expected by 11 August.
28 July 2022quarterly activities report▼ Bad
June quarter report: A$30M placement completed, Avebury Nickel bid failed, and exploration spend A$1.4M. DFS completion may now slip to Q4 2022 because of supply chain issues, inflation and high energy and reagent costs. Traxys offtake talks are still 'in progress'.
25 July 2022capital raising announcement▲ Good
Underwriting agreement with ADKSK Superfund to cover exercise of up to 15.6M A$0.05 options expiring 31 July 2022, worth up to A$779,888. The underwriter is not a related party and the fee is 0.05% of the underwritten amount.
7 July 2022capital raising announcement● Neutral
Issues 1.47M shares to directors on exercise of A$0.05 options expiring 31 July 2022. Routine issue notice with a small amount of cash.
4 July 2022capital raising announcement● Neutral
Issues 50M further A$0.18 options (expiring March 2025) approved at the general meeting: 15M to Tony Sage's company, 10M each to directors Day, Carter and Zhernov, and 5M to consultants. Adds potential dilution; no cash raised.
1 July 2022other● Neutral
Top-20 holder list for the A$0.18 March 2025 options. Evolution Capital holds 50.5M (29.18%) and the top 20 hold 85.98%. Administrative data only.
1 July 2022other● Neutral
Computershare distribution schedule for the A$0.18 March 2025 options: 173,076,970 options held by 150 holders. Data only, no new announcement content.
29 June 2022capital raising announcement● Neutral
Issues 115.4M placement options and 57.7M broker options (A$0.18, expiring 31 March 2025) after shareholder approval, plus 20M unlisted consultant options (A$0.12–0.18, expiring May 2025). Completes the option part of the April raise, with added potential dilution.
24 June 2022director officer appointment● Neutral
Catherine Grant-Edwards is appointed Joint Company Secretary from 24 June 2022, alongside Melissa Chapman. Both are co-founders of Bellatrix Corporate, which provides secretarial services. Administrative change.
24 June 2022agm notice● Neutral
All 13 resolutions at the 24 June general meeting carried. These cover the April placement shares, attaching and broker options, director options, performance share variations and consultant options. This clears the way for the option issues tied to the A$30M raise.
23 June 2022capital raising announcement● Neutral
Prospectus offering 173,076,972 free attaching options to April placement participants, closing 28 June 2022. It completes paperwork for the options promised with the A$30M raise and carries no new money. It adds potential dilution.
17 June 2022joint venture update● Neutral
Partner EV Resources, which holds 80% of the Eastern Alps satellite projects (EUR 20%), appoints GEO Unterweissacher to test three satellite projects. Results are due by end July 2022, and the working group will then consider a drilling program. This continues the April drilling recommendation.
14 June 2022other▼ BadMajor
The court application allowing Dundas's shares in Allegiance to be transferred to a third party succeeded, so EUR says no Avebury Nickel transaction in shareholders' interest can be achieved. This ends the A$125M proposal from 20 May.
20 May 2022other● NeutralMajor
EUR says it has made proposals to the liquidators of Dundas Mining to change the fate of the Avebury Nickel Project in Tasmania. A court hearing in early June could block a sale and stop EUR's proposals. No price is given in this version.
20 May 2022other● Neutral
Clarifies the Avebury Nickel announcement of the same day: EUR's proposal is a cash offer of A$125M, as reported in the media. It remains subject to the early-June court hearing, which could stop EUR advancing its proposals.
28 Apr 2022quarterly activities report● Neutral
March quarter report: spent A$3.2M on Wolfsberg exploration and evaluation and A$550k on admin, and received the A$2.5M Millstone second tranche. Restates the A$30M placement, the A$862M interim DFS value, and DFS due Q3 2022. Traxys offtake talks are still only 'in progress'.
19 Apr 2022resource reserve update● NeutralMajor
DRA's interim NPV6 for Wolfsberg is A$862M in an accelerated case: ~10,500tpa lithium hydroxide, 770,000tpa mining, US$26,800/t hydroxide price, with capex up 20% to US$508M. The DFS slips from end Q1 to Q3 2022, citing COVID and the Ukraine conflict.
12 Apr 2022capital raising announcement● Neutral
Issues 230.8M placement shares from the A$30M raise announced 6 April, using existing placement capacity without shareholder vote, plus small option-exercise shares. Completes the share issue part of the raise; the attaching options still need approval.
6 Apr 2022capital raising announcement▲ GoodMajor
Raises A$30M via placement at A$0.13 a share, with one option (A$0.18, expiring March 2025) per two shares; options need shareholder approval. Funds go to land purchase, a Zone 2 extension drill program, by-product testwork and SRK work. Ukraine work is suspended.
1 Apr 2022joint venture update▲ Good
EV Resources (80% owner of Weinebene and Eastern Alps; EUR 20%) appoints geological consultants who recommend a diamond drilling program for Weinebene with two options. Permitting takes 8–12 weeks, drilling 8–10 weeks. A re-release of the same announcement EUR attached.
1 Apr 2022other● Neutral
Short notice that DRA will give an update on the Wolfsberg DFS later the same day. No substance itself.
1 Apr 2022joint venture update▲ Good
EUR welcomes partner EV Resources (formerly Jadar) hiring Austrian consultants who recommend a diamond drilling program at Weinebene, where EUR holds 20%. The joint working group will consider it; permitting is expected to take 8–12 weeks. Follows the November technical committee; drilling not yet committed.