Past year: ▲ 24%(29.5c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2024security holder rights change● Neutral
Red Metal converted its remaining 4,000,000 performance rights into 4,000,000 fully paid shares on 17 June 2024. The milestones were satisfied earlier (announced 2 January 2024); the shares did not use placement capacity.
13 June 2024capital raising announcement▲ GoodMajor
SPP drew $3.368m of applications versus the $1.5m target, and MMA accepted all eligible applications. 14,033,260 shares at $0.24 will be issued 14 June. With the $5.65m placement, the raising totals about $9m.
What it means for a shareholder
14.0m new shares at A$0.240 to raise about A$3.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 June 2024regulatory community update▲ Good
The Takeovers Panel declined to conduct proceedings on Benjamin Pauley's 20 May application, finding insufficient material to justify further enquiries and no reasonable prospect of a declaration of unacceptable circumstances. This resolves the threat to the placement and SPP.
6 June 2024drilling scheduled▲ GoodMajor
Drilling restarts at Maronan with a Board-approved 7,000-10,000m diamond program, funded by the May raising. It aims to grow the Indicated silver-lead resource in the Starter Zone, infill the Western Horizon and test southern extensions, supporting mining studies later in the year.
24 May 2024capital raising announcement● Neutral
SPP offer opens to eligible shareholders at $0.24 a share, up to $30,000 each (minimum $2,000), targeting $1.5m with scale-back or oversubscriptions possible. The $5.65m placement shares were issued 23 May 2024, so the raising has completed its first stage.
21 May 2024security holder rights change● Neutral
67,295 shares issued on exercise of $0.30 options, raising $20,188.50, plus 33,647 unquoted secondary options at $0.60. Routine minor dilution.
21 May 2024regulatory community update▼ Bad
MMA confirms a shareholder's Takeovers Panel application relating to the 16 May placement and SPP. It is taking legal advice, continuing the raising on an unchanged timetable, and will update shareholders on material developments.
20 May 2024regulatory community update▼ BadMajor
Takeovers Panel received an application from a shareholder, Benjamin Pauley, over trading in MMA shares before the placement announcement. He seeks to defer settlement and cancel or amend the placement. No Panel decision yet; MMA has not commented. Puts the raising at risk.
17 May 2024security holder rights change● Neutral
2,209 shares issued on exercise of $0.30 options, raising $662.70, plus 1,104 unquoted secondary options at $0.60. Routine minor dilution.
16 May 2024capital raising announcement● NeutralMajor
Placement raises $5.65m at $0.24 a share (20% below last trade) via 23,545,168 new shares, led by Veritas. A Share Purchase Plan targets up to $1.5m at the same price. Funds go to the scoping study, Starter Zone drilling and environmental work; the first raise since the 2022 IPO.
What it means for a shareholder
23.5m new shares at about A$0.240 to raise about A$5.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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10 May 2024security holder rights change● Neutral
4,039 shares issued on exercise of $0.30 options, raising $1,211.70, plus 2,019 unquoted secondary options at $0.60. Routine minor dilution.
8 May 2024investor presentation● Neutral
MD investor presentation dated 8 May 2024; visible text is only disclaimers, referencing the 12 March 2024 resource estimate. No new results visible.
2 May 2024security holder rights change● Neutral
33,333 shares issued on exercise of $0.30 options, raising $9,999.90, plus 16,666 unquoted secondary options at $0.60. Routine minor dilution.
29 Apr 2024quarterly activities report▲ Good
March 2024 quarter: restates the new resource (32.1Mt silver-lead incl. 2.1Mt Indicated; 32.5Mt copper-gold) and the April metallurgy results. Revised mining study work has started, with results expected next quarter. Financials not visible.
26 Apr 2024security holder rights change● Neutral
4,849 shares issued on exercise of $0.30 options, raising $1,454.70, plus 2,424 unquoted secondary options at $0.60. Routine minor dilution.
22 Apr 2024security holder rights change● Neutral
28,023 shares issued on exercise of $0.30 options, raising $8,406.90, plus 14,011 unquoted secondary options at $0.60. Routine minor dilution.
19 Apr 2024other● Neutral
Escrow release on 29 April 2024 of 84,499,990 shares (held by Red Metal), 7,015,965 $0.30 options, 10,000,000 director options and 4,000,000 performance rights. Issued capital unchanged; resolves the escrow thread for these securities.
19 Apr 2024listing compliance notice● Neutral
ASX queried whether the 15 April option cleansing notice was defective, as the market-sensitive metallurgy release came two business days later. MMA says it was aware of the information, but the notice wasn't legally required, so it proposes no further action.
17 Apr 2024other▲ GoodMajor
First metallurgical tests on pyroxene-hosted lead-silver ore gave 95% lead and 84% silver recovery, with concentrate up to 1,485 g/t silver at 51% lead. Copper ores gave 85-90% recovery and 25-27% copper concentrate, so saleable product looks feasible. Early-stage; follows the March resource.
15 Apr 2024security holder rights change● Neutral
5,522 shares issued on exercise of $0.30 options, raising $1,665.60, plus 2,776 unquoted secondary options at $0.60. Minor routine dilution with cleansing notice.
9 Apr 2024security holder rights change● Neutral
14,922 shares issued on exercise of $0.30 options, raising $4,476.80, plus 7,461 unquoted secondary options at $0.60 expiring 30 June 2025. Minor routine dilution with cleansing notice.
2 Apr 2024security holder rights change● Neutral
1,242 shares issued on exercise of $0.30 options, raising $372.60, plus 621 unquoted secondary options at $0.60 expiring 30 June 2025. Tiny routine dilution; includes a cleansing notice.
13 Mar 2024investor presentation● Neutral
Brisbane Mining Investor Conference presentation by the MD, restating the 12 March 2024 resource (32.1Mt silver-lead, maiden 2.1Mt Indicated; 32.5Mt copper-gold). Cash was $2.02M at 31 Dec 2023; 159.5m shares. No new results.
12 Mar 2024resource reserve update▲ GoodMajor
Updated resource gives a maiden Indicated Resource of 2.1Mt at 5.3% lead, 155g/t silver within the Shallow Starter Zone, within 100m of surface. Starter Zone total is 11.1Mt at 5.3% lead. Copper-gold Inferred grows to 32.5Mt at 0.84% copper; new gold-only 1.8Mt at 1.24g/t. Replaces the 2015 estimates.
27 Feb 2024half year report● Neutral
Half-year to 31 December 2023 loss was $3.31m, versus $4.54m a year earlier. Report confirms the 16,784m drill campaign finished and Red Metal's performance rights milestones were met. No subsequent events flagged; cash balance not visible.
5 Feb 2024investor presentation● Neutral
Conference presentation by the MD at the NSW/QLD mining conference describing Maronan as one of Australia's largest, highest-grade undeveloped silver resources. Visible text is disclaimers only; no new results.
23 Jan 2024quarterly activities report▲ Good
December 2023 quarter: the 16,784m drill campaign is complete, with results largely repeating earlier announcements. A resource review and revised mining study are targeted for H1 2024, baseline environmental studies began, and a 2024 drilling program is being planned. Cash figure not visible.
2 Jan 2024security holder rights change● Neutral
Both milestones on Red Metal's 13,500,000 performance rights were met by five 2022/23 holes. Red Metal converted 9,500,000 rights into shares on 29 December 2023, escrowed; 4,000,000 rights remain unconverted. Resolves the performance rights thread and adds new shares.
2 Jan 2024security holder rights change● Neutral
Parent Red Metal says converting 9,500,000 performance rights lifts its holding in Maronan from 50% to 52.98%. It calls the stake a primary asset and long-term support; says a resource update and scoping study results are due shortly.
20 Dec 2023drilling result▲ GoodMajor
MRN23022, the final hole of the 2023 program, hit 8.4m at 17.1% lead, 112g/t silver on the Western Horizon, a 100m step-out from historic hole MRN07001. Western Horizon is flagged as a priority for future drilling; resource update due H1 2024.
