Past year: ▼ 35%(5.30c – 8.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2020quarterly activities report● Neutral
June quarter cash report: cash fell to $1.857m from $2.073m after $86k operating outflow and $267k capitalised exploration spend, helped by $137k director placement money received. No debt; the company shows about 4.9 quarters of funding at this spend rate.
28 July 2020investor presentation● Neutral
Webinar presentation for Mining South Australia repeating the Siviour battery anode project, market case and known study results. No new information is apparent in the excerpt.
21 July 2020resource reserve update▲ GoodMajor
Siviour Ore Reserve upgraded to 51.5Mt at 7.4% TGC (3.8Mt contained graphite), including Proven 15.8Mt at 8.4%. Previously the Probable Reserve was 45.2Mt at 7.9%, with no Proven category. The company says it is the largest reported graphite reserve outside Africa.
16 July 2020investor presentation● Neutral
Presentation to the Noosa Mining Virtual Conference repeating the battery anode material project and market case from the earlier 1 July study and 2 July presentation. No new results are apparent in the excerpt.
14 July 2020well test result▲ Good
Independent tests by German firm ProGraphite upgraded Siviour graphite to 99.97% carbon battery-grade purified spherical graphite using the caustic roast method, above the 99.95% assumed in the 1 July study. This supports the study's process assumptions and the offtake and finance talks.
2 July 2020investor presentation● Neutral
Presentation of the 1 July battery anode material study results (A$713m NPV10, 33% IRR) plus graphite market background. It repeats known information and contains no new results.
1 July 2020resource reserve update▲ GoodMajor
Study of an integrated mine plus battery anode material plant at Siviour shows post-tax NPV10 of A$713m, IRR 33% and start-up capex of A$213m (A$114m mine, A$90m anode plant), producing about 28,000t a year of spherical graphite. Further funding will likely be required; this is an extension of the November 2019 DFS.
24 June 2020debt financing▲ GoodMajor
Renascor engaged Nordic investment bank ABG Sundal Collier to manage proposed debt financing for the integrated Siviour concentrate and spherical graphite project. It is meant to work alongside the Export Finance Australia and Atradius support already received. It is not a funding commitment.
30 Apr 2020quarterly activities report● Neutral
March quarter report: work continued on spherical graphite at Siviour, with offtake talks in Northeast Asia and Europe, new sample trials and the Export Finance Australia support letter. Cash about $2.1m, excluding $137k of director placement money now approved by shareholders (11 March). No binding offtake or finance yet.
30 Apr 2020quarterly activities report● Neutral
March quarter cash report: cash ended at $2.07m after $171k operating outflow and $167k capitalised exploration and evaluation spend, against $482k net raised from the share purchase plan. No debt; the company shows about 6 quarters of funding at this spending rate.
9 Apr 2020regulatory community update● Neutral
COVID-19 update: cash was $2.1m at 31 March 2020 with no debt. Director and executive cash payments are cut about 35%, which the company expects will fund key work for twelve months. Focus is on spherical graphite, offtake and finance talks.
5 Mar 2020half year report▼ BadMajor
Half-year accounts to 31 December 2019 carry a BDO review report with an emphasis of matter on material uncertainty about the company's ability to continue as a going concern. The conclusion is not modified. Financial figures are not shown in the excerpt.
3 Mar 2020debt financing▲ GoodMajor
Export Finance Australia issued a letter of support saying it will consider financing Siviour and the spherical graphite project, subject to due diligence. This adds to Atradius's earlier interest in about 60% of capex. It is not a funding commitment.
31 Jan 2020quarterly activities report● Neutral
December quarter cash report: cash rose to $1.93m from $1.82m after $1.18m net raised, against $1.07m operating outflow. Estimated outflow next quarter is $655k. No debt.
31 Jan 2020quarterly activities report● Neutral
December quarter report recaps the DFS (NPV10 A$388m, IRR 33%), the Urbix purification results and the Sicona MOU. Cash was about $1.9m, excluding the $500,000 share purchase plan and $137,000 of directors' placement money pending approval. Offtake, permitting and financing remain the next steps.
22 Jan 2020admin correction● Neutral
Re-release of the 9 December share purchase plan document to fix an error in the application form. No other changes; the plan was fully subscribed and closed on 3 January 2020. No new information.
6 Jan 2020capital raising announcement▲ GoodMajor
The share purchase plan closed with valid applications for $500,000, bringing the total raised with the December placement to $1.883m at $0.011. Directors applied for $137,000 of placement shares, which still need shareholder approval. This resolves the raising.
20 Dec 2019capital raising announcement● Neutral
The share purchase plan closing date is extended two weeks to 3 January 2020 because shareholders reported slow postal delivery. The offer remains up to $500,000 at $0.011, with shares now due to be allotted on 13 January 2020.
18 Dec 2019material agreement▲ Good
Non-binding MOU with Sydney-based Sicona Battery Technologies to jointly develop silicon-graphite battery anode material using Siviour purified spherical graphite. A binding agreement is expected early next quarter. Not yet a commercial deal and no payments are stated.
11 Dec 2019regulatory community update▲ GoodMajor
South Australia's mining department approved the plan to extract a 60 tonne bulk sample from Siviour. Ore will go to a pilot plant in China to make large marketing samples for potential buyers. Drilling is expected next month. This supports the offtake push.
9 Dec 2019capital raising announcement● Neutral
Offer letter and booklet for the share purchase plan: eligible holders can apply for up to A$30,000 of shares at A$0.011 to raise up to A$0.5m, alongside the A$1.4m placement. Closes 20 December 2019. Funds go to bulk sampling, FEED and debt work.
6 Dec 2019security holder rights change● Neutral
15 million unlisted $0.05 options expired unexercised on 5 December 2019. No cash was raised from them and the options no longer exist. Administrative.
5 Dec 2019capital raising announcement● NeutralMajor
Raising $1.4m through a placement of 125.7m shares at 1.1 cents, a 15.4% discount to the last close, to fund FEED, bulk samples and offtake work. A share purchase plan will offer up to $0.5m more at the same price. This addresses falling cash ($1.8m at 30 September).
What it means for a shareholder
126m new shares at A$0.011 to raise about A$1.4m. That's 9.8% dilution: every existing holder's slice gets 9.8% smaller. If you held A$1,000 of shares (90,909 at the issue price), your slice goes from 0.00784% to 0.00707% of the company. To keep it you'd need 9,856 more shares - about A$108 at the issue price.
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5 Dec 2019investor presentation● Neutral
Presentation supporting the $1.4m placement at 1.1 cents and $0.5m share purchase plan, repeating the DFS highlights (NPV10 A$388m, capex A$114m). The excerpt shows no new project results.
29 Nov 2019investor presentation● Neutral
Conference presentation repeating the DFS results. Next steps listed are offtake talks, a PEPR lodgement expected by year-end, and Atradius cover of up to about 60% of Stage 1 capex. Shows 1,159m shares and $1.8m cash. No new information.
20 Nov 2019investor presentation● Neutral
AGM presentation recapping 2019 highlights, including the DFS, spherical PFS, resource upgrade and Mineral Lease. Shows 1,159m shares, $1.8m cash and a $16.2m market cap at $0.014. No new results.
18 Nov 2019other▲ Good
Tests by US firm Urbix using a low-temperature purification method produced battery-grade graphite up to 99.98% carbon from Siviour concentrate. This is a second purification route after caustic roasting, with potential cost savings; these are test results, not a commercial agreement.
11 Nov 2019investor presentation● Neutral
Presentation of the 11 November DFS results (NPV10 A$388m, IRR 33%, capex A$114m). Shows $1.8m cash, no debt, 1,153m shares and a $15.0m market cap at $0.013. No new results.
11 Nov 2019resource reserve update● NeutralMajor
Siviour DFS delivered: post-tax NPV10 A$388m, IRR 33%, start-up capex A$114m, 80ktpa in Stage 1. Value is well below the Feb 2019 spherical PFS (A$889m) as prices were cut 22%. Up to 60% of capex may get Atradius support; extra funding is still needed.
1 Nov 2019security holder rights change● Neutral
All 114,761,096 listed $0.03 options expired unexercised on 31 October 2019, so no money was raised from them. Shares on issue stay at about 1,153m. This resolves the option-expiry thread; the shares were trading below the exercise price.
