25 Mar 2015drilling spud● NeutralMajor
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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2015farm in farm out agreement▲ GoodMajor
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.
10 Mar 2015half year report● Neutral
Half-year to 31 December 2014 shows a net loss of $375,985, against a $6.66m profit a year earlier. Restates known project status; Margaret Dam kimberlite drilling is now described as mid-2015. No new information.
12 Feb 2015farm in farm out agreement▲ GoodMajor
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.
12 Feb 2015farm in farm out agreement▲ Good
Monax confirms the Maximus farm-in: Alliance can earn 80% by spending US$3m over three years, with one Oliffes Dam hole due late March 2015. Antofagasta has funded all work so far. Duplicates the partner's announcement from Monax's side.
21 Jan 2015drilling result▲ Good
The Western Areas-funded high-resolution aeromagnetic survey over Western Gawler Craton is finished, with about six weeks of flying on 100m lines. Interpretation has begun, and a major drilling program is planned for mid-2015 once access approvals arrive. Completes the first work under the October farm-in.
13 Jan 2015joint venture update● Neutral
Marmota (ASX:MEU) announces an airborne electromagnetic survey at its Melton copper project on Yorke Peninsula, due about 19 January 2015, ahead of drilling expected March/April 2015. Monax holds 25% of one covered tenement (EL 5209). Partner's release, no results yet.
15 Dec 2014joint venture update● NeutralMajor
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.
11 Dec 2014drilling result▲ Good
Parndana soil sampling outlines a zinc-lead anomaly matching the new IP anomaly at the Vinco prospect, in an area the earlier two holes did not test. Monax plans drilling in the first half of 2015. Follows the September missed holes.
4 Dec 2014drilling result▲ GoodMajor
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.
1 Dec 2014drilling result▲ Good
Monax finds more potential kimberlite targets near Margaret Dam and applies for three more tenements, forming a new Kimberlite Project. Five targets are also identified on EL 5094 (Algebuckina). Drilling of Margaret Dam is still planned for early 2015. Early stage, geophysics only.
19 Nov 2014investor presentation● Neutral
AGM presentation repeats known project status. Share price was 1.4c (17 Nov), market cap $3.0M, cash $2.4M at 30 Sept, enterprise value $0.6M. Millers Creek drilling planned March 2015; Antofagasta holds 7.99%. No new results.
18 Nov 2014drilling progress report● Neutral
A high-resolution aeromagnetic survey has started at Western Gawler Craton, fully funded by Western Areas under the October farm-in. It should take about five weeks and will help pick drill targets. First work under that deal.
13 Nov 2014drilling result● Neutral
Drilling at Punt Hill is finished: two Antofagasta-funded holes totalling 2,045.5m at Bottle Hill and Groundhog. Core is being cut and sampled, with assay results expected about four weeks after samples are submitted. No results yet.
13 Nov 2014drilling result▲ GoodMajor
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.
20 Oct 2014admin correction● Neutral
Corrected 2014 Annual Report reissued to fix the expiry date of the 4.2c options to 29 July 2015. AGM set for 19 November 2014. No other new information.
9 Oct 2014farm in farm out agreement▲ Good
Western Areas announces farm-in and joint venture agreements with Gunson and Monax over Western Gawler tenements (~2,746km2 combined). For Monax's three tenements it can earn up to 90%, with minimum $0.4m spend over 1.5 years. This is Western Areas' release of the deal Monax announces separately.
9 Oct 2014farm in farm out agreement▲ GoodMajor
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.
24 Sept 2014drilling result▼ BadMajor
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.
24 Sept 2014annual report● Neutral
FY2014 financial report (year to 30 June 2014) with directors' report and board details: Chair Bob Kennedy, director Glenn Davis, MD Gary Ferris. The extract provided shows no financial figures, so nothing new is stated here.
5 Sept 2014price query● Neutral
ASX queried the share price rising from 1.8c to an intraday 2.7c on 4 September. Monax replied it knows of no unannounced information or other explanation and confirmed it complies with the listing rules. Second such query since July.
2 Sept 2014drilling result● Neutral
The detailed gravity survey at Phar Lap, funded by Antofagasta, is finished and modelling of two possible copper-gold targets is under way. Results go to Antofagasta, which then decides whether to proceed to the farm-in (70% for US$2m over 3 years). No results yet.
22 Aug 2014joint venture update▲ GoodMajor
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.
21 Aug 2014investor presentation● Neutral
SACOME breakfast presentation repeats known projects. Shows 214.1m shares, $2.1m cash at 31 July and a share price of 1.8c. Parndana drilling began late July; Punt Hill and Millers Creek drilling are now planned for September. No new results.
31 July 2014drilling spud▲ GoodMajor
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.
25 July 2014capital raising announcement● NeutralMajor
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.
23 July 2014asset acquisition disposition▲ GoodMajor
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.
21 July 2014price query● Neutral
ASX queried the share price rise from 2.1c to a high of 3.3c over 16-18 July. Monax said it knows of no unannounced information explaining it and confirmed it is complying with the listing rules.
9 July 2014investor presentation● Neutral
July 2014 investor presentation restates known projects and plans: Parndana drilling, Antofagasta-funded Punt Hill and Millers Creek drilling in late August/September. Shows 171.3m shares, $1.3m cash (30 May) and a $3.6m market cap. No new results.
9 July 2014capital raising announcement● Neutral
Monax confirms the rights issue prospectus was posted on 8 July 2014 and attaches it. The 1-for-4 offer is at 2.1c to raise about $899,102, repeating known terms. The prospectus lists going concern among key risks.