Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Jan 2017joint venture update▲ GoodMajor
NAE signed a Shareholders Agreement with SML and Cornwall Resources, the Redmoor joint venture company. SML nominated 31 January 2017 to pay £843,648.96 and lift its stake to 50%, two weeks early. The money funds 2017 drilling aimed at the 4-6Mt high grade target.
18 Jan 2017joint venture update▲ Good
SML received US$400,000 from a rail settlement and says it now has enough funds to pay the £843,649 Redmoor option balance by 15 February 2017, lifting its stake to 50% and funding the 2017 drilling. This is SML's statement of intent; payment is not yet made.
12 Jan 2017director officer appointment▲ Good
The Redmoor joint venture appointed geologist Brett Grist as Exploration Manager to lead this year's drilling. NAE says the drilling tender, access and permitting are progressing, keeping drilling on track for the first half of 2017.
9 Dec 2016price query● Neutral
ASX queried NAE's share price rising from 2.5c to 3c on higher volume. NAE said it knew of no undisclosed information, pointing to press on SML and sharply higher coking coal prices.
30 Nov 2016investor presentation● Neutral
Presentation on Redmoor given at London's House of Commons by SML's Peter Wale, restating the known resource, tin outlook and plan of about 23 holes from H1 2017, with an updated resource in late 2017. No new results.
29 Nov 2016drilling progress report▲ Good
Fieldwork has begun at the Otago South permits: geological mapping and arsenic soil sampling by Dr MacKenzie, with consultants sought for bulk sampling. The ~NZ$150,000 program, stated as fully funded, should take about four months to identify drill targets.
23 Nov 2016capital raising announcement▲ GoodMajor
NAE raised $1.384m through a heavily oversubscribed placement of 69.2m shares at 2.0c, led by Peloton Capital, after the earlier raising was pulled. Funds go to Lochinvar, Otago drilling and working capital; Redmoor drilling relies on SML's £844k payment.
What it means for a shareholder
69.2m new shares at A$0.020 to raise about A$1.4m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0139% to 0.0116% of the company. To keep it you'd need 9,608 more shares - about A$192 at the issue price.
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14 Nov 2016asset acquisition disposition▲ GoodMajor
NAE is restarting Lochinvar coking coal work, as hard coking coal has risen over 300% in 2016 to US$307/t. It will assess European steel mill demand and update the 2014 scoping study (NPV US$263M) by early 2017. This resolves the restart question.
10 Nov 2016capital raising announcement▼ BadMajor
NAE cancelled its proposed capital raising, announced after a 8 November trading halt, citing market volatility and advice from its lead manager. No size or price was disclosed. Funding for planned work stays uncertain until a later raising.
4 Nov 2016director officer appointment▲ Good
The Redmoor joint venture hired Jeffrey Harrison, a former Wolf Minerals operations manager, as Community Advisor to handle local engagement and land access for drilling planned in the first half of 2017.
28 Oct 2016joint venture update▲ Good
Redmoor partner SML raised £600,000 at 0.4p in an oversubscribed placing, partly to fund its remaining Redmoor option payment. This improves the odds SML completes the option and funds the drilling.
26 Oct 2016annual report● Neutral
Full 2016 annual report, re-lodged after the 29 September summary. Chairman's letter repeats known points: Redmoor JV, Lochinvar on hold pending sustained coking coal prices, NZ gold strategy, and cash of A$1.12m at 23 September. Full text not shown beyond the activities section.
24 Oct 2016investor presentation● Neutral
October 2016 company presentation repeating known Redmoor resource, studies and SML JV details. Lists RCF at 40.5%, 360m shares, A$5.8m market value at 1.6c, and cash of A$1.12m (23 Sept). No new results.
18 Oct 2016regulatory community update▲ GoodMajor
Both Otago South gold prospecting permits (Mahinerangi and Teviot, 876km2 total) were approved on 17 October, in under two months and faster than expected. A ~NZ$150,000 soil sampling and mapping program, stated as fully funded, starts mid-November.
17 Oct 2016price query● Neutral
ASX queried a share price rise from 1.4c to 1.7c. NAE said it knew of no undisclosed information, pointing to SML's share price doubling, tin prices up 34% this year and higher coking coal prices.
29 Sept 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new information.
29 Sept 2016annual report● Neutral
Annual report to 30 June 2016: Redmoor JV with SML and the NZ gold permit applications are the focus. Lochinvar stays on hold but will be reconsidered if high coking coal prices (US$206/t) last. Cash was A$1.12m at 23 September 2016.
8 Sept 2016joint venture update● Neutral
Redmoor JV amended: SML pays £101,700 (A$178,000) in September for a further 7.3%, taking it to 16.4%, as part of the option. The option deadline is extended to 15 February 2017. The money funds pre-drilling work.
18 Aug 2016asset acquisition disposition▲ GoodMajor
NAE applied for two New Zealand gold prospecting permits (Mahinerangi and Teviot, 876 km2 in total) in Otago, accepted 11 August, with a decision expected in about 80 business days. It is the first step in a stated gold portfolio strategy, a new direction beyond tin and coal.
13 July 2016joint venture update▲ Good
SML completed its second tranche, paying £104,998 (A$183,000) for a 9.1% Redmoor JV interest; NAE received its 35m SML shares at 0.30p. SML has until 31 December 2016 to pay the £945,349 option; drilling targeted first half 2017.
5 July 2016other▲ GoodMajor
Lochinvar Coal Ltd received £456,729 (A$805,376) UK R&D tax relief for the Lochinvar coking coal project's 2014 and 2015 spending. It strengthens cash, though UK tax authorities can still make enquiries until May 2017.
26 May 2016farm in farm out agreement▲ GoodMajor
Strategic Minerals Plc (AIM) can earn 50% of Redmoor for A$2.145m total: A$214,000 upfront for 9.1% and A$1.931m option payment by 31 December 2016. This would fund the next drilling. NAE takes 35m SML shares; chairman Alan Broome also chairs SML.
15 Mar 2016investor presentation● Neutral
March 2016 Redmoor presentation restating the December 2015 Inferred Resource (13.3Mt @ 0.37% WO3Eq, 2.3Mt high grade) and Exploration Targets, with tin and tungsten market outlook (tin US$17,350/t on 9 March). No new results.
10 Mar 2016half year report▼ Bad
Half-year to December 2015 loss was $1,105,589 (vs $803,729), including a $680,930 exploration impairment. RCF paid $352,672 in March 2016 as an unsecured loan, and director and management pay will be cut further from 1 April.
8 Mar 2016other▲ GoodMajor
Preliminary Redmoor mining and processing studies were encouraging, with expected recoveries of 68% Sn and 72% WO3. A Phase 1 drilling program of 29 holes (11,920m) is planned. An internal evaluation covers stand-alone and toll processing options.
2 Mar 2016director officer appointment● Neutral
Non-executive director Gavan Rice resigned effective 2 March 2016. He held 400,000 shares and 1,250,000 unlisted options. No reason is given in the announcement.
17 Dec 2015investor presentation● Neutral
Presentation of the 15 December Redmoor resource (13.3Mt @ 0.37% WO3Eq; 2.3Mt high grade) and Exploration Target. Outlines a planned 30-40 hole drilling program; no new results.
15 Dec 2015resource reserve update▲ GoodMajor
Redmoor Inferred Resource updated to 13.3Mt @ 0.37% WO3Eq (up from 9.1Mt in 2013), including 2.3Mt @ 0.80% WO3Eq high grade. A 4-6Mt high grade Exploration Target is added; a mining study is due late January.
26 Nov 2015admin correction● Neutral
Re-release of the 25 November Redmoor lodes announcement with a revised Competent Persons Statement. All other content is unchanged, so no new information.
26 Nov 2015admin correction● Neutral
Re-release of the 25 November Redmoor presentation with a revised Competent Persons statement on page 13. All other content is stated to be unchanged.
