Each one in plain English, with the numbers worked through for a shareholder.
2 Mar 2021regulatory community update▲ Good
Province has secured a Fulcrum3D SODAR wind monitoring station, due on site at the HyEnergy hydrogen project within four weeks, to collect data for feasibility studies. It is also reviewing further renewable consultants. Early groundwork on the new Gascoyne hydrogen thread.
17 Feb 2021asset acquisition disposition▲ GoodMajor
Province agrees conditionally to buy Ozexco, holder of seven licence applications (1,408km2) in WA's Gascoyne region, for salt, potash, mineral sands and a green hydrogen project. Alongside, a A$1.35m placement lifts cash to A$5.2m; Frances becomes Managing Director. A strategy shift from vanadium and gold.
17 Feb 2021investor presentation● Neutral
Presentation repeating the Ozexco acquisition and the Gascoyne salt, potash and green hydrogen projects (1,408km2) announced the same day. No new figures shown in the readable text.
11 Feb 2021resource reserve update▼ BadMajor
Swedish metallurgical pre-study found pressure oxygen leaching recovered only about 30% of vanadium from Skåne shale, lower than expected, because the vanadium is locked in illite clay. Further testwork on other methods is needed, a setback for the Skåne vanadium case.
25 Jan 2021quarterly activities report● Neutral
December quarter: raising of A$2.1m completed, board reshaped with Munro and Minchin gone and Burke in, directors on A$36,000. Cash A$3.4m at 30 December, A$4m at report date. Multiple new projects reviewed; project updates repeat earlier results.
21 Jan 2021capital raising announcement▲ Good
Underwriter has placed the full shortfall, completing the A$2,129,917 raising. Underwriter options were issued after shareholders approved them at the 18 January meeting. Resolves the raising thread.
21 Dec 2020capital raising announcement● Neutral
Rights issue closed with 51% take-up: 96.9m shares raising A$775,519 of the A$1.53m sought, leaving a A$755,364 shortfall for the underwriter. Total raising of A$2,129,917 at 0.8 cents, including the A$599,039 placement.
What it means for a shareholder
96.9m new shares at about A$0.008 to raise about A$775,519. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Dec 2020agm notice● Neutral
Cover letter for a General Meeting on 18 January 2021 in Subiaco, with virtual attendance encouraged due to COVID-19. Resolutions not stated; likely tied to the underwriter options (inference). Administrative.
7 Dec 2020capital raising announcement● Neutral
Entitlement offer documents and acceptance forms posted to shareholders; the offer closes 16 December 2020. Administrative step in the A$2.1m raising.
26 Nov 2020security holder rights change● Neutral
56,250,000 Class A performance shares expired and consolidated, converting into just seven ordinary shares. The earlier-flagged escrowed shares were quoted. Part of the performance share structure from the Vanatech deal has lapsed.
25 Nov 2020capital raising announcement● NeutralMajor
Raising about A$2.1m at 0.8 cents a share: A$599,000 placement of 74.9m shares plus a 1-for-3 entitlement offer of up to A$1.5m, underwritten by Vert Capital for a 6% fee. Funds go to Pascalle, Gnama, new acquisitions and working capital.
What it means for a shareholder
74.9m new shares at about A$0.028 to raise about A$2.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 Nov 2020regulatory community update▼ Bad
Fieldwork has stopped for 2020 because of bushfire risk and extreme heat, resuming once conditions ease. Any drilling or ground surveys targeted for second half of 2020 appear delayed (inference).
10 Nov 2020director officer appointment● NeutralMajor
Company renames to Province Resources (ticker to become PRL). Patrick Burke, a lawyer and corporate adviser, joins the board; directors cut fees to A$36,000 a year each, Frances reverts to non-executive chairman and David Minchin resigns. Name change implied by header (inference).
4 Nov 2020other● Neutral
50,892,856 shares and 58,000,000 options at A$0.04 expiring 13 November 2022 are to be released from escrow on 26 November 2020. Administrative notice.
4 Nov 2020director officer appointment● Neutral
Brandon Munro will retire as a director at the 6 November AGM. Executive Chairman David Frances gives up the 25m performance rights announced in August, so that approval resolution is withdrawn. Closes an open thread on the rights.
30 Oct 2020quarterly activities report● Neutral
September quarter: Pascalle helicopter survey completed, Paterson South and Gnama data reviewed, Frances appointed Executive Chairman. Cash A$2.284m at 30 September, down from A$2.9m in June. Largely repeats earlier announcements.
30 Sept 2020drilling result● Neutral
Initial helicopter survey at Pascalle shows no clear massive sulphides, though 14 subtle anomalies and disseminated gold-copper style targets remain untested. At the 950km2 Paterson South applications, the Tabletop 2 magnetic/gravity bullseye is flagged as a priority. Resolves the pending survey; no drilling yet.
25 Sept 2020other● Neutral
Share registry moves from Computershare to Automic from 28 September 2020. Administrative notice only.
23 Sept 2020annual report● Neutral
Annual report for year to 30 June 2020, filed under the ScandiVanadium name. It restates the Hörby maiden resource of 116.9Mt @ 0.39% V2O5 and notes the WA tenement acquisition completed after year end. Text is truncated, so financial figures are not covered here.
23 Sept 2020other● Neutral
Appendix 4G and corporate governance key lodged with the annual report, pointing to the company website for the governance statement. Compliance paperwork only; no substance.
17 Sept 2020agm notice● Neutral
AGM set for 6 November 2020, with director nominations closing 24 September. Administrative notice only.
8 Sept 2020regulatory community update● Neutral
Review of 2005 ground electromagnetic data at Gnama found five anomalies that look like shallow sedimentary conductors. A deeper SQUID survey, to about 550m, is planned for the second half of 2020 to find the source of historic nickel-copper oxide intersections.
25 Aug 2020drilling progress report● Neutral
The helicopter electromagnetic survey over Pascalle has begun and should take 6-7 days. No results yet; it feeds planning for the maiden drill campaign targeted for the second half of 2020.
10 Aug 2020asset acquisition disposition● Neutral
Company pegged three licence applications covering 950km2 in the southern Paterson Province, about 120km southeast of Pascalle, under 400-500m of cover. These are applications only, not yet granted, so the land position is not secured.
3 Aug 2020director officer appointment● NeutralMajor
David Frances, a veteran WA mining executive, becomes Executive Chairman at A$19,909 a month plus 25m performance rights subject to shareholder approval. Brandon Munro moves to non-executive director and David Minchin to half-time executive director. Leadership shifts to a WA gold focus.
27 July 2020contract award● Neutral
New Resolution Geophysics is hired for a helicopter electromagnetic survey over Pascalle at 100m line spacing, mobilising mid-August. It is the first exploration step on the new asset, feeding planning for a maiden drill programme in the second half of 2020.
23 July 2020director officer appointment▲ GoodMajor
Shareholders approved all resolutions on 22 July and the Pascalle and Gnama acquisition completed, with acquisition securities issued. Tom Langley joins the board; Simon Robertson resigns as director and secretary, replaced by Ian Hobson. Maiden Pascalle drilling is expected in the second half of 2020.
21 July 2020quarterly activities report● Neutral
June quarter: acquisition agreed, A$790k placement of 87.8m shares at A$0.009, cash A$2.9m at 30 June. Vanadium metallurgical testwork is 50% complete, slowed by COVID-19 delays. Mostly repeats known items.
1 July 2020other▲ Good
Due diligence found historic gravity and airborne electromagnetic data over Pascalle, giving new targets where magnetic and gravity highs coincide, and more confidence in the Havieron-like Pascalle target. Desktop work only; no drilling yet.
23 June 2020investor presentation● Neutral
June 2020 presentation pitching gold, nickel and vanadium assets, with cash of about A$3m and 435,188,434 shares, plus 55.6m shares and 7m options subject to the deal completing. Largely repeats the 3 June announcement.
