Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2011resource reserve update▲ GoodMajor
Updated Shambesai pit study shows over US$190M cash flow (EBITDA at US$1,500 gold) over five years, averaging 40,000oz a year. Probable Reserve of 180koz oxide is booked, with cash costs of US$465/oz. Scoping study cash flows have almost doubled; feasibility still due December 2011.
14 Nov 2011investor presentation● Neutral
Presentation repeats the 40,000oz-a-year Shambesai plan and US$190M cash flow. Shows 228.6M shares, $15M cash and a $40M market value at 17.5c, with Perseus at 24%. No new results.
25 Oct 2011quarterly activities report● Neutral
September 2011 quarterly recaps the Shambesai resource upgrade to 766koz and final drill results. It restates the option underwriting and cash above $16M. TEO approval awaits the end-October presidential elections; a 3,000m autumn-winter program is to start. Mostly previously released.
24 Oct 2011annual report● Neutral
Printed 2011 annual report with chair and managing director addresses. It repeats the 1.25M oz resource, 766koz Shambesai, TEO submission and possible 2012 production. Largely previously released.
5 Oct 2011agm notice● Neutral
Notice that the 2011 annual general meeting will be held on 29 November 2011 in Perth. Administrative only.
30 Sept 2011capital raising announcement▲ GoodMajor
Underwriters BW Equities, Blackwood and Macquarie will take up unexercised 20c options, covering up to $10M, for an 8% fee. Perseus, the largest holder, will sub-underwrite to hold about 23.86%. Cash is to exceed $16M, funding feasibility and development.
29 Sept 2011annual report● Neutral
Full-year accounts to 30 June 2011 with the review of operations. It restates the 766koz Shambesai and 1.25M oz total resource, the feasibility due December quarter and the $5M exploration budget. Financial statements are not shown in the excerpt.
27 Sept 2011resource reserve update▲ GoodMajor
Shambesai resource rises about 20% from 645koz to 766koz, with oxide up 40% to 460koz. This lifts total resources to 1.25M oz, with the Obdilla resource. Feasibility still due December quarter; new drilling to target more oxide.
21 Sept 2011drilling result▲ Good
Final Shambesai holes include 54m at 2.9g/t gold from 233m in the deep western zone, which stays open. These last holes came after the program ended and will not be in the September resource update; they are follow-up targets.
12 Sept 2011regulatory community update▲ Good
Vat leach tests show over 85% gold recovery in under 36 hours, better than the scoping study assumptions. Feasibility remains due December quarter; TEO approval may slip past the October elections, which the company says would not affect overall schedule.
6 Sept 2011drilling result▲ GoodMajor
Final Shambesai round includes 21m at 9.71g/t gold, extending the bonanza shear zone 80m from the earlier 33.7m at 10.74g/t hole, outside the 645koz resource. Resource update due this month, feasibility in the December quarter; rigs now at Obdilla, Ulugtau, Tashbulak.
2 Sept 2011security holder rights change● Neutral
Standard notice reminding optionholders that listed options exercisable at 20c expire at 5pm Perth time on 30 September 2011, with one share issued per option exercised. Form and instructions only; no new company news.
2 Sept 2011security holder rights change● Neutral
Duplicate of the option expiry notice: 20c listed options lapse at 5pm Perth time on 30 September 2011 unless exercised. Administrative form; no new information.
31 Aug 2011other● Neutral
Foyil Securities, an Eastern European broker, has begun research coverage of Manas. Its report is on the company website. No operational or financial news.
23 Aug 2011drilling progress report● Neutral
12,535m Shambesai drilling is complete, with about 7,500m of results still to come by end September ahead of a resource update. Pum's 16 holes found only low-grade away from the discovery hole. Drilling started at Obdilla and Ulugtau; TEO under final ministerial review.
29 July 2011quarterly activities report● Neutral
June 2011 quarterly recaps the 33.7m at 10.74g/t bonanza hole, oxide results and the TEO submission. Adds that later Pum holes returned only low-grade intercepts. Drilling continues; 11,000m completed. Mostly previously released.
13 July 2011drilling result▲ GoodMajor
Bonanza hole of 33.7m at 10.74g/t gold, including 7.8m at 28.64g/t, from sulphide in a shear zone outside the 645koz resource. Drilling extended to 12,300m at Shambesai; feasibility including a resource upgrade due late 2011. Company says underground potential is being evaluated.
21 June 2011regulatory community update▲ GoodMajor
Technical and economic study (TEO) submitted to the Kyrgyz Ministry of Natural Resources. Once approved, the company can apply for a mining licence at Shambesai. A new resource model is due in the third quarter 2011.
24 May 2011drilling result▲ GoodMajor
First 2011 results: 25m at 3.43g/t gold and 17.1m at 2.92g/t outside the resource, plus a Pum discovery hole of 8.9m at 2.89g/t, 3km away. Two non-core licences (Maly Naryn, Akbura) face revocation and are being appealed. Feasibility due third quarter.
28 Apr 2011quarterly activities report● Neutral
March 2011 quarterly says the 20,000m drilling program and the Shambesai feasibility study have started, with production possible in 2012 subject to approvals. Cash above $11M against a budget of up to $5M. No new drill results.
28 Mar 2011investor presentation● Neutral
March 2011 presentation repeats the 1.13M oz resource, scoping study and feasibility under way. Shows 177.4M shares on issue, cash $11.3M and market cap $44.3M at 25c. No new results.
14 Mar 2011half year report● Neutral
Half-year to 31 December 2010 shows a loss of $1,219,669 (prior year $824,397). Confirms the second placement tranche ($8.82M) completed in February 2011, completing the $11.5M raising. Otherwise repeats scoping study and 1.13M oz resource.
10 Mar 2011drilling scheduled▲ Good
Eight rigs (six diamond, two portable) start up to 20,000m of drilling in 2011, mostly at Shambesai, to lift the 1.13M oz resource. Exploration budget is up to $5M against cash above $11.3M. Feasibility and permitting said to be on track; production possible in 2012.
31 Jan 2011quarterly activities report▲ Good
December 2010 quarterly reports final 2010 field results, including trench results of 35.5m at 7.88g/t gold inside the mine plan. Restates the scoping study (180koz, US$250/oz) now moving to feasibility, and the $11.5M raising. 10,000m+ drilling due from March 2011.
29 Dec 2010other● Neutral
Securities trading policy document setting rules on insider trading and closed periods for directors and staff. Administrative; no operational or financial news.
10 Dec 2010capital raising announcement▲ GoodMajor
Raises $11.5M via 57.5M shares at 20c, above the 19c close, to fund Shambesai feasibility, development and exploration. Asian Lion and Lion Selection join as cornerstones; Macquarie and Perseus take part. Tranche 1 ($2.68M) settles soon; $8.82M tranche needs shareholder approval. Resolves the thin-cash concern.
What it means for a shareholder
57.5m new shares at $0.200 to raise about $11.5m. 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.
23 Nov 2010investor presentation● Neutral
November 2010 presentation positions Manas as a developer moving to a low-cost leach project, repeating the 1.13M oz resource and scoping results. Shows cash of $1.3M and a $30M market cap at 26c. No new results.
16 Nov 2010resource reserve update▲ GoodMajor
Scoping study for Shambesai oxide: 180,000oz over six years at US$250/oz cash cost, initial capex US$16.3M, pre-tax NPV US$59M at US$1,000 gold. Full feasibility study and permitting started, Perseus to give technical support. Resolves the scoping study thread; a scoping-level estimate, not a reserve.
29 Oct 2010quarterly activities report● Neutral
September 2010 quarterly recaps the drill results already released (6m at 11.73g/t, 41.5m at 2.06g/t) and the expanded scoping study due November. Resource remains 1.13M oz. Nothing new.
27 Oct 2010annual report● Neutral
Printed 2010 annual report repeats the year's highlights: 645,000oz Shambesai upgrade, 1.13M oz total, and a development decision that the chairman says may come within 12 months. Chairman notes just three of 54 prospects drilled. No new information.
