Past year: ▲ 24%(29.5c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2023drilling progress report▲ Good
MRN23008 intersected a 19m interval of visible galena in the Western Horizon, about 280m below surface, plus 4m on the Eastern Horizon. These are visual estimates only; assays due July 2023. Step-up hole MRN23009 has started.
1 June 2023admin correction● Neutral
Re-release of the 1 June MRN23007 announcement, adding JORC Table 1 Section 2. No change to the results.
1 June 2023drilling progress report▲ Good
MRN23007 intersected a 20m interval of visible galena along the Shallow Silver Zone, about 150m below MRN23005, plus visible copper sulphides. These are visual estimates only; assays are expected in July 2023.
29 May 2023drilling result▲ GoodMajor
MRN23005 assays returned 31m at 6.1% lead, 139g/t silver (24.8m true width) only 155m below surface, including 2m at 24.7% lead. This confirms the earlier visual result and strengthens the Shallow Silver Zone as a potential early development target.
24 May 2023drilling progress report▲ Good
Conductor test hole MRN14004W1 intersected a 221m down-hole interval of visible copper and iron sulphides, estimated at 60-70m true width, with pyrrhotite dominant over chalcopyrite. These are visual estimates only; assays are expected in July.
15 May 2023security holder rights change● Neutral
483 shares were issued on exercise of $0.30 options, raising $144.90, with 241 secondary options (exercise price $0.60, expiring 30 June 2025) also issued. Includes a cleansing notice; immaterial in size.
27 Apr 2023security holder rights change● Neutral
The second tranche of 5,000,000 director options vested on 27 April 2023. All 10,000,000 director options are exercisable at $0.25 until 19 April 2025 and remain escrowed for 24 months from listing.
20 Apr 2023drilling progress report▲ Good
Visual logging shows a 32m interval of galena in MRN23005, within about 150m of surface, plus 4m in MRN23006; these are visual estimates, not grades, with assays pending. The rig has moved to test the copper-gold conductor via wedge hole MRN14004W1 (planned 1,320m).
18 Apr 2023drilling result▲ GoodMajor
MRN23001 hit 8.7m at 4.5% lead, 237g/t silver, including 4.0m at 4.4% lead, 426g/t silver, about 250m below surface. Target 1 is renamed the Starter Zone; the company calls its Shallow Silver Zone a prime candidate for early development in any future mining scenario.
13 Apr 2023security holder rights change● Neutral
20,984,035 unlisted bonus options (exercisable at $0.30, expiring 19 October 2024), issued to Red Metal shareholders in the IPO, are released from escrow on 19 April 2023. Issued share capital does not change.
4 Apr 2023drilling result▲ GoodMajor
Modelling of electromagnetic surveying from deep hole MRN22005 found a very strong conductor about 200m north, interpreted as possible thicker copper-gold; a follow-up hole is planned. MRN22005 lead-silver assays include 6.45m at 7.2% lead, 35g/t silver, confirming the horizons continue at depth.
16 Feb 2023half year report● Neutral
Half-year to 31 December 2022: loss of $4.54m, against $0.35m a year earlier, as drilling began. The company's share-based payments line is $2.98m, and its exploration expensed line is $0.54m. Catriona Glover is listed as Company Secretary.
24 Jan 2023drilling result▲ Good
Deep hole MRN22005 finished at 1,543.8m, showing visible lead sulphides where the Western and Eastern horizons were predicted. These are visual observations, not grades. Assays are expected in about six weeks, and the hole will be used for down-hole electromagnetic surveying.
16 Jan 2023drilling result▲ GoodMajor
Shallower "Target 1" holes hit very high-grade lead-silver, including 0.75m at 36.6% lead and 4.0m at 11.9% lead. Management cites nearly 5,200m drilled in five months. Deep hole MRN22005 was at 1,310m.
8 Dec 2022director officer appointment● Neutral
Catriona Glover became Company Secretary and Ian Forbes became CFO on 7 December 2022. Ian White resigned from both roles, after about seven months in them.
8 Dec 2022drilling result▲ GoodMajor
Northern Fold lead-silver holes returned wide intercepts: 27.0m at 4.9% lead and 96g/t silver in MRN22002W2, and 27.5m at 3.0% lead in MRN22002W1. The company says the zone may suit bulk mining, subject to further work, and it remains open down plunge.
29 Nov 2022investor presentation● Neutral
AGM investor presentation on exploration progress since listing. The visible text is only disclaimers, with the rest truncated. No new results can be confirmed from it.
24 Nov 2022drilling result▲ GoodMajor
MRN22001 hit 19.2m at 1.83% copper and 1.58g/t gold, within a 122.6m zone averaging 0.55% copper. Re-sampling of historic MRN12004 gave 91.8m at 0.88% copper. Gold-only hole MRN22004 missed its target; a follow-up is planned for 2023.
19 Oct 2022drilling result▲ GoodMajor
First assays from MRN22001A: 33.6m at 0.28% copper and 0.59g/t gold, including 11.0m at 0.51% copper, plus 4.4m at 1.07% copper deeper down. Management says the results support the geological model. Follows the September visual-only update; MRN22001 assays due.
7 Oct 2022other● Neutral
Listing Rule 4.10.19 confirmation that, from admission on 27 April to 30 June 2022, the company used its cash in line with the business objectives in its prospectus. Administrative, with no new figures or results.
29 Sept 2022other● Neutral
Appendix 4G and Corporate Governance Statement filed with the annual report, with governance approved by the board as at 28 September 2022. Administrative, no new business information.
29 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022, the first since listing. It restates Inferred Resources of 30.8Mt at 6.5% lead and 11Mt at 1.6% copper. Drilling began in August and the chair says plans are on track with the prospectus.
20 Sept 2022drilling progress report● Neutral
Re-release of the 15 September visual drilling update with a JORC table attached. The content is the same: visible copper and lead-silver in MRN22001A, with assays due by the end of October.
15 Sept 2022drilling progress report▲ Good
First hole MRN22001A finished at 801.7m, showing visible copper and lead-silver mineralisation by core inspection only. Assays are expected by the end of October, and the daughter hole is still drilling. These are visual observations, not grades.
8 Aug 2022drilling spud▲ GoodMajor
Maiden drilling started at Maronan, the first since 2014. Two copper-gold holes and one lead-silver hole are planned. The copper-gold holes target zones above a historic hole that hit 27.8m at 1.9% copper and 1.6g/t gold.
27 June 2022drilling scheduled▲ Good
Drilling at Maronan is on track to start in July 2022, with a rig secured from DDH1 Drilling. This keeps to the start timing projected in the prospectus.
13 May 2022director officer appointment● Neutral
Ian White, an accountant with 22 years as a listed-company secretary, became Company Secretary and Chief Financial Officer on 13 May 2022. He replaces Patrick Flint as Company Secretary, who resigned.
29 Apr 2022other▲ Good
Shares began trading on 29 April 2022 after the oversubscribed $15.0m IPO. The company plans to remodel the deposit and start a maiden drill program in the September 2022 quarter, building on the existing Inferred Resource.
29 Apr 2022investor presentation● Neutral
Investor presentation dated April 2022 for the listing, covering the Maronan Project. The visible text is mostly disclaimers and the rest is truncated. It repeats information from the prospectus, with no new results.
28 Apr 2022other● Neutral
ASX notice that Maronan Metals was admitted on 27 April 2022, with quotation from 29 April. Confirms the $15,000,000 raising at $0.20 and escrow of 74,999,990 shares and some options to 29 April 2024. Administrative, no new information.
