Each one in plain English, with the numbers worked through for a shareholder.
30 June 2023security holder rights change● Neutral
Company granted 48,002 restricted share units (vesting after three years) and 48,002 performance share units to employees and consultants under its equity plan. Up to 72,003 shares could issue on the PSUs if performance milestones are met. Small, routine incentive grant.
26 June 2023regulatory community update▼ BadMajor
Wildfires again suspended all site work and staff were sent home; helicopters were requisitioned for firefighting, so drilling cannot proceed. Resource estimate still due late July, with no significant lab impact expected. Winter snow road is now permitted for conversion to an all-weather road.
26 June 2023other● Neutral
Company responds to a newspaper report that it hired Macquarie Capital for a deal. It says it has not started any process to sell assets or the company, and remains focused on the resource estimate due in coming weeks.
16 June 2023regulatory community update▲ Good
Quebec lifted forest access restrictions at Corvette from 14 June; fires were over 80 km away and did not affect the property. Remobilisation has begun, with full site activity expected by end of June. July resource estimate target maintained.
15 June 2023drilling result▲ Good
More winter assays: CV23-148 returned 95.3 m at 1.62% Li2O, supporting the 1.1 km Nova Zone; CV23-160A 127.7 m at 1.78%. Twelve holes still unreported. Initial CV5 resource estimate now targeted for July 2023, slipping from late June.
14 June 2023director officer appointment● Neutral
Pierre Boivin, a McCarthy Tétrault mining lawyer, joins the board from 12 June, replacing retiring director Dusan Berka. Berka was a founder of the company in 2007 and its CFO for over 10 years.
5 June 2023regulatory community update▼ Bad
Quebec asked explorers to stop field work because of very high forest fire risk, so the Corvette summer-fall drilling begun in late May is halted. Core processing and camp construction continue. No end date given.
2 June 2023other● Neutral
Monthly statement of securities for May 2023. Quoted CDIs rose from 303.6m to 328.3m, with some option and warrant exercises and transfers from ordinary shares. Administrative; no operational news.
30 May 2023director officer appointment▲ Good
Greg Barfoot appointed Vice President Project Development. He has 25 years in project roles at BHP, SNC-Lavalin and Fluor, most recently the BHP Jansen potash project. CEO links the hire to starting the development pathway for CV5.
17 May 2023drilling result▲ GoodMajor
New assays define a high-grade zone extending the Nova Zone west; best 122.6 m at 1.89% Li2O (incl 8.1 m at 5.01%) in CV23-138. Nova Zone now interpreted continuous about 1.1 km. Assays for 27 holes still pending.
2 May 2023drilling progress report▲ Good
CV5 pegmatite extended 550 m west, now traced 3.7 km (up from 3.15 km) and still open. Winter program finished with 89 holes (~32,367 m); assays for 67 holes pending. Initial resource estimate now scheduled June/July; summer-fall drilling starts late May.
1 May 2023other● Neutral
Monthly statement of securities for April 2023. Quoted CDIs rose from 293.6m to 303.6m, with some option and warrant exercises. Administrative; no operational news.
13 Apr 2023regulatory community update▲ Good
Update on pre-feasibility work at CV5: hydrogeology drilling underway, all-season road authorization requested (construction H2 2023, use Q1 2024), and an 80-person camp ordered for early summer. CV5 initial resource estimate planned for late June.
11 Apr 2023material agreement● Neutral
Company hired Venture Liquidity Providers as market maker (C$5,000 a month) and Oakstrom Advisors for investor relations (C$15,000 a month, initial 12 months), subject to TSX-V acceptance. Routine service contracts, not a major deal.
3 Apr 2023other● Neutral
Monthly statement of securities for March 2023. Quoted CDIs rose from 247.4m to 293.6m, with some warrant exercises. Administrative; no operational news.
30 Mar 2023drilling result▲ GoodMajor
First 2023 assays confirm Nova Zone extended 400 m east: CV23-105 returned 83.7 m at 3.13% Li2O, including 19.8 m at 5.28%. Nova Zone now traced about 750 m. Drilling pauses around 20 April for goose harvest, resuming late May.
24 Mar 2023drilling progress report▲ Good
CV5 pegmatite now traced 3.15 km, 550 m further east since February, and still open. 52 holes (~20,644 m) done this year, passing the 20,000 m target; six rigs active. First assays from 37 holes' samples expected shortly; westward step-outs toward CV13 started.
21 Mar 2023capital raising announcement● Neutral
Transaction-specific prospectus for the flow-through placement: up to 2,215,134 shares (~22.15m CDIs) at C$22.572 per share (C$2.2572 per CDI). It lets the new CDIs be traded on ASX. Legal document; no new operational information.
What it means for a shareholder
22.1m new shares at C$22.57 to raise about C$500m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
21 Mar 2023capital raising announcement▲ Good
The C$50m flow-through raising at C$22.57 per share is complete, with settlement expected 23 March 2023. Joint lead managers get a A$1,215,995.72 cash commission. Proceeds are for Corvette exploration, confirming the raising announced on 16 March.
16 Mar 2023capital raising announcement▲ GoodMajor
Firm commitments to raise about C$50m via charity flow-through shares at C$22.57, a 90% premium to the last TSX-V close. About 2.215m shares become ~22.15m CDIs; proceeds fund Corvette exploration. CEO says the company is funded well into 2024; CV5 resource now targeted June 2023.
What it means for a shareholder
2.2m new shares at about C$22.57 to raise about C$50.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
2 Mar 2023other● Neutral
Monthly statement of securities for February 2023. Quoted CDIs rose from 158,571,800 to 225,263,150, with some warrant and option exercises. Administrative; no operational news.
22 Feb 2023other▲ GoodMajor
Phase II heavy liquid separation tests on 11 CV5 core composites averaged 5.98% Li2O concentrate at 77% recovery. This supports a simple dense media process without flotation, consistent with the earlier 5.8% at 79%. Five CV13 samples are selected for testing next.
15 Feb 2023half year report● Neutral
Unaudited quarterly accounts to 31 December 2022: cash C$19.3m, total assets C$54.0m, nine-month net loss C$8.5m. Cash is up from C$11.7m at 31 March 2022. Routine financial reporting.
14 Feb 2023drilling result▲ GoodMajor
Assays from the 14 holes at the CV13 cluster, discovered in summer 2022, show lithium pegmatite in ten holes. Best is 22.6 m at 1.56% Li2O, including 6.0 m at 3.19%. An initial CV13 resource estimate is scheduled for 2023.
6 Feb 2023drilling progress report▲ GoodMajor
First 2023 holes extend the CV5 pegmatite about 400 m east, giving at least 2.6 km of traced strike. Four rigs are active with a fifth coming; 20,000 m minimum targeted. No 2023 assays are in yet; resource estimate still targeted for first half 2023.
2 Feb 2023other● Neutral
Monthly statement of securities for January 2023. Quoted CDIs rose from 119,720,150 to 158,571,800, with some warrant and option exercises. Administrative; no operational news.
30 Jan 2023drilling result▲ GoodMajor
Final 2022 CV5 assays: hole CV22-093 hit 52.2 m at 3.34% Li2O, including 15.0 m at 5.10%, extending the high-grade 'Nova Zone' to about 350 m. All 2022 CV5 assays are now reported; the 14 CV13 holes remain outstanding.
27 Jan 2023remuneration report● Neutral
Board approved a new rolling Omnibus Equity Incentive Plan (up to 10% of shares) replacing the earlier proposed fixed 20% plan, which the text says raised concerns. 750,000 options granted to new management at $12.50. Shareholder vote at 3 March 2023 AGM.
27 Jan 2023director officer appointment● Neutral
Mélissa Desrochers, formerly of Agnico Eagle, joins the board as independent director and audit committee member. Director Jon Christian Evensen has resigned. Her Quebec community and government relations experience is relevant to Corvette's permitting work.
24 Jan 2023director officer appointment● NeutralMajor
Natacha Garoute, formerly CFO of Champion Iron Ore, became CFO on 23 January 2023, replacing Dusan Berka, who stays on the board after about 10 years as CFO.
