Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter: completed the $1.1M rights issue and the updated study and reserves. Shambesai still needs safety and environmental audits of designs before construction. Focus is on an outright sale of the Kyrgyz assets. ASX later cited cash of $747k at quarter end.
31 Mar 2015annual report● Neutral
Full-year accounts for 2014. Text states directors resolved late in 2014 to pursue disposal of the Kyrgyz assets including Shambesai, subject to shareholder approval. Resource base 1.18M oz. Financial figures are not in the excerpt.
24 Mar 2015other● Neutral
Notice that UK broker Vicarage Capital issued an updated research note on Manas, paid for by the company. No new project information.
6 Mar 2015capital raising announcement● NeutralMajor
Rights issue completed: 73.6M shares issued at 1.5c (about $1.1M), taking shares to 515.3M. 137.8M options still expire 31 March 2015. Resolves the rights issue thread.
What it means for a shareholder
73.6m new shares at $0.015 to raise about $1.1m. 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 2015capital raising announcement▲ Good
Rights issue results: shareholders applied for 28.7M entitlement shares plus 39.4M shortfall shares, all accepted. About 5.5M shares ($82.8k) remain for the underwriter.
2 Mar 2015security holder rights change● Neutral
Notice that the 8c listed options (MSRO) expire 31 March 2015, with quotation ending 24 March. Shares last traded at 1.4c, far below the exercise price. Routine notice.
25 Feb 2015resource reserve update● NeutralMajor
Shambesai study economics and reserves re-issued under JORC 2012: NPV US$103M (was US$105M) at US$1,300 gold, IRR 106%, C1 cost US$416/oz (was US$387), capex to first gold US$40.7M. Reserve 2.4Mt at 3.7g/t for 279koz, up slightly from 277koz.
18 Feb 2015admin correction● Neutral
Confirms the rights issue prospectus was posted to eligible shareholders. Administrative notice only.
10 Feb 2015capital raising announcement● Neutral
Shareholder letter on the 1-for-6 rights issue at 1.5c for about $1.1M. Underwriter Baillie gets a 5% fee; about $75k covers offer costs and the rest funds overheads while the Kyrgyz asset sale process runs. Repeats the prospectus.
9 Feb 2015security holder rights change● Neutral
Letter to option holders explaining the rights issue timetable: options must be exercised by 13 February 2015 to take part. Administrative notice with no new information.
6 Feb 2015capital raising announcement▼ BadMajor
Prospectus for a 1-for-6 rights issue of about 73.6M shares at 1.5c to raise up to about $1.1M, fully underwritten by Baillie Asset Management. Priced well below the 3c September 2014 placement.
What it means for a shareholder
73.6m new shares at $0.015 to raise about $1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Jan 2015quarterly activities report▼ BadMajor
December 2014 quarter: financing talks have produced only non-binding, incomplete proposals, so the Board will now consider selling its entire Shambesai interest (subject to shareholder approval). Major shareholders back a rights issue of at least $1M. Technical spending is deferred over winter.
5 Dec 2014resource reserve update● Neutral
Shambesai resource re-issued under the JORC 2012 reporting code. The text states no change to classification, quantities or grade since March 2013 (8.1Mt at 2.7g/t, 697koz). A compliance re-report, not a new estimate.
31 Oct 2014quarterly activities report● Neutral
September 2014 quarter: cash about $1.5M plus roughly $300k of listed securities, down from $3.5M. Cost cutting is planned to cut Dec-quarter spending to $650k. Three financiers are in due diligence, and divesting non-core assets is being assessed.
12 Sept 2014capital raising announcement● NeutralMajor
Private placement of up to 28.3M shares at 3c to raise $850,000, led by Halcyon Corporate. Funds go to working capital and Shambesai pre-development while financing talks continue. Priced below the 4c rights issue of late 2013.
What it means for a shareholder
28.3m new shares at $0.030 to raise about $850,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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9 Sept 2014half year report● Neutral
Half-year to 30 June 2014: loss of $1.34M, down from $2.73M a year earlier. Restates permitting progress and ongoing financing talks; design permits now due before end-2014. Mostly known facts.
8 Sept 2014regulatory community update▲ GoodMajor
Shambesai's Sanitary Protection Zone approved; it does not extend over village areas, which may reduce compensation claims. Only design-related permits remain, with final design submission due shortly. Financing talks continue with several institutions. Completes an open permit step.
4 Aug 2014director officer appointment● Neutral
Justin Lewis, a director of Halcyon Corporate (which managed the earlier rights issue shortfall), joins the board as a non-executive director.
31 July 2014quarterly activities report● Neutral
June 2014 quarter: OVOS approval finalises major permitting; sanitary zone and design permits now expected in the September quarter. Financing talks are advanced with regional institutions, term sheet expected in Q3. Construction starts only once financing is finalised.
4 June 2014agm notice▼ Bad
Company admits the 10% placement facility resolution at the 29 May AGM was not validly passed: it was approved on a show of hands without a poll, but proxies show about 70.9% for versus 75% required. The company has no extra 10% placement capacity.
29 May 2014investor presentation● Neutral
AGM presentation restating the Shambesai study, OVOS approval and corporate details: 413.3M shares, share price 3.7c, market cap A$15.3M, cash A$3.4M. Nothing materially new.
21 May 2014regulatory community update▲ GoodMajor
Shambesai's OVOS (Kyrgyz environmental and social impact approval) is approved, the main environmental approval needed for production. Sanitary zone and construction permits are expected by Q3 2014, with construction targeted this year; financing talks are 'advanced'. Resolves the open OVOS thread.
30 Apr 2014quarterly activities report● Neutral
Cash flow report for March quarter: operating outflow of $2.095M, closing cash $3.472M, no financing inflows. Planned spending next quarter is $1.55M. Companion to the quarterly activities report.
30 Apr 2014quarterly activities report● Neutral
March 2014 quarter: cash fell to about $3.5M from $5.6M; OVOS submission described as imminent and financing talks continue. Karavshin and Karabulak licences relinquished. Mark Calderwood confirmed as Chairman. Mostly previously announced.
23 Apr 2014annual report● Neutral
2013 annual report restates the Shambesai resource (8.1Mt at 2.7g/t, 697koz) and reserve (277koz), and the May 2013 study. Funding is called 'a major hurdle', with talks ongoing with banks in Asia and North America. Mostly known facts.
17 Apr 2014agm notice● Neutral
Annual general meeting set for 11.00am WST on 29 May 2014 in Subiaco. Administrative notice only.
1 Apr 2014director officer appointment● NeutralMajor
Chairman Rob Scott resigns, citing a reduced workload, after serving since January 2013. Director Mark Calderwood becomes Chairman.
31 Mar 2014investor presentation● Neutral
Mines and Money Hong Kong presentation restating the Shambesai study and listing 413.3M shares, share price 4.0c and market value A$16.5M. Perseus is shown at 13.1%, down from about 21% in the earlier context. Little else new.
24 Mar 2014annual report● Neutral
Annual report for 2013 restates the 1.18M oz resource and the May 2013 feasibility study. Land holding was trimmed from about 3,400km2 across seven projects to five after year-end. Gold production is targeted to start in 2015. Mostly known facts.
25 Feb 2014regulatory community update▲ Good
Prime Minister publicly backed fast-tracking Shambesai, and the state agency approved all 2014 work plans and licences. Karavshin and Karabulak licences are relinquished and others reduced, cutting spending commitments. OVOS submission is described as imminent; financing talks continue.
