Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2019drilling result▲ Good
OPQ Phase 1 assays show 0.1-2.5 g/t gold in 5 shallow hand-held holes, bringing anomalous results to 10 and supporting a roughly 6km potential strike. This is modest, not a discovery. Phase 2 aircore and trenching planned for Q1 2020.
10 Dec 2019regulatory community update▲ GoodMajor
NAE wins the 265 km2 Lammerlaw Prospecting Permit in Otago, NZ, granted 6 December 2019 for two years after a competitive process. It adjoins the OPQ permit and is seen as prospective for Macraes-style gold. Mapping and sampling planned for early 2020.
23 Oct 2019remuneration report● Neutral
The board withdraws the proposal to issue performance rights to directors at the 12 November 2019 AGM, citing recent market performance of its securities. Other resolutions proceed. Directors' pay packages will be reassessed later.
24 Sept 2019resource reserve update▲ Good
A Palaris study finds Lochinvar could start with a cheaper Bord and Pillar mine, with about 33Mt of the existing resource between 200m and 400m deep. NAE plans further study. No resource change or cost figures are given; it builds on the existing 111Mt resource.
11 Sept 2019annual report● Neutral
Annual report to 30 June 2019. The chairman calls the Redmoor sale a success, with A$0.3m received and A$2.7m due over about 9 months. Lochinvar North is called key to the project, and NAE is seeking a strategic investor. The board is now Broome, Wellisch and Layton.
11 Sept 2019annual report● Neutral
Appendix 4G and corporate governance statement lodged with the 30 June 2019 annual report. Administrative filing confirming where governance disclosures can be found; no new operational or financial information.
29 Aug 2019drilling scheduled● Neutral
NAE will restart gold exploration at Otago Pioneer Quartz in mid-September 2019 with Phase 1 mapping and soil sampling, to define targets for later aircore drilling and trenching. Assay results are expected in December. The target strike length is up to 6km.
26 July 2019asset acquisition disposition▼ BadMajor
The Redmoor sale settles, but on weaker terms: SML pays A$300,000 in total up front and the other A$2.7m over 11 months to 26 June 2020, with 5% interest. This replaces the A$2m on completion and A$1m November payment. NAE holds charges, plus an option to convert to SML shares on default.
27 June 2019asset acquisition disposition▼ Bad
Completion of the Redmoor sale, already pushed back from 30 May to 27 June, is deferred again while a revised Share Purchase Agreement is finalised. The A$2m due at completion is delayed, with no new date given.
17 May 2019resource reserve update● Neutral
A high-level mining study by Wardell Armstrong, on the Feb 2019 resource, found Redmoor suited to underground long-hole stoping with backfill; the economic evaluation was called encouraging. No figures given. NAE is selling its 50% stake, so it will not carry this work forward.
13 May 2019material agreement▲ GoodMajor
Binding contracts are signed for the Redmoor sale to SML at A$5m total, with settlement set for 30 May. The structure changes: A$2m at settlement, A$1m on 29 Nov 2019, then A$1m each when Redmoor sales reach A$50m and A$100m. NAE keeps a charge over the CRL shares until the November payment.
15 Apr 2019resource reserve update▲ GoodMajor
Consultants Palaris set a Lochinvar North Exploration Target of 77-142Mt of coking coal, based on historic boreholes showing Nine Foot seam averaging 4.1m. It is conceptual, not a resource, and adds to the existing 111Mt Lochinvar resource.
10 Apr 2019asset acquisition disposition▲ GoodMajor
NAE is granted the Lochinvar North licence (66.5 km2, 100%), adjoining the Lochinvar coking coal project, on 8 April 2019. Year-1 work budget is only £42,500, aimed at a JORC resource from historic data. The company says it could extend the resource and cut the cost of the decline.
9 Apr 2019asset acquisition disposition● Neutral
Completion of the Redmoor sale to SML is scheduled for 30 May 2019, subject to NAE agreeing the Royalty Deed and Mortgage. The board has decided no shareholder approval is needed, contrary to the earlier suggestion that a general meeting might be required.
19 Mar 2019asset acquisition disposition● NeutralMajor
NAE agrees to sell its 50% of Cornwall Resources (Redmoor) to partner Strategic Minerals for about A$5m: roughly A$2m cash at completion, A$1m after 180 days, and a 1.5% royalty capped at A$2m. This reverses the plan to advance Redmoor. Chairman Broome also chairs SML and stepped aside.
15 Mar 2019half year report● Neutral
Half-year to 31 Dec 2018: loss of $447,161 (prior-year half: $1,256,000 profit), with $1,633,677 operating and investing cash outflow. Recaps the Redmoor resource and the Feb 2019 placement, which received its $940,000 on 11 March. No new operating results.
28 Feb 2019capital raising announcement● NeutralMajor
NAE raises $940,500 via a placement of 171m shares at 0.55c, below the June 2018 price of 0.65c. CPS Capital takes its 6% fee in shares, subject to shareholder approval. Funds go to existing projects, new opportunities and working capital.
What it means for a shareholder
171m new shares at A$0.0055 to raise about A$940,500. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (181,818 at the issue price), your slice goes from 0.0255% to 0.0206% of the company. To keep it you'd need 43,680 more shares - about A$240 at the issue price.
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14 Feb 2019resource reserve update▲ GoodMajor
Redmoor Inferred Resource is now 11.7Mt @ 1.17% SnEq, up from 4.5Mt @ 1.0%. Contained metal roughly triples to 137kt SnEq. A mining study is next, and shareholders will then consider steps toward a pre-feasibility study.
24 Jan 2019drilling result▲ GoodMajor
Final four 2018 Redmoor holes all hit mineralisation, with intercepts up to 26.20% SnEq. Across all 12 holes the average grade is 1.81% SnEq, 81% above the current resource. The program finished under budget; a resource update is due in Q1 2019, and CRL received a £138,000 R&D refund.
13 Dec 2018director officer appointment● Neutral
Interest has been received in buying the 100%-owned Lochinvar coal project, which the board wants to sell to focus on Redmoor and Otago. Technical director Neil Hutchison resigned after only two months, to take on other work.
28 Nov 2018investor presentation● Neutral
AGM presentation recapping Redmoor and Lochinvar. It shows a share price of 0.7c, about 712m shares and a market value of $4.98m. Cash was $1.077m at 31 October. No new results.
27 Nov 2018drilling result▲ GoodMajor
Remaining Phase 1 holes and the first Phase 2 hole all returned high grades. CRD028 hit up to 29.68% SnEq, the highest yet at Redmoor. One extra hole (CRD032) was added to Phase 2 within budget. A resource update is planned for Q1 2019, and metallurgical testwork has begun.
26 Nov 2018drilling result▲ Good
September soil sampling at the Otago Pioneer Quartz gold target found anomalous gold up to 0.66ppm, potentially extending the target's strike. The Teviot permit was dropped after no anomalous results. An exploration permit application covering 71.4 km² was lodged with priority status. Next: trenching and drilling.
13 Nov 2018other● NeutralMajor
Directors Wellisch and Hutchison become executives, at $4,000 a month each, to run a new strategy of rationalising projects, cutting costs and seeking new opportunities. Lochinvar coal is no longer a focus and the board will seek to monetise it. Redmoor exploration continues.
18 Oct 2018drilling result▲ Good
Re-release with clarification of the 4 October Redmoor results: CRD023 22.49m @ 1.00% SnEq and CRD024 6.00m @ 2.61% SnEq. Remaining Phase 1 holes are drilled, with final results due November. NAE funds £121,500 for Phase 2. Resource update deferred to Q1 2019.
15 Oct 2018director officer appointment● NeutralMajor
Managing Director Gary Fietz leaves after 8 years as a director, with six months' pay plus a $75,000 bonus settlement. Director Michael Amundsen also resigns. Neil Hutchison, Stephen Layton and Joshua Wellisch join as non-executive directors; Chairman Alan Broome stays and a new MD or CEO is expected.
4 Oct 2018drilling result▲ GoodMajor
Two more Redmoor holes returned high grades, e.g. CRD024 6.00m @ 2.61% SnEq and CRD023 22.49m @ 1.00% SnEq. A Phase 2 of at least 4 holes will follow, with NAE funding £121,500. The resource update is deferred to Q1 2019 to capture a larger resource.
21 Sept 2018annual report● Neutral
Annual report to 30 June 2018. The chairman highlights the doubled Redmoor resource, strong early 2018 drilling and plans for more drilling ahead of a 2019 PFS. Otago soil sampling is awaiting results and Lochinvar is held at 100%. Financials not shown in the excerpt.
21 Sept 2018other● Neutral
Appendix 4G and corporate governance statement lodged with the 2018 annual report, current at 21 September 2018. Compliance paperwork with no operational substance.
20 Sept 2018drilling result▲ GoodMajor
First two 2018 Redmoor holes hit high grades, e.g. CRD022 14.10m @ 1.44% SnEq and CRD021 7.65m @ 1.48% SnEq, up to 180m below earlier intercepts. Directors say these are the best yet and exceed expectations. Additional drilling is under review ahead of a 2019 PFS.
