2 July 2020capital raising announcement▲ GoodMajor
Closed the First Majestic silver stream: US$22.5 million payable in three stages for half of Springpole's payable silver production.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 June 2020material agreement● Neutral
The silver purchase agreement itself, setting the terms of First Majestic's US$22.5 million stream over half of Springpole's payable silver.
15 June 2020business combination● Neutral
The share purchase agreement under which Treasury Metals acquires Tamaka Gold and with it the Goldlund project.
12 June 2020asset acquisition disposition▲ GoodMajor
Agreed to sell First Majestic Silver a stream over 50% of Springpole's payable silver for US$22.5 million in staged payments - money for the project that does not dilute shareholders, from a company chaired by First Mining's own chairman Keith Neumeyer.
3 June 2020material agreement▲ GoodMajor
Agreed to sell Tamaka Gold, the subsidiary holding Goldlund, to Treasury Metals, which would combine it with its adjacent Goliath project; First Mining becomes Treasury's largest shareholder and plans to pass most of the Treasury shares and warrants straight to its own shareholders. The second of the two priority assets is being handed to someone else to develop.
28 May 2020other material event▲ Good
Resumed operations in Ontario two months after the covid-19 shutdown.
6 May 2020drilling result▲ Good
More Goldlund results from zones 2 and 3 of the main zone.
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.