FireFly Metals

FireFly completed the raising, receiving about A$180M gross at A$1.78: the A$150M placement on 2 September and the Canadian bought deal on 3 September (16,820,454 shares). The SPP of up to A$10M opens 4 September and closes 23 September.

capital raising announcement

FireFly secured firm commitments for about A$180M at A$1.78 per share (about 101.1M new shares): A$150M ASX placement plus about A$30M Canadian bought deal. Confirms the 25 August launch; an SPP of up to A$10M is still intended. Funds go to early works, long-lead items and drilling.

capital raising announcement

FireFly launched a A$180M placement and Canadian bought deal at A$1.78 per share (about 101.1M shares), plus an intended share purchase plan of up to A$10M at the same price. Funds go to early works, long-lead items, feasibility study and resource growth, with a final investment decision targeted mid-2027.

capital raising announcement

Preliminary Economic Assessment for Green Bay: 1.8Mtpa base case shows after-tax NPV of about A$2.2B, 42% IRR, about 32-year life and A$513M net initial capital. A 4.6Mtpa option shows NPV about A$3.0B. Preliminary study only; funding of about A$571M likely needed.

resource reserve update

New Green Bay assays include 42.0m @ 6.1% CuEq (with 9.8m @ 16.5%) and 51.5m @ 4.9% CuEq in the high-grade Core Zone. Results will go into an updated resource model, so economic studies now move to July-August 2026. Maiden Tilt Cove drilling has started.

drilling result

FireFly completed the in-specie distribution of about 60M Bellavista shares (less 2,883 rounding shares) on 11 May, at about 1 per 12.8 FireFly shares. Ineligible holders get cash from a sale by Canaccord. The ATO class ruling is still pending.

dividend declaration

The sale of the Ontario gold assets (Pickle Crow 70%, Sioux Lookout 100%) to Bellavista has completed, with FireFly receiving 60M Bellavista shares and 50M performance rights. Record date for the share distribution is 4 May, payment 11 May. Resolves the sale thread.

asset acquisition disposition

Both shareholder groups approved the Ontario gold sale on 22 April and all conditions are satisfied or waived, including the ATO class ruling condition, which FireFly waived. Completion is expected 29 April; shareholders to get about 1 Bellavista share per 12.8 FireFly shares.

asset acquisition disposition

New Green Bay assays include 70.8m @ 4.0% CuEq (with 19.2m @ 7.5%) and 53.3m @ 4.1% CuEq in the high-grade Core Zone. The company says they point to Inferred-to-Measured and Indicated conversion; economic studies are on track for mid-2026.

drilling result

FireFly agrees to sell its 70% of Pickle Crow and 100% of Sioux Lookout to Bellavista for 60M Bellavista shares (about A$47.4M) plus 50M performance rights; deal value up to A$86.1M. Shares go to FireFly holders in-specie, subject to approvals, with completion expected around early April 2026. Resolves the Pickle Crow review thread.

asset acquisition disposition

The equity raising is complete, with gross proceeds of about A$139M: A$85M placement at A$1.70, C$34.5M Canadian offering at C$1.56 (over-allotment exercised in full) and about A$16.4M flow-through. Pro-forma cash is A$236.9M before costs, excluding the share purchase plan.

capital raising announcement

Raise completed with firm commitments of about A$134.1M: A$85M placement at A$1.70, flow-through at about A$2.09, and C$30M Canadian deal, plus up to A$5M SPP. Pro-forma cash is A$244.1M before costs. Drill fleet to grow to nine rigs; studies due first half 2026.

capital raising announcement

Launches a Canadian bought deal of C$30M (19.23M shares at C$1.56) plus an Australian raise of about A$101.5M (A$16.5M flow-through, A$85M placement) and an SPP up to A$5M. Funds go to development, studies and drilling.

capital raising announcement

Green Bay resource rises 51% in copper-equivalent metal: 50.4Mt @ 2.0% CuEq Measured and Indicated (863kt copper) plus 29.3Mt @ 2.5% Inferred. A new high-grade core is 8.8Mt @ 3.9% M&I. Economic study results now guided to first half 2026, later than the earlier March-quarter 2026 target.

resource reserve update

Leanne Heywood, a former Rio Tinto copper marketing executive, joins as Independent Non-Executive Director. This fills the independent director search open since April 2025, and the company says it adds copper marketing and financial experience.

director officer appointment

New holes including 43.6m @ 7.6% CuEq and 14.9m @ 16.0% CuEq point to a high-grade core at least 800m long, mostly outside the current resource and open along strike. Company says it should significantly affect the resource update planned this quarter.

drilling result

Step-out drilling from the Ming exploration drive extended known mineralisation more than 650m beyond the October 2024 resource, with the furthest hole at 49.0m @ 6.1% CuEq, including 14.3m @ 13.7%. Mineralisation remains open; results will feed this quarter's resource update.

drilling result

Green Bay secured environmental approval for the processing plant, and bulk metallurgical tests showed over 98% copper and 85% gold recovery. First economic study, a Scoping Study, is expected in the March quarter 2026; construction permitting has begun.

resource reserve update

Infill drilling at Green Bay's Ming Mine returned high grades, including 11.6m @ 9.3% CuEq and 14.6m @ 6.7% CuEq. Company says results confirm continuity in Inferred areas and will feed a resource update later this year; the program is now eight rigs.

drilling result

Share Purchase Plan doubled to A$10M after ~A$28.2M of applications; applications were scaled back and 10,416,666 shares issue on 14 July at A$0.96. Company cites ~A$145M cash and investments, including A$26.6M tranche two still needing shareholder approval.

capital raising announcement

The Canadian bought deal completed: 33M shares at C$0.86 (C$28.4M, ~A$32M), with the over-allotment option exercised in full. Completed parts of the raising total ~A$70.1M; only tranche two of the institutional placement remains, expected August 2025 after a shareholder meeting.

capital raising announcement

The raising is upsized to about A$95M in firm commitments, plus an SPP of up to A$5M. It comprises A$11.2M flow-through at ~A$1.49, A$54.9M placement at A$0.96 and A$28.8M Canadian offering. The company cites A$135M of funding.

capital raising announcement

FireFly launches a roughly A$75M raising: a C$25.8M (A$28.8M) Canadian bought deal at C$0.86 (A$0.96) via BMO, plus A$46.0M in Australia (A$11.2M flow-through, A$29.9M placement), and an SPP of up to A$5M. Funds go mainly to Green Bay.

capital raising announcement

First surface drilling at the historical Rambler Main deposit, under 3km from Ming, returned 10.0m @ 6.4% CuEq and 12.9m @ 4.3% CuEq, over 200m beyond old mining and still open. Delivers the surface results expected this quarter; a new resource-growth area.

drilling result

Step-out drilling at Green Bay's Ming Mine hit 12.4m @ 6.8% CuEq and 25.8m @ 5.1% CuEq, more than 200m beyond the current resource. A downhole survey shows an anomaly extending over 700m further. Extends the resource-growth thread; a seventh rig is due.

drilling result

Non-executive director Jessie Liu-Ernsting resigns from the board to become Toronto-based Chief Corporate Development Officer from mid-to-late May 2025, focused on North American investors. The company is searching for a new independent non-executive director.

director officer appointment

New Ming drilling includes 10.7m @ 12.2% CuEq and 58.2m @ 3.1% CuEq, with results proving the earlier downhole EM anomalies are mineralised. FireFly is expanding to six rigs: a fifth underground rig is being mobilised and a sixth is drilling surface targets.

drilling result

FireFly received conditional approval to list on the Toronto Stock Exchange main board, expected 16 December 2024, as a compliance listing with no capital raising. It is also filing Canadian technical reports. The resource is unchanged, now split into M&I (460kt CuEq) and Inferred (690kt CuEq).

other

Best Green Bay hole yet: 86.3m @ 3.7% CuEq, plus 76.3m @ 2.9% CuEq, received after the October resource. Mineralisation remains open, and the results will feed into the next resource update. Cash was about A$88M at end October.

drilling result

FireFly agreed to buy the Tilt Cove copper-gold project (115 sq km, next to Green Bay) from Signal Gold for C$570,000 cash plus C$2.5M in shares (2,317,869 shares). A further C$1M is payable if a 500,000oz resource is defined.

asset acquisition disposition

Green Bay's first JORC resource is 59Mt @ 2% CuEq for 1.2Mt contained copper-equivalent, up 42% from the 811,000t foreign estimate. 41% is Measured and Indicated. Engineering studies are planned for the second half of 2025.

resource reserve update

The share purchase plan closed with about A$27.7M of applications, so FireFly lifted it to A$8M and scaled applications back. Together with the A$65M placement, A$73M was raised before costs. 8,421,690 new shares were issued at A$0.95.

capital raising announcement

Firm commitments for an A$65M institutional placement at A$0.95 per share (68.4M shares, 9.1% discount to last close), plus a planned ~A$5M share purchase plan. Funds 100,000m more drilling, drill-drive extension to 1,500m and the final Rambler acquisition payment; resource update due October.

capital raising announcement

June 2024 quarter: cash A$38.1M, four rigs turning, and mineralisation continuous 460m beyond the 39.2Mt foreign estimate, with a resource update due September 2024. A strategic review of Pickle Crow was started to evaluate options to maximise shareholder value.

quarterly activities report

New Green Bay assays show continuous high-grade mineralisation for 460m beyond the 39.2Mt foreign estimate, including 13.1m @ 14.3% CuEq. Rigs double to four, geophysics starts, and the resource update remains scheduled for the September quarter.

drilling result

First holes from the underground drill drive hit copper well outside the 39.2Mt estimate, such as 9.1m @ 5.4% CuEq and 12.0m @ 4.8% CuEq. A third rig is due in May, a new CFO (Cheng Sun) starts, and A$14.7M of the raising awaits the 20 May vote.

drilling result

FireFly raised A$52.2M via flow-through and institutional placements, about 81.5M shares at an average A$0.64. Funds will pay for a third drill rig at Green Bay. The company says this funds it for the next 18 months.

capital raising announcement

FireFly signed a port access agreement to export up to 1Mtpa of concentrate via Pine Cove port, 6km from Green Bay, in return for a C$2.5M investment in Maritime Resources (8.4% stake). The Gold Hunter ground acquisition is completing the same day.

material agreement

More Footwall Zone assays at Green Bay, including 63.1m @ 2.2% CuEq and 51.0m @ 2.2% CuEq, follow the early March results. Management points to a resource update in the September quarter; the 39.2Mt foreign estimate is not JORC.

drilling result

Kevin Tomlinson, also chair of Bellevue Gold, becomes Non-Executive Chair, and Jessie Liu-Ernsting joins as a Non-Executive Director. Ray Shorrocks has resigned as Chairman and director.

director officer appointment

First drilling into Green Bay's large Footwall Zone returned wide intercepts, such as 67.8m @ 1.6% CuEq containing 22.8m @ 2.4% CuEq (hole MUG23-010). Results validate historical drilling. Two rigs are turning underground; company says it is funded for Phase 1.

drilling result

First assays from FireFly's own Green Bay drilling include 46.4m @ 4.6% Cu, 1.2g/t Au and 2.7m @ 13.5% Cu. They extend mineralisation about 350m down plunge, outside the 39.2Mt estimate. A second rig has arrived; more assays are due.

drilling result

FireFly agreed to buy 169 sq km of ground next to Green Bay from Gold Hunter Resources for C$15.5M (C$500,000 cash plus C$15M in shares). Completion is expected February 2024, subject to Gold Hunter shareholder approval and other conditions.

asset acquisition disposition

Re-assaying of 18 historic 2022 holes found high-grade copper, gold and zinc outside the existing resource, including 16.8m @ 6.7% Cu, 3.5g/t Au (11.2% CuEq) and 9.3m @ 9.4% Cu. Supports the resource-growth thesis; first new assays are due in coming weeks.

drilling result

Proposed 15-for-1 share consolidation, cutting about 5.31bn shares to about 354M, subject to shareholder approval at the 23 November 2023 meeting. Options and performance rights are consolidated too. New shares start trading on a deferred basis on 29 November.

security holder rights change

Underground diamond drilling has started at Green Bay, the first stage of the 40,000m program plus a 700m exploration drive. First results are expected this quarter; mining of the drive is planned to begin in December 2023, with more rigs in early 2024.

drilling spud

Green Bay acquisition completed on 20 October 2023, giving a 100% interest through the Rambler Group and resolving the pending deal. Steve Parsons becomes Managing Director and Michael Naylor Executive Director, each on A$199,800 fixed pay. The A$55M placement is also confirmed complete.

asset acquisition disposition

Share purchase plan raised to A$5M from A$3M at 2.5c after about A$9.1M of applications; 200,000,363 shares to be issued, with applications scaled back. Brings total raised with the placement to A$60M, funding the Green Bay drilling program.

capital raising announcement

Newfoundland court approved the bid to buy Green Bay (via Rambler Group) on 11 September 2023, a key step. Shareholder vote is set for 11 October, with closing expected mid-late October. Management is already on site to prepare drilling.

asset acquisition disposition

Firm commitments for a fully underwritten A$55M placement at 2.5c, plus up to A$3M from a share purchase plan, to fund Green Bay. Tranche 1 is A$8.7M; tranche 2 (A$46.3M) needs shareholder approval. Directors subscribe A$4.015M. Funds also support 40,000m of drilling.

capital raising announcement

Agrees to buy the Green Bay copper-gold project in Newfoundland for about A$65M: A$35M cash and A$15M shares upfront, A$7.5M each later within 18 months. Foreign (non-JORC) resource 39.2Mt @ 2.1% CuEq. Steve Parsons to become MD. Funded by a minimum A$50M placement.

asset acquisition disposition

First-pass rock chip sampling at the Sioux Lookout property in Ontario returned up to 73.6g/t gold and 15.1g/t, along the same trend as Treasury Metals' 2.9Moz Goliath project. Follow-up results are pending; early-stage, no drilling yet.

drilling result

Pickle Crow Inferred resource rises 530,000oz to 2.8Moz @ 7.2g/t, up 24% from the 2.23Moz of February 2022. It includes a first 133koz from satellite deposits and over 1Moz in the top 250m, supporting open-pit investigation.

resource reserve update

Ray Shorrocks moves from Executive Chairman to Non-Executive Chairman from 1 May 2023. A resource update and further winter assays are still pending, with a regional program to start.

director officer appointment

Firm commitments for a ~A$9M placement of 180 million shares at 5c, a 12.3% discount to the last price of 5.7c. Funds go to winter regional exploration and resource step-out drilling, following December cash of A$5.4M. Lead manager Canaccord Genuity.

capital raising announcement

Tyson step-out hole hit 0.4m @ 1,020g/t gold, the company's highest-grade intersection so far, about 200m below earlier drilling. Tyson is expected to enter the resource for the first time in the March quarter 2023 update. Cash was A$11M at 30 September.

drilling result

Exploration Agreement signed with the Mishkeegogamang Ojibway First Nation, replacing a 2009 MOU and covering all claims in its territory, including regional winter targets. It frames future talks if the project goes to production. 5 million shares issued for nil cash.

material agreement

Rock-chip sampling at the Metcalf prospect, ~6km from the 2.23Moz resource, returned up to 569g/t gold. Near-mine drill hits include 0.4m @ 91.0g/t. Drilling at regional targets starts this quarter; a resource update is set for early 2023.

drilling result

Talia, a previously undrilled banded iron formation 1km from the resource, returned a discovery hole of 5.5m @ 18.0g/t gold from 44.9m. It is shallow and open in all directions; the 50,000m program is now expected to finish in early 2023.

drilling result

Darren Cooke moves from COO to CEO, and William Nguyen (ex-Regis Resources) becomes CFO and Joint Company Secretary from 13 June, filling the gap left by Nicholas Katris. A VP Environment & Community and a Group Chief Geologist are also hired.

director officer appointment

Firm commitments for a A$20M placement of 250M shares at 8c, a 4.8% discount to the last close, to fund further Pickle Crow drilling. Directors also sell about 52.5M shares (~A$4.2M), their first sales, partly to fund option exercises.

capital raising announcement

Pickle Crow Inferred resource rises 514,000oz (+30%) to 2.23Moz @ 7.8 g/t, from 1.7Moz six months earlier. Quartz veins are 1.92Moz @ 9.3 g/t; banded iron is 304,000oz @ 3.8 g/t. Fulfils the expected February update.

resource reserve update

Mithril announced a binding term sheet to sell its Limestone Well vanadium-titanium interest to Auteco for A$500,000, keeping a 10% free-carried interest that Auteco can buy for A$10M. This ends the 2018 farm-in, replacing the earn-in route to 80%.

asset acquisition disposition

Auteco announced a new high-grade vein system, Tyson, at Pickle Crow, with hits like 2.8m @ 17.9 g/t and 1.0m @ 30.1 g/t over ~400m strike and beyond 800m depth. It lies outside the 1.7Moz resource. Resource update now planned February 2022.

drilling result

Follow-up drilling at Carey returned 9.8m @ 3.1 g/t, and a new banded-iron zone north of Shaft 3 returned 10.5m @ 3.6 g/t. Auteco also met the Stage 2 earn-in (C$5M spend) for 70% of Pickle Crow; a further 10% costs C$3M. Next resource update is planned for end 2021.

drilling result

Pickle Crow Inferred resource rises 71% to 1.7Moz (6.6Mt at 8.1 g/t), including 1.47Moz at 10.1 g/t high-grade and a maiden 240,000oz BIF resource at 3.7 g/t. Cost was A$15.25/oz; the new 50,000m program is underway.

resource reserve update

Auteco announced the Carey discovery, with shallow intersections including 20.4m @ 5.3 g/t, suggesting possible open-pit potential. The 45,000m program is finished (166 holes, 45,522m) and the board approved a further 50,000m. Resource update is due next month; cash was $26.8M at 31 March.

drilling result

New high-grade veins found at Shaft 3, including 0.3m @ 315.4 g/t and 1.0m @ 34.9 g/t, plus extensions to known veins. 120 holes for 31,160m are drilled. Drilling will now focus on proving continuity, and the resource update is due to be released in July 2021.

drilling result

Auteco completed the Stage 1 earn-in spending at Pickle Crow, earning a 51% stake in PC Gold Inc. once it issues 100 million shares to First Mining, which needs shareholder approval at a meeting expected in late May 2021. This moves the earn-in towards the 80% cap.

farm in farm out completion

Auteco staked another 176 sq km along strike from Pickle Crow, lifting its tenure to 496 sq km (from about 320 sq km), and is mobilising a fourth rig. The new ground falls under the First Mining earn-in, which can include some or all of it. Resource update now due end of first half 2021.

asset acquisition disposition

Executive Technical Director Sam Brooks resigned, stepping down to focus on Bellevue Gold, given COVID travel limits and the Canadian team now in place. Company says drilling will accelerate, with a third rig expected in coming weeks and regional targets tested early in 2021.

director officer appointment

Pickle Crow Inferred resource rose 170,000oz (20%) to 1,000,000oz at 11.3 g/t, up from the 830,000oz maiden estimate in June. New holes outside the resource returned up to 99.4 g/t over 0.6m. Drilling expanded to 45,000m with a third rig; next resource update expected 1H 2021.

resource reserve update

Auteco launched a fully underwritten placement of about $30.4M at $0.135 per share (about 225m shares, 16.8% of capital), a 10% discount to the last close. Canaccord underwrites. Proceeds accelerate Pickle Crow drilling, following the maiden resource and prior $5.1M raise at 3.5 cents.

capital raising announcement

Maiden JORC 2012 Inferred resource at Pickle Crow of 830,000oz at 11.6 g/t gold (2.3Mt at 3.5 g/t cut-off), delivering the promised Q2 resource. Nine holes drilled, assays pending; a second rig added and program expanded from 5,000m to at least 10,000m.

resource reserve update

Maiden 5,000m diamond drilling has started at Pickle Crow, the first systematic exploration there since the mine closed in 1966. It targets shallow high-grade gold within the top 300m, outside the historical resource areas. The maiden JORC resource is still being prepared.

drilling spud

Auteco has firm commitments for a A$5.1M placement of 145.7m shares at 3.5 cents, a 2.4% premium to the 10-day VWAP. It funds the 5,000m maiden Pickle Crow drilling. Directors' $225,000 portion needs shareholder approval at a June meeting.

capital raising announcement

Formal documents completed with First Mining to earn up to 80% of PC Gold Inc., owner of Pickle Crow, via an incorporated joint venture. It resolves the 45-day term sheet step; a JORC resource is expected in Q2 2020 and drilling in Q2.

material agreement

Auteco signed a binding term sheet to earn up to 80% of the Pickle Crow gold project in Ontario, Canada, from First Mining (historic 1.5Moz at 16 g/t). It also raised ~$1.2M at $0.008 per share, and Ray Shorrocks became Executive Chairman, Steve Parsons joined the board. Formal agreement due within 45 days.

asset acquisition disposition

Maiden six-hole, 1,163m program at Limestone Well hit shallow vanadium-titanium over 8km of strike, e.g. 116m at 0.36% V2O5 and 11.0% TiO2 to end of hole. Mineralisation is open; size evaluation under way. Resolves the drilling thread positively.

drilling result

Maiden reverse circulation drilling has started at Limestone Well, up to 6 holes (~900m) next to Neometals' Barrambie deposit. Auteco can earn up to 80% from Mithril by spending $2.5M over 5 years. It follows the planned June/July drilling.

drilling spud

Auteco has commitments for a $0.5M placement of 100m shares at $0.005 each. It needs shareholder approval, expected mid-March 2019, and would lift cash to about $0.8M. Funds are for Limestone Well and assessing new projects.

capital raising announcement

Auteco placed 180m shares to new investors to raise $360,000 (stated as 0.002 cents a share, which does not match the $360,000 total; the figure is likely 0.2 cents, an inference). Sam Brooks joins as executive director and Michael Naylor as non-executive director. Chairman Glenn Davis steps down and Ian Gordon becomes non-executive.

capital raising announcement

Monax agreed to farm in to Mithril's two Limestone Well vanadium/titanium tenements near Meekatharra, WA, next to Neometals' Barrambie deposit. It can earn 60% by spending $1.5m over three years, and up to 80% for $2.5m over five years. Minimum first-year spend is $150,000.

farm in farm out agreement

Monax withdrew from the Western Queen earn-in with Ramelius, ending the project it entered in September 2017. Recent drilling downgraded the chance of extending the high-grade resource, and pegmatite sampling showed too little lithium to justify more work.

farm in farm out completion

Monax raised $184,968 from sophisticated investors via a placement of 57.8m shares at 0.32 cents each. Funds are for early Moolyella lithium exploration and to review and acquire new battery metals projects.

capital raising announcement

Monax took an option to acquire 90% of the Moolyella lithium, tin and tantalum licence (90km2) in the Pilbara. It pays $18,000 now; exercise costs $50,000 plus 15m shares. Sampling is planned for June quarter, with drilling possible in September quarter.

asset acquisition disposition

The deep diamond hole below the Western Queen pit (MXDD006, 448m) hit the expected zone but returned no significant assays. Monax will review further gold work and is now focusing on acquiring a battery metals project.

drilling result

Chairman Robert Kennedy has died. He was a director since 2004 and founding chairman since the 2005 listing. The board will need a new chair; the text gives no further impact on operations.

director officer appointment

Monax raised $328,000 from existing shareholders via a placement of 82m shares at 0.4 cents each. Funds go to the Western Queen follow-up drilling (900m diamond, 240m RC, 1,000m aircore) and to speed up lithium exploration. Cash was only $0.28M at December.

capital raising announcement

Monax booked a first Western Queen resource of 0.96Mt at 3.9 g/t for 120,000 oz gold (Indicated and Inferred), including 83,000 oz at Western Queen South from its recent drilling. Delivers the resource promised for January; both deposits remain open down-plunge.

resource reserve update

Western Queen South drilling hit 3.3m at 7.98 g/t gold, confirming high-grade continuity at least 60m beyond earlier drilling, and the zone remains open. A resource estimate is now expected by end of January 2018; more drilling follows in the June quarter.

drilling result

Diamond drilling started at Western Queen, with four holes planned at Western Queen South ahead of a new resource estimate. Drilling should finish before Christmas, with results shortly after.

drilling spud

Monax agreed to sell its Croydon gold tenements to Wilson Minerals for $20,000 on completion plus $100,000 on each of mining lease application and grant. It keeps a 2% royalty, which can be bought back for $250,000. Subject to approvals.

asset acquisition disposition

Ian Gordon was made Managing Director from 1 October 2017 on $160,000 a year plus super, after helping bring in Western Queen. His 10m options at 1.5c still need shareholder approval. A resource estimate is planned once drilling finishes.

director officer appointment

Monax raised $502,175 from existing investors via a placement of 111.6m shares at 0.45c each. Funds go to the first drilling at Western Queen, following the farm-in announced a week earlier.

capital raising announcement

Monax signed a binding term sheet to earn 60% of Ramelius's Western Queen gold project (WA) by spending $2m over three years. The site previously produced 188,800 oz at 8.9 g/t; Monax expects a resource estimate in the December 2017 quarter.

farm in farm out agreement

The Share Purchase Plan closed with applications for only 8.4m shares, raising $50,500 against the $800,000 sought. The company says it provides working capital for project due diligence; no drilling funding is mentioned.

capital raising announcement

Managing Director Gary Ferris, in the role since 2009, stepped down immediately but stays on as a geology consultant. Director Ian Gordon takes over managing the company unpaid, with 10m options at 1.5c (subject to shareholder approval), while projects with near-term development potential are reviewed.

director officer appointment

Second Percyville program (15 holes, 991m) hit 10m at 11.1 g/t gold from 7m, plus 12m at 2.1 g/t. Veins are about 10m wide and open along strike and at depth. Further drilling is planned, to be funded from the Share Purchase Plan.

drilling result

Monax launched a Share Purchase Plan to raise up to $800,000 at 0.6c per share (a 20% discount), for up to 133.3m shares. Funds are for Percyville and Croydon work and project due diligence; it closes 7 July 2017.

capital raising announcement

Monax is withdrawing from the Litchfield lithium farm-in to focus on its Queensland gold projects, ending the lithium thread after the postponed drilling. Percyville drilling is due in 2-3 weeks; an IP survey is planned at Croydon.

asset acquisition disposition

Croydon rock chips returned gold up to 263 g/t at Sarina Gem; 18 of 31 samples exceeded 1 g/t. Separately, Iluka has withdrawn from the Phar Lap farm-in, ending the earn-in for up to 80% announced earlier.

drilling result

Monax plans a 16-hole reverse circulation lithium program at Litchfield targeting four areas, starting late April 2017 once the management plan is approved (expected in 4-6 weeks). Percyville IP survey and follow-up drilling are planned for April, and Croydon field work for the coming weeks.

drilling scheduled

Maiden Percyville drilling found shallow gold in 12 of 14 holes, best 19m at 2.85 g/t (including 4m at 9.4 g/t) and a peak of 23 g/t over 1m. An IP survey comes first, with follow-up drilling planned for early 2017.

drilling result

Further Litchfield rock chips gave lithium up to 8.03% Li2O at White Rocks and 7.62% at Tank Hill, above the earlier 7.55%. Costeaning and auger plans submitted, drilling targeted late 2016. Monax withdrew from Bullock Creek to focus on Litchfield.

drilling result

Monax signed a binding term sheet for an option over Percyville mining lease ML 30216 and permit EPM 25370 in Queensland. Cost: 4m shares plus $500,000 within 18 months. Surface samples averaged 10.3 g/t gold, up to 62.5 g/t. A new gold thread.

farm in farm out agreement

The rights issue shortfall was placed to sophisticated investors, raising about $914,000, and the issue was oversubscribed. Total raised now exceeds $1.5m before costs, resolving the shortfall left after weak shareholder take-up. Detailed Litchfield sampling starts next week.

capital raising announcement

Monax signed a binding term sheet to earn 90% of three Litchfield exploration licences in the NT, about 110km south of Darwin, by spending $1.5m on drilling within 24 months. Surface samples assayed up to 7.55% Li2O. A new lithium thread beyond Bullock Creek.

farm in farm out agreement

Rights issue take-up was weak: of 150.4m shares offered, holders took 36.8m plus 17.0m additional, and underwriter Kennedy 5.1m, leaving a 91.4m-share shortfall (about $0.91m at 1.0c). New shares are due 15 July; the company may place the shortfall within three months.

capital raising announcement

Maiden Mt Ringwood drilling gave a best result of 8.6 g/t gold over 1m at Great Northern, with most holes showing anomalous gold above 0.5 g/t. Only narrow quartz zones were hit. Monax plans an IP survey and trenching at Star of the North; no resource defined.

drilling result

Monax plans a partly underwritten 1-for-2 rights issue at 1.0c to raise up to about $1.52m (up to 151.8m shares), a 39.9% discount to the 10-day average price. Funds go to Mt Ringwood follow-up, Bullock Creek lithium, Croydon gold and working capital.

capital raising announcement

Maiden drilling has started at Mt Ringwood: ten holes at Great Northern, Great Western and Star of the North. Drilling should finish within a week, with results expected about three weeks after that.

drilling spud

Monax signed a binding term sheet to earn 80% of Queensland lithium tenement EPM 26053 by spending $500,000 within 18 months. A rock chip assayed 3.55% Li2O. It also applied for an adjoining tenement, adding a lithium project beside its gold focus.

farm in farm out agreement

Monax raised $60,000 from a placement of 12,000,000 shares at 0.5c, a 28.6% discount, to fund a 10-hole maiden Mt Ringwood drilling program starting within 4-6 weeks: five holes at Great Northern, three at Star of the North and two at Great Western.

capital raising announcement

The share purchase plan raised $145,500 from applications for 14,550,000 shares at 1.0c, about 21% of the $706,377 maximum. Shares are to be issued on 29 December, with funds going to Mt Ringwood exploration and working capital.

capital raising announcement

Monax will keep its 10% interest in Western Gawler and form an unincorporated joint venture with Western Areas, with the option to co-fund exploration pro rata. This resolves the 45-day choice over a 10% share or a 1% royalty.

joint venture update

Monax announces a share purchase plan to raise up to $706,377 through up to 70,637,771 shares at 1.0c, a 16.8% discount to the 5-day average price. It opens 26 November and closes 11 December. Funds go first to Mt Ringwood, and a strong take-up would help co-fund Western Gawler at 10%.

capital raising announcement

Gary Ferris will stay on as Managing Director, with a new contract being negotiated, which reverses the three months' notice given on 12 August. Terms will be announced later.

director officer appointment

Western Areas says it has now earned 90% of the Monax Western Gawler ground by spending $1.2m on stage 2, nearly three years early. Monax has 45 days to co-fund as a 10% partner or dilute to a 1% royalty; about 50 more holes are planned this quarter.

farm in farm out completion

Rock chips from the new Mt Ringwood gold project returned four samples above 1,000 g/t gold (up to 3,090 g/t) at Great Northern, plus up to 65 g/t at Great Western and 39.7 g/t at Star of the North. Monax cautions the gold is nuggety; drilling or costeaning is targeted for early 2016.

drilling result

Monax agrees to buy 12 more Mt Ringwood mining leases from Newmarket Gold for $25,000 upfront, with a 45-day due diligence period, $100k on a decision to mine and a 1% royalty. Extends the Pine Creek gold package, with drilling planned early 2016.

asset acquisition disposition

Monax agrees terms to take control of gold leases at Mt Ringwood, Pine Creek NT: 14m shares to four vendors (needs AGM approval) plus a $200k farm-in for 90% of two licences. One of six rock chips assayed 257 g/t gold. Drilling targeted early 2016. A new gold strategy.

asset acquisition disposition

Western Areas reports it has earned 75% of the Monax JV ground after the $800k stage 1 spend and will proceed to stage 2 for 90%, spending $400k in 18 months. 65 holes (5,789m) found mafic intrusions with nickel-copper sulphides confirmed by petrology; no assays yet.

drilling result

Managing Director Gary Ferris has been given three months' notice of termination, which the board attributes to current economic constraints, not performance. The board intends to keep him as a non-executive director afterwards. Follows cash falling to $1.05m.

director officer appointment

Only one of two planned Margaret Dam holes was drilled, to 108.17m. It hit a mafic intrusive at about 76m, thought to be the cause of the magnetic anomaly, not a kimberlite. The core goes for sampling. Maiden kimberlite test showed no kimberlite.

drilling result

Antofagasta will not keep funding Punt Hill, so Monax moves to 100% by issuing Antofagasta 9.99% of its shares and handing back its 51%. Antofagasta keeps a 1.5% royalty. One more Groundhog hole is planned for late 2015.

farm in farm out agreement

A binding farm-in agreement is signed with Iluka for Phar Lap: Iluka can earn 80% of EL 5123 by spending $2m over four years, with $400k committed in two years and a right to withdraw after that. Converts March's term sheet.

farm in farm out completion

Antofagasta is withdrawing from the Millers Creek and Musgrave projects, and Alliance has pulled out of the Maximus farm-in after the single Oliffes Dam hole; the committee judged more drilling not warranted. Monax keeps three Musgrave applications. Reverses February's farm-in.

joint venture update

Drilling has started at Millers Creek, with one diamond hole testing the Oliffes Dam copper-gold target, expected to take 4-5 weeks. Follows the February Maximus farm-in. Results will be reported later.

drilling spud

Monax signs a non-binding term sheet for Iluka Resources to earn 80% of the 100%-owned Phar Lap copper-gold project by spending $2m over four years. Iluka must spend $400k in two years and may then withdraw. A binding agreement is still to be negotiated.

farm in farm out agreement

Maximus Resources signs a 3-year farm-in giving Monax's Alliance vehicle up to 80% of four Millers Creek tenements for US$3m of spending. Resolves the long-running negotiation; first hole at Oliffe's Dam (planned 1,200m) is due late March 2015.

farm in farm out agreement

The Antofagasta Strategic Alliance ended on 24 November 2014 after three years. The Millers Creek and Musgrave projects stay funded by Antofagasta up to US$4m, and the Punt Hill joint venture continues. Millers Creek Maximus farm-in still being negotiated, with one hole planned for late March 2015.

joint venture update

Punt Hill assays: Groundhog hole PHDD1402 returned 96m at 0.47% copper, 0.12g/t gold, including 26m at 1.0% copper and a 1m peak of 7.3% copper. Bottle Hill hole PHDD1401 had no significant assays. Antofagasta-funded; next phase decided by technical committee.

drilling result

Monax reports a potential kimberlite at Margaret Dam in northern South Australia, a magnetic body about 80m deep and 250m long, found from geophysics only. Shallow drilling is planned for early 2015 to test whether it carries diamonds. A new, early-stage thread.

drilling result

Monax signs a farm-in with Western Areas over three Western Gawler Craton nickel-copper tenements (2,046km2). Western Areas can earn 75% by spending $800,000 within 2.5 years, then 90% with a further $400,000. Monax would then fund pro rata or dilute to a 1% royalty.

farm in farm out agreement

Both Parndana holes (450m and 504m) missed the target: the first did not explain the gravity anomaly, the second found too little sulphide to explain the IP anomaly. Monax is running another IP survey to relocate it. Punt Hill drilling starts; Millers Creek drilling is delayed.

drilling result

Monax's alliance with Antofagasta signs an MOU for a second Designated Project: three Musgrave tenements covering 2,195km2. Alliance can earn 51% by spending US$4m within three years of first grant, then up to 80% with a further US$5m. Applications are not yet granted.

joint venture update

Drilling has started at Parndana on Kangaroo Island, up to three holes over about six weeks, testing the gravity and chargeable anomaly. Monax also reports firm commitments for the rights issue shortfall and receipt of the final $290,000 for Waddikee. Phar Lap heritage clearance is complete.

drilling spud

The rights issue closed 22 July with applications for 28,158,294 shares, about $0.591m, against a maximum of 41,998,987. That leaves a shortfall of 14,656,421 shares, which the board may place within three months. The raise fell short of the ~$0.9m target.

capital raising announcement

Archer says the Minister consented to transfer of Waddikee (EL4662) from Monax, completing the $300,000 sale. This resolves the Ministerial consent condition. This is Archer's announcement; it adds nothing new on Monax's side.

asset acquisition disposition

Detailed gravity at Parndana puts the dense, chargeable target at 100-200m depth, shallower than the ~300m first reported. Drilling approval is received, with three holes planned from early August 2014. A smaller second anomaly lies 400m northeast.

drilling scheduled

Parndana's induced polarisation survey found a prominent chargeable body matching the earlier 1km-long dense gravity target at about 300m depth. This follows the March gravity result and lowers exploration risk before drilling; a finer gravity survey is now underway.

drilling result

Monax launches a 1-for-4 entitlement issue at 2.1c to raise up to about $0.9m, with a free option per two shares (exercisable at 4.2c to July 2015). Funds go to drilling the Parndana anomaly, where early IP results show a chargeable body matching the gravity target.

capital raising announcement

Monax says Archer has satisfied the due diligence condition for buying Waddikee for $300,000. Ministerial consent is still needed to complete. Moves the sale forward and provides working capital.

asset acquisition disposition

Monax signed an MOU with an Antofagasta subsidiary for Phar Lap. Antofagasta funds early work including a gravity survey (planned July-August 2014) and may then farm in to earn 70% by spending US$2m within 3 years.

farm in farm out agreement

Monax is placing 17,110,346 shares at 2.55c to Antofagasta's subsidiary, raising $436,314 and making it the largest shareholder. Funds go to the Parndana project on Kangaroo Island and working capital, with an IP survey planned within three weeks.

capital raising announcement

Monax signed a conditional deal to sell Waddikee (EL 4662) to Archer, following its earlier plan to sell or find a partner. The sale depends on due diligence and Ministerial consent; Monax says it may provide capital at a time of reduced access to capital.

asset acquisition disposition

Alliance intends to enter a farm-in agreement with Maximus for Millers Creek, replacing the earlier MoU, after gravity and magnetic surveys outlined a high-priority target at Oliffes Dam. A heritage survey is planned for late June to early July, then a drill hole once the agreement is signed.

farm in farm out agreement

Antofagasta has earned 51% of Punt Hill after funding US$4m, forming a 51:49 JV with Monax. It can reach 70% by spending a further US$5m over four years. Gravity surveys at Groundhog and Bosworth come first, with drilling in the second half of 2014.

farm in farm out completion

Monax signed a deal with Marmota to take full ownership of the Phar Lap copper-gold project (including 75% of its uranium rights, so Monax now holds 100%). In return it gave up its 50% of Ambrosia, Mulyungarie rights and half its Melton JV interest. Drilling targeted mid to late 2014, subject to access and funding.

asset acquisition disposition

Antofagasta approved further Punt Hill drilling (starting Q1 2014), which triggers Phase 2 to lift its stake from 51% to 70% for a further US$5m. Phase 2 extended from two to four years, scoping study dropped; success fee US$10m. Spent US$3.9m so far.

farm in farm out agreement

Rights issue closed 14 Nov with only 3,932,454 shares taken up (about $118k at 3c) out of 48,991,628 offered, leaving a shortfall of 46,139,814 shares. Directors are talking to interested parties and can place the shortfall within three months.

capital raising announcement

Antofagasta's Alliance formed the Millers Creek Designated Project: three Alliance tenements plus Maximus's four, 3,165km2 in the Woomera area. Under Alliance terms Antofagasta holds 51% and Monax 49% of a designated project. Gravity work planned late 2013 or early 2014.

joint venture update

Maximus Resources signed a binding MoU giving Monax Alliance six months' exclusivity on its four Billa Kalina tenements (2,342km2), for US$25,000. Alliance can then farm in to earn 80% by spending US$3m. This adds a new Alliance copper-gold prospect.

farm in farm out agreement

Monax plans a 1-for-3 non-renounceable rights issue at 3c per share to raise about $1.5m, a 15% discount to the 30-day VWAP. Funds go to Wilclo South metallurgy, Francis drilling, graphite marketing and working capital. Shortfall may be placed by directors.

capital raising announcement

Antofagasta will extend the Strategic Alliance a third year, providing up to US$400,000 for copper project review. Punt Hill spend is about US$3.9m, still short of the US$4m needed for 51%. Wilclo South metallurgy and graphite marketing to start.

joint venture update

Maiden Inferred resource at Wilclo South, Waddikee: 6.38Mt @ 8.8% graphitic carbon, about 550,000t contained graphite (5% cut-off), including 1.75Mt @ 12.5%. Delivers the resource awaited since April drilling; metallurgy and Francis drilling planned next.

resource reserve update

Final Wilclo South assays include 10m @ 24.4% graphitic carbon and 12m @ 17.5%, with up to 45% over one metre. AMC Consulting's JORC resource is now expected by late July 2013, slipping from the earlier late-June target.

drilling result

The Alliance withdrew from the Falcon Minerals option over two Peake-Denison tenements after gravity modelling showed no suitable large copper-gold target. This ends the option signed in December 2012; the US$25,000 upfront payment appears spent for no result.

material agreement termination

Monax signed a term sheet with Fortescue's FMG Resources for the Reedy Lagoon copper-gold project (EL 5026), giving an exclusive due diligence period and a right to negotiate a farm-in. Terms are non-binding and access to the tenement is not yet granted.

material agreement

Francis, a second graphite prospect at Waddikee, returned 15m @ 20.7% graphitic carbon and 12m @ 21.9%, with up to 38.1% over one metre. This adds a second high-grade zone alongside Wilclo South; Wilclo South results are due in 4-6 weeks.

drilling result

RC drilling began at Waddikee, mainly at Wilclo South, where earlier holes gave 15m @ 16.3% graphitic carbon. Limited drilling at Francis and Argent. Expected to take 4-6 weeks, aiming for an inferred resource by mid-2013.

drilling spud

The seven-hole Punt Hill program (6,875m) finished mid-December. Beyond the 75m @ 0.2% Cu in MMDD01, the remaining holes found no extensive mineralisation; Monax turns to other areas. Wilclo South graphite extends to ~2.5km, with RC drilling planned for early 2013.

drilling result

Monax Alliance signed an option to buy two Falcon Minerals tenements (Peake-Denison, northern SA) for US$25,000 upfront, then US$50k, US$75k and US$250k over three years, plus US$10m on a decision to mine. They join the first Designated Project; a gravity survey comes first.

material agreement

First Punt Hill hole of the 2012 program (a re-entry of MMDD1) returned 75m @ 0.2% copper from 990m, including 10m @ 0.72% copper. Skarn alteration widens the prospective area. Four holes are done; the other three found no or weak mineralisation. Antofagasta funds the program.

drilling result

Monax Alliance withdrew from the ERO Northern Gawler Craton term sheet. Its gravity survey over the Welbourn Hill target found no suitable target for a large copper-gold body. This ends the thread opened on 10 September, with no farm-in.

material agreement termination

Monax Alliance, the Antofagasta-backed vehicle, signed a non-binding term sheet with ERO Mining for four months' exclusive due diligence on the Northern Gawler Craton copper-gold project, with a 900-station gravity survey planned. An 80% farm-in is possible but terms are not final.

material agreement

Maiden Waddikee graphite drilling hit 15m @ 16.3% graphitic carbon and 9m @ 14.8% at Wilclo South, now the main focus. Lacroma gave 60m @ 6.6% (not considered economic). Balumbah, Cut Snake and Wilclo were weak, with no further work planned at Cut Snake or Wilclo.

drilling result

Diamond drilling began at Punt Hill under the Antofagasta farm-in, funded by its US$2.5m budget. Seven to eight holes are planned from 14 identified sites, testing a skarn system well over 10km long.

drilling spud

Monax began its first graphite drilling at Waddikee: about 58 holes totalling 4,700m across seven priority targets, expected to take about four weeks. A follow-up program is planned for late 2012 after the cropping season.

drilling spud

OM Manganese withdrew from the Waddikee farm-in without earning any interest, so Monax keeps 100% of the project. This ends the A$2m manganese/iron earn-in and leaves Monax free to pursue graphite and iron.

farm in farm out completion

Antofagasta approved up to US$2.5m for 2012 Punt Hill exploration, taking total spend to US$4m over the first two years; about US$1.5m is already spent. A MIMDAS survey starts in 4-8 weeks, with six to eight holes planned for 2H 2012.

farm in farm out completion

After a project review, Monax will focus on South Australia and let the Chile iron sands option lapse. Punt Hill MIMDAS survey is due shortly with drilling in 2H 2012; a new Phar Lap copper-gold project has two targets; four alliance project areas are under application.

other

Monax's board approved a graphite-focused exploration strategy at Waddikee, after finding more than 20 historical drill holes reporting graphite. Mapping and sampling come after the manganese drilling, then drilling. This is a new direction beyond manganese; no assays yet.

other

Monax withdrew from the Percyvale gold option after July drilling (best 8.94 g/t) did not confirm surface grades commercially. Pretender Creek bauxite auger drilling found no significant thickness below the surface capping. Punt Hill assays are due early February 2012.

asset acquisition disposition

Monax signed a South Australian copper exploration alliance with Antofagasta, extending the Punt Hill relationship. Antofagasta provides US$1m over two years, earns 51% on each project then up to 70% for a further US$4m, plus a US$3m success fee per project.

farm in farm out agreement

Monax signed a 90-day option over the Huentelauquen iron sands project in Chile (four leases, 855 ha), with SKM engaged for a scoping study. This is a new direction beyond its South Australian and Queensland projects. No price was given in the text.

material agreement

Drilling started at Punt Hill: four holes totalling 3,200m on gravity targets, three on the shallower Yeltacowie tenement (EL 4548). Funded by Antofagasta under its farm-in; about 50 days, results late 2011 or early 2012.

drilling spud

Maiden drilling began at the Pretender Creek bauxite project in Queensland: about 180 holes across three 100% Monax tenements, previously sampled up to 44.5% Al2O3. It takes three to four weeks; results are due late 2011.

drilling spud

Marmota reported Melton Phase 2 results at the Miranda target: 9m @ 1.03% Cu including 1m @ 2.25% Cu in hole MIRDD08, with copper mineralisation over at least 1.3 km. A Phase 3 program is being considered with Monax (50% partner).

drilling result

Monax bought exploration licence EL 3922 on Yorke Peninsula, lifting its holding there to four licences covering 401 km2. Past drilling on it hit 5.3m @ 1.66% Cu. Soil sampling and aircore drilling are planned for about December 2011.

asset acquisition disposition

Waddikee drilling found the project's best manganese yet at the new Hodgins prospect: 20m @ 23.8% Mn and 10m @ 29.2% Mn in hole HRC05. Mineralisation appears limited to a small area under cover, so auger sampling is planned next. Iron results were also reported.

drilling result

Monax will buy two of the five Pretender Creek bauxite tenements (EPM 16963 and 17005) from Delminco for $50,000, exercising part of its January 2010 option. Initial sampling showed up to 44% Al2O3. Drilling is planned after the 2011 wet season.

asset acquisition disposition

Monax will withdraw from the Callabonna bauxite option (three Cape York tenements) and focus on Pretender Creek. Exploration is planned for April-May 2011 after the wet season. This narrows the Cape York portfolio built earlier.

asset acquisition disposition

Monax signed an option with Antofagasta PLC over Punt Hill: Antofagasta can earn 51% by spending US$4m over 4 years, then a further 19% for US$5m more, plus a US$10m success fee on a development decision. This delivers the JV long sought.

farm in farm out agreement

Five Cape York bauxite tenements (Pretender Creek, from the Delminco option) are granted, about 160km southeast of Aurukun, with native title agreements in place. Exploration starts in weeks; two more tenements still pending. This resolves the earlier grant wait.

regulatory community update

Monax is narrowing to Punt Hill copper-gold and Cape York bauxite for the rest of 2010, relinquishing non-core tenements. Waddikee and Melton wait until after harvest (December). Punt Hill JV interest is received, and Cape York grants are expected by end of August.

other

Marmota reports first Melton results: Miranda hole MIRDD01 hit 21m @ 0.11% Cu from 451m, including 3m @ 0.42% Cu. Two other holes show visible sulphides, with assays pending. This is weak but anomalous copper; Monax holds 50%.

drilling result

RC drilling began at Waddikee's Jamieson Tank: about 87 holes for 5,200m, testing the auger results. OMM must fund $2m over four years to earn 60%. Drilling should take 5-6 weeks, with results due late July 2010.

drilling spud

Monax has firm commitments for a placement of about 5.5m shares at 10 cents to raise $550,000 before costs, earmarked for the new Cape York bauxite tenements. It uses the company's 15% capacity, so no shareholder vote is needed.

capital raising announcement

Monax optioned three more Cape York bauxite applications (about 385 km2) from Callabonna Uranium for a $50,000 fee, lifting its Cape York access to 11 tenements and 2,272 km2. Later payments: $500,000 after year one, $250,000 to buy, $2m after a pre-feasibility study.

asset acquisition disposition

Monax signed an option over four granted gold mining leases at Percyvale, northern Queensland, with historic high-grade rock chips (up to 608 g/t) and past drilling such as 5m @ 12.5 g/t. Monax calls it a new strategic push into northern Queensland; price terms not shown in the text.

asset acquisition disposition

Marmota began maiden drilling at Melton, a ten-hole program testing three of five targets, starting with Miranda. Phase one should take about ten weeks. Marmota will reach its 50% earn-in during it, and Monax is expected to contribute to keep its share.

drilling spud

Monax signed an option deal with Delminco for five bauxite tenement applications on Cape York, Queensland (about 1,358 km2), paying $50,000 for one year, with $500,000 to buy outright. It also applied for three more, taking the total to about 2,002 km2. This is the first new project under Ferris.

asset acquisition disposition

The rights issue shortfall was fully placed: about 19.8m shares and 9.9m options raised about $1.5m. Acorn Capital became a substantial holder at about 6.6%. Monax says it will have over $5m in cash, resolving the rights issue thread.

capital raising announcement

The rights issue raised only about $1.26m of the targeted $2.7m, with 10.9m shares taken up and 5.9m applied for as extras. The 18.36m-share shortfall is to be placed to raise a further $1.37m.

capital raising announcement

Monax announced a 1-for-3 non-renounceable rights issue at $0.075 a share to raise about $2.7m, up to 36.6m shares, with a free 15c option expiring 30 Nov 2011 for every two shares taken. Funds go to Punt Hill and Melton drilling, a Kangaroo Island survey and new projects. It follows the September raising.

capital raising announcement

The SPP was oversubscribed and closed early, raising about $1.83m, around 24.35m shares, scaled back. With the $0.79m placement, the total is about $2.6m before costs. Funds go to Punt Hill, Kangaroo Island, keeping the Melton interest, and new projects.

capital raising announcement

Monax placed about 10.5m shares at $0.075 to raise $790,000 from Chinese and Australian sophisticated investors, lifting shares on issue to 81.18m before the SPP. Funds go to Kohinoor, Punt Hill gravity, Waddikee working capital and new opportunities.

capital raising announcement

Marmota reports a new uranium prospect at Mulyungarie from its 24-hole program: 18 holes showed gamma anomalies, six at 100ppm eU3O8 or more, best 256ppm. Follow-up drilling is planned for October 2009. Marmota is earning 70% of uranium rights from Monax.

drilling result

Monax announced a Share Purchase Plan at $0.075 a share, up to 21.19m shares (about $1.59m), a 25% discount to the prior close. Funds go to Kohinoor drilling and Punt Hill gravity; the company is reviewing all projects to streamline spending, and Waddikee work is fee-for-service.

capital raising announcement

OM (Manganese), a subsidiary of OM Holdings, can earn 60% of ferrous minerals at Waddikee by spending $2m over four years, with $250,000 minimum in year one. Subject to 90-day due diligence. Monax stays operator. Follows the 2008 beneficiation results.

farm in farm out agreement

Gary Ferris becomes Managing Director from 1 September 2009, replacing Michael Schwarz. He is a geologist with 18+ years' experience, formerly MD of InterMet Resources. The company says it will focus on strategic alliances and joint ventures. This resolves the leadership vacancy.

director officer appointment

Marmota can earn 50% of Monax's Melton copper-gold-uranium project on Yorke Peninsula (two tenements) by spending $400,000 over two years. It is a new joint venture, adding to the existing Marmota deals with Monax.

farm in farm out agreement

Managing Director Michael Schwarz, who joined in November 2005, resigned effective 31 August 2009. No reason is given in the announcement.

director officer appointment

Early lab tests on two Jamieson Tank samples lifted manganese from about 20% to 42.5% (80% recovery) and 18.7% to 34.7% (88% recovery). Laboratory conditions, not plant-scale. Spiral testing and a Pollinga sample test are still to come.

drilling result

Punt Hill hole GHDD6 returned 159m @ 0.47% Cu, with 17m @ 1.1% Cu within it. The extended GHDD2 also hit copper over its extension. Described as the best results to date there; the company is now reviewing data to plan next steps. Resolves the pending Groundhog results.

drilling result

Waddikee drill assays confirm manganese in all eight Jamieson Tank traverses, with intercepts of 1-22m above 10% Mn and 1-4m above 20% Mn. Unexpectedly strong iron of 20-34.8% Fe over 12-24m. Mineralisation extends over 2.5km; beneficiation testing has begun. Resolves the pending assays.

drilling result

First-stage Waddikee drilling hit manganese in all eight Jamieson Tank traverses (2-15m down hole, preliminary logging) and in one Pollinga hole (10m). Grades are unknown until assays arrive in about 8 weeks. An inferred resource is the goal if results are good.

drilling result

A 4,000m reverse circulation drill program has started at Waddikee's Jamieson Tank, Pollinga and Hodgins manganese prospects, as planned for May. New mapping extends Jamieson Tank mineralisation to over 5km. The 4-6Mt target is conceptual only.

drilling spud

Monax received firm commitments for a further $0.3m placement at 22 cents, taking shares on issue to 69,047,102. The funds join the $2.55m previously raised by placement and share purchase plan, for Waddikee, Punt Hill and other exploration.

capital raising announcement

Mapping found near-surface manganese at two more Waddikee prospects, Pollinga and Hodgins, supporting a potential 40km strike. Drilling of all three prospects starts in May. The share purchase plan closing was extended to 5 May; the $1.5m placement is complete.

drilling result

Monax secured firm commitments for a $1.5m placement at 22 cents to sophisticated investors, lifting shares on issue to 62,901,705. Funds go to Waddikee manganese and iron ore and Punt Hill. Runs alongside the share purchase plan.

capital raising announcement

Monax announced a share purchase plan for up to $3.7m (16.8m shares) at 22 cents, open to shareholders on the register at 4 April 2008. Funds were for Waddikee manganese and iron ore, Punt Hill IOCG drill targets and a PACE-funded Dingo Hill gold program.

capital raising announcement

Rock chips from the 100%-owned Waddikee tenement returned up to 60.1% iron, 43.8% manganese and 1.13% vanadium oxide. Early surface sampling, not drilling; it builds on the December iron ore review and adds manganese and vanadium as new themes.

drilling result

IP survey at Punt Hill found previously unrecognised fault targets at Groundhog, Needlenose and Woodchuck. GHDD1 and GHDD2 may have narrowly missed a mineralised fault. Follow-up drilling is being scheduled, with no date given.

drilling scheduled

All AGM resolutions passed. The Marmota sale agreements (resolution 5) passed on a poll, 8.96m votes for and 5.07m against. Clears the way for the Marmota uranium deal and its listing.

agm notice

Groundhog hole GHDD4 at Punt Hill gave the best results to date: 122m at 0.47% copper, including 15m at 0.96% copper. It extends Groundhog mineralisation to over 200m of strike and follows GHDD1's 126m at 0.4% copper. Resolves the pending GHDD4 assay.

drilling result

Second Prairie Dog hole PDDD2 at Punt Hill returned 158.2m at 0.32% zinc and 99m at 0.24% copper, including 1m at 7.58% copper. It is a second alteration system separate from Groundhog. Groundhog GHDD4 assays are due mid-November; IP surveys moved to early November.

drilling result

Marmota Energy's IPO is set to raise up to $15m (minimum $7.5m) at 25c a share, with Monax holders getting priority for up to 20m shares. Monax would hold 25.7% if fully subscribed. Shareholder vote is 8 November 2007; an independent expert found it fair and reasonable.

asset acquisition disposition

Monax has received conditional, incomplete expressions of interest from several parties for its 100%-owned Punt Hill project. The board is reviewing options, possibly a joint venture or sale of some or all of it. No offer is guaranteed; advisers appointed.

other

Hoary hole 2 found a roughly 25m zone with copper sulphides near the granite contact, seen as consistent with the model. Prairie Dog hole 1 assays were low-grade (best 13m @ 0.55% Cu). Hole 2 showed bornite veins. Step-out drilling and downhole IP surveys are next.

drilling result

Rights issue closed oversubscribed. Existing holders took up 2,594,563 shares (51.8%), raising $1.82m. Applications for the remaining shortfall of 2,414,891 shares ($1.69m) exceeded the shares available, and directors will allocate them.

capital raising announcement

Monax is forming Marmota Energy to hold most of its uranium projects, conditional on an ASX listing around mid-2007. Monax intends to keep a significant stake and give its shareholders priority in the IPO. Hoary hole 2 drilling is progressing.

asset acquisition disposition

Raising $1.19m via a placement of 1.7m shares at 70c, plus a 1-for-10 non-renounceable rights issue of up to 5,086,667 shares at 70c ($3.56m). Funds the expanded IOCGU drilling at Punt Hill and working capital. Rights issue not underwritten.

capital raising announcement

Prairie Dog hole hit 195m of altered rock from 749m with copper sulphides; Hoary hit 111m of hematite breccia from 877m, read as an unmineralised core. Angled Hoary hole and a follow-up program are now underway at Punt Hill.

drilling result

Groundhog assays show 126m averaging 0.4% copper from 837m, including 14m @ 1.0% Cu and 0.25 g/t gold, plus 17m @ 0.41% rare earths. Monax says it is at the margin of a breccia pipe; drilling will now target higher grades nearby.

drilling result

Woodchuck partial assays beat the first hole: 70m @ 0.41% copper from 683m, including 28m @ 0.82% Cu, plus 18m @ 0.42% rare earths. Lower section assays and Groundhog results are still awaited.

drilling result

First assays: Whistlepig hole returned 60m at 0.13% copper and 0.03 g/t gold from 788m, a low grade. Second and third hole assays await. Sixth hole, Punxsutawney Phil, confirms the second alteration system over 2.3km. Monax plans a second Whistlepig hole.

drilling result

Third Punt Hill hole, Groundhog, found visible bornite and chalcopyrite from 817m to 960m, with basement at 714m. Three holes along 3.6km now show copper sulphides; assays still pending. Rig moves to Wiarton Willy.

drilling result

Woodchuck, the second Punt Hill hole, found visible bornite and chalcopyrite from 620m to 786m, with basement at 589m, 132m shallower than Whistlepig. Second target with copper sulphides; assays pending. Groundhog is next.

drilling result

First Punt Hill hole (Whistlepig) hit altered volcanics at 721m, then hematite breccia with visible bornite and chalcopyrite (copper minerals), still mineralised at 771m. Encouraging but visual only; assays pending. Up to 13 targets remain.

drilling result

Drilling has started at Punt Hill after the rig delay, expected to take 3 to 5 months with each hole 5-8 days. Eleven priority targets are listed, starting with Whistlepig at 250-500m estimated depth. Results to be released as received.

drilling spud

Bonaventura RC drilling confirmed zinc mineralisation over 300m by 250m, with intersections such as 16m at 3.43% zinc in BVRC03. Three southern holes ended in mineralisation. Groundwater stopped holes reaching target depth, so a diamond rig will follow.

drilling result

Monax plans up to $2 million of drilling at Punt Hill: ten holes costing about $1 million, doubling to 20 if results are encouraging. Drilling is expected to start in the second week of August, with 14 priority targets and detailed gravity underway. Targets are expected at 250-400 metres depth.

drilling scheduled

Monax secured a rig for its first Bonaventura drilling, due to start 30 May 2006: at least eight RC holes to 250 metres, about 2,200 metres total. It follows earlier soil work and Havilah's 5m at 26.9% zinc intersection three years ago.

drilling scheduled