10 Mar 2014other● Neutral
ASX suspended NAE shares at the company's request, pending an announcement about a capital raising. Procedural notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2014drilling spud▲ GoodMajor
First hole of the four-hole Phase 1b infill program started at Lochinvar, aiming to lift part of the 112Mt Inferred Resource to Indicated. This follows the 2013 Phase 1a drilling; the program is stated as fully funded.
3 Mar 2014asset acquisition disposition▲ GoodMajor
NAE was granted the 57km2 Lochinvar South licence (100%) next to Lochinvar on 28 Feb 2014, with a 10-34Mt exploration target. Total exploration target rises to 38-81Mt beside the 112Mt Inferred Resource. No coal has yet been intersected there.
5 Feb 2014investor presentation● Neutral
Coaltrans presentation for Lochinvar restates the 112Mt Inferred Resource, 28-47Mt exploration target, low-ash coal results and rail access. Indicative schedule shows a pre-feasibility study from H2 2014. Enterprise value A$10m. No new results.
3 Dec 2013investor presentation● Neutral
December 2013 Mines and Money presentation repeats Lochinvar's 112Mt resource and plans for 2014 Indicated Resource drilling and a scoping study. Snapshot: share price 4.2c, 258.3m shares, market cap A$10.9m, cash A$3.5m at 30 September.
1 Oct 2013resource reserve update▲ GoodMajor
Maiden JORC Inferred Resource for Lochinvar of 112Mt (Nine Foot 78Mt, Six Foot 34Mt), plus a 28-47Mt exploration target, estimated by Palaris. It meets the early-Q3 plan; 66Mt lies at 200-500m depth. Next: Phase 1b/2 drilling toward an Indicated Resource.
1 Oct 2013investor presentation● Neutral
October 2013 presentation promotes Lochinvar's 112Mt Inferred Resource, rail and port access, and low-ash clean coal results. It compares NAE's A$5m enterprise value with ASX coking coal peers. No new results.
24 Sept 2013annual report● Neutral
2013 annual report (year to 30 June) is led by Lochinvar, which the chairman calls a large, attractive low-ash coking coal project. An initial resource is expected late September, with next drilling in Q4 and a scoping study at end of Q1 2014.
20 Sept 2013investor presentation● Neutral
Announces the Managing Director will present on Lochinvar at a Proactive Investors forum in Sydney on 2 October 2013. Restates that the initial JORC resource is due for release in September.
3 Sept 2013material agreement termination▼ BadMajor
NAE ended its agreement to acquire Colombian coking coal concession FL2-151 rather than pay a US$100,000 instalment due 31 August 2013. It cites difficult markets and being unable to secure drilling rights; it keeps looking at Colombian coking coal with partner Aurora.
20 Aug 2013investor presentation● Neutral
August 2013 Lochinvar investor presentation; the readable portion is mainly competent-person statements and forward-looking disclaimers. No new figures are evident.
29 July 2013drilling result▲ GoodMajor
Phase 1a at Lochinvar is complete: three of four holes hit the Nine Foot Seam (1.42-2.81m coal, 312-327m deep), one found no coal. Maiden resource is now due September, Phase 1b/2 drilling starts Q4, and the scoping study is due Q1 2014.
16 July 2013director officer appointment▲ Good
NAE appoints a Scoping Study Coordinator (Damon Rhodes), Exploration Manager (Donna Sheehy) and Senior Geologist (David Howard) for Lochinvar's Phase 1b/2 drilling and scoping study this year. The company says in-house staffing costs no more than previous contractors.
5 July 2013admin correction● Neutral
Re-release of the 3 July clean coal results solely to add a Competent Persons Statement. The company states there are no other changes.
3 July 2013drilling result▲ GoodMajor
Washing tests on LOI-001 give clean coal at 3.5% ash (Nine Foot, 84% recovery) and 4.0% (Six Foot, 77%), with low phosphorus. Early customer talks suggest sulphur is acceptable. Project now billed as metallurgical coal; Phase 1a drilling is nearing completion.
6 June 2013admin correction● Neutral
Administrative notice that 30,793,564 shares at 6.5 cents were issued on 6 June 2013, the final placement tranche, apparently following shareholder approval (inference). No new information.
16 Apr 2013investor presentation● Neutral
April 2013 investor presentation promoting Lochinvar as a major UK coking coal project. Visible text is mainly disclaimers and competent-person statements; no new figures are evident in the readable portion.
11 Apr 2013drilling result▲ Good
Raw coal tests on LOI-001 show high-volatile bituminous coal with good coking properties; lower Nine Foot section has 8.3% ash and 1.76% sulphur. Washability and fluidity tests are still pending. Follows the March intersection result.
15 Mar 2013half year report▼ Bad
Half-year to 31 December 2012: net loss of about $2.65m attributable to members, up 146%, with revenue of $39,054. Net tangible assets are 2.4 cents per share. Largely recaps Lochinvar, Redmoor, La Miel exit and the placement.
12 Mar 2013drilling result▲ GoodMajor
First Lochinvar hole LOI-001 hit both target seams: Nine Foot 3.41m (2.85m coal) at 311.6m and Six Foot 1.78m (1.66m coal), with 100% core recovery. It twinned a 1983 hole, supporting use of historic data; second hole LOI-005 has begun.
27 Feb 2013resource reserve update▲ GoodMajor
Maiden JORC Inferred Resource for the 100%-owned Redmoor tin-tungsten project in Cornwall: 9.1Mt at 0.69% tin equivalent, plus a 4-6Mt exploration target. Indicative valuation is only US$2-10m. NAE will study development options and consider strategic options.
25 Feb 2013resource reserve update▼ BadMajor
Colombian Cesar project exploration target is trimmed to 250-650Mt from the 200-800Mt reported in 2011, a small cut at the upper end. Deep coal means NAE will seek a strategic partner to fund further work. NAE holds 90%.
18 Feb 2013director officer appointment▲ GoodMajor
Alan Broome AM, a metallurgist with over 40 years in mining, is appointed Chairman, filling the vacancy left by Edwin Stoyle's October 2012 resignation. He chairs several other listed and unlisted mining companies and sits on the Solid Energy board.
23 Jan 2013drilling spud▲ GoodMajor
Phase 1a drilling begins at the wholly owned Lochinvar coking coal project in the UK on 21 January 2013, with first hole LOI001 twinning a 1983 hole that hit seven seams. Flooding delayed the start; first results are due late Q1 2013.
17 Dec 2012asset acquisition disposition▼ BadMajor
New Age walks away from the La Miel coal project in Colombia, skipping a US$500,000 deferred payment due December 2012. Two boreholes, drilled in 2012, hit no coal. Ends the La Miel drilling begun in April 2012; no further obligations to vendors.
11 Dec 2012admin correction● Neutral
Administrative notice that 77,591,051 shares at 6.5 cents were issued on 11 December 2012, the second tranche of the placement, following shareholder approval. No new information.
28 Nov 2012investor presentation● Neutral
December 2012 investor presentation promoting Lochinvar as a major UK coking coal project. Visible text is mainly disclaimers and competent-person statements; no new figures are evident in the readable portion.
25 Oct 2012director officer appointment● NeutralMajor
Chairman Edwin Stoyle, 71, a director since 2005, resigns with immediate effect. He held 4,645,000 shares and 750,000 unlisted options. The company will start recruiting an independent replacement chairman. No reason for leaving is given.
25 Oct 2012annual report● Neutral
Annual report for year to 30 June 2012. Highlights the June 2012 grant of the Lochinvar UK coking coal licence (conceptual target 330-410Mt, acquired for a £12,500 application fee) and Colombian assets including a 3.6Mt coking coal resource at Terranova. Terranova fast-track development was not pursued.
24 Oct 2012admin correction● Neutral
Administrative notice that 7,000,000 shares at 6.5 cents, the first tranche of the placement, are being issued on or about 25 October 2012 without a prospectus. No new information.