Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2017quarterly activities report● Neutral
June 2017 quarter: cash A$1.745m, plus £0.39m in Cornwall Resources. Lochinvar seismic suggests a possible repeat of the Nine Foot Seam to the west; four holes (A$0.6M) are planned, earliest March 2018. Otherwise recaps known Redmoor and Otago news.
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.
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28 Apr 2017quarterly activities report● Neutral
March 2017 quarter: cash A$1.608m, plus £0.86m in the 50%-owned Cornwall Resources. Reports the Lochinvar update, SML's completed Redmoor payment, drilling start on 21 March and weaker Otago soil results. Routine recap.
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.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter: cash A$2.097m, helped by the $1.384m raising at 2.0c. Redmoor drilling preparations are well advanced, Otago soil sampling started in January, and the Lochinvar scoping update is due in February. Routine update of known items.
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.
