Past year: ▼ 93%(6.99c – 1.99 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2016listing compliance notice▼ BadMajor
Filed to end its US registration under Rule 12h-6, suspending SEC reporting immediately and terminating it after 90 days, while keeping the TSX listing and the OTC Pink quotation. This is the last filing in the US record: the CPPIB default and the sale-or-restructuring review were still unresolved when the reporting stopped.
12 Feb 2016debt default or forbearance▼ BadMajor
Missed the CPPIB loan covenant requiring the mill to process an average of 875 tonnes a day over 60 consecutive days by 12 February 2016, which becomes an event of default unless cured within 30 days. CPPIB reserved its rights on certain other defaults but said it supported the strategic review and had no current intention to enforce.
13 Jan 2016listing compliance notice▼ BadMajor
NYSE MKT suspended trading immediately and began delisting proceedings for breaching the low-share-price standard, two days after the resource write-down. The TSX listing continued and US holders were directed to the OTC Pink market under RBYCF.
11 Jan 2016resource reserve update▼ BadMajor
SRK's rebuilt model cut indicated resources 91% to 106,000 ounces (0.492 Mt at 6.73 g/t) and inferred 86% to 307,000 ounces (1.519 Mt at 6.28 g/t) against the 2013 estimate, and Rubicon stated that the study it built the mine on "is no longer considered to be correct". The reason given: east-west D2 shear structures control the high-grade gold, which is far less continuous than the wider-spaced 2013 drilling had suggested. Phoenix produced 4,906 ounces from 57,793 tonnes in 2015 against the 2013 plan's 165,300 ounces a year, and the board hired BMO and TD Securities to look at a sale, merger or restructuring.
3 Nov 2015production update▼ BadMajor
Suspended underground work to rebuild the geological model and write a project implementation plan, with interim chief executive Michael Winship saying that during trial stoping "we have discovered that the F2 Gold Deposit is much more geologically complex compared to our understanding of it from historical drilling". Four months after first gold, the company was saying the rock was not what the model said it was.
5 Oct 2015production update▼ BadMajor
Ontario's environment ministry ordered the mill shut on 30 September to treat high ammonia levels in the tailings water, discharge treated effluent and upgrade the tailings facility, following a first order on 8 September that had been amended three times. Underground development and trial stoping continued.
24 June 2015production update▲ GoodMajor
Poured first gold at Phoenix - about 741 ounces - four years after Agnico-Eagle's C$70.0m investment. Mill construction was complete, commissioning was due to finish in early July and stoping was about to begin on the 244 m and 305 m levels.
18 June 2015drilling progress report● Neutral
Reported 9,553 m of surface drilling in 21 holes north of the F2 deposit, testing the carbonate zone and a possible northern extension, together with an update on its Nevada properties.
18 May 2015debt financing● NeutralMajor
Borrowed US$50.0m from CPPIB Credit Investments, a Canada Pension Plan subsidiary, on a five-year secured loan at 7.5% cash interest with the whole principal due on 12 May 2020, and issued CPPIB 10 million warrants at C$1.715 (about 2.5% of shares outstanding). Drawn in full; it is the first debt on the balance sheet after four years of equity and royalty funding.
14 Apr 2015production update▲ Good
Mill commissioning began ahead of schedule with low-grade development material being processed, and all remaining pre-production underground development was due to finish by the end of May, keeping the mid-2015 production target intact.
9 Apr 2015capital raising announcement▲ Good
Closed the flow-through placement at C$30.2m with the underwriters' option exercised in full: 23.6 million shares at C$1.28.
What it means for a shareholder
23.6m new shares at C$1.28 to raise about C$30.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 Mar 2015capital raising announcement▲ Good
Upsized the flow-through deal to C$25.1m - 19.6 million shares at C$1.28 - the day after announcing it, citing strong demand.
What it means for a shareholder
19.6m new shares at C$1.28 to raise about C$25.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 Mar 2015capital raising announcement● Neutral
Flow-through bought deal of 11.725 million shares at C$1.28 for C$15.0m, with an option for up to C$5.1m more. The price is down again, from C$1.70 the previous July and C$1.55 in February 2014.
What it means for a shareholder
11.7m new shares at C$1.28 to raise about C$15.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 Jan 2015drilling result▲ Good
Completed the 38,000 m infill programme, reporting high-grade intercepts in sparsely drilled ground at the north and south ends of the 244 m level, and started surface drilling to test a possible northern extension of the deposit.
18 Dec 2014production update▲ Good
Underground development rates improved through October and November and stockpiling of mill feed from the first stopes began ahead of schedule, including from a trial stope between the 244 m and 305 m levels. Trial stoping is what later exposed the geology the resource model had got wrong.
25 Nov 2014material agreement▲ GoodMajor
Settled with Wabauskang First Nation: the band agreed to drop its appeal against the August 2014 dismissal of its judicial review of the Phoenix closure plan, and the two signed an exploration accommodation agreement setting out terms for a wider benefits agreement. It ends the legal challenge begun in December 2012.
25 Sept 2014drilling result▲ Good
Further infill results including 136.5 g/t gold over 4.0 m, again described as confirming the deposit's continuity and grade, with some intercepts falling outside the planned stoping blocks.
8 Sept 2014production update▲ Good
Still on budget and on schedule for mid-2015 production, with the SAG and ball mills set on their foundations. Management said most of the construction and development risk was behind it and the project was well over half complete.
8 July 2014capital raising announcement▲ Good
C$12.0m flow-through bought deal: 7.06 million shares at C$1.70, with proceeds restricted to eligible Canadian exploration expenditure.
What it means for a shareholder
7.1m new shares at C$1.70 to raise about C$12.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 June 2014drilling progress report▲ Good
First results from a 38,000 m infill drilling programme aimed at converting inferred ounces to indicated between surface and the 610 m level. The company said the results confirmed the continuity of mineralisation it had expected.
19 June 2014production update▲ Good
Reported construction on budget and on schedule for production in mid-2015, with 875 m of a planned 8,023 m of underground development complete - 10.9% of the total.
12 Mar 2014capital raising announcement▲ GoodMajor
Closed the unit offering with the over-allotment taken up in full: 74.29 million units at C$1.55 for C$115.1m, each unit carrying half a warrant exercisable at C$2.00 until March 2015.
What it means for a shareholder
74.3m new shares at C$1.55 to raise about C$115m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 Mar 2014resource reserve update● NeutralMajor
Filed an amended and restated version of the June 2013 technical report, re-issued 28 February 2014 with the effective date unchanged. This is the specific document - effective 25 June 2013, issued 28 February 2014 - that Rubicon said in January 2016 "is no longer considered to be correct".
20 Feb 2014capital raising announcement● NeutralMajor
Bought deal of 64.6 million units at C$1.55 for C$100.1m, each unit a share plus half a warrant, to finish building Phoenix. The price is well below the C$4.10 a share raised in February 2012.
What it means for a shareholder
64.6m new shares at C$1.55 to raise about C$100m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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11 Feb 2014production update▲ GoodMajor
Shaft sinking finished in mid-December 2013 at a total depth of 730 m, with the mill building, initial tailings facility, earthworks and a 200-person camp complete and underground development under way.
11 Feb 2014material agreement▲ GoodMajor
Signed a US$75.0m gold stream with RGLD Gold AG, a subsidiary of Royal Gold, taking the cash up front for construction in exchange for 6.30% of Phoenix's gold until 135,000 ounces are delivered and 3.15% after that, with Royal Gold paying 25% of the spot price for each ounce. It closed most of the C$106m funding gap the June 2013 study had disclosed.
12 Aug 2013resource reserve update● NeutralMajor
The SRK report itself, running to the resource model and mine plan behind the 2.19-million-ounce, 13-year case. It states plainly that the study is preliminary, includes inferred resources too speculative to be reserves, and that "there is no inference of mineral reserves" - Rubicon built and started the Phoenix mine without ever declaring one.
12 Aug 2013resource reserve update● Neutral
Filed the NI 43-101 technical report for the June 2013 study, prepared by SRK and Soutex with an effective date of 25 June 2013.
26 June 2013resource reserve update▲ GoodMajor
SRK's rebuilt estimate put indicated resources at 4.12 million tonnes grading 8.52 g/t gold (1.129 million ounces) and inferred at 7.45 million tonnes grading 9.26 g/t (2.219 million ounces), both at a 4.0 g/t cut-off - 111% more indicated ounces than 2011, but on far more tonnes at a lower cut-off and at roughly half the grade AMC had estimated. The new mine plan switched to longhole stoping for 2.19 million ounces over 13 years, a 27.0% after-tax return and a C$531m net present value, and disclosed a C$106m funding shortfall against C$118m of working capital.
9 Apr 2013resource reserve update● Neutral
The early-April estimate did not appear. Instead SRK said it was rebuilding the geological interpretation of the gold trends, which would also change the cut-off grade, and the result would be folded into a whole new preliminary economic assessment expected late May or early June.
