Past year: ▼ 22%(18.0c – 31.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2016resource reserve update▼ Bad
A second British Columbia Securities Commission review in six months forced another refiling: the report had cited the superseded October 2014 study instead of the November 2015 amended one, still referred to production scenarios from earlier studies, and lacked detail on sampling protocols, compositing and the water balance. Conclusions are unchanged, but two regulator-driven amendments in half a year is the second such refiling in six months.
14 Apr 2016resource reserve update● Neutral
The amended January 2016 economic assessment technical report, updated 7 April 2016 after a second securities commission review.
22 Feb 2016drilling result▲ Good
A single hole drilled for metallurgical sample material in the core of the pit returned 43.00 metres at 2.26 g/t gold and 85.7 g/t silver, including 12.75 metres at 6.10 g/t gold and 158.5 g/t silver. The company is designing a 2016 programme to test vein structures next to the pit outline, its first exploration drilling since 2014.
29 Jan 2016resource reserve update● Neutral
Filed the technical report, effective 22 January 2016, behind December's Rock Creek mill economic update.
15 Jan 2016auditor change● Neutral
Announced the switch from Deloitte to Davidson & Company, saying it will streamline the year-end audits of Almaden and Almadex, the spun-out company with which it shares administration.
14 Jan 2016auditor change● Neutral
Deloitte resigned as auditor on its own initiative on 4 January 2016 and Davidson & Company was appointed the same day. Deloitte had never issued a modified opinion and there were no reportable disagreements.
10 Dec 2015resource reserve update▲ GoodMajor
Rebuilt the project around the second-hand Rock Creek mill: initial capital falls to US$100 million from the US$399 million base case of September 2014, for after-tax net present value of US$166 million and a 30% return at a lowered price deck of $1150 gold and $16 silver. The trade-off is scale - 36 million tonnes of feed at 0.76 g/t gold and 47 g/t silver producing 724,000 ounces of gold and 48.8 million ounces of silver over 13 years, against 129 million tonnes in the original plan. 97% of the feed is now in the confident resource categories.
23 Nov 2015capital raising announcement▼ BadMajor
Raised $3.38 million placing 4,506,666 units at $0.75 - a 40% cut from February's $1.25 and less than half the price of the 2013 raise - with warrants at $1.00 to November 2017; Chairman Duane Poliquin took 100,000 units. Part of the money covers near-term payments on an option over the Rock Creek mill, a second-hand plant the company had secured in October.
What it means for a shareholder
4.5m new shares at C$0.750 to raise about C$3.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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10 Nov 2015resource reserve update● Neutral
The amended economic assessment technical report itself, effective 9 October 2014 and updated 6 November 2015 to address the securities commission's review.
10 Nov 2015resource reserve update▼ Bad
Refiled the October 2014 economic assessment after the British Columbia Securities Commission's review found filing and disclosure problems with it: qualified persons were missing from the title page, the summary resource table showed only gold-equivalent grades, and the required warning about inferred material was absent. The company says the data, inputs and conclusions are unchanged, and the specific amendments it lists are presentational rather than economic.
22 May 2015drilling result▲ Good
One hole, TU-15-453, cut 118.50 metres at 0.21 g/t gold and 61.6 g/t silver with several silver-rich bands including 31.50 metres at 0.39 g/t gold and 117.0 g/t silver, two of them beneath the current pit outline. Gold is weak here; the value is in the silver.
15 May 2015resource reserve update● Neutral
Filed a technical report on the El Cobre copper-gold project, 7,456 hectares near Veracruz with four porphyry targets along a four-kilometre trend, the largest of them - Villa Rica - never drilled. Almaden holds 100% subject to a sliding-scale royalty to a third party. The report lands five months before El Cobre is handed to the spin-out company.
17 Apr 2015drilling result● Neutral
Final infill and step-out results at Chemalaco: 19.50 metres at 1.52 g/t gold and 55.6 g/t silver, and a step-out 125 metres north of previous drilling that returned only 20.74 metres at 0.23 g/t gold and 55.9 g/t silver - thin gold but inside the pit outline. Drilling stops here; the 2015 budget goes to engineering and environmental work for the pre-feasibility study.
13 Feb 2015capital raising announcement● Neutral
Formal material change report for the 11 February placement of 4,420,000 units at $1.25, restating the terms and the insider participation.
What it means for a shareholder
4.4m new shares at C$1.25 to raise about C$5.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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11 Feb 2015capital raising announcement● Neutral
Raised $5,525,000 by placing 4,420,000 units at $1.25, down from $1.50 six months earlier, with half-warrants at $2.00 for a year; fees were $212,626 and 49,410 warrants. Chairman Duane Poliquin, 10%-plus holder Ernesto Echavarria and officer Douglas McDonald took 454,000 units between them. Proceeds go towards the pre-feasibility study.
What it means for a shareholder
4.4m new shares at C$1.25 to raise about C$5.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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15 Dec 2014asset acquisition disposition▼ Bad
Pushed the shareholder vote on the split out to the mid-2015 annual meeting to avoid paying for a separate meeting and to finish restructuring the assets internally; holders are to receive one new Almaden share plus 0.6 of a share in the new company. The company said conditions were very challenging and had worsened since October, and stayed committed to the deal.
21 Oct 2014asset acquisition disposition● NeutralMajor
Board approved splitting the company in two: everything except Ixtaca - the El Cobre and Willow porphyry projects, 20 other exploration properties, a 2% royalty over Tuligtic itself, a 1.5% royalty on Goldgroup's Caballo Blanco, a 2% royalty on Gold Mountain's Elk deposit and 21 further royalties - goes to a new listed company whose shares go to Almaden holders pro rata. Almaden becomes a single-asset developer.
20 Oct 2014resource reserve update● Neutral
Announced the filing of the updated economic assessment technical report on SEDAR, restating the findings released on 3 September.
20 Oct 2014resource reserve update● Neutral
Filed the technical report for the September economic update, dated 9 October 2014.
3 Sept 2014resource reserve update▲ GoodMajor
Reworked economics on the same resource model cut initial capital 19% to US$399 million and lifted the after-tax net present value to US$515 million with a 28% return and 2.5-year payback, mostly by remodelling the waste rock and conveying ore to the mill. A smaller alternative starts at 7,000 tonnes a day for US$244 million and expands to 30,000 by year six out of cash flow - the first sign the company is designing around what it can actually finance.
14 Aug 2014drilling result▲ GoodMajor
TU-14-438, drilled just outside the study's pit outline, returned 32.00 metres at 2.22 g/t gold and 5.4 g/t silver including 15.00 metres at 4.43 g/t - high-grade volcanic-hosted gold immediately beside the deposit. A second hole southeast of the deposit gave 27.00 metres at 0.45 g/t gold, also outside the pit.
1 Aug 2014capital raising announcement● Neutral
Closed the $6.0 million placement at $1.50 a unit, with Secutor Capital taking $107,400 and 48,000 warrants as finder. Chairman Duane Poliquin, directors Joseph Montgomery and Barry Smee, and 10%-plus holder Ernesto Echavarria took a combined 465,299 units, a related-party participation exempt from valuation and minority approval because it stayed under a quarter of market capitalisation.
18 July 2014capital raising announcement● Neutral
Launched a non-brokered placement of up to 4,000,000 units at $1.50, each with half a warrant exercisable at $2.00 for a year, to fund engineering studies and exploration. The price is up from the $1.25 raise of July 2013.
What it means for a shareholder
4.0m new shares at C$1.50 to raise about C$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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9 July 2014drilling result▲ Good
Infill drilling is complete, closing out the conversion programme that began in September 2013; the last holes gave 62.00 metres at 0.96 g/t gold and 76.4 g/t silver. Drilling now turns to exploring the wider Tuligtic concession.
2 June 2014resource reserve update● Neutral
Filed the full technical report behind April's economic study on SEDAR.
17 Apr 2014resource reserve update▲ GoodMajor
First economic study for Ixtaca: after-tax net present value of US$437 million at a 5% discount and a 22% return, on pre-production capital of US$496 million, a 12.1-year life at 30,000 tonnes a day and average output of 130,000 ounces of gold and 7.8 million ounces of silver a year. Payback is four years and 16% of the mine plan is still inferred material, so the capital number is the number to watch.
1 Apr 2014drilling progress report● Neutral
Economic study for Ixtaca under way with Knight Piesold and Moose Mountain, with one rig collecting geotechnical and rock-strength data rather than looking for ore. Environmental baseline studies and more advanced metallurgy also started - the first work in the record aimed at permitting rather than at finding metal.
7 Mar 2014resource reserve update● Neutral
Filed the technical report supporting the January 2014 resource update, prepared by APEX Geoscience and Giroux Consultants.
23 Jan 2014resource reserve update▲ GoodMajor
Updated resource, published a day after the last infill assays: 30.44 million tonnes measured at 1.38 g/t gold-equivalent (1,351,000 ounces), 62.61 million tonnes indicated at 1.08 g/t (2,182,000 ounces) and 22.70 million tonnes inferred (717,000 ounces). Against the January 2013 estimate the confident categories went from 2.02 to 3.53 million ounces while inferred fell from 1.55 to 0.72 million - the year of infill drilling did what it was meant to do.
22 Jan 2014drilling result▲ Good
Last of the infill assays before the resource update: TU-13-373 returned 92.50 metres at 1.48 g/t gold and 91.1 g/t silver, including 12.00 metres at 2.82 g/t gold and 156.9 g/t silver.
