23 Oct 2017other● Neutral
Appendix 4G governance checklist and statement for the year to 30 June 2017. Administrative filing with no new information on projects or finances.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2017director officer appointment● NeutralMajor
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.
26 Sept 2017annual report● Neutral
Financial report for the year to 30 June 2017, listing the board and noting Gary Ferris resigned as Managing Director on 2 August 2017. The extract provided shows no financial figures, so no result is stated here.
11 Sept 2017capital raising announcement● NeutralMajor
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.
What it means for a shareholder
112m new shares at $0.0045 to raise about $502,175. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Sept 2017farm in farm out agreement▲ GoodMajor
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.
2 Aug 2017capital raising announcement▼ BadMajor
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.
What it means for a shareholder
8.4m new shares at about $0.006 to raise about $50,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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2 Aug 2017director officer appointment● NeutralMajor
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.
31 July 2017quarterly activities report● Neutral
June quarter: Percyville's 15-hole program found shallow high-grade gold (best 10m at 11.1 g/t), with more drilling planned. Croydon sampling reached 263 g/t. Cash was $0.501m at 30 June, down from $0.703m in March.
21 July 2017drilling scheduled● Neutral
Monax plans Croydon drilling at Gilded Rose and Jumbo, aiming for a maiden JORC resource, starting within weeks after approvals and the Share Purchase Plan. Historical hits include 10m at 10.8 g/t gold. More surface sampling is planned at four untested prospects.
20 July 2017drilling result▲ GoodMajor
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.
6 July 2017capital raising announcement● Neutral
The Share Purchase Plan closing date was extended from 7 July to 31 July 2017 so shareholders can review Percyville drilling data. The company says further exploration depends on strong participation. Terms are unchanged at 0.6c per share, up to $800,000.
30 June 2017drilling spud● Neutral
Second-round drilling started at Percyville, up to 10 holes over about a week on the three new IP targets, with results about three weeks later. Monax intends to fund drilling, including Croydon, from the open Share Purchase Plan.
21 June 2017investor presentation● Neutral
June 2017 presentation repeating known Croydon and Percyville results. Shows market cap of $2.7M at $0.006 a share, cash of $0.7M at 31 March and enterprise value of $2.0M. Aim is a maiden Croydon resource.
20 June 2017capital raising announcement● Neutral
Offer documents for the $800,000 Share Purchase Plan at 0.6c per share were released. Eligible shareholders can apply for $500 to $15,000 each; the offer is not underwritten and closes 7 July 2017. No new terms.
14 June 2017capital raising announcement● NeutralMajor
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.
What it means for a shareholder
133m new shares at about $0.006 to raise about $800,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 June 2017asset acquisition disposition● NeutralMajor
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.
2 June 2017director officer appointment▲ Good
Ian Gordon, a former Managing Director of Ramelius Resources and of Flinders Mines, joined the board as non-executive director from 1 June 2017. He will help assess existing projects and new project acquisitions.
31 May 2017drilling result▲ Good
A follow-up IP survey at Percyville outlined three new drill targets (northern, central and deep chargeable features). Drilling is planned within weeks. These are geophysical targets only; no new drilling results.
22 May 2017other▲ Good
Monax was accepted into the federal Exploration Development Incentive scheme and will pass $120,993 of tax credits to eligible shareholders on 23 June 2017, about 0.0264 cents per share. Administrative, no effect on exploration.
17 May 2017drilling result▲ GoodMajor
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.
28 Apr 2017quarterly activities report● Neutral
March quarter: cash fell to $0.703m from $0.92m. Litchfield drilling slipped to mid-May because of the wet season; Croydon field work began in late April, with drilling planned mid-2017. Percyville IP survey due late April.
27 Apr 2017drilling progress report● Neutral
Field mapping and sampling started at Croydon, with a mid-2017 drilling program aimed at a maiden JORC resource. The Percyville IP survey starts within days. Litchfield's 16-hole lithium drilling is postponed by the wet season, pending approvals.
14 Mar 2017half year report▼ Bad
Half-year to 31 December 2016: net loss $811,353 (versus $435,664 a year earlier). Review confirms the roughly $1.5m raising at 1.0c, the Percyville option and the Mt Ringwood withdrawal. Text is truncated, so no balance sheet figures are given here.
9 Mar 2017drilling scheduled▲ GoodMajor
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.
30 Jan 2017quarterly activities report● Neutral
December quarter: cash was $0.92m with $220,000 spent on exploration. Percyville maiden drilling (19m at 2.85 g/t) and Litchfield soil results (up to 1110 ppm Li) recapped; EPM 26203 at Croydon granted; Mt Ringwood withdrawn.
13 Jan 2017drilling result▲ Good
Auger sampling south of EL 28462 found anomalous lithium (over 100 ppm) on the Black Soil plains, adding a further drill target. Up to seven areas now warrant drilling in 2017 after the wet season.
11 Jan 2017drilling result▲ Good
More Litchfield sampling found a new anomalous zone east of Tank Hill (soil up to 190 ppm Li) and a rock chip of 7.25% Li2O. Up to seven areas now warrant drilling; maiden drilling now planned for Q2 2017.
21 Dec 2016drilling result▲ Good
Litchfield soil sampling outlined six priority lithium targets, with lithium up to 420 ppm and 1% tin; Tank Hill reached 230 ppm. Maiden drilling is planned for early 2017 after the wet season. Surface results only, no drilling yet.
20 Dec 2016drilling result▲ GoodMajor
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.
14 Dec 2016drilling progress report● Neutral
Litchfield soil, auger and costean sampling finished, and the maiden Percyville drilling finished (14 holes, 860m); results due within 1-2 weeks. Monax is also withdrawing from Mt Ringwood, ending that gold thread.