Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2020quarterly activities report▲ Good
June 2020 quarter: cash $2.8m after the final A$1.8m Redmoor payment. Otago sampling is finished pending assays, Quartz Hill Pilbara licences were applied for, and Adrien Wing joined the board. Largely repeats earlier announcements.
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.
3 July 2020director officer appointment● Neutral
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.
11 June 2020drilling progress report● Neutral
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.
29 Apr 2020quarterly activities report● Neutral
March 2020 quarter: cash $854K. Two of three $300,000 Redmoor instalments received; the next is due by 30 April and $1.8m by end of June. OPQ and Lammerlaw field work awaits COVID-19 restrictions lifting, building on the APSAR geophysics targets.
23 Apr 2020drilling progress report● Neutral
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.
12 Mar 2020half year report● Neutral
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.
29 Jan 2020quarterly activities report● Neutral
December 2019 quarter: cash $693K. Recaps the OPQ Phase 1 results and the new Lammerlaw permit. The first $300,000 Redmoor instalment arrived in October, with the next due by 31 January 2020. Phase 2 drilling is planned for 2020.
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.
15 Nov 2019agm notice● Neutral
NAE lodges its amended Constitution, approved by special resolution at the 12 November 2019 AGM. Administrative filing; the text provided does not describe what was changed.
23 Oct 2019quarterly activities report● Neutral
September 2019 quarter: cash $653,000. The first of three $300,000 Redmoor instalments was received in October; the Lochinvar South licence was renewed to October 2024. OPQ Phase 1 sampling is done, with 335 samples awaiting assays. Interest in Lochinvar continues.
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.
30 July 2019quarterly activities report● Neutral
June 2019 quarter: cash was $693,506. The Redmoor sale was deferred twice (a A$10,000 postponement fee was paid by SML) and settled after quarter-end on the revised A$300,000-upfront terms. Otago work plans were detailed and Lochinvar interest continues. The office moved on 30 May.
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.
30 Apr 2019quarterly activities report● Neutral
March 2019 quarter: cash rose to $928,711 after the $0.94m placement. Recaps the pending Redmoor sale (first A$2m due 30 May), the Lochinvar North licence and 77-142Mt target, and the Otago permit. Several parties have shown interest in Lochinvar.
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.
Create a free account to see this worked out for your own holding.
