Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2019quarterly activities report● Neutral
December 2018 quarter: cash fell to $291,844 from $1.077m. Phase 2 drilling finished and the Otago exploration permit was granted in January 2019. Fietz's consultancy was extended month-by-month, and direct funding for Lochinvar is being sought. Mostly recaps known Redmoor results.
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.
30 Oct 2018quarterly activities report● Neutral
September 2018 quarter: cash was $1,077,221. Phase 1 drilling finished and Phase 2 started. The Otago prospecting permits lapsed in October, but an exploration permit application was lodged on 9 October. Board changes and the Tranche 2 placement are recapped.
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.
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.
30 July 2018quarterly activities report● Neutral
June 2018 quarter: cash was $1,053,352. Tranche 1 of the placement completed and Tranche 2 was approved at the 26 July EGM. NAE's £332,000 (A$595,622) drilling share was funded in July. Mostly recaps known Redmoor and Lochinvar news.
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.
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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.
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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.
30 Apr 2018quarterly activities report● Neutral
March 2018 quarter: recaps the Redmoor 4.5Mt @ 1.00% SnEq Inferred Resource and 4-6Mt Exploration Target, with mining and processing studies nearing completion. Lochinvar investor talks continue; Otago stream samples show some anomalous gold. No new results.
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.
29 Jan 2018quarterly activities report● Neutral
December 2017 quarter: Redmoor drilling finished (20 holes), with the 33 high-grade intercepts now averaging 15.0m @ 1.0% SnEq; resource update on track for Q1 2018. Otago field work resumed in December. Largely recaps the December results.
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.
24 Oct 2017quarterly activities report● Neutral
September 2017 quarter: all 15 Redmoor Phase 1 holes completed, with first-10-hole results exceeding expectations; partners funded £60,000 for 2 extra holes and £150,000 for 3 Phase 2 holes. Lochinvar 4-hole drilling planned ~March 2018, still unfunded. Otago follow-up planned Q4. Recap of known news.
