Each one in plain English, with the numbers worked through for a shareholder.
11 May 2021capital raising announcement▲ GoodMajor
NAE has firm commitments for a A$3.6m placement of 200m shares at 1.8c, with one free 3c option (expiring 31 Dec 2023) per three shares. Directors take 18m shares, subject to shareholder approval. Funds go to Pilbara and NZ gold exploration and working capital.
What it means for a shareholder
200m new shares at A$0.018 to raise about A$3.6m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (55,556 at the issue price), your slice goes from 0.00456% to 0.00391% of the company. To keep it you'd need 9,111 more shares - about A$164 at the issue price.
Second aeromagnetic survey (220 km2) shows intrusive, shear-hosted gold and nickel-copper-cobalt targets at Bullock Well and Quartz Hill. Northern aircore drilling is paused after 19 holes (611m) for an environmental permit variation; assays expected in several weeks.
Lammerlaw soil sampling outlines two gold-arsenic zones, one 150m wide over at least 2km, with some samples over 50ppb gold. Antimony mine dump rocks gave 1.69g/t gold. Confirms the January arsenic pathfinder results with gold; drill targets not yet defined.
The maiden aircore drilling at the northern Pilbara licences has started, as planned: up to 40 holes, ~2,800m, testing Hemi-style magnetic targets. The first drilling on the Monterey option ground; results will inform the option decision due by 14 July 2021.
NAE starts a second aeromagnetic survey over 210 km2 on its 100%-owned Bullock Well and Quartz Hill licences, south of the Hemi area. Final results are due about three weeks after the roughly five-day flight. No results yet.
Desktop review of the pending Marlborough and Manorburn NZ applications (720 km2) found untested shears and historic anomalies, with field work only after permits are granted. Lammerlaw sampling results remain pending. No new results, only a review.
The maiden Pilbara aircore program (about 40 holes, ~2,800m) is confirmed for mid-April 2021 after the Programme of Works was approved and a KL-150 rig contracted. This turns the earlier plan into a firm start. No results yet.
Half-year to 31 December 2020: loss of $1.64m (prior year $376k), operating cash outflow $928k, cash $3.72m. Wellisch's fee is fixed at $198,000 a year from 16 March 2021. Mostly restates operations already announced.
NAE has prepared a Programme of Works for a 40-hole, ~2,800m aircore program on Hemi-style targets in the northern Pilbara licences. Start is subject to rig availability and approvals. Follows December's aeromagnetics; the option runs to 14 July 2021.
November 2020 soil sampling at Lammerlaw and OPQ found nine samples above 50ppm arsenic, two over 300ppm (max 349ppm), outlining two possible zones, one at least 2km long. Infill sampling follows. Pathfinder results only, not gold.
Chairman's letter reviews 2020: 1,863 km2 Pilbara package, Pilbara aeromagnetic targets, Otago sampling and the two new NZ applications. It restates the A$2.18m placement, including A$616,000 from directors. Largely repeats earlier announcements.
Aeromagnetics show several Hemi-style intrusion targets on the Monterey option licences, with maiden aircore drilling planned for the first half of 2021. The option is extended to 14 July 2021 for CA$100,000 and a A$500,000 exploration spend commitment.
Field crews collected 246 soil samples on 4 regional lines and 30 rock chips at Lammerlaw and OPQ in mid-November 2020, continuing the June sampling. Samples were screened by handheld XRF; assays on anomalies follow. No assay results yet.
NAE begins a detailed aeromagnetic survey over the four Monterey option licences, covering 460 km2 (text also says 420 km2), to look for Hemi-style intrusion targets. Final results are due about three weeks after completion. No results yet.
NAE starts stream sediment, soil and rock chip sampling on seven Pilbara licences, with a 5,835 line-km aeromagnetic survey due 16 November. This is due diligence on the Monterey option tenements, which the company extended by 30 days. No results yet.
13 Oct 2020asset acquisition disposition▲ GoodMajor
NAE applies for two New Zealand prospecting permits, Manorburn and Marlborough, covering 720 km2, 100% owned. Manorburn is about 20km from Santana's Rise and Shine discovery. Adds to Lammerlaw and OPQ in Otago; applications only, early stage.
Corporate Governance Statement for the year to 30 June 2020, filed with the annual report. It says the board is too small to benefit from separate committees, so the full board performs those duties. Administrative disclosure; no new operational or financial information.
Securities Trading Policy restricting dealing in NAE shares by insiders, including closed periods around results and quarterly reports. Administrative policy document with no new operational or financial information.
Annual report to 30 June 2020. Cash was $2.8m after $3.0m Redmoor cash payments. Focus is gold in the Pilbara and Otago, with Lochinvar funding talks continuing. Directors are Broome, Wellisch and Wing; the remaining 14 Otago soil lines are targeted for the December quarter.
Appendix 4G lodged with the 30 June 2020 annual report, pointing to where governance disclosures are found. Administrative filing; no new operational or financial information.
NAE raises about A$2.18m through a placement of 273.25m shares at 0.8 cents, and buys four granted Pilbara licences from Monterey Minerals for 25m shares, lifting its Pilbara holding to 1,863 km2. An option on four more costs 75m shares plus options. Director participation needs approval.
What it means for a shareholder
273m new shares at A$0.008 to raise about A$2.2m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.0141% to 0.0108% of the company. To keep it you'd need 38,430 more shares - about A$307 at the issue price.
NAE's shares are suspended at its own request, pending an announcement on a material capital raising and a proposed acquisition of exploration tenure. Follows a trading halt request of 22 September 2020; an announcement is expected 29 September.
Soil sampling at Lammerlaw and OPQ returned 7 samples above 10ppb gold (up to 33ppb), several with arsenic. One Lammerlaw anomaly extends 1.5km along strike. Encouraging for shear-hosted gold, but small values; 14 more lines and Wacker drilling planned in 2020.
30 July 2020asset acquisition disposition▲ GoodMajor
NAE applies for six exploration licences, the 1,319 km2 Quartz Hill Gold Project in the Central Pilbara, WA, 100% owned. It is about 50km south of De Grey's Hemi discovery. This adds a second gold region alongside Otago; it is early stage and licences are applications only.
Company secretary Adrien Wing is appointed Non-Executive Director, effective 3 July 2020. He holds about 81m NAE shares directly and through related entities (74.76m, 3.0m and 3.2m). The board becomes Broome, Wellisch and Wing; Layton is not mentioned in the text.
30 June 2020asset acquisition disposition▲ GoodMajor
NAE received the final A$1.8m Redmoor payment from SML, completing the cash side of the sale; up to A$2.0m of royalties remain. Fieldwork covered 7 of 21 soil lines (217 soil, 52 rock chip samples); snow stopped the other 14. Assays pending.
NAE's team has mobilised in Otago after COVID-19 lockdown for mapping and soil and rock chip sampling at Lammerlaw and OPQ. About 350 soil samples are planned along 17 lines. This starts the delayed field program; no results yet.
An airborne geophysics review by APSAR identifies priority targets across the OPQ and Lammerlaw gold permits for Macraes-style gold. Mapping and sampling will start after COVID-19 working restrictions lift, so timing of field work is uncertain.
Half-year to 31 December 2019: loss $376,282, versus $447,161 a year earlier, with operating cash outflow of $448,086. Directors remain Broome, Wellisch and Layton. Operations review repeats OPQ, Lammerlaw and Lochinvar Bord and Pillar news already announced.
