15 June 2021agm notice● Neutral
The general meeting on 22 June 2021 will be held online by Zoom instead of in person because of Victorian COVID-19 restrictions. Shareholders are urged to lodge proxies by 20 June. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 June 2021drilling progress report● Neutral
The maiden Pilbara aircore program finished with 37 holes for ~1,159m, short of the 40 holes and ~2,800m planned. Several targets did not reach modelled depth and may need more drilling. Samples are at the lab; no assay results yet.
20 May 2021drilling progress report▲ Good
Maiden Pilbara aircore drilling restarts on the northern Hemi-style targets after the permit variation was approved, resolving the pause from early May. Up to 40 holes (~2,800m) still planned. The A$3.6m placement is cited as backing the program.
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.
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6 May 2021drilling progress report● Neutral
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.
28 Apr 2021drilling result▲ GoodMajor
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.
22 Apr 2021quarterly activities report● Neutral
March 2021 quarter: cash $3.45m (down from $3.72m). Pilbara drilling began after quarter-end and the southern aeromagnetic survey was flown; Lammerlaw arsenic over 300ppm. Largely repeats earlier announcements.
21 Apr 2021drilling spud▲ GoodMajor
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.
12 Apr 2021drilling progress report● Neutral
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.
7 Apr 2021regulatory community update● Neutral
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.
24 Mar 2021drilling scheduled▲ Good
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.
16 Mar 2021half year report● Neutral
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.
25 Feb 2021drilling scheduled● Neutral
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.
29 Jan 2021quarterly activities report● Neutral
December 2020 quarter: cash $3.72m. Aeromagnetics over the Monterey option licences show several Hemi-style targets, with maiden Pilbara drilling planned for the first half of 2021. Lammerlaw arsenic results above 300ppm continue. Largely repeats earlier announcements.
28 Jan 2021drilling result▲ Good
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.
22 Dec 2020other● Neutral
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.
16 Dec 2020farm in farm out agreement▲ GoodMajor
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.
26 Nov 2020drilling progress report● Neutral
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.
17 Nov 2020drilling progress report● Neutral
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.
5 Nov 2020drilling progress report● Neutral
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.
27 Oct 2020quarterly activities report● Neutral
September 2020 quarter: cash $3.9m after the A$2.18m placement. Pilbara holding is 1,863 km2 after the Monterey purchase, with exploration planned. Otago soil results suggest shear-hosted gold, and two NZ permit applications were lodged. Largely repeats earlier announcements.
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.
30 Sept 2020annual report● Neutral
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.
30 Sept 2020other● Neutral
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.
30 Sept 2020annual report● Neutral
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.
30 Sept 2020annual report● Neutral
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.
29 Sept 2020listing compliance notice● Neutral
ASX lifts NAE's trading suspension following its capital raising and Pilbara acquisition announcement. Administrative notice with no new information.
29 Sept 2020capital raising announcement▲ GoodMajor
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.
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28 Sept 2020listing compliance notice● Neutral
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.
11 Aug 2020drilling result▲ Good
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.