Past year: ▲ 100%(34.0c – 88.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 May 2019securities registration● Neutral
Filed a preliminary base shelf prospectus and US registration statement, setting up standing permission to issue securities.
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.
20 Sept 2018drilling result▲ Good
Drilling at the wholly owned Goldlund project in northwestern Ontario cut 5.34 g/t gold over 21.5 metres, part of the 40,000 metre 2018 infill campaign there.
