6 May 2020drilling result▲ Good
More Goldlund results from zones 2 and 3 of the main zone.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2020regulatory community update● Neutral
Update on Springpole: prefeasibility work and permitting both continuing despite the shutdown of field operations.
30 Mar 2020drilling progress report▲ Good
Auteco identified multiple walk-up drill targets at Pickle Crow with a campaign due to start in late March.
24 Mar 2020other material event▼ BadMajor
Demobilised staff and contractors at Springpole and Goldlund as a precaution against covid-19; no cases had occurred at the camps or the Vancouver office.
13 Mar 2020joint venture update▲ Good
Signed the formal documentation for the Auteco earn-in at Pickle Crow, turning January's term sheet into definitive agreements.
6 Mar 2020capital raising announcement● NeutralMajor
Closed the placement at $8.5 million across three tranches, with management and insiders adding to their positions, to fund Springpole permitting and the prefeasibility study.
2 Mar 2020drilling result▲ Good
First results from the Goldlund main zone: 5.36 g/t gold over 21.0 metres, in the existing resource area.
2 Mar 2020capital raising announcement● Neutral
Upsized and closed a second tranche of $5.1 million, taking the placement to $7.6 million with a third tranche to follow.
18 Feb 2020joint venture update▲ Good
Auteco, the partner earning into Pickle Crow, enlarged the land package around it - the earn-in partner spending its own money to grow the asset First Mining still part-owns.
14 Feb 2020capital raising announcement● Neutral
Closed the first tranche of the February placement.
11 Feb 2020drilling result▲ Good
Finished drilling at Goldlund's Miller prospect with 2.23 g/t gold over 33.0 metres, moved the rigs to the Goldlund main zone, and reported a director's resignation in the same release.
6 Feb 2020capital raising announcement● Neutral
Announced a placement of up to $5.0 million with chairman Keith Neumeyer and CEO Dan Wilton among the buyers.
27 Jan 2020joint venture update▲ GoodMajor
Signed a binding term sheet letting Australia's Auteco Minerals earn up to 80% of the Pickle Crow gold project by spending $10 million on exploration over five years, paying First Mining $4.1 million in cash and issuing it 125 million Auteco shares; First Mining keeps a 2% net smelter royalty. Someone else funds the drilling and First Mining keeps a share of the outcome.
15 Jan 2020capital raising announcement● Neutral
Issued the first tranche of shares to Ausenco, about $750,000 worth, and started the Springpole prefeasibility study - the engineer is now being paid in stock as the work proceeds.
18 Dec 2019capital raising announcement● Neutral
Closed the $2.0 million flow-through financing announced two weeks earlier.
4 Dec 2019capital raising announcement● Neutral
Announced a $2.0 million flow-through placement of 7,405,000 shares at $0.27 to fund exploration.
What it means for a shareholder
7.4m new shares at US$0.270 to raise about US$2.0m. That's 1.3% dilution: every existing holder's slice gets 1.3% smaller. If you held US$1,000 of shares (3,704 at the issue price), your slice goes from 0.000663% to 0.000655% of the company. To keep it you'd need 49 more shares - about US$13 at the issue price.
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19 Nov 2019drilling result▲ Good
Goldlund's Miller prospect returned 7.27 g/t gold over 14.0 metres and the drill program there was expanded to 32 holes.
14 Nov 2019material agreement▲ GoodMajor
Hired Ausenco to take Springpole from an economic assessment to a prefeasibility study, with Ausenco taking restricted First Mining shares instead of cash and becoming a shareholder. Engineering paid for in equity rather than money the company did not have.
25 Sept 2019drilling result▲ Good
Goldlund drilling returned 4.17 g/t gold over 41 metres.
11 Sept 2019capital raising announcement● Neutral
Material change report formalising the $15 million at-the-market equity program.
21 Aug 2019joint venture update● Neutral
Optioned the non-core Turquoise Canyon property in Nevada to private company Momentum Minerals under a four-year agreement to earn 100%, removing the holding cost while keeping exposure. The start of a long pattern of handing non-core ground to others.
21 Aug 2019capital raising announcement● NeutralMajor
Set up an at-the-market program allowing up to $15 million of shares to be sold into the market at the company's discretion - a standing dilution tap alongside the placements.
21 Aug 2019capital raising announcement● Neutral
The equity distribution agreement with Cantor Fitzgerald Canada behind the $15 million at-the-market program.
24 June 2019drilling progress report● Neutral
Started the 2019 drill program at Goldlund.
12 June 2019drilling progress report● Neutral
Put the money from the May placement to work: update the Springpole economic study and advance its permitting, and drill Goldlund to follow up the 2018 programme. Springpole and Goldlund are named as the two priority assets in a much larger portfolio.
24 May 2019capital raising announcement● Neutral
Material change report formalising the upsized $7.41 million placement of units and flow-through units closed on 16 May 2019.
16 May 2019capital raising announcement● NeutralMajor
Raised $7.41 million in an upsized non-brokered placement: 20,412,995 units at $0.27 and 5,277,777 flow-through units at $0.36. A penny-stock price for a company holding several million ounces of gold in the ground.
What it means for a shareholder
20.4m new shares at US$0.270 to raise about US$7.4m. That's 3.5% dilution: every existing holder's slice gets 3.5% smaller. If you held US$1,000 of shares (3,704 at the issue price), your slice goes from 0.000663% to 0.00064% of the company. To keep it you'd need 135 more shares - about US$36 at the issue price.
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27 Mar 2019resource reserve update● NeutralMajor
Rebuilt two of Goldlund's seven resource domains with the 2018 infill drilling: Zone 1 indicated resources gained 37,950 ounces as tonnage fell and grade rose from 1.65 to 2.16 g/t, while Zone 1 inferred resources lost 219,800 ounces, tonnage dropping from 17.8 to 11.3 million tonnes. Infill drilling firmed up what was there and deleted a chunk of what had only been inferred.
19 Feb 2019resource reserve update▲ Good
Interim metallurgical testing at Springpole, the flagship northwestern Ontario project, pointed to materially better gold and silver recoveries than previously assumed.
17 Oct 2018director officer appointment▼ BadMajor
Jeff Swinoga left as President and chief executive with immediate effect; director David Shaw took over as interim CEO while a search ran. Chairman Keith Neumeyer, who also chairs First Majestic Silver, made the announcement.