13 Nov 2018investor presentation● Neutral
Perth conference presentation repeating known Siviour resource, reserve and PFS figures. Shows about 1,150m shares, $6.6m cash at 30 September, no debt and a $23m market cap at $0.02. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Nov 2018drilling result▲ Good
First 36 of 99 DFS infill holes confirm shallow high-grade graphite, e.g. 25m at 14.0% TGC from 12m. Supports continuity in the Indicated Resource and feeds a planned resource and reserve update. Assays for 63 holes still pending.
5 Nov 2018material agreement▲ GoodMajor
Strategic partnership with engineering contractor Royal IHC Australia, which commits $1m of early works (as discounted feasibility services) and intends to be EPC contractor and help arrange project finance. If financing isn't secured within three months of final approvals, IHC may convert its contribution to shares.
31 Oct 2018quarterly activities report● Neutral
September quarter report: DFS infill drilling finished (99 holes), locked-cycle tests lifted recovery to 93%, mining lease application lodged and Siviour land agreement signed. Cash was about $6.6m at 30 September, down from $8.19m, which the company says funds the DFS.
31 Oct 2018drilling result▲ Good
Pilot plant in China processed about 18 tonnes of Siviour ore, achieving the PFS target of 95% TGC with average recovery of 93% (peak 94.8%) versus 91% assumed. Concentrate will serve as marketing samples for offtake talks. More runs are under way.
26 Oct 2018annual report● Neutral
2018 annual report with chairman's letter reviewing the year: PFS, maiden 45.2Mt reserve, spherical graphite scoping study and the first offtake agreement. Next year's focus is the definitive feasibility study. Repeats previously announced results.
26 Oct 2018other● Neutral
Routine filing of the Appendix 4G and 2018 Corporate Governance Statement, which accompany the annual report. No new business information.
17 Oct 2018director officer appointment● NeutralMajor
Non-executive director Chris Anderson resigned immediately, and Geoff McConachy will move from executive to non-executive director from the start of next year. Chair says the board is being realigned as Renascor moves from explorer toward development.
16 Oct 2018drilling progress report▲ Good
First phase of feasibility drilling finished: 99 holes, 4,691m, with every infill hole hitting graphite and visual continuity with the resource model. Northern holes suggest possible extensions. Diamond phase (15 holes, 800m) continues; assays due later this month.
28 Sept 2018annual report● Neutral
Financial report for year to 30 June 2018: loss $3.43m, including a $2.31m exploration write-down. The year's raisings netted $9.99m. Confirms shareholders approved the 189.6m-share Ausmin acquisition at the 3 September meeting.
10 Sept 2018drilling spud● Neutral
Infill drilling started at Siviour for the feasibility study: up to 4,000m of air core and reverse circulation plus up to 1,000m of diamond core, over six to eight weeks. It also aims to expand near-surface high-grade zones. Company says it is funded with $8.2m cash.
6 Sept 2018investor presentation● Neutral
Presentation for the London graphite conference repeating the known Siviour resource (80.6Mt at 7.9% TGC) and reserve (45.2Mt). It shows about 1,151m shares including 189.6m Ausmin shares, after the 3 September approval, and cash of $8.2m at 30 June.
31 Aug 2018drilling result▲ Good
Locked-cycle tests gave 95.9% total carbon concentrate at 93% recovery, versus 91% in earlier batch tests. A simpler flowsheet dropping one regrind and one cleaner stage may cut plant capital. Supports the March PFS parameters ahead of the feasibility study.
28 Aug 2018regulatory community update▲ GoodMajor
Siviour Mining Lease Application lodged with South Australia's energy and mining department, in Ausmin's name, after two years of studies. This delivers the permitting step expected this quarter. Renascor says it is funded ($8.2m cash at 30 June) through the feasibility study. Ausmin acquisition meeting set for 3 September.
22 Aug 2018material agreement▲ GoodMajor
Renascor agreed with the Siviour family, owners of the land hosting the Siviour deposit, to keep access for drilling and bulk sampling and gained the right to acquire an option to buy the land, priced after an independent appraisal next year. Dean Siviour joins a new advisory board.
31 July 2018quarterly activities report● Neutral
June quarter report: Chenyang MOU, feasibility study under way (completion expected Q1 2019), spherical graphite pre-feasibility study started, and mining lease application nearing lodgement. Cash about $8.2m after the $7.7m raising. Mostly previously announced.
31 July 2018quarterly activities report● Neutral
June quarter cash flow: cash rose to $8.19m from $1.69m after $7.7m of share proceeds, against $712k operating outflow. Estimated outflows next quarter are about $2.9m, mostly exploration and evaluation.
30 July 2018regulatory community update▲ Good
Siviour Mining Lease Application is expected to be lodged later this quarter; specialist studies are at or near completion with no significant impediments identified. Renascor says it is funded through the definitive feasibility study, with about $8.2m cash at 30 June.
18 July 2018investor presentation● Neutral
Presentation for the Noosa investor conference repeating known Siviour resource, reserve and test results. Shows 961m shares and projected cash of $8.5m at 30 June. No new information.
5 July 2018asset acquisition disposition▲ GoodMajor
Board resolved to exercise the option to buy 100% of Ausmin, owner of Siviour, for about 189.6m shares, subject to shareholder approval at a meeting expected in August. Continues the April option deal.
3 July 2018capital raising announcement● Neutral
Completion of placement tranche 2: 81,438,980 shares issued raising $2.2m before costs, taking shares on issue to 961.3m. Fees about $206,000. Completes the 30 April placement.
What it means for a shareholder
81.4m new shares at about A$0.027 to raise about A$2.2m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (37,018 at the issue price), your slice goes from 0.00385% to 0.00355% of the company. To keep it you'd need 3,136 more shares - about A$85 at the issue price.
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27 June 2018investor presentation● Neutral
June 2018 investor presentation repeating Siviour resource (80.6Mt at 7.9% TGC), reserve (45.2Mt) and testwork. Shows 959m shares, projected cash $8.5m at 30 June, and mining planned Q4 2019 with production Q1 2020.
26 June 2018drilling result▲ Good
Review of historical data identifies new cobalt targets at the 100%-owned Farina Project (e.g. 32m at 655ppm Co at West Willouran), with drilling expected next quarter. Olary drilling approvals are being sought, with drilling expected near the end of 2018.
4 June 2018director officer appointment● Neutral
Pierre van der Merwe appointed Company Secretary and CFO, replacing Angelo Gaudio, who resigned after serving in both roles since 2011.
1 June 2018capital raising announcement▲ GoodMajor
Share Purchase Plan closed with about $1.2m of valid applications, taking the April placement plus SPP to over $7.7m, at 2.7 cents. Tranche 2 (~$2.2m) awaits a general meeting on 22 June 2018. Less than the $2m SPP maximum.
28 May 2018regulatory community update▲ Good
Managing Director and Mastermines completed the May China marketing trip, with negotiations underway with multiple Chinese end-users and talks on technical collaboration with a research group. Samples and a follow-up trip for advanced offtake talks are planned; no new agreements.
24 May 2018drilling result▲ Good
Soil and rock chip sampling at Olary (100%) strengthens cobalt targets: Bulloo Creek shows an 800m by 400m cobalt-in-soil zone over a magnetic anomaly, and Shorts Dam gossans add support. Renascor will seek immediate drill approvals; no drilling yet.
10 May 2018capital raising announcement● Neutral
Share Purchase Plan offer documents: eligible holders can buy up to $15,000 of shares at 2.7 cents, a 17.02% discount to the five-day VWAP. Raises up to $2m, opens 11 May, closes 28 May. Implements the 30 April announcement.
10 May 2018investor presentation● Neutral
Investor presentation dated 8 May 2018 restating known Siviour PFS figures (US$500m NPV10, US$335/t cost, US$29m staged capex) and the April Chenyang MOU. No new information.
8 May 2018capital raising announcement● Neutral
Completion notice for placement tranche 1: 159.3m shares issued, raising $4.30m before costs, taking shares on issue to 831.5m. Fees about $290,000. Implements the 30 April placement; no new information.
What it means for a shareholder
159m new shares at about A$0.027 to raise about A$4.3m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (37,047 at the issue price), your slice goes from 0.00551% to 0.00446% of the company. To keep it you'd need 8,779 more shares - about A$237 at the issue price.
Create a free account to see this worked out for your own holding.