2 Apr 2013listing compliance notice● Neutral
ASX lifts the trading suspension in Manas shares immediately, following the capital raising announcement. Procedural notice; it implies the suspension was a pause pending that announcement (inference).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2013annual report● Neutral
Annual report for the year to 31 December 2012. The review of operations restates the April 2012 feasibility figures, the licence and the 2014 production target, and notes the March 2013 revised resource after year-end. Largely previously released information.
25 Mar 2013resource reserve update▲ GoodMajor
New Shambesai resource is 8.1Mt at 2.69g/t for 697,000oz, down from 766,000oz, with over 95% now Measured and Indicated. Reserve rises to 2.5Mt at 3.4g/t for 277,000oz from 245,000oz. Optimum Capital is engaged as debt intermediary.
24 Jan 2013material agreement termination● NeutralMajor
Central Asia Resources confirms the Altyntas joint venture with Manas ended by mutual agreement, and says it will in due course reimburse Manas's spending to date. This closes the October 2012 Kazakhstan option, which had allowed Manas to earn up to 70%.
23 Jan 2013quarterly activities report● Neutral
December 2012 quarter reports the Shambesai licence, the new directors and accelerated debt talks. The Altyntas joint venture has been terminated by mutual agreement, with Central Asia Resources to reimburse Manas's spend. Cash fell to $5.8M; over 10,000m of drilling is planned from March.
2 Jan 2013director officer appointment▲ GoodMajor
Robert Scott, a director of Sandfire and CGA Mining, joins as independent chairman, filling the vacancy left by Francis Harper's July 2012 exit. Mark Connelly, a mining executive, also joins as a non-executive director.
21 Dec 2012regulatory community update▲ GoodMajor
Kyrgyz government issues the Mining and Development Licence for Shambesai, securing legal tenure for design and construction. This follows the TEO approval and resolves the licence thread. Debt financing talks are being accelerated, with gold production still targeted for 2014.
31 Oct 2012quarterly activities report● Neutral
September 2012 quarter restates the Shambesai TEO approval, with a production licence application now begun and construction targeted for 2013 and gold for early 2014. The 4,000m Altyntas drilling is complete. Cash was $8.85M; debt financing options are being considered.
23 Oct 2012investor presentation● Neutral
Presentation repeats the Shambesai plan, the 1.25M oz resource and the Altyntas JV. Cash is shown at $8.5M, with a $40M market value on 228M shares and over $30M investment needed. No new results.
5 Oct 2012farm in farm out agreement▲ GoodMajor
Manas can earn up to 70% of Central Asia Resources' Altyntas gold project in Kazakhstan by spending A$2M. A$0.5M is committed now for 4,000m of drilling, with toll treatment at a nearby plant as the possible route to production. A move beyond Kyrgyzstan.
5 Oct 2012farm in farm out agreement● Neutral
Counterparty Central Asia Resources announces the same Altyntas deal: Manas can earn up to 70% by spending A$2M, with A$0.5M committed to 4,000m of drilling. Duplicates the Manas announcement.
12 Sept 2012admin correction● Neutral
Re-lodgement of the 30 June 2012 half-year report under a corrected header. The content shown is identical, so there is no new substance.
12 Sept 2012half year report● Neutral
Interim accounts for the six months to 30 June 2012 show a loss of $1.01M, against $0.84M in the prior six months. The review restates the feasibility results and the TEO approval after period end.
6 Sept 2012other● Neutral
Notice of an audio webcast with Managing Director Stephen Ross on the Shambesai approval. No new information.
6 Sept 2012regulatory community update▲ GoodMajor
Kyrgyz authorities approve the Shambesai TEO study, the key step before a production licence, resolving the long-awaited open thread. Construction is targeted for the first half of 2013 and gold production for early 2014; debt financing options are now being considered.
6 Sept 2012listing compliance notice● Neutral
ASX lifts the trading suspension in Manas shares immediately, following the company's announcement. Procedural notice; the reason for the suspension is not stated in the text.
31 July 2012quarterly activities report● Neutral
June 2012 quarterly repeats the feasibility figures. Cash fell to $10.64M. The new State Licence Committee has awarded two mining licences to other applicants; Shambesai drilling remains paused for community consultation, while regional exploration is under way on six prospects.
16 July 2012director officer appointment▼ BadMajor
Chairman Francis Harper, on the board since 2008, resigns, citing family illness and a reduced workload. The board has begun a search for a new chairman.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarterly recaps the feasibility study (US$208M net cash flow, 245koz reserve) and winter drill results. Cash was $12.3M at quarter end, down from $13.5M. Mostly previously released.
27 Apr 2012annual report● Neutral
Annual report for the six months to 31 December 2011. Chairman cites over $13M cash, $30M market cap, and a completed feasibility study at Shambesai; resource stays 1.25M oz. Largely restates previously released information.
16 Apr 2012admin correction● Neutral
Clarification adding the omitted Competent Person statement to the 12 April 2012 investor presentation, naming Philip Reese (reserves, feasibility) and Stephen Ross (resources, exploration). No new results; administrative.
12 Apr 2012investor presentation● Neutral
Roadshow presentation repeats the feasibility results (NPV US$148M, 53,000oz a year) and the 1.25M oz resource. It shows $12.2M cash, a $31M market cap and more than $30M still to be invested. A 4,000m winter drill program has started. No new results.
3 Apr 2012resource reserve update▲ GoodMajor
Definitive feasibility study confirms Shambesai: pre-tax NPV US$148M and US$208M net cash flow at US$1,500 gold. It has a Probable Reserve of 245koz, 53,000oz a year over 4.5 years, US$32.6M capital to first gold and a 10-month payback. Delivers on the long-awaited December-quarter study.
30 Mar 2012annual report● Neutral
Statutory accounts for the six months to 31 December 2011, following the year-end change. The review restates the 766koz Shambesai and 1.25M oz total resource. Financial statements are not shown in the excerpt.
19 Mar 2012drilling result▲ Good
Winter drilling at Shambesai returned 22m at 3.16g/t gold, including 8m at 8.45g/t, mostly outside the current resource and pit. The shear zone stays open. Drilling has now stopped for community consultation; feasibility is due end of March.
28 Feb 2012drilling progress report● Neutral
Feasibility study now adds 75koz of in-pit sulphide material and a smaller final pit, so final results slip to late March 2012. TEO has been resubmitted to the new Kyrgyz agency, awaiting committee approval before a mining licence. Winter drill results are due shortly.
31 Jan 2012quarterly activities report● Neutral
December quarter report recaps the pit study, feasibility review and Yantai appointment. TEO approval is still awaited after the new parliament. Cash was $13.5M at quarter end. Mostly previously released.
31 Jan 2012quarterly activities report● Neutral
Quarterly cash flow: $13.5M cash at 31 December 2011, with $8.9M raised from shares in the quarter. Operating outflow was $2.3M and next quarter's spend is estimated at $2.3M. The shortfall placement closed, with 2.48M shares issued to underwriters as fees.
25 Jan 2012joint venture update▲ Good
Shambesai feasibility study is complete and under independent review by Snowden (UK), with final report due end-February 2012. Yantai Design Institute (China) appointed for plant design. Findings so far are consistent with the November 2011 figures; Kyrgyz mining reform is under way.
15 Dec 2011other● Neutral
Financial year-end moves from 30 June to 31 December to match the Kyrgyz subsidiaries' local-law requirement. The next audited report covers the six months to 31 December 2011. Administrative.