Past year: ▼ 93%(6.99c – 1.99 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2013resource reserve update● Neutral
Told the market that SRK Consulting's updated resource estimate for the F2 system was close to complete and would be summarised in early April. The 2011 estimate had been prepared by AMC; the rebuild was being done by a different consultant.
29 Jan 2013production update● Neutral
Shaft bottom reached 610 m, though unfavourable ground conditions in November and December 2012 had slowed sinking before improving in January. The mill and carbon-in-leach building foundation and steel framework were complete, and the company was still weighing whether extending the shaft further was worth the cost.
14 Nov 2012drilling progress report▲ Good
Shaft down to 552 m and mill building foundations being poured, with drilling returning 767.0 g/t gold over 1.0 m and extending the system to more than 1,600 m below surface. The optimisation studies meant to improve on the 2011 study were nearly finished, with an update promised in Q4 2012.
17 July 2012drilling result▲ Good
Final underground infill results included 55.8 g/t gold over 2.0 m and 198.6 g/t over 1.0 m. Underground drilling was halted so shaft sinking to the 610 m level could run without interruption; surface drilling aimed at extending the deposit continued.
5 June 2012other▼ BadMajor
Agnico-Eagle told Rubicon it had sold a significant part of its shareholding into the market, less than eleven months after buying 9.2% for C$70.0m at C$3.23 a share and being granted rights to maintain that stake.
24 May 2012auditor change● Neutral
De Visser Gray resigned as auditor and did not stand for reappointment at the 2012 annual meeting; PricewaterhouseCoopers was put forward in its place. The company recorded no reservations in the former auditor's reports and no reportable events.
15 May 2012drilling result▲ Good
More infill and expansion drilling on the F2 system: 156.9 g/t gold over 1.7 m and 152.4 g/t over 1.5 m from the WLB2 zone and 33.6 g/t over 3.0 m from the 122-10 zone, with 32,000 m still planned before the end of Q3 under the enlarged C$82.8m programme.
8 May 2012production update● NeutralMajor
Raised the Phoenix budget to the end of Q3 2012 by C$27.8m to C$82.8m, mainly to accelerate mill foundations and fabrication of the mill building and to complete the down payment on the SAG and ball mills. Rubicon said all of the spending was contemplated by the existing study and reported C$235m of working capital at 31 March.
29 Mar 2012drilling result▲ Good
Surface and underground drilling returned 446.4 g/t gold over 2.0 m and 113.8 g/t over 2.9 m, and hit gold 1,511 m below surface, the deepest intercept at the project to that date. Part of the C$55m programme, which then had 41,000 m of its 68,000 m still to drill.
29 Feb 2012capital raising announcement▲ GoodMajor
Closed the bought deal announced on 6 February: 49.0 million shares at C$4.10 for gross proceeds of C$200.9m.
What it means for a shareholder
49.0m new shares at C$4.10 to raise about C$201m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 Feb 2012capital raising announcement▲ GoodMajor
Sold 49.0 million shares at C$4.10 on a bought-deal basis for C$200.9m, with an over-allotment option for a further 7.35 million, to fund Phoenix development and working capital. The price is about 27% above the C$3.23 Agnico-Eagle paid six months earlier.
What it means for a shareholder
49.0m new shares at C$4.10 to raise about C$201m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
26 Oct 2011asset acquisition disposition▲ Good
Exercised a right of first refusal to buy and extinguish the 3% net smelter royalty over the land portion of the Phoenix project, paying 1,216,071 shares at a deemed C$3.50 for total consideration of C$4.26m. The separate 2% royalty over the claims lying under Red Lake, bought by Franco-Nevada from Dominion Goldfields two months earlier, stays in place.
20 Oct 2011drilling progress report▲ GoodMajor
Committed to a 12-month, C$55m programme: extending the shaft from 338 m to 610 m, 600 m of new underground development on three levels, and 70,000 m of drilling, with the stated aim of proving enough additional indicated resources to support at least five years of production and keep the mine on track for a possible start in Q4 2013. C$3.6m went to long-lead orders including the SAG and ball mills.
15 Sept 2011drilling result▲ Good
Underground "9X" drilling south and northwest of the F2 core zone returned 61.6 g/t gold over 2.0 m and 37.7 g/t over 3.0 m. All of it post-dates the June 2011 study, so none of it is in that resource estimate.
24 Aug 2011resource reserve update● NeutralMajor
The AMC study itself: indicated resources of 1.03 million tonnes at 14.5 g/t gold (477,000 ounces) and inferred of 4.23 million tonnes at 17.0 g/t (2,317,000 ounces) at a 5.0 g/t cut-off, supporting a conceptual 12-year, 450,000-tonne-a-year mine costing C$214m to build, with a 5% net present value of C$433m and a 28% return at US$1,100 gold. AMC warned that the estimated grades depend heavily on a small number of high-grade drill intercepts and that being able to find and mine those zones "presents both its greatest risk and greatest reward potential".
12 Aug 2011resource reserve update● NeutralMajor
Filed the NI 43-101 technical report behind the preliminary economic assessment announced on 29 June 2011, prepared by AMC Mining Consultants with metallurgy by Soutex, and said it contained no material differences from that announcement.
28 July 2011capital raising announcement▲ GoodMajor
Agnico-Eagle agreed to buy 21,671,827 shares at C$3.23 for C$70.0m, taking 9.2% of Rubicon plus rights to top up its stake in later issues, with the money earmarked for drilling and development on the F2 gold system at the Phoenix project in Red Lake, Ontario. The two also agreed to negotiate a technical services agreement giving Rubicon access to Agnico's geological and mining engineers.
28 July 2011capital raising announcement▲ GoodMajor
The C$70.0m Agnico-Eagle placement closed the day after it was announced.
30 June 2011resource reserve update▲ GoodMajor
The original AMC preliminary economic assessment: 477,000 indicated ounces declared for the first time, a 12-year mine at 1,250 tonnes a day producing 180,000 ounces a year at a mined grade of 13.87 g/t, C$214m to build, a 28% pre-tax return and a C$433m net present value at US$1,100 gold. The mine plan used 2.0 million ounces - 72% recovery of the resources then identified - at a 6.0 g/t mining cut-off. This is the study Rubicon built the Phoenix mine on.
2 June 2011drilling result▲ Good
Final results from the 27,000 m delineation programme, designed to infill 100 m above and below the 305 m level, with 36.4 g/t gold over 4.1 m.
13 May 2011drilling result▲ Good
9X exploration drilling returned 48.3 g/t gold over 4.0 m and 21.5 g/t over 3.0 m.
12 Apr 2011resource reserve update● Neutral
Filed the amended technical report and an amended annual information form, closing out the securities commission review.
11 Apr 2011drilling result▲ Good
Delineation results including 1.15 oz/ton gold over 22.0 feet, with an update on project timelines.
31 Mar 2011resource reserve update▼ BadMajor
The amended estimate came in lower: 5.5 million tonnes at 20.34 g/t for 3,597,000 inferred ounces uncapped, or 17.29 g/t for 3,057,000 ounces once high assays were capped - against the 4,007,000 ounces announced in November 2010, on the same drilling. Rubicon's resource had been cut by a quarter, at a regulator's insistence, five years before the model failed outright.
15 Feb 2011resource reserve update▼ BadMajor
The British Columbia Securities Commission reviewed the technical report carrying the 4.0-million-ounce inferred resource and geological potential estimates, and Rubicon said it expected to file an amended report - the first time a regulator questioned the numbers underpinning the project.
11 Jan 2011drilling result▲ Good
Exploration drilling returned 1,351.8 g/t gold over 1.1 m among other intercepts.
22 Dec 2010drilling result▲ GoodMajor
Bulk sampling began in the core of the F2 system, with delineation drilling inside the 4.0-million-ounce inferred resource returning 544.5 g/t gold over 2.3 m.
1 Dec 2010drilling result▲ GoodMajor
First NI 43-101 resource: an inferred 6.2 million tonnes at 20.1 g/t gold for 4,007,000 ounces at a 5 g/t cut-off, prepared by Geoex on the polygonal method from 166,886 m of drilling in 237 holes to 31 July 2010, alongside a stated geological potential of 13.3-16.1 million ounces. Everything is inferred; there is no indicated or measured category and no reserve.
18 Nov 2010drilling result▲ GoodMajor
First results from the 27,000 m underground delineation programme, including 568.9 g/t gold over 2.5 m in a previously unrecognised north-east-trending subzone. Cross-cuts had by now physically exposed the core zone, and the drilling was outlining several discrete subzones trending at different angles - the structural complexity that the 2016 remodelling later put at the centre of its explanation.
19 Oct 2010drilling result▲ Good
New high-grade intercepts from the 9X target area, several outside the known F2 system; a 27,000 m underground delineation programme had been launched a week earlier.
