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- 11/27/18--17:16: _ Sayona Mining Ltd ...
- 11/27/18--20:04: _ VIDEO: Ellis Marti...
- 11/27/18--20:40: _ iSignthis Ltd (ASX...
- 11/27/18--20:43: _ Environmental Clea...
- 11/27/18--22:10: _ Hastings Technolog...
- 11/28/18--14:09: _ Speedcast Internat...
- 11/28/18--14:28: _ Ardea Resources Lt...
- 11/28/18--14:34: _ New Energy Mineral...
- 11/28/18--14:35: _ Rumble Resources L...
- 11/28/18--15:32: _ Environmental Clea...
- 11/28/18--15:59: _ Mithril Resources ...
- 11/28/18--17:04: _ Cervantes Corporat...
- 11/28/18--18:07: _ Hastings Technolog...
- 11/28/18--18:45: _ Ardea Resources Lt...
- 11/28/18--18:56: _ Collaborate Corpor...
- 11/28/18--19:39: _ Donaco Internation...
- 11/28/18--19:58: _ Thomson Resources ...
- 11/28/18--21:40: _ Hastings Technolog...
- 11/29/18--14:24: _ Australian Potash ...
- 11/29/18--14:25: _ Speedcast Internat...
- 11/27/18--17:16: Sayona Mining Ltd (ASX:SYA) Presentation - Annual General Meeting
- 11/27/18--20:40: iSignthis Ltd (ASX:ISX) AGM Presentation
- 11/28/18--14:28: Ardea Resources Ltd (ASX:ARL) WA Gold Exploration Update
- 11/28/18--14:35: Rumble Resources Ltd (ASX:RTR) AGM Presentation
- 11/28/18--15:59: Mithril Resources Limited (ASX:MTH) Capital Raising Presentation
- 11/28/18--18:45: Ardea Resources Ltd (ASX:ARL) AGM Presentation
- 11/28/18--19:39: Donaco International Ltd (ASX:DNA) AGM Addresses and Trading Update
- 11/28/18--19:58: Thomson Resources Ltd (ASX:TMZ) Chairman's Address to Shareholders
- 11/28/18--21:40: Hastings Technology Metals Ltd (ASX:HAS) AGM Presentation
- 11/29/18--14:24: Australian Potash Ltd (ASX:APC) Annual General Meeting Presentation
Sayona Mining Ltd (ASX:SYA) (OTCMKTS:DMNXF) provides the Company's presentation at Annual General Meeting.
Sayona Investment Proposition
- Authier is an advanced, de-risked project on track for development
- Executing a plan to get into production and generate cash flow - low capital hurdle & competitive operating costs
- Located in a first world country with access to world-class, low-cost infrastructure
- Base case pre-tax NPV of C$184 million and low enterprise value per tonne of resources compared to industry peers
- Opportunity to value-add Authier concentrates and create significant shareholder value; plus upside from project pipeline in Canada, WA
- Board and management team have track record of delivering projects around the world
To view the full presentation, please visit:
Paul Crawford Company Secretary Phone: +61-7-3369-7058 Email: firstname.lastname@example.org www.sayonamining.com.au
Ellis Martin speaks with Robert Mintak, CEO of Standard Lithium (OTCMKTS:STLHF) (CVE:SLL) regarding recent developments at the company's flagship 180,000 acre "Smackover Project" which is in a region of southern Arkansas that is home to North America's largest brine production and processing facilities.
Standard Lithium reported a maiden lithium resource statement for its 150,000 acre Project in the south-central region of Arkansas, USA (the "Property"; see Company news release 9th May 2018). The maiden resource report includes 3,086,000 metric tonnes of lithium carbonate equivalent (LCE) at the Inferred Resource category Standard Lithium announced that it has signed a term sheet (the "Term Sheet") with global specialty chemical company LANXESS Corporation ("LANXESS") for a contemplated joint venture in the commercial production of battery grade lithium from brine extracted from the Smackover Formation in South Arkansas.
Standard Lithium is working with LANXESS in a phased approach as per terms of a binding memorandum of understanding, to develop commercial opportunities related to the production, marketing and sale of battery grade lithium products extracted from brine produced from the Smackover Formation.
To view the Video Audio, please visit:
Standard Lithium Ltd. T: +1-604-409-8154 E: email@example.com Ellis Martin Editor Email:firstname.lastname@example.org Telephone: +1-310-430-1388 www.ellismartinreport.com
iSignthis Ltd (ASX:ISX) provides the Company's AGM Presentation.
We are a leading payments, eMoney and identity technology company, publicly listed on the Australian Securities and Frankfurt Stock Exchange (ASX:ISX) (FRA:TA8).
We are an EEA authorised, deposit taking, Monetary Financial Institution and have licenses to operate transactional banking services across Europe and, soon, Australia.
We provide EU/EEA and Australian businesses with transactional banking and a complete customer onboarding solution from remote identity verification to payment processing, settlement and our EU deposit taking services will soon be available in Australia as well.
Our patented Paydentity(TM) and ISXPay(R) platforms, built inhouse, make all this possible.
Through our Probanx.com subsidiary, we also supply core banking software to more than 15 banks in North America, Asia Pacific and the EU/EEA - and shortly ourselves as well in the EU and Australia.
We are the only ASX listed, EEA Authorised, transactional neobank.
To view the full presentation, please visit:
iSignthis Ltd T: +61-3-8640-0990 F: +61-3-8640-0953 E: email@example.com WWW: www.isignthis.com
Environmental Clean Technologies Limited (ASX:ECT) (ECT or Company) is pleased to announce the commencement of its feasibility study for the deployment of a proposed 600,000 tonne per annum lignite upgrading plant in Victoria's Latrobe Valley, utilising its patented, zero-emission Coldry technology.
- Scoping study & site selection previously completed November 2017
- 'EnergyAustralia' to host the site at Yallourn Power Station (subject to the parties entering binding agreements)
- Feasibility study commencing targeted for completion by March 2019.
- 'Gateway' fuel solution enabling higher-value, lower CO2 applications from brown coal
The proposed project, to be located at EnergyAustralia's Yallourn power station in Victoria's Latrobe Valley, seeks to enable the lower-CO2 use of lignite, creating a 'gateway' to a broader range of existing and emerging applications.
The feasibility study follows the initial scoping study completed in November 2017 and aims to support the Company's Australian strategy for the further commercialisation of its Coldry technology.
Of interest to shareholders will be the increased scope of the planned project since it was first proposed.
In the Company's announcement on 15 November 2017 a plant capacity of 170,000 tonnes per annum was identified as the initial starting point. Further project development activity over the past year has resulted in identification of broader opportunities, both locally and internationally, to support a substantially increased scale. The Company is continuing to qualify these opportunities.
ECT Executive Chairman, Glenn Fozard commented, "The emphasis and focus on our India project has taken necessary priority over the past year, consuming most of our resources. This resulted in the need to take additional time following the completion of the scoping study to identify the key drivers to underpin our potential Latrobe Valley project. With our India project nearing financial close, the time is right to start the feasibility study.
"We mentioned last November that building a zero-emissions Coldry plant aligns well with the recently returned State Government's 'Future Use of Brown Coal' policy1. The industrial and political environments are supportive of technologies that deliver low or zero-emissions solutions to higher value use of lignite.
"The domestic utility heat and steam market, most of which switched to gas following the closure of the brown coal briquette plant in Morwell in 2014, has suffered from a doubling of the gas price and tripling of the wholesale electricity price since 2015. We've progressed local market development and testing of Coldry product from our pilot plant at Bacchus Marsh, northwest of Melbourne, signing a 5-year $1.3 million contract for the provision of turnkey 'steam services' (announcement 9 August 2018) and establishing a viable solid fuel alternative to expensive gas that can be blended with biomass".
"Our vision for the proposed Latrobe Valley project is to establish a scalable 'gateway' application, enabling a broader, more environmentally sensitive use of lignite which will support economic activity and employment for the region. This project holds significant interest in providing increased energy security through diversification of Victoria's energy solutions and longer-term interest as a gateway enabler to the deployment of High Efficiency Low Emissions (HELE) electricity production if required and feasible, and lowemission chemical production, like hydrogen from Victoria's world class lignite assets."
Coldry to deliver improved economic and environmental outcomes
Coldry converts low-value brown coal into high-calorific value, low-moisture solid fuel pellets suitable as a gateway feedstock for applications such as:
- Utility boiler systems
- Hydrogen production
- Urea production (fertiliser)
- Blended co-firing into power station boilers
- High-Efficiency Low Emissions (HELE) electricity generation
- Other downstream coal conversion technologies requiring a dry coal feedstock
Coldry utilises low-grade waste heat, producing the world's most cost-effective brown coal fuel pellet via a drying solution with zero direct emissions.
The key to the efficiency of the Coldry process, which takes lignite moisture from 60% down to between 10% and 15%, is the intended utilisation of 'free' low temperature waste heat from an adjacent power station.
The use of waste heat would minimise 'paid' energy in the process, keeping the cost down.
An environmental upside for the host power station is the significant reduction of the requirements for cooling water, reducing water taken from the local environment.
Over the next four months, the Company will resource several key deliverables including:
- Redesign of the original core design to support 600,000 tonnes per annum (tpa)
- Review of requirements for export and site-specific factors at Yallourn Power Station
The feasibility study, once complete, will allow the Company to determine whether it is economically, commercially and technically feasible to proceed with a Coldry project in the Latrobe Valley.
In addition, ECT will progress upgrades at its Coldry high volume test facility at Bacchus Marsh, as well as a number of key infrastructure support assets, improving raw coal access and demonstrating our steam and boiler packages to Victoria and Tasmania.
ECT recognises the potential for improved brown coal use in helping balance affordability, reliability and emissions intensity across the nation's energy system. The establishment of a large scale, zero-emission Coldry plant would take the Latrobe Valley one step closer to becoming, once again, the national flagship for reliable, affordable energy production in the context of an emissions constrained environment.
Glenn Fozard commented, "High Efficiency, Low Emissions (HELE) power stations, hydrogen production and fertilizer production are all potential industries of the future for the Latrobe Valley and they all need dry brown coal. Coldry can provide this economically and with zero-emissions."
Background to Latrobe Valley Coldry project
Running parallel to the Company's continued R&D programs to support its India project, 2017 saw the reemergence of project development opportunities in the Latrobe Valley.
Formal preparations for the feasibility program for the construction of a large-scale Coldry demonstration plant in the Latrobe Valley began in July 2017 (see announcement 12 July 2017).
Titled the 'Gateway Fuel Victoria Project', this initiative stands in strong alignment with government policy and regional development directives and responds to clear energy market signals.
In line with the established project planning structure, the feasibility study program is divided into several phases, including:
- Scoping study and selection phase (complete)
- Pre-feasibility study (complete)
- Feasibility study and funding assessment (commencing)
The feasibility study will aim to establish the business case for the construction of a large-scale Coldry plant in the Latrobe Valley.
The Company will provide further updates on the progress and outcomes of the feasibility study in due course.
To view figures and links, please visit:
Glenn Fozard Chairman Environmental Clean Technologies Ltd E: firstname.lastname@example.org WWW: www.ectltd.com.au
The Directors of Hastings Technology Metals Limited (ASX:HAS) are pleased to announce a 6.7% increase in Measured plus Indicated Resources at the Yangibana Project compared to the most recent JORC Mineral Resource estimate in November 2017 (ASX release titled "Final 2017 JORC Resource Update including Auer and Auer North Results" 22nd November 2017). Measured plus Indicated Resources now stand at 13.38 million tonnes within a total resource of 21.67 million tonnes. The total resource now hosts more than 80,000 tonnes of neodymium and praseodymium oxide, the Company's main economic driver.
- Measured plus Indicated Resources increased by 6.7% to 13.38 million tonnes
- Total Resources increased to 21.67 million tonnes
- Contained neodymium and praseodymium oxide exceeds 80,000 tonnes in total resources
- Programmes in place for next drilling phase in 2019
JORC Mineral Resources
An updated JORC Mineral Resource estimation has been completed by independent consultant Lynn Widenbar and Associates incorporating the recent drilling results from Bald Hill, Fraser's, Auer and Auer North deposits.
The bulk of the near surface mineralisation (at least to 100m vertical depth) throughout the Yangibana Project is hosted by iron oxides and hydroxides termed ironstone, being the alteration products of the primary hosts - ferrocarbonatite and phoscorite intrusive veins. The main rare earths-bearing mineral is monazite which has locally undergone alteration at shallow depths (to 25m depth) to its hydrous equivalent rhabdophane and to rare earths-bearing Al-phosphates such as florencite.
The deposits occur as narrow but strike extensive veins that have a range of dips from almost horizontal (10-20o) to sub-vertical. The Fraser's deposit has the most extreme range from 5o in portions towards its northeastern end to 65o at its southwestern end. Average true thickness varies from 2.2m to 3.5m throughout the Yangibana deposits although locally true thicknesses in excess of 20m occur.
Hastings has completed eight drilling programmes comprising both reverse circulation (RC) and diamond drilling totalling more than 1,500 holes for 80,000m. Of these 127 holes for 7,485m are diamond holes.
Holes were initially drilled at 50m spacings along strike and down dip. Infill drilling in areas with resource potential has been undertaken at 37.5m spacing, although this has been constrained by access in places and drill spacing is often less than that figure.
RC holes have been drilled using a nominal 51/4 inch diameter face-sampling bit. Samples have been collected through a built-in cyclone with a triple-tier riffle-splitting system providing a large sample of approximately 25kg and a sub-sample of 2-4kg of which selected samples were sent for analysis, from each metre drilled. Field duplicates, blanks and Reference Standards were inserted at a rate of approximately 1 in 20.
Diamond core has been drilled at HQ size. The core is logged and prospective zones are sawn into half and one half is then quartered with one quarter sent for analysis. Assayed intervals are based on geology with a minimum length of 0.2m.
Samples were routinely sent to Genalysis in Perth for analysis using techniques considered appropriate for the style of mineralisation. Samples were analysed for the range of rare earths, rare metals (Nb, Ta, Zr), thorium and uranium and a range of common rock-forming elements (Al, Ca, Fe, Mg, Mn, P, S, Si, Sr). Duplicate samples have been sent to SGS Laboratories for cross-checking.
Most drillholes were vertical, subject to access availability, with holes into the steeper mineralised zones (Auer, Auer North, the southeastern portion of Fraser's) being at -60o or -70o. Internal surveys were carried out at 30m intervals downhole by the drilling contractors using a Reflex electronic single-shot camera within a stainless-steel drill rod.
Collar surveys were carried out by the Company using a Trimble RTX R1 GNSS receiver, with accuracies of approximately 50cm. The high-resolution DTM commissioned by the Company has been used as the topographic control for all drillholes. A Relative Level (RL) was assigned to each drillhole collar based on the high-resolution DTM using Mapinfo Discover 3D.
Once assay data were returned, the elemental values were converted to oxides using standard factors. Interpretations were carried out initially on sections using logged geology and then a nominal 0.2%Nd2O3+Pr6O11 cut-off to define the mineralisation of interest. With current commodity prices of US$59/kg for praseodymium oxide and US$48/kg for neodymium oxide (BAIINFO Rare Earth Weekly, Nov 15 2018) and predicted to increase over the coming years (Adamas Intelligence, July 2018), this cut-off is considered reasonable for both downhole intersections and resource estimation.
This cut-off correlates extremely well with the visual estimation based on geology. At a later stage, flitch plans and footwall and hangingwall contour plans were prepared to confirm interpretation. There is, therefore, a high confidence in the geological interpretation.
Following validation of the database all information was imported into Micromine Mining software where validation routines were run to check validity of all data.
The Micromine models were sent to the resource consultant (Lynn Widenbar) and statistical analysis and variography was undertaken to define parameters for an Ordinary Kriging estimation. Estimations were carried out using Micromine software (MM 2016 Sp5) with Nd2O3 and Pr6O11 used to define kriging parameters. Estimations were carried out for all assayed variables. Each deposit was initially drilled at 50m intervals along strike and down dip, testing the areas with better outcrop and their extensions. Infill drilling was then undertaken to close the drill-spacing to around 37.5m as suggested by the variography. In certain areas drill spacing is highly variable due to access considerations. Despite this variable spacing, in general the resource blocks are 12.5m along strike by 10m down dip by 2.5m across strike. The block models have been validated by several methods.
Bulk density has been measured by either the Company or at independent laboratories on core from each of the main deposits. Samples from each of the oxidised, partially oxidised, and fresh mineralisation have been tested with results feeding into the resource estimations based on weathering surfaces as defined by the Company.
Based on previous and ongoing mining studies, a 0.5m dilution skin has been added to both the footwall and hangingwall of the interpreted mineralisation. This dilution material is independently interpolated and the results are subsequently added to the mineralised domain to provide a diluted resource as reported.
The mineral resources have been classified in the Measured, Indicated and Inferred categories, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC) by the Competent Person. A range of criteria has been considered in determining the classification including geological and grade continuity, data quality, drill hole spacing, and modelling technique and kriging output parameters.
As a general rule, the following spacings characterise the resource classification.
- Infill drilling between 20m by 20m and 35m by 35m - Measured
- Drill spacing 50m by 50m - Indicated
- Drill spacing 100m by 50m to 100m by 100m - Inferred
The shallow nature of the mineralisation tested by Hastings to date (almost all within 120m of surface) and the high potential value of the mineralisation at the selected (and geologically sensible) cut-off grade used supports the classification of the resources.
Metallurgical testwork has established a viable processing route for the majority of the deposits tested to date. Variability testwork is continuing to confirm this.
The total resources as at October 2018 are as shown in Table 1. Note that in all resource tables rounding errors may appear. The resources are based on a, with a minimum width of 1.0m. 0.5m of dilution at grade from both the hangingwall and the footwall is incorporated into the estimation.
These figures represent a modest increase in total tonnes compared to the previous estimate from 20,996,000 (+3.2%), but a significant increase in Measured plus Indicated Resources (+6.7%), particularly in the Measured category that has increased by 21.1%.
Resources from the deposits that are planned for early development - Bald Hill and Fraser's - are shown in Tables 2 and 3. Both deposits are within granted Mining Leases held 100% by Hastings.
Following the recent drilling at Auer and Auer North (ASX Release titled "Successful Infill and Extension Drilling at Auer, Auer North" 5th October2018) , the main increases in total resources are at these deposits as shown in Tables 4 and 5. Both deposits are within Exploration Licences held 100% by Hastings and the Company will make application for a Mining Lease in the near future.
Longitudinal sections of Auer and Auer North showing accumulation (metre % Nd2O3+Pr6O11) are shown in Figures 1 and 3 showing good potential for additional resources particularly at depth along the length of Auer and at Auer North Zone 1. Figures 2 and 4 show the resource categorisation for the two deposits.
JORC Mineral Resources for Yangibana, Yangibana West, and Yangibana North are shown in Tables 6, 7 and 8 respectively.
Of the total resources at Yangibana, 1,900,000 tonnes are within Mining Lease 09/165 held 100% by Hastings and 269,000 tonnes are within Mining Lease 09/163 in which Hastings holds a 70% interest.
Yangibana West lies within Mining Lease 09/160 held 100% by Hastings. The mineralisation is part of a continuous deposits that extends into Mining Lease 09/159, in which Hastings holds a 70% interest, as Yangibana North.
JORC Mineral Resources at Simon's Find are shown in Table 9. These resources are located within Mining Lease 09/158 and Exploration Licence 09/1943, both held 100% by Hastings. Additional drilling and metallurgical testwork will be undertaken prior to the application for a second Mining Lease.
JORC Inferred Mineral Resources at Gossan, Lion's Ear, Hook and Kane's Gossan are shown in Table 10. These deposits are all within Mining Lease 09/159 in which Hastings holds a 70% interest.
A proposed drilling programme for 2019 has been established and will commence with holes testing the large aeromagnetic anomaly reported recently (ASX Release titled "Major Aeromagnetic Target Identified at Yangibana" 8th August 2018).
TERMINOLOGY USED IN THIS REPORT
Total Rare Earths Oxides, TREO, is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm) and the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y).
To view tables and figures, please visit:
Andrew Reid Chief Operating Officer T: +61-8-6117-6118 Andy Border General Manager Exploration T: +61-2-9078-7674
Speedcast International Limited (ASX:SDA) (OTCMKTS:SPPDF), the world's most trusted provider of remote communication and IT solutions, has successfully launched an innovative dual antenna solution for Fleet Xpress customers. The company also announced two unique promotions to celebrate this first-to-market launch of Fleet Xpress dual Ka-Band antenna systems onboard commercial maritime vessels, adventure cruise ships, and offshore supply vessels.
With dual Ka-Band antennas installed onboard, Fleet Xpress users experience greater uptime on Ka-Band and have a higher certainty of maximizing throughput at sea. In single Ka-Band antenna installations, the vessel automatically switches between Ka-Band and the L-Band back-up service of FleetBroadband, so in times of blockage customers will utilize the L-Band system for operations. Because of the reduced risk of structural blockage with this new dual antenna configuration, the customer spends less time on FleetBroadband and enjoys a better experience over the high-throughput Ka-Band service. This dual antenna system from Speedcast is available to users in all maritime segments, including commercial maritime and smaller adventure cruise ships, and can be combined with new flexible airtime packages to meet the demands for short-term, high bandwidth options in the energy sector.
With the Speedcast dual antenna promotions, Speedcast customers can get a free Cobham 60 cm antenna when they rent or lease a primary 60 cm antenna on Fleet Xpress. Alternatively, customers can choose to receive a 50 percent discount on a Cobham one meter antenna when they rent or lease a primary one meter antenna on Fleet Xpress.
"This innovative dual antenna system will have a dramatic impact on the Fleet Xpress user experience", said Athina Vezyri, Executive Vice President, Maritime, Speedcast. "Speedcast continues to see strong demand for Fleet Xpress services with over 600 vessels in backlog and we look forward to working with our customers to increase their service levels with this first-to-market solution. We are already seeing strong early take up on the dual antenna promotion. In addition to the demand in maritime we are targeting the offshore supply vessel market at a time when we expect the energy market to grow."
The dual antenna promotion is valid through 31 March 2019, or while supplies last.
Toni Lee Rudnicki Vice President, Global Marketing Speedcast International Ltd E: email@example.com T: +1-832-668-2634
With the recent completion of drilling at the Goongarrie Nickel Cobalt Project (GNCP), drill programs to test the highest priority gold and nickel sulphide targets in Ardea's (ASX:ARL) (OTCMKTS:ARRRF) extensive portfolio of Western Australian assets can commence shortly.
Target generation programs covering Ardea's WA gold projects, particularly at Mount Zephyr and the Bardoc Tectonic Zone (within and adjacent to the GNCP) has highlighted numerous high-quality, gold prospects that require evaluation. These targets can now be advanced and if exploration is successful could add significant value to the Company's asset base.
- Newly acquired high-resolution geophysical datasets over the Goongarrie Nickel Cobalt Project define new gold targets across the highly prospective Bardoc Tectonic Zone
- A new geological interpretation for the entire Mount Zephyr greenstone belt significantly enhances the understanding of the region and provides a new targeting tool
o Numerous new targets defined and initial field assessments completed.
- Drill permitting advancing:
o At Mount Zephyr - drilling permits received for Jones Area A and Pauls Find. Applications submitted for Dunn's Line, Dunn's North and Gale following recent Aboriginal heritage surveys.
o At Goongarrie / Bardoc Tectonic Zone - permits in place in preparation for drilling.
- Initial gold and base metal drill programs aimed at the highest priority targets at Goongarrie and Mount Zephyr in WA.
The Bardoc Tectonic Zone (BTZ) at Goongarrie, WA
The BTZ is an 80 km long regional shear / fault system of the Eastern Goldfields province of Western Australia. It is a significant gold-producing structure that hosts the Paddington gold mine and the Goongarrie, Comet Vale, and Menzies gold mining centres. Around 20 km of the structure is located on Ardea's tenure at and around the GNCP. The fault system interconnects with the other major faults of the region, including the Boulder-Lefroy Fault to the south that hosts the Kalgoorlie mining centre (see Figure 1 in link below).
At Goongarrie, the BTZ underlies the entirety of the extensive lateritic nickel-cobalt deposits. It is host to the numerous historic gold mining operations that are exposed in bedrock at the Goongarrie gold mining centre and historic town site. That same sequence is almost completely buried beneath laterite cover adjacent to the nickel-cobalt orebodies of the GNCP. As such, surface geochemistry is not effective, so geophysical target definition and drill sampling is required.
Gold mines and occurrences within the BTZ are located within distinct corridors (see Figure 2 in link below). The main corridor lies east of the GNCP deposits and contains the Goongarrie mining centre and Ardea's Big Four gold mine. The thinner western corridor incorporates the Comet Vale mining centre as well as numerous gold occurrences detected during drilling of the GNCP.
Gold endowment varies significantly along the strike extent of the BTZ / Boulder-Lefroy fault system (see Figure 1 in link below). Centres such as Kalgoorlie, Paddington and New Celebration host significantly greater gold endowment than other segments of the fault system. Ardea considers that the low historic production on the Comet Vale and Big Four fault segments is in part a function of the lack of exposure in these areas. The Company therefore considers that there is potential for significant gold deposits beneath cover in the BTZ at the GNCP, considering the gold-bearing nature of the BTZ and Boulder-Lefroy Fault to the south. As such, this area is considered highly prospective.
New datasets acquired to assist in detailed target generation
Preliminary high resolution aeromagnetic, hyperspectral and digital elevation datasets have recently been acquired over the entire GNCP.
Final datasets are expected shortly. A substantial increase in resolution will significantly enhance Ardea's capability to define new gold targets throughout the area (see Figure 3 in link below).
Full processing and manipulation of the new data is presently underway with definition and appraisal of targets within and adjacent to the BTZ at Goongarrie to be carried out upon receipt of the final treated aeromagnetic datasets. A fully ranked target generation program will then be undertaken to ensure that full systematic testing of the highest quality targets is performed in 2019.
The historic Big Four Gold Mine is located on Ardea's GNCP tenure. First pass characterisation of its aeromagnetic signature shows that there are multiple similar style targets throughout the Company's ground for the entire strike length of the GNCP within what is termed the "Gold Corridor" (see Figure 2 in link below). All targets on Ardea's tenure are blind, being located beneath at least 20 m of lateritic and alluvial overburden, so will require drill testing.
Other styles of gold mineralisation are suggested by gold occurrences throughout the drilled areas of the GNCP. Significant gold anomalism within the laterite profile appears to be associated with various structure sets in saprock below the laterite, many well outside of the defined Gold Corridor. Such gold-in-laterite occurrences will be used to identify gold mineralisation targets in the bedrock below.
Geological appraisal of available outcrops and historic workings at Goongarrie and along strike is underway. The intent is to define in detail the geological controls on gold mineralisation in what is one of the less studied gold-hosting structures of the Eastern Goldfields.
About Ardea's Big Four gold deposit, BTZ
The Big Four gold project (see Figure 2 in link below)contains several old mine shafts which were worked in the early 1900s. Gold mineralisation is hosted by a brittle, fractured intermediate porphyry intrusive unit within the ultramafic Siberia Komatiite. The mineralisation is associated with quartz veining and pyrite/carbonate alteration. High-grade zones commonly contain coarse visible gold. The same porphyry rock type is commonly intersected in GNCP drilling, often with anomalous gold.
Most recently, mineralisation at the Big Four gold mine was drilled by Heron Resources in 2012. Heron defined significant gold hits (see Figure 4 in link below).
Ardea considers the gold mineralisation intercepted to date at Big Four to be indicative of only one of the styles of gold mineralisation expected to be encountered within the BTZ. It is proof-of-concept that will be used to justify extensive drill programs adjacent to the GNCP.
Significantly, the Big Four fault segment is a major resource outlier within the BTZ, with only 1 tonne of historic gold endowment compared to 7-200 tonnes in other mining centres between Paddington in the south to Menzies in the north (see Figure 1 in link below).
Forthcoming 2019 drill programs at Mount Zephyr, WA
The Mount Zephyr greenstone belt represents a prime exploration opportunity for Ardea. The belt has been largely overlooked over past decades, and only now (under Ardea's management) is a systematic regional targeting exercise to define the region's most prospective gold and nickel sulphide projects being undertaken.
The regional geology has never before been defined consistently in such detail across the entire greenstone belt. Only now are parallels in the geology being drawn, between areas such as the Mount Windarra area and Yamarna regions to the east, and the Kalgoorlie area to the south, highlighting target areas that have previously gone unrecognised. Multiple potential gold and base metal target areas are in the process of being defined, ranked and assessed.
Active Ardea programs are shown in Figure 5 (see link below) in bright yellow, with other gazetted, historically documented prospects and areas of interest shown in pale yellow. Newly generated targets presently under assessment are not shown.
First-pass drill programs at Jones Area A and Paul's Find are pegged out and ready to go. Recent access clearing and track rejuvenation was halted after the loader was bogged following very heavy rains across the Eastern Goldfields. The Company is also awaiting statutory DMIRS tenement approvals.
DMIRS Programs of Work (PoW) have been submitted for drill programs at Gale and Northern Dunn's. Both areas have undergone thorough Aboriginal heritage surveys recently. Whilst some heritage locations have been identified, both programs have been designed so that they can proceed without hindrance.
2019 RC drill program at Gale
A two-phase program of RC drilling is planned for the Gale gold prospect. The Company will commence drilling upon receipt of all necessary drill permits which are presently being assessed by DMIRS.
The first phase of drilling will comprise 21 RC drill holes spaced at approximately 160 x 160 m (thick black crosses, see Figure 6 in link below). Holes will mostly be to a 50 m depth, with several to penetrate to 100 m. The footprint of the program is approximately that of the surface outcrop gold anomaly. The program is expected to confirm historic results and provide a precursor to a second expanded phase of drilling.
Contingent upon the results of Phase 1, Phase 2 will extend the drill program to cover more of the interpreted extent of the mineralised granite under cover. This program will comprise an additional 42 RC drill holes beyond the defined surface footprint of the outcrop-limited gold anomaly. Full implementation of the program will cover an area measuring approximately 1,400 m x 1,050 m.
About the Gale prospect
The Gale gold prospect is defined by surface anomalism in gold, arsenic, copper and barium. The gold anomaly in surface sampling demarcates a footprint limited by outcrop extent of 900 x 300 m defined by 25 samples of various types each exceeding 0.1 g/t Au (see Figure 6 in link below). These values peak at 1.49 g/t gold. In the well explored Eastern Goldfields Province, such a surface anomaly is exceptional. Gold in soil values peak at a very high 273 ppb.
Mineralisation at Gale is hosted by granites and is associated with sericitic, pyritic, and hematitic alteration reminiscent of Dacian's Jupiter gold mine along strike to the south. Historic 1990s shallow RAB drilling returned anomalous geochemical results including:
- MZR004, 18 m at 0.51 g/t Au from surface
- MZR019, 18 m at 0.48 g/t Au from surface
- MZR020, 2 m at 3.12 g/t Au from 8 m
- MZR024, 2 m at 1.64 g/t Au from 2 m
- MZR049, 6 m at 1.26 g/t Au from surface
Attempts at the time to correlate intercepts vertically failed and the project was abandoned. However, Ardea's reappraisal of historic data using a sub-horizontal Jupiter-style model shows promise. More data is required, and this will be addressed with the forthcoming program.
2019 aircore program at Dunn's North
An initial aircore drill program at Dunn's North is designed to appraise deformed and altered banded iron-formation (BIF) units interpreted beneath cover adjacent to the newly defined E-W suture. The suture appears to be a south-dipping feature over which the BIF appears to have undergone significant deformation, re-orienting from a north-south strike to a roughly east-west strike.
Further south on Dunn's Line, historic gold workings are associated with faults in the banded iron-formation. In aeromagnetic data, such locations correspond to demagnetisation of the BIF units. Similar but more extensive and intense demagnetisation is recognised in aeromagnetic data at Dunn's North, which is overlain and completely obscured by alluvial and sheetwash sediments. The geochemical response of these transported sediments is not considered to be indicative of underlying potential. No historic drilling was found in Ardea field checking.
Dunn's North is a virgin target defined by Ardea, with no historic work of any kind apart from sparse, non-representative surface sampling. The target was identified and prioritised as a result of Ardea's regional appraisal and reinterpretation of the Mount Zephyr greenstone belt. As such, inexpensive aircore drilling is planned for first-pass testing of the target.
The Dunn's North area also comprises an extensive series of targets hosted by ultramafic rocks within the E-W suture. Intense demagnetisation is interpreted over an area measuring approximately 3.2 km by 1.4 km. If correct, such a demagnetisation zone would likely represent a very large hydrothermal event that, based on the Dunns Line to the immediate south, could possibly be gold-bearing. This area will be a target of forthcoming work.
Other Mount Zephyr drill programs
Programs are also ready to go at Jones Area A and Paul's Find on the eastern margin of the Mount Zephyr greenstone belt (see Figure 5 in link below).
- Jones Area A - outcropping base metal (nickel-copper sulphide) gossans adjacent to a banded iron-formation show similarities to the highly mineralised Mount Windarra stratigraphy on the opposite side of the Mount Margaret Anticline to the east. As on Dunn's Line, the BIF ridge is cross-cut by numerous faults showing local demagnetisation, suggesting hydrothermal alteration and the potential for gold.
- Paul's Find - recent gold prospecting activity in alluvials requires location of the bedrock gold source. Newly discovered, poorly exposed altered porphyries which deflect the greenstone-bounding fault system may be that source and require drill testing.
PoWs have been approved for these areas. They are likely to be drilled pending favourable final internal assessment.
In addition to these, numerous other targets are under assessment and will be ranked and, where appropriate, explored in due course.
A golden 2019
Ardea's gold exploration program will be systematic and extend to all project areas in 2019. Historic gold workings at Taurus (east of Kalgoorlie), Bedonia (east of Norseman) and Ghost Rocks (NW of Menzies on a probable extension of the BTZ) will be assessed and are all likely to be drilled. Secondary NSW gold projects will also be assessed, with Black Bullock, Ophir, Mount Aubrey, Yeoval and others being ranked and prioritised.
To view figures, please visit:
Ardea Resources: Ms Katina Law Executive Chair Tel: +61-8-6244-5136
New Energy Minerals Limited ("New Energy", the "Company) (ASX:NXE) (FRA:GGY) announces that the terms of the Merger of Ruby Assets Agreement dated 14 July 2018 ("MRAA") with Fura Gems Inc. ("Fura"), have been amended between the parties with an amendment agreement dated 26 November 2018 ("Amending Agreement").(see Note 1 below)
Under the terms of the Amending Agreement, the consideration payable to New Energy upon closing of the transaction will now be A$2.8 million in cash, rather than the originally agreed 10.5 million Fura shares to be issued to the Company over a 20-month period from closing.
The parties have also agreed to extend the closing date of the agreement from 30 November 2018 to 28 February 2019, to allow for the satisfaction of the remaining conditions precedent, principally being a binding tax opinion from the tax authorities in Mozambique, and Ministerial approval. In the event that the Company has not obtained and supplied all the outstanding documents and approvals required for closing to occur on or before the closing date, Fura may exercise a unilateral right to extend the closing date until all conditions are met. Fura may also terminate the MRAA if the conditions precedents are not met by the closing date.
Concurrently with the Amending Agreement, New Energy has also entered into a Loan Agreement ("Loan Agreement") with Fura for the aggregate amount of A$2.8 million (the "Commitment"). In terms of the Loan Agreement, the Company will be able to draw down funds prior to completion of the MRAA, for purposes of settling any claims or disputes with Arena Investors, should this be required(see Note 2 below). Any funds drawn under the Loan Agreement will bear capitalised interest at 15% per annum and the loan is unsecured. Upon Fura closing the MRAA, the Loan Agreement will automatically terminate, and the payment of all accrued capitalised interest waived by Fura.
If the MRAA is terminated and closing did not occur under the MRAA, then all advances made by Fura to New Energy under the Loan Agreement will be repayable by New Energy with interest.
The Loan Agreement is conditional on Fura obtaining TSX Venture Exchange approval for the loan within 21 business days and any advance by Fura under the Loan Agreement is conditional on either (i) Arena withdrawing its Statutory Demand, or (ii) Arena agreeing to withdraw the Statutory Demand conditional upon receiving an amount of money from the Company not exceeding the amount of the Commitment.
Further conditions to advances being made under the Loan Agreement to the Company include warranties regarding solvency, no security being registered over the Company or its assets and the Company entering into the MRAA Amending Agreement.
The Company has also agreed to sell certain gemstone processing related plant and equipment to Fura for A$489,439.86 independently of the advances under Loan Agreement. These funds are expected to be received by the Company within 3 business days and are not repayable if the MRAA as amended is terminated in accordance with its terms.
New Energy Minerals Managing Director Bernard Olivier Commented: "The amendment to the Merger of Ruby Assets Agreement and the cash consideration was specifically re-negotiated due to the statutory demand received from Arena Investor and now places New Energy in an advantageous position in the dispute process. It is also particularly important as the Company enters the financing stage of its pilot plant development at the Caula Vanadium-Graphite project".
"The board of New Energy would like to thank Fura for renegotiating the terms of the MRAA at the request of the Company".
1 Refer to ASX Announcement dated 17 July 2018 for details of the original agreement with Fura
2 Refer to ASX Announcement dated 6 November 2018
New Energy Minerals Limited Bernard Olivier Managing Director E: firstname.lastname@example.org M: +61-4-08948-182 T: +27-66-4702-979 Jane Morgan Management Jane Morgan Media & Investor Relations E: email@example.com T: +61-405-555-618
Rumble Resources Ltd (ASX:RTR) provides the Company's AGM Presentation.
Why Invest in Rumble?
- Clear Strategy
o Generating a pipeline of quality high grade base and precious metal projects at various stages of development
o Critically reviewing against stringent criteria
o Negotiate low cost upfront optionality
o Systematically explore multiple projects to drill test for high grade world class discoveries
- Discovery History
Technical director Brett Keillor
o Discovered 7 significant deposits world wide that turned into mines
o Twice AMEC Award "Prospector Of The Year", for the Plutonic and Tropicana discoveries
o Thirty years of identifying company making projects with majors Resolute and IGO
o First 2 drill programs with Rumble identified base metal & copper-gold discoveries
- Fully Funded
The company is in a strong cash position
o Fully funded with $2.9mil in bank to fast track exploration
o All projects acquired are low cost exploration to test for discovery
o Funded for potential new project acquisitions
Near Term Catalysts
Highly leveraged to exploration success with multiple near term catalysts to have a significant re-rating
- Follow up drilling at Braeside high grade zinc-Lead discoveries and new large scale Cu-Au Targets
- Follow up drilling at Munarra Gully copper-gold discovery
- Advancing 4 additional quality projects to be drill tested
Rumble Achievements and Outlook
Since Last October 2017
- Raised $5mil - November 2017
- Optioned 6 new projects
- Advanced all 6 towards drilling
- 3 Fraser Range projects JV'd with IGO
- 2 discoveries
- 2 mineralised systems
December 2018 into 2019
- 3 projects - drill programs scheduled
- 6 projects - drill targeting
- Fraser Range JV - ongoing exploration
To view the full presentation, please visit:
Shane Sikora Managing Director E: firstname.lastname@example.org Brett Keillor Technical Director E: email@example.com Website: www.rumbleresources.com.au
Environmental Clean Technologies Limited (ASX:ECT) (ECT or Company) is pleased to provide the following overview of its technology commercialisation and revenue model.
- 10-year technology commercialisation pathway defined and evaluated
- Future market share and capacity targets established for key India, Australia and global projects
- Strategy for revenue diversification outlined
- ECT Revenue Model aligned with corporate business strategy, resource base and management structure
ECT is a research and development company working to bring its technologies to market via a defined commercialisation pathway.
The Company is presently pre-commercial, relying on a combination of market-based capital raising and government funding via the Australian Government's R&D Tax Incentive program to fund its programs.
Having recently progressed its flagship India project closer toward financial close, and hence closer to commercialisation (assuming the R&D stage is successful), investors have sought guidance from the Company on its plans for commercial deployment.
The following report provides investors with:
- A general guide regarding the commercialisation pathway, including targets for the timing and scale of potential future projects
- A summary of target revenue streams that may be realised in part or whole, across the target projects.
The Company has continued to develop and refine its commercial strategy for the generation of positive net returns. As part of this process, a framework was developed which maps a commercialisation pipeline (consisting of targeted capacity growth) and translates this to a medium-term (7 - 10 years) revenue model.
This model allows the business to measure the risk/return profile of each significant investment decision and, overall, estimate the future income the business can reasonably expect from the commercialisation of its technologies according to targets.
In the preparation of these models, the Company must make an assessment of a broad set of operational and financial variables, including but not limited to the anticipated success of research and development (R&D) programs, timeframes for project development implementation and future behaviour of commodity pricing. Concurrently, the Company must assess the risks that certain events or milestones may not transpire.
Regulatory and Commercial Constraints on Disclosures
There are a number of prevailing regulatory and compliance requirements placed on an ASX listed company which means it is not possible to make prospective financial forecasts at this time.
As is appropriate, ECT will continue to review and refine its revenue model, and where there is a reasonable basis on which to fix a value or volume at a point in time (indicated by such events as binding contracts), the Company may provide additional detail and clarity as to its future earnings opportunities.
In addition to the regulatory constraints around forward-looking statements, certain commercial information is not suitable for release. For example, the royalty rates associated with technology licensing, if disclosed, could prejudice future commercial negotiations with potential customers. This is not in the best interests of shareholders.
ECT Chairman Glenn Fozard commented, "We encourage investors to focus on our capacity targets. These targets are, we believe, achievable.
"For example, our targets around Matmor deployment in India, if achieved would represent around a 3% share of India's targeted 165 million tonne growth in steel capacity.
"The attached report covers the target timeframes for commercialisation of Coldry and Matmor, and indicative capital estimates and potential revenue streams."
As the Company advances its commercialisation program, announcements will be made when material agreements are established, allowing investors to track progress against the targets.
Future annual and half-year reporting will provide the financial information necessary for investors to draw their own conclusions on the value of the Company.
To view the Revenue Model, please visit:
Glenn Fozard Chairman Environmental Clean Technologies Ltd E: firstname.lastname@example.org WWW: www.ectltd.com.au
Mithril Resources Limited (ASX:MTH) provides the Company's Capital Raising Presentation.
Capital Raising Details
- Placement and Rights Issue to raise $1.11M (before costs)
- Rights Issue is fully underwritten by Patersons Securities Ltd
- Under the Rights Issue, eligible shareholders can subscribe for 5 new shares for every 6 shares held at an issue price of 0.5 cents per new share
- Directors will take up their full entitlement under the Rights Issue
- New funds will underpin a busy 2019;
o advance priority zinc at Billy Hills and nickel targets at Kurnalpi
o support ongoing target generation on several emerging opportunities
o working capital
To view the full presentation, please visit:
Mithril Resources Ltd David Hutton Managing Director E: email@example.com T: +61-8-8132-8800 F: +61-8-8132-8899 www.mithrilresources.com.au
As announced on 24 October 2018, Cervantes Corporation Limited (ASX:CVS) (CVS) is engaged in a capital raising of $700,000 by way of a Prospectus, as released on 24 October 2018.
CVS advises that the Closing Date for the above capital raising has been extended to 28 December 2018.
In addition, as no shares will be issued under the above Prospectus prior to the Annual General Meeting (being held on 30 November 2018), CVS advises that Resolution 3 (Ratification of Prior Issue - Shares) will be withdrawn.
Collin Vost Executive Chairman T: +61-8-6436-2300 E: firstname.lastname@example.org
Hastings Technology Metals Limited (ASX:HAS) ("Hastings" or the "Company") is pleased to announce that it has signed an agreement with Sky Rock Rare Earth New Materials Co Ltd (Sky Rock) for the supply of mixed rare earths carbonate (MREC) from its Yangibana Rare Earths Project conditional upon production commencing in about 2 years time.
- Execution of Off-take Contract for supply of Mixed Rare Earths Carbonate from Yangibana Rare Earths Project with Sky Rock Rare Earth New Materials Co Ltd of Boatou, China
- Five year fixed term contract for Annual Purchase Quantity of 2,500 tonnes of Carbonate each year with two year initial ramp-up supply flexibility
- Pricing mechanism will be based on "90 days mid" EXW (Ex Works) China price of Rare Earth Oxide in RMB/kg (published by Asian Metal) contained in the MREC product prior to shipping via FOB Fremantle Port, Western Australia
- Purchaser to supply Irrevocable Letter of Credit sufficient to cover 100% of the FOB price of the Annual Purchase Quantity
- Further milestone in securing markets for Yangibana rare earths produce
Key conditions of the Off take agreement are:
- Five year fixed term contract for Annual Purchase Quantity of 2,500 tonnes of Carbonate each year with two year initial ramp-up supply flexibility.
- Pricing mechanism referenced to Asian Metals' published "90 days mid" EXW (Ex Works) China price, in RMB/kg of each Rare Earth Oxide contained in the MREC product prior to shipping via FOB Fremantle Port Western Australia.
- Independent sampling and analysis at Fremantle loading Port prior to shipment.
- Purchaser to supply Irrevocable Letter of Credit (issued by member of London Clearing House acceptable to Seller), payable at sight, sufficient to cover 100% of the FOB price of the Annual Purchase Quantity.
- All payments will be made in USD in immediately available funds.
- Governing law for validity, construction and performance of Off-take Contract in accordance with Laws of England and Wales and subject to Singapore International Arbitration Centre Rules.
Charles Lew, Executive Chairman of Hastings commented that "execution of this 5-year mixed rare earths carbonate contract is another important step towards funding and development of the Yangibana Rare Earths Project so that we can supply high grade Neodymium and Praseodymium (NdPr) to our various international offtake customers."
About Sky Rock
Sky Rock, based in Baotou (the largest industrial city in Inner Mongolia), China, is a company set up in 2006 that is involved in the production of high temperature tolerance NdFeB permanent magnets. Its main products are Sintered Neodymium Magnets and Sintering Samarium Cobalt Magnets. Its products are sold to computer, mobile phone, motor and generator, automobile (EV/HEV), audio-video system, office automation and many other major international companies worldwide. The company has strong technical competence and invests substantially in R&D for rare earth usage in magnets and its long term sustainability of production.
Neil Hackett Company Secretary T: +61-8-6117-6118 Ms Pit Wah Chung Chief Financial Officer T: +61-8-6117-6118
Ardea Resources Ltd (ASX:ARL) (OTCMKTS:ARRRF) provides the Company's AGM Presentation.
Significant Progress in 2018
Building on the $50 Million spent by Vale and Heron on 2005-2009 PFS
- Resource upgrade at Goongarrie
- Maiden reserve announced for Goongarrie
- 47,239m of drilling to date by Ardea since listing
- Variability and Rheology test work to date favourable
- Pilot Plant testing successfully produced nickel and cobalt sulphate crystals
- Crystals meet specifications of several battery industry off-takers
- Marketing samples to be evaluated by off-takers and battery end-users
- Pre-Feasibility Study completed for 1.0 and 1.5Mtpa processing options
- Scoping Study completed for 2.25Mtpa expansion case option
To view the full presentation, please visit:
Ardea Resources Limited: Katina Law Executive Chair Tel: +61-8-6244-5136 Media or Investor Inquiries: Michael Weir, Citadel Magnus Tel: +61-8-6160-4900
Collaborate Corporation Limited (ASX:CL8) (Collaborate or the Company) is pleased to release a copy of the Investor Presentation in advance of Collaborate's presentation to attendees at the Canary Networks Stocks to Watch Roadshow event in Sydney on 29 November.
To view the presentation, please visit:
Collaborate Corporation Limited Tel: +61-2-8889-3641 E: email@example.com W: www.collaboratecorp.com
In accordance with Listing Rule 3.13.3, Donaco International Limited (ASX:DNA) lodges the attached Chairman's address and Managing Director's address, to be delivered at today's Annual General Meeting of shareholders.
Ladies and gentlemen, thank you for being with us today. On behalf of your Board I am pleased to welcome you to the 2018 Annual General Meeting of Donaco International Limited. I am the Chairman, Stuart McGregor. I confirm that the meeting is properly constituted, and that a quorum is present. I declare the meeting open for business.
I would like to begin by introducing your other Board members in attendance today, consisting of Executive Director and Company Secretary, Mr Ben Reichel; and non-executive directors, Mr Benjamin Lim and Mr Rob Hines.
I would like to apologise on behalf of our Managing Director and Chief Executive Officer, Mr Joey Lim, who is unable to attend today's meeting, as he is unwell.
Also in attendance is our CFO, Mr Chong Kwong Yang. And we also welcome Ms Suwarti Asmono from the Company's auditors, Crowe Horwath.
I'd like to start by running through the highlights of the past financial year, before providing an update on operations so far in the current financial year.
Review of 2018 Financial Year
The 2018 financial year was a difficult one, with a number of challenges, coupled with changes and progress on several fronts.
The challenges occurred early in the year when it became apparent that the vendor of the Star Vegas casino was in breach of the non-compete provisions in the sale contract. This challenge was compounded by the poaching of our VIP junkets by the vendor, which severely impacted our junket business at Star Vegas.
The Board acted swiftly when the issues were identified, and we are actively pursuing all legal avenues to stop the illegal operation of the competing casinos, and to receive compensation for the financial impact that we have suffered as a result of the contract breaches.
Our primary legal claim is in the Singapore arbitration, where we are seeking damages of USD190 million. This claim is still moving through the preliminary stages, and will be heard in July next year. The claim is supported by the freezing order that we obtained over the vendor's shares in the Company, which has now been extended to 4 October 2019.
In the meantime, the vendor continues to launch a number of frivolous and vexatious claims in the Cambodian and Thai courts. For example, the vendor tried to claim a management fee for the 2017 financial year in the Cambodian courts, despite the clear wording in the agreement stating that this claim could only be brought in Singapore, where the vendor is in fact already claiming it. I'm pleased to say that the Cambodian court immediately rejected this vexatious duplicate claim.
The vendor also tried to claim security over some of our assets in Cambodia. Three days after this claim was also rejected, a different firm of lawyers acting for the vendor filed essentially the same claim again. This is also a duplicate claim, and has not progressed.
The vendor has also tried to terminate the lease of the land on which our Star Vegas property sits, on contrived and spurious grounds. We obtained an injunction to prevent this, and the matter has gone to arbitration in Cambodia. The hearing date for this matter has now been set for 28 February 2019.
The vendor has also tried various other means to interfere with our lease rights, including cutting off the electricity to part of our hotel, and threatening to build a wall around the property and block access. We have obtained further court orders to prevent these threats, and we are also seeking compensation through the Cambodian courts.
The vendor has also commenced a defamation claim in Thailand, complaining about our ASX releases, which of course the Company is legally required to issue. We will not be deterred from our commitment and obligation to keep our shareholders informed of all material developments.
There have also been developments relating to the two competing casinos operating on the vendor's land. One of these (Paramax) was owned by two of the vendor's sons until August 2018. Ownership was then transferred to a person in Thailand, who promptly commenced defamation proceedings against us, claiming that the business has never had any connection with the vendor.
The Company first obtained a preliminary injunction order on 25 December 2017, ordering the closure of the two competing casinos, Star Paradise and Paramax. However this order has not been enforced. Star Paradise changed its name to Winsor, and continues to operate. Paramax has now been transferred into a different name, as I just mentioned.
On 5 October 2018, we were informed that the Appeal Court has decided to remove the preliminary injunction, but no written judgement has been published as yet. This is not a decision on the merits of our claim. It makes no difference to the situation on the ground, as the original order has never been enforced. And it makes no difference to our legal strategy, which is to continue to pursue the vendor in the Singapore arbitration and in the Australian courts.
The 2018 financial year also saw a number of significant changes and progress in the business. At the Board level, the directors appointed by the Star Vegas vendor left, following the breaches by the vendor.
Management of the Star Vegas casino was taken in-house in July 2017. Our management team worked actively to rebuild the VIP business, and to undertake a number of improvements at the property during the year. We have introduced new junkets, built new facilities, refurbished the hotel rooms, introduced new gaming machines and gaming systems, and launched online gaming operations. These initiatives will all hold the business in good stead over the next few years.
Despite the Board's focus on the challenges presented to it during the 2018 financial year, we continued to make a positive contribution to the communities in which we operate both in Cambodia and Vietnam. For example, during the year we donated two mobile medical clinics to Samdech Techo Voluntary Youth Doctors Association. This is a not for profit organisation which mobilises medical professionals, medical students and volunteers to help provide free healthcare to rural Cambodians throughout the country. At the Aristo in Vietnam, we made significant donations to local orphanages, schools and war veterans, assisting both with cash and with practical gifts.
I would now like to address the topic of capital management, which is crucially important for many shareholders. Although our net debt to equity is very low at approximately 6%, the loan facility that we have in place with Mega Bank soaks up the bulk of our free cash flow. In the current 2019 financial year, we must pay the first USD21 million in cash that we earn to Mega Bank, in the form of principal repayments, interest and other charges. Therefore this cash is not available to distribute to shareholders in the form of dividends or buy backs.
There are also a number of covenants in place under the Mega Bank facility, including a restriction on dividends and buy backs unless we have recorded a statutory net profit in the previous financial year. With the impairment charge taken on the Star Vegas business last year, due to the damage caused by the vendor's actions, we are unable to conduct any capital management this year.
Our priority is therefore to pay off the Mega Bank loan as fast as possible, which will free up our cash flow that we can then start to return to shareholders. As things stand, it will take approximately two years before the loan is repaid.
In the absence of our Managing Director, I would now like to invite Executive Director Mr Ben Reichel to present more detail regarding Donaco's operational and financial highlights in the 2018 financial year and our performance so far in the current financial year.
Managing Director's Address
Thank you Mr Chairman. Good afternoon and thank you all for attending.
Donaco recorded a statutory loss of $124.5 million during the 2018 financial year, compared to a profit of $31 million the previous year. The primary factor was the Board's decision to incur a non-cash impairment charge of $143.9 million in the value of the Star Vegas casino license, as a result of the damage done by the actions of the vendor.
Our underlying earnings result, after adjusting for the nonrecurring items, produced a net profit of $18.3 million. This was below last year's levels of $54.6 million, again due to the significant drop in VIP turnover at Star Vegas as a consequence of the actions of the vendor.
Aristo continued to perform solidly during the year, and despite a lower win rate than last year it recorded a higher profit than last year, with strong growth in the VIP turnover at the property.
Despite the negative headline result, our group financial position remained strong, with positive cash flows of $34.6 million. Our net debt to equity reduced to 6.3% at the end of June, and a further principal repayment of US$8.55 million was made to Mega Bank in August.
I would now like to provide a trading update for the first four months of the 2019 financial year. Donaco has recorded a soft start to the year, with three specific factors having a significant impact on the results during the period from July to October 2018. These factors were:
1. At DNA Star Vegas, there was a significant increase of 113% in VIP gaming turnover, compared to the same period last year. However this was offset by a weaker VIP gross win rate of 2.47% for the period, compared to the above theoretical win rate of 3.65% for the same period last year. We have consistently stated that such fluctuations in the VIP gross win rate are a normal feature of VIP gaming operations, and are to be expected.
2. Also at DNA Star Vegas, there was an increase of 34% in operating costs for the period. This primarily relates to the investment in online gaming operations, including the hiring of some 120 staff and the purchase of equipment and resources to run the live dealer site on a 24/7 basis. The online business has begun producing small amounts of revenue, in line with expectations, but this is outweighed by the costs in the early start-up phase. As the business grows, it is expected that the revenues will significantly exceed the operating costs.
3. At the Aristo, a Chinese crime syndicate threatened VIP junkets and customers on the Chinese side of the border, essentially demanding protection money. This had a serious impact on the Aristo in July and August 2018, but following management actions to address the situation, including working with law enforcement agencies on both sides of the border, the results improved in September and again in October. Further significant improvement has taken place in November, and forward bookings are strong for December. As of today, management is confident that the authorities have the situation under control and that the Aristo business will return to normal in the next few months. Management also reduced operating costs by 17% during the period to mitigate the impact of the reduced VIP revenue.
These factors are expected to substantially reduce in impact over the course of the whole financial year. Accordingly, investors should not extrapolate the four month performance as an indication of the likely full year result.
The first and second factors caused a significant reduction in the revenue and earnings at DNA Star Vegas during the four month period. However it should be noted that on a normalised basis, using the theoretical win rate of 2.85%, performance at DNA Star Vegas was flat on last year, with the increase in VIP gaming turnover (and consequent increase in normalised gross gaming revenue) offsetting the increase in costs.
On the positive side, there was a significant overall reduction of $1.3 million in corporate costs, particularly in the areas of Board and senior management expenses (down by almost $1m), as well as marketing costs (down by $0.6m). However there was an increase in travel costs, and also legal costs relating to the Company's dispute with the Thai vendor of the Star Vegas business.
DNA Star Vegas
Donaco continues to rebuild the VIP gaming business at Star Vegas, following the Thai vendor's breaches of contract and poaching of the VIP junkets last year. VIP rolling chip turnover reached THB25.96 billion during the period, an increase of 113% from THB12.21 billion last year. Due to the higher turnover, junket commissions also increased, but at a slower rate of 68%, reflecting Donaco management's efforts to maintain tight control over junket terms.
Average daily casino visitation reached 4,806 persons, an increase of 38% from 3,491 last year, reflecting the success of marketing programs.
Gross gaming revenue from slot machines declined by 22%, to THB286.6m, compared to THB366.5m last year. This was caused by the disruption associated with the changeover in slot machine inventory and the time required to engage customers with the new games. We expect to see improvement over the remainder of the year, following the completion of the machine inventory transition in September 2018 and improved engagement with the new machines. Offsetting the decline in slot machine revenue was a larger percentage reduction in profit sharing with slot distributors. This cost was reduced by 33%, reflecting more favourable deals with the distributors.
As noted, the major factor affecting net gaming revenue was the lower VIP win rate of 2.47%, compared to 3.65% last year. This significant difference caused total net revenue to fall 21% to THB470.25m.
Also as noted, operating expenses increased by 34% to THB300.89m, due primarily to the investment in online gaming operations. The online gaming business is at an early stage, but the active customer base continues to increase, and turnover continues to climb as customers become more familiar with the platform. Turnover is in line with our expectations at this point.
In addition, Donaco has recently signed some promising deals to assist with online revenue growth. In particular, a deal has been signed with one of Asia's largest online betting companies, to operate an upgraded sports betting and online lottery outlet at DNA Star Vegas. Further deals with other major distributors are at an advanced stage.
The operating expense increase also reflected higher marketing costs relating to the Company's events program, as well as additional bus and van tour groups that drove the strong increase in casino visitation. Also, higher legal fees totalling approximately THB10m, caused by the Company's dispute with the Thai vendor, were included within operating expenses at the DNA Star Vegas level. Overall, property level EBITDA was THB169.35m, down by 54% compared to last year.
New mass market tour groups from China and Korea will shortly commence visiting the property, and are being accommodated in the second main hall built behind the online gaming tables. These initiatives are expected to start generating meaningful revenue in the June 2019 half.
For November month to date, the VIP win rate has turned strongly in the Company's favour. Total rolling turnover is on track to reach a very healthy level of approximately THB 5.5 billion, with the win rate running at 4.41%. Of course, significant wins or losses by players in the final days of the month can change this dramatically. But at this stage, it appears that the five month win rate will be back closer to the theoretical level.
At Aristo, most of the usual VIP players and junkets from Yunnan Province were deterred from visiting the property in July and August, due the threats from the Chinese crime syndicate. The Vietnamese police now have all of the records of the Chinese crime syndicate members, and they will not be allowed into Vietnam. In recent weeks, the Chinese police have also stepped up their enforcement efforts, and the Aristo business has continued to improve.
With the temporary decline in Chinese VIP business in the period, management increased their marketing efforts to junkets from other areas of China and south-east Asia, with several Malaysian junket groups visiting the property in September and October. Management also increased proxy betting services available to VIP players choosing to remain at home.
Management also increased its marketing of Sapa tour packages to expats from both Hanoi and Ho Chi Minh City, and has begun to offer bus and van tour packages for international tourists, including Thai tourists.
These efforts started to show results in September and October, with casino visitation reaching 31,824 across the two months, an increase of 23% over the same months last year. However these were primarily mass market players. Overall gaming turnover was down by 93% from last year, reaching a total of USD51.9m for the four months. The VIP win rate did improve to 3.16% during this period, from the below theoretical rate of 1.34% last year.
Accordingly Aristo's revenue for the period totalled USD2.9m, a reduction of 46% from USD5.4m last year. Management responded to the situation by cutting operating expenses by 17%, and the business recorded EBITDA of USD0.7m for the period.
For November month to date, total gaming turnover is on track for an increase of almost 60% from the October total, with a similar increase in net gaming revenue. While this is still well below the levels seen last year, there is an increasing number of junket visits planned for December. Based on the current data and the trend, management expects a 20-30% increase in total gaming turnover in December, and the casino should be back on track and resume to its normal volume in early calendar 2019.
Summarising the overall impact on the Group in Australian dollars, revenues totalled $23.7m in the period, down 20% from $30m last year. Corporate costs were reduced by $1.3m as noted above, reaching $2.7m, down 33% from $4.0m last year. This was outweighed by the cost increase at DNA Star Vegas, with total operating expenses across the Group reaching $18.5m, up 15% from $16.1m last year. This figure does include approximately $400,000 in legal costs relating to the dispute with the Thai vendor. As a result, EBITDA for the period was $5.2m, down 62% from $13.7m last year.
Management considers that the three factors which impacted the four month results have been addressed, and will have a reduced impact in future periods. At DNA Star Vegas, the VIP win rate has improved strongly in November, and the earlier fluctuations are normal and to be expected. While the costs of the online gaming business will continue, the revenue will start to exceed them as the business moves past the start-up phase. At the Aristo, the VIP gaming volume is being restored, and is expected to continue to improve. Accordingly the November month to date results are showing a very strong improvement at both properties.
We appreciate your attendance with us today and I will now hand you back to our Chairman to conduct the formal business of the meeting.
Donaco International Ltd Ben Reichel Executive Director T: +61-412-060-281 WWW: www.donacointernational.com
Thomson Resources Ltd (ASX:TMZ) provides the Company's Chairman Address to Shareholders.
On behalf of the directors, I welcome you to this Annual General Meeting of Thomson Resources Ltd. The Company's principal focus over the year remained the Bygoo tin project, near the old Ardlethan tin mine in south western New South Wales. Tin, of course, is a strategically important metal with increasing application in new technologies. Over the year, Thomson completed two rounds of drilling at the Bygoo tin project. Targets were tested at Bygoo North, Bygoo South and beneath intervening historical workings. The drilling programs continue to yield additional tin intersections with clear evidence that the Company has discovered a significant tin system. Thomson has also broadened its exploration focus to embrace the Bald Hill tin prospect, 20km south of the Company's Bygoo prospects (also on EL 8260), and the Harry Smith gold prospect.
Three holes were drilled at Bald Hill and all intersected tin mineralisation at shallow depths; the best intersection being 15m at 0.4% Sn from 19m depth. The Harry Smith gold prospect shows extensive gold-in-soil anomalism defining two 500m long trends coalescing in the area of the Harry Smith open-cut. This prospect is interpreted as an Intrusion-Related Gold (IRG) deposit related to the Grong Grong Granite. The Company's drilling in March 2018 (ASX release March 26, 2018) focused on the anomaly trending between the Harry Smith and Golden Spray workings. Drilling was successful with all holes intersecting significant gold mineralisation with the stand-out intersection of 54m at 1 g/t Au from a depth of 8m. This intersection includes two higher grade zones - 12m at 2.1 g/t Au and 6m at 1.6 g/t Au. A similar IRG system exists some five kilometres to the southeast and is defined by two lines of historical workings at the Gladstone and Old Belmore. There is no record of drilling on this prospect. The gold prospects will develop into a parallel focus for the Company as there is clearly very significant near-surface potential for substantial bulk tonnage resources.
I am pleased to report that follow-up drilling has commenced on our tin and gold assets in the Ardlethan region. The drilling at Bygoo has further tested the tin greisens at Bygoo North as well as initial drilling at the Big Bygoo greisen. The gold exploration program includes drill testing of the Harry Smith-Golden Spray line and the Silver Spray lode.
Thomson has interests in 12 granted ELs covering a total of 1056 square kilometres. Four of these ELs have been farmed out in joint-venture arrangements with a range of companies including, Silver City Minerals Limited (ASX:SCI) and Silver Mines Limited (ASX:SVL), plus private investors.
During the year Kidman Resources (ASX:KDR) and Variscan Mines (ASX:VAR) withdrew from the Browns Reef Project and Achilles Joint Ventures. The tenements involved are now wholly owned by Thomson, although EL7891 was subsequently surrendered. The remaining tenements are at the southern end of the Cobar Basin and are prospective for Cobar-type deposits. Three joint ventures remain in place - Bygoo (ELs 8260 and 8163) with private Canadian investor, BeiSur OstBarat Agency Ltd; Wilga Downs (EL 8136) with Silver City Minerals (ASX:SCI) and Havilah (EL 7391) with Silver Mines Ltd (ASX:SVL). Total cash payments received under the Bygoo JV (see ASX announcement of 5 July 2018) are A$1,500,000 of the $3 million investment required to earn an initial 51%. The option to acquire a further 25% for A$22m remains active. Negotiations with BeiSur OstBarat Agency Ltd towards the end of the financial year resulted in gold targets being excluded from the Bygoo JV agreement, thus allowing Thomson to independently pursue testing of the Harry Smith prospect.
The construction of a tin processing plant at Ardlethan, as planned by EOE (No.75) Pty Ltd, has potential synergies for Thomson's tin projects in the area, however no substantive negotiations have taken place with the proprietors and there is no guarantee that any arrangement would be entered into.
The Company has maintained an active exploration program over the year and has expanded its portfolio to include exciting gold opportunities to complement its suite of excellent tin projects. The Ardlethan area offers an immense opportunity for further discoveries of substantial tin resources and we look forward to expanding the resource base in the Bygoo JV area. The Board very much appreciates the strong shareholder support. Our CEO, Mr Eoin Rothery, must come in for special mention. His technical leadership of the Company's exploration program has been absolutely invaluable.
To view the Presentation to AGM, please visit:
Thomson Resources Ltd T: +61-2-9906-6225 E: firstname.lastname@example.org WWW: www.thomsonresources.com.au
Hastings Technology Metals Ltd (ASX:HAS) provides the Company's AGM Presentation.
Summary - Key Facts
- Rapid growth in EV will drive NdPr Demand
- Public Environmental Review advertised and completed with favourable outcome
- Offtake - contract signed with Baotou SkyRock; MOU signed with Thyssenkrupp and GQD to be converted to contract
- KfW German state bank for project finance and advisory
- JORC Resource 22MT; Reserves of 8MT, targeted to increase to 10MT by end 2018
- Experienced management team with RE experience
- Mining Lease granted for 21 yrs since March 2016
- Highest NdPr content at 41%
- Production start Q4 2020
To view the full presentation, please visit:
Andrew Reid Chief Operating Officer T: +61-8-6117-6118 Andy Border General Manager Exploration T: +61-2-9078-7674
Australian Potash Ltd (ASX:APC) provides the Company's Annual General Meeting Presentation.
Premium fertiliser product
- Sulphate of Potash (SOP or K2SO4) is the premium potassium fertiliser
- Potash provides potassium, an essential, non-substitutable fertiliser essential for ALL plant growth
- Structural changes occurring in China through environmental clean-up
- 25% - 35% reduction in supply chain from 2018 onwards
- Australia has never produced ANY potash: Import replacement opportunity
Very strong project technicals
- Low risk, low cost scalable operation
- Strong SOP grade in brine: 14MT SOP JORC Resource
- Highly-capital efficient CAPEX development
- Granted Mining Leases
- Lowest quartile cost of production
- Compelling Logistical Solution
- Two Memorandum of Understanding for off-take with large Chinese agricultural companies: Sino-Agri and Hubei-Agri
- Australian fertiliser companies: off-take positions?
- Gold project exploration farm-out
To view the full presentation, please visit:
Matt Shackleton Managing Director and CEO E: email@example.com M: +61-438-319-841 T: +61-8-9322-1003
Speedcast International Limited (ASX:SDA) (OTCMKTS:SPPDF), the world's most trusted provider of remote communication and IT solutions, today announced that the company is adding its recently-launched Crew Wi-Fi solution onboard over a dozen offshore drilling rigs operated by Seadrill.
Seadrill is a world leader in offshore drilling with one of the youngest, most modern fleets employing highly trained and proficient people. They operate in shallow to ultra-deep water, in both harsh and benign environments. Seadrill sees people as their most valuable asset, so the provision of Crew Wi-Fi is an essential service.
Speedcast's Crew Wi-Fi provides crew a personal Internet experience that is fast and reliable. As the service is fully managed by Speedcast, Seadrill does not need to administer payment plans or worry about bandwidth management. Crew onboard select Seadrill vessels can now take control of how they contact family and friends, browse websites, engage with social media and stream content, all while paying directly with credit card or PayPal through a self-service portal.
Speedcast has completed the Crew Wi-Fi installation onboard four of Seadrill's drilling rigs, and is scheduled to install on eight more before the year end.
"Speedcast Crew Wi-Fi was developed to streamline personal wi-fi access for onboard personnel, and we're proud to introduce it on multiple assets for one of our top customers," says Speedcast's EVP of Energy, Keith Johnson. "It improves the experience for crew when they're offshore, and also requires virtually no effort from the operations side for the customer - we take care of setup, and payment is done directly from the portal administered by Speedcast, so it's a very simple solution to a common requirement for offshore crew. Seadrill has been a great partner for us throughout the proof of concept project and we are excited to be working with them on Crew Wi-Fi."
"The Speedcast Crew Wi-Fi solution is already a great value-add onboard the vessels selected for proof of concept and we look forward to enhancing the experience for our crew on more of our rigs moving forward," says Ian Lamplough, Head of Partner Management, Seadrill. "With Speedcast taking care of all of the administration and setup, it frees up our operational resources while still giving our crews the personal access they need and expect while working offshore."
Toni Lee Rudnicki Vice President, Global Marketing Speedcast International Ltd E: firstname.lastname@example.org T: +1-832-668-2634