25 Oct 2023investor presentation● Neutral
Northern Hemisphere roadshow presentation promoting Green Bay as a high-grade copper-gold project with exploration upside. Repeats known material; no new results appear in the readable text.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Oct 2023security holder rights change● NeutralMajor
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.
23 Oct 2023drilling spud▲ GoodMajor
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.
20 Oct 2023asset acquisition disposition▲ GoodMajor
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.
18 Oct 2023capital raising announcement● Neutral
SPP share issue pushed back to 23 October 2023, as it depends on the Rambler (Green Bay) acquisition completing, now expected 20 October. Trading is expected from 24 October. Only a timing change to the earlier plan.
18 Oct 2023capital raising announcement● Neutral
Supplementary prospectus formalising the SPP increase to A$5M: an extra 80,000,363 shares at 2.5c, so 200,000,363 in total. No shares will be issued under the shortfall offer. Legal paperwork for the already announced upsizing.
What it means for a shareholder
80.0m new shares at $0.025 to raise about $2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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17 Oct 2023capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
200m new shares at about A$0.025 to raise about A$5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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11 Oct 2023other● Neutral
Copy of the company constitution prepared by Hamilton Locke. Administrative document; the readable text shows no stated change or new information.
6 Oct 2023capital raising announcement▲ Good
Share purchase plan received applications well above the A$3M target, so it will close early on 12 October 2023 to limit scale-backs. Shares are expected to be issued 19 October. The board may accept oversubscriptions.
29 Sept 2023other● Neutral
Annual corporate governance statement and Appendix 4G, approved by the board on 29 September 2023. Compliance paperwork with no new business information.
29 Sept 2023annual report● Neutral
2023 annual report. The chairman's letter calls Green Bay game-changing, noting court approval and a pending shareholder vote, and repeats the 2.8Moz Pickle Crow resource and 40,000m drilling plan. Financial statements are not shown in the readable text.
25 Sept 2023investor presentation● Neutral
Sydney roadshow presentation for Green Bay, describing it as a high-grade copper-gold project led by former Bellevue Gold and Northern Star executives. Repeats the known growth plan and resource; no new results are stated in the readable text.
21 Sept 2023other● Neutral
Notice that 534,132 shares will be released from voluntary escrow on 28 September 2023. Administrative, with no new information.
18 Sept 2023director officer appointment▲ Good
Company will talk with parties interested in Green Bay offtake and funding, citing strong inbound interest after the acquisition news. David Southam, a former Mincor managing director, is appointed adviser. No deal is announced; talks concern the period after initial resource growth.
13 Sept 2023security holder rights change● Neutral
Small-holding sale facility completed: 6,165,122 shares from 1,030 holders sold at an average 3.0569c. This resolves the facility set up in May; proceeds are paid around 21 September 2023.
12 Sept 2023asset acquisition disposition▲ GoodMajor
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.
8 Sept 2023capital raising announcement● Neutral
Letter telling eligible shareholders the share purchase plan is open, at the same 2.5c price as the placement, for up to A$3M. It closes 19 October 2023. Repeats the prospectus terms already released, with no new information.
7 Sept 2023capital raising announcement● Neutral
Prospectus for an up to A$3M share purchase plan at 2.5c (120M shares), a matching 120M-share shortfall offer, and 600M shares at a deemed 2.5c for the Rambler acquisition. Offers close 19 October 2023.
4 Sept 2023listing compliance notice● Neutral
ASX notice that the suspension will lift once the acquisition and capital raising announcement is released. Resolves the suspension that began 14 August.
4 Sept 2023capital raising announcement▲ GoodMajor
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.
31 Aug 2023investor presentation● Neutral
Investor presentation for the Green Bay copper-gold acquisition, repeating the deal terms and the plan to grow the resource. It accompanies the acquisition announcement of the same day.
31 Aug 2023asset acquisition disposition▲ GoodMajor
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.
31 Aug 2023other● Neutral
Notice of an investor teleconference and webcast at 9am AWST on 31 August 2023 on the Green Bay acquisition. Administrative, with no new information.
28 Aug 2023listing compliance notice● Neutral
Company asked for its voluntary suspension to be extended to 4 September 2023, still pending the acquisition and capital raising announcement. This pushes back the earlier 28 August target date.
14 Aug 2023listing compliance notice● Neutral
Shares suspended at the company's request from 14 August 2023, pending an announcement of a material acquisition and associated capital raising. The company expected to announce before 28 August.
9 Aug 2023drilling result▲ GoodMajor
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.
13 June 2023investor presentation● Neutral
New corporate presentation with an interactive 3D model of Pickle Crow, stressing near-surface mineralisation outside the 2.8Moz resource and scope for an open-cut operation. No new resource or drilling results are stated.
31 May 2023security holder rights change● Neutral
Sale facility set up for 1,384 holders of parcels worth under A$500 (8.62M shares, 0.37% of shares), at a A$0.031 price. Holders need do nothing to sell, or must return a retention form by 24 July 2023. Company says it cuts admin costs.
4 May 2023resource reserve update▲ GoodMajor
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.
2 May 2023listing compliance notice● Neutral
Trading suspension lifted from 2 May 2023 after Auteco lodged its quarterly activities and cash flow report. Resolves the one-day suspension.