7 Mar 2023listing compliance notice● Neutral
ASX says Province's suspension will be lifted once it releases its HyEnergy announcement. Administrative notice ending the suspension that began on 21 February.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2023material agreement termination▼ BadMajor
The Total Eren binding term sheet expired on 16 February 2023 without a development agreement, ending the 50:50 partnership agreed in August 2022. Province will advance HyEnergy alone and says it is fully funded for pre-feasibility and definitive feasibility studies.
7 Mar 2023contract award▲ GoodMajor
GHD is appointed to run the downstream pre-feasibility study for HyEnergy, chosen from four bids, due Q3 2023. This is the PFS tender flagged late last year, now awarded. The upstream tender is almost complete.
23 Feb 2023listing compliance notice● Neutral
Province extends its voluntary suspension to 7 March 2023, saying it needs further time for its announcement on the Total Eren binding term sheet. Administrative only; no outcome disclosed.
21 Feb 2023listing compliance notice● Neutral
Province asks for a voluntary suspension pending an announcement on the Total Eren binding term sheet, expected by 23 February 2023. Administrative notice; no outcome given yet.
16 Feb 2023half year report● Neutral
Half-year report to 31 December 2022 shows a loss of A$2.65m, down from A$4.18m a year earlier. It recaps the Total Eren key terms, GHD site study, over 5,600 sq km tenure target and the PFS tender, with PFS award expected Q1 2023.
30 Jan 2023admin correction● Neutral
Replaces the first paragraph of the 27 January quarterly report to add that the long-form agreement with Total Eren, defining the 50:50 ownership, was still being progressed. The rest of the report is unchanged.
1 Nov 2022drilling scheduled● Neutral
Province plans 6 deep RC holes at Gnama in 1H 2023, testing extensions of the mafic-ultramafic intrusion found in 2022. Heritage, flora and fauna surveys must be finished first. Southern Geoscience will review old EM surveys. No new results.
25 Oct 2022regulatory community update▲ Good
Province executes an agreement with the WA Government for another Section 91 licence covering 1,035 sq km south of Carnarvon. Total area under licence now exceeds 4,162 sq km, allowing feasibility studies on site for HyEnergy.
29 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022 shows a loss of A$8.75m, against A$14.5m the year before. It recaps HyEnergy progress, the three MoU extensions and the 22 August binding terms. Auditor is William Buck; cash is not shown in the text.
29 Sept 2022annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2022, saying the governance statement is on the company website. Administrative filing with no new business information.
25 Aug 2022regulatory community update▲ GoodMajor
A further Section 91 licence over 2,217 sq km is issued, adding to 805 sq km already granted, so licences now exceed 3,000 sq km. Pastoral station agreements are also finalised. Talks continue with the WA Government on enduring tenure.
22 Aug 2022listing compliance notice● Neutral
ASX says the suspension of Province shares will be lifted once the company releases its announcement on the Total Eren joint development agreement. Administrative notice only; it ends the suspension that began on 15 August.
22 Aug 2022material agreement▲ GoodMajor
Province and Total Eren sign a legally binding term sheet for HyEnergy, settling a 50:50 project ownership structure. Total Eren leads development and financing; Province leads land access and permits. A shareholders' agreement is targeted within 8 weeks. This resolves the long-running MoU extensions.
22 Aug 2022joint venture update● Neutral
Provaris clarifies its 16 August announcement: what was delivered was a draft feasibility report for WA Government review, not a completed final study. It still covers exporting 200,000 tonnes a year of green hydrogen from HyEnergy. Public summary report is still being drafted.
19 Aug 2022listing compliance notice● Neutral
Province requests a further voluntary suspension because it still needs more time to finalise the Total Eren joint development agreement. Suspension is sought until the announcement or the start of trading on 22 August 2022, whichever is earlier.
16 Aug 2022joint venture update▲ Good
Provaris (not Province) reports its HyEnergy export feasibility study is complete and delivered to Province and Total Eren. It examined exporting 200,000 tonnes a year of green hydrogen by compressed shipping, focused on Singapore, and found no significant risks. David Frances calls the findings encouraging.
15 Aug 2022listing compliance notice● Neutral
Shares are suspended at Province's request, pending an announcement on the Total Eren joint development agreement for HyEnergy. The company's letter says it needs more time to finalise terms and asks for suspension until 19 August at the latest.
29 July 2022joint venture update● Neutral
Province says Total Eren joint development agreement talks are drawing to a conclusion. The MoU is extended a further 10 days to 10 August 2022. The CEO says negotiations have taken longer than hoped but should conclude soon.
8 July 2022price query● Neutral
ASX queried a rise from A$0.058 to A$0.105 and heavier volume since 5 July. Province said it knew of no undisclosed information and pointed to the 5 July native title consents announcement as the explanation.
5 July 2022regulatory community update▲ GoodMajor
Two native title groups, NTGAC and YAC, formally consent to Section 91 licences across 870 sq km around Carnarvon, a prerequisite for the State to issue them. It allows talks on an Indigenous Land Use Agreement. Pastoralist consultation and final tenure remain open.
21 June 2022drilling result● Neutral
Gnama South RC drilling hit mafic intrusive rock in all 3 holes, with a geochemical signature similar to the Eye intrusion hosting IGO's Nova-Bollinger, and bedrock sulphur averaging 0.5%. No nickel sulphide mineralisation is reported. Further RC and diamond drilling is approved.
16 June 2022other● Neutral
Two director interest notices. David Frances exercised 10m vested performance rights into 10m ordinary shares for nil consideration, leaving 20m rights. Roger Martin's 5m performance rights, approved at the 25 November 2021 AGM, were issued on 1 December 2021.
2 June 2022security holder rights change● Neutral
56,250,000 Class B Performance Shares issued to the Skåne vendors in 2018 have expired, because no preliminary feasibility study for Skåne was published within 42 months of relisting. This follows the May testwork setback; no shares convert.
31 May 2022joint venture update● Neutral
A 120m meteorological mast is operating at Carnarvon, and two more wind-measurement SODAR units bring the total to four. The Total Eren MoU is extended again, to 31 July 2022, as the joint development agreement is still not finalised.
27 May 2022resource reserve update▼ BadMajor
Metallurgical testwork found no viable process option for the Skåne vanadium mineralisation, as the vanadium sits in muscovite and flotation failed. The planned economic study is deferred. A Swedish court rejected appeals against the 10-hole Tomelilla drilling approval. The 116.9Mt resource is unchanged.
15 Mar 2022half year report● Neutral
Half-year accounts to 31 December 2021 show a loss of A$4.18m, against A$0.71m a year earlier. The period covered completion of HyEnergy scoping activities, the Section 91 licence and GEV export study work. Auditor is William Buck; the text shown does not give cash.
4 Mar 2022drilling progress report● Neutral
Gnama drilling is finished: 870m in 3 RC holes beyond 250m depth, plus 29 air core and 4 shallow RC holes at Gnama North. Downhole electromagnetic surveys are done; assays are expected in about eight weeks. No results yet; follow-up drilling is approved.
2 Mar 2022other▲ GoodMajor
Scoping study for the HyEnergy green hydrogen project with Total Eren is completed, a two-phase 4GW plus 4GW concept with 2.6GW of electrolysers per phase, clearing the way for a pre-feasibility study. It resolves the open scoping thread, triggers Class A milestones, and starts joint development agreement talks. No cost estimates are given.
17 Feb 2022drilling spud● Neutral
Reverse circulation drilling starts at Gnama South in the Fraser Range: 3 holes to a maximum 300m each, testing below an old nickel-copper anomaly (20m @ 0.57% Ni). Downhole electromagnetic surveys follow. Further drilling is approved if results are positive.