Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2018drilling progress report▲ Good
Two of seven 2018 Redmoor holes are complete, with tungsten mineralisation seen to 715m depth; assays are due in September. Cornwall Resources received a £101,000 R&D tax refund. A Phase 2 decision (about 8 holes) is due in September.
26 July 2018investor presentation● Neutral
Presentation for the 26 July EGM recapping Redmoor (4.5Mt resource, 4-6Mt target, PFS planned first half 2019) and Lochinvar. No new results; repeats known facts.
26 June 2018capital raising announcement▲ Good
Tranche 1 of the placement completed, raising $728,000 from 112m shares at 0.65c. Tranche 2 ($872,000) and a CPS broker fee in shares go to a 26 July meeting. Drilling restarted at Redmoor on 22 June; NAE keeps its 50%.
What it means for a shareholder
112m new shares at A$0.0065 to raise about A$728,000. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (153,846 at the issue price), your slice goes from 0.0273% to 0.0228% of the company. To keep it you'd need 30,613 more shares - about A$199 at the issue price.
Create a free account to see this worked out for your own holding.
19 June 2018capital raising announcement● NeutralMajor
NAE raises $1.6m by placement of 246.2m shares at 0.65c, in two tranches (second needs shareholder approval). Funds its £332,000 share of Redmoor drilling. This is well below the 1.5c May 2017 placement price. Shares on issue will be 711.8m.
What it means for a shareholder
246m new shares at A$0.0065 to raise about A$1.6m. That's 35% dilution: every existing holder's slice gets 35% smaller. If you held A$1,000 of shares (153,846 at the issue price), your slice goes from 0.0341% to 0.0221% of the company. To keep it you'd need 84,011 more shares - about A$546 at the issue price.
Create a free account to see this worked out for your own holding.
28 May 2018drilling scheduled▲ GoodMajor
Preliminary studies on the 4.5Mt Redmoor resource were encouraging, so a 5,000-10,000m drilling program restarts in June. Phase 1 (4,000m) is funded by a £664,000 underwriting and loan from partner SML. Resource update expected by end-2018. The company says the studies are not a JORC Scoping Study.
20 Mar 2018resource reserve update▲ GoodMajor
Redmoor high-grade Inferred Resource is now 4.5Mt @ 1.00% SnEq, almost double the 2015 high-grade estimate. A new Exploration Target of 4-6Mt @ 0.9-1.3% SnEq sits below it. A phased drilling program and scoping studies are underway, with a pre-feasibility study aimed for 2019.
15 Mar 2018half year report● Neutral
Half-year to 31 December 2017 shows a $1.256m profit, driven by reversal of a $1.708m prior-year Lochinvar impairment, rather than operations. Consolidated cash was $0.88m, plus £0.11m in Cornwall Resources. Redmoor resource update now due before end-March; Otago showed anomalous gold.
11 Dec 2017drilling result▲ GoodMajor
All 5 Phase 2 Redmoor holes hit high-grade zones, averaging 8.4m @ 1.34% SnEq. CRD019 found 7.00m @ 2.63% SnEq, extending the zones 180m deeper and still open. Resource update is on track for Q1 2018, and the joint venture wants to speed development.
3 Nov 2017investor presentation● Neutral
Notice that Managing Director Gary Fietz will present on Redmoor at the Beer & Co Tin Conference in Melbourne on 8 November 2017. The attached slides recap the known joint venture, drilling and community position; no new results.
1 Nov 2017drilling result▲ GoodMajor
Final 5 Phase 1 Redmoor holes returned higher grades, e.g. CRD013 7.41m @ 2.11% SnEq and CRD015 15.03m @ 1.01% SnEq. NAE and SML will each fund a further £180,000 total for 2 more Phase 2 holes (5 total), resource update and 2018 overheads. Resource update still Q1 2018.
25 Oct 2017annual report● Neutral
Annual report to 30 June 2017, lodged again with the same chairman's letter as the earlier 2 October notice: Redmoor results exceeded expectations, Lochinvar partner talks continue, Otago area reduced, and the board is evaluating other assets. No new information.
2 Oct 2017annual report● Neutral
Annual report to 30 June 2017. The chairman says Redmoor results exceeded expectations, Lochinvar partner talks continue, and Otago ground has been reduced. The board is also evaluating other assets to add. Auditor now listed as RSM Australia.
2 Oct 2017other● Neutral
Appendix 4G and corporate governance statement lodged with the 2017 annual report, current at 30 September 2017. Compliance paperwork with no operational substance.
7 Sept 2017drilling result▲ GoodMajor
First 10 Redmoor Phase 1 holes returned high-grade intercepts, e.g. 28.2m @ 0.81% SnEq in CRD009, which the directors say exceed expectations. Partners fund the first 3 Phase 2 holes (£150,000), refocused on the high-grade zones. Resource update is expected Q1 2018, later than the late-2017 target.
31 July 2017joint venture update▲ Good
Redmoor Phase 1 is well advanced: 11 holes drilled, with assays back on just over half. The joint venture added 2 holes (15 total), each partner paying £30,000, to firm up the Phase 2 decision. Preliminary results are due before Q3 ends.
31 July 2017drilling result▼ BadMajor
Otago South soil and rock sampling (877 samples) remained inconclusive for gold. NAE applied to relinquish 75% of both permits, cutting holding costs from about NZ$51,000 to NZ$13,000 a year, with a small follow-up planned for Q4. This follows the weak April results.
18 May 2017other● Neutral
Corporate governance statement for the year to 30 June 2016, current at 18 May 2017. Says the board does not use separate committees given company size. Administrative; no operational news.
15 May 2017drilling scheduled▲ GoodMajor
NAE plans a 4-7 hole Lochinvar drilling program targeting shallower coal west and south of the resource, starting Q4 2017 and finishing H1 2018. Budget is about A$1.2M, funded by the placement, SPP and cash, and depends on the SPP raising enough.
9 May 2017admin correction● Neutral
Standard ASIC Class Order 09/425 notice that NAE has met its disclosure obligations, allowing the Share Purchase Plan offer to proceed without a prospectus. Administrative; no substance beyond the 8 May raising.
9 May 2017capital raising announcement● Neutral
Share Purchase Plan offer document and application form sent to eligible shareholders: 1.5c per share, $2,000 to $15,000 parcels, up to $850,000, closing 24 May 2017. Implements the 8 May raising; no new information.
8 May 2017capital raising announcement● NeutralMajor
NAE raised $309,000 by placing 20.6m shares at 1.5c, and offers shareholders a Share Purchase Plan at 1.5c to raise up to $850,000. Funds go mainly to Lochinvar and working capital; strategic partner talks continue for production funding.
What it means for a shareholder
20.6m new shares at A$0.015 to raise about A$309,000. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.0155% to 0.0148% of the company. To keep it you'd need 3,199 more shares - about A$48 at the issue price.
Create a free account to see this worked out for your own holding.
26 Apr 2017investor presentation● Neutral
April 2017 investor presentation covering Lochinvar (US$410M NPV scoping update), Redmoor and Otago South gold. Repeats known facts; no new results shown in the readable text.
21 Apr 2017other● Neutral
Link Market Services notice of a Perth office address change from 24 April 2017, listing NAE among many clients. No substance for NAE's business.
4 Apr 2017drilling result▼ BadMajor
Otago South soil sampling (783 samples) found no significant arsenic anomalies, so the planned approach is unlikely to work. One rock chip reached 193ppm arsenic. About NZ$87,000 of the NZ$150,000 budget is spent; Q2 work shifts to historic gold workings, with results due in July.
24 Mar 2017investor presentation● Neutral
Presentation repeating the 15 March Lochinvar scoping study update: NPV US$410M, IRR 27%, first production 2022, 111Mt resource. No new information.
22 Mar 2017drilling spud▲ GoodMajor
Drilling started at Redmoor on 21 March, on schedule, with two Energold rigs. Phase 1 is 13 holes, expected to finish in Q3 2017. Preliminary results are due in Q3 and final Phase 1 results in Q4; Phase 2 depends on Phase 1 success.
16 Mar 2017half year report● Neutral
Half-year to December 2016: loss $408,581, helped by a one-off $775,753 research and development refund. The RCF loan was fully repaid in January ($109,758), leaving no loans. Otherwise repeats known Redmoor, Lochinvar and Otago updates.
15 Mar 2017resource reserve update▲ GoodMajor
Lochinvar scoping study update lifts base-case NPV to about US$410M (from US$263M in 2014), IRR 27%, using US$160/t coal. First production is now 2022, not 2018. Roughly US$250M of funding would be needed; the study is ±40% accuracy.
2 Mar 2017drilling scheduled▲ GoodMajor
The Redmoor joint venture signed a drilling contract with Energold Drilling for a 23-hole, two-phase program (13 holes, then 10), starting late March. Council approvals are in place and access agreements cover 19 holes. Initial results are expected in the third quarter of 2017.
6 Feb 2017farm in farm out completion▲ GoodMajor
SML paid the £843,649 Redmoor option balance, completing its option. SML and NAE now each hold 50% of Cornwall Resources, with 248,864 new shares going to SML. This resolves the open payment thread and funds 2017 drilling, still planned for the first half.
