Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2018drilling result▲ GoodMajor
The last 28 holes of the summer program pushed mineralisation outside the resource boundary in several places: one hole returned 13.0 m at 20.74% U3O8 within a wider interval, 25 m outside the estimate in the A3 High Grade Domain and described as the best hole yet drilled in that shear; another gave 5.0 m at 11.72% 15 m outside it; and high-grade material was confirmed northwest of the A1 shear for the first time with 8.0 m at 1.43% including 4.5 m at 2.51%.
South Arrow, discovered six months earlier, turns out to be a real zone rather than a one-hole curiosity: thirty-one holes returned results such as AR-17-166c1 with 20.5 m at 1.19% U3O8 including 3.5 m at 6.21%, plus a second interval of 24.5 m at 1.46%; AR-17-160c1 13.0 m at 2.18% including 4.0 m at 6.79%; and AR-17-178c1 11.0 m at 2.17% including 3.5 m at 6.73% only 142 m below surface. Shallow, stacked and outside the Arrow resource.
The same technical report filed with the SEC in full - a 3.5 MB document accompanied by six one-page qualified-person consents, one of which the record's title was taken from. No new information beyond the September filing announcement.
The technical report behind the July economic study is filed, effective 1 September 2017 and prepared by six qualified persons from RPA and elsewhere. It is the paperwork that makes the July figures usable in a prospectus.
NexGen bought the 40% of the Dufferin Lake property it did not already own from Rainmaker Resources and Eagle Trail Properties for 111,110 shares, about $320,000 at a deemed $2.88. It had held 60% since a 2011 option agreement. A small tidy-up of a satellite property, not a change to the Arrow story.
The maiden economic study on Arrow, from Roscoe Postle Associates: an after-tax net present value of C$3.49 billion at an 8% discount rate, a 56.7% return, payback in 1.1 years and pre-production capital of C$1.19 billion, at US$50/lb uranium. Average output of 27.6 million lb a year in the first five years at an operating cost of about US$4.42/lb over that period. It is built on the December 2016 estimate of 179.5 million lb indicated at 6.88% U3O8 and excludes over 66,000 m of 2017 drilling.
The first two exploration holes of the summer program found a new zone of off-scale radioactivity, over 61,000 counts per second in massive pitchblende veins, about 400 metres south of Arrow on a parallel structure that is almost entirely undrilled. The intervals are narrow but sit inside a wide envelope of the same hydrothermal alteration that surrounds Arrow, and South Arrow is open in every direction.
Final winter assays: step-out hole AR-17-136c2 cut 13.5 m at 9.58% U3O8 including 5.0 m at 23.49%, forty metres outside the resource boundary in the A3 shear. In the Southwest Gap, ground excluded from the March 2017 estimate, AR-17-131c3 returned 21.5 m at 2.51% including 7.0 m at 4.68% and AR-17-131c4 22.5 m at 1.67%, joining the 180 m Southwest area to the Arrow deposit. Two holes 300 m southeast of Arrow returned only anomalous values.
25 July 2017capital raising announcement▲ GoodMajor
A US$110 million financing with CEF Holdings closed: US$50 million of shares, 24,146,424 of them at C$2.70, and US$60 million of five-year unsecured convertible debentures at a 7.5% coupon converting at US$2.69, two-thirds of the interest payable in cash and one-third in shares. CEF's chairman Warren Gilman joins the board. It is a large cheque for a company that has not yet published an economic study on Arrow - that comes ten days later.
Winter 2017 assays from Arrow, where NexGen's cached record begins - the deposit was found in 2014, before this database's coverage. Twenty-five holes returned intercepts such as 33.0 m at 4.58% U3O8 including 11.0 m at 8.78%, 49.0 m at 2.93% including 12.0 m at 10.35%, and 62.0 m at 1.27% including 12.0 m at 5.13%, against a standing estimate of 179.5 million lb U3O8 indicated in 1.18 Mt at 6.88%. A 25,000 m summer program with seven rigs starts, six of them on Arrow and one on a new target 300 m to the southeast.
