Each one in plain English, with the numbers worked through for a shareholder.
16 July 2020capital raising announcement▲ GoodMajor
Placement raises A$20m through 100m shares at 20c, a 13% discount to the last close. Funds a 35,000m Hualilan drilling program and 5,000m at Colorado V; a maiden JORC resource is targeted this calendar year. Directors intend to take up A$335,000 more, subject to approval.
What it means for a shareholder
100m new shares at A$0.200 to raise about A$20.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00115% to 0.000935% of the company. To keep it you'd need 1,149 more shares - about A$230 at the issue price.
Hualilan hole GNDD-025 found a new style of gold in dacite porphyry between Cerro Sur and Cerro Norte: 50m at 1.4 g/t gold, including 37m at 1.8 g/t. The company says it could substantially increase scale; the target is conceptual, with assays pending.
Three more historical Colorado V holes confirm the Ecuador discovery: ZK1-5 returned 146m at 1.5 g/t gold including 87m at 2.1 g/t, 80m along strike from ZK0-2. Five more holes are submitted for assay.
30 June 2020farm in farm out completion▲ GoodMajor
CEL has earned an initial 25% of Hualilan after spending at least A$1m, and will issue 5m and 6.67m shares (escrowed to 4 July 2021) to the Cerro Norte and Cerro Sur owners. Going from 25% to 75% requires a feasibility study within 5 years and a further 50m shares.
Mines and Money corporate presentation restating Hualilan (earning 75%) and El Guayabo/Colorado V (earning up to 100%) projects and recent drilling results. Readable text shows no new information.
First 8 holes of the second Hualilan program all hit mineralisation, including 8.3m at 21.1 g/t AuEq (GNDD-020), extending high-grade strike to 1.8km. Program is now about 85 holes; 35 holes (4,400m) drilled, with 27 more awaiting assay.
Cleansing prospectus for an offer of 2,000 shares at 25 cents, lodged because trading was suspended more than 5 days in the past year. A technical filing to lift resale restrictions on shares issued; no new funds of substance.
What it means for a shareholder
2,000 new shares at A$0.250 to raise about A$500. That's 0.00046% dilution: every existing holder's slice gets 0.00046% smaller. If you held A$1,000 of shares (4,000 at the issue price), your slice goes from 0.00092% to 0.00092% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Ecuador field work restarted after COVID-19 approvals, now logging and assaying the remaining 55 historical Colorado V holes (2-3 per week); 5 submitted so far. Re-assays of El Guayabo core confirmed historical results, including 62m at 5.2 g/t gold.
First assayed historical Colorado V hole, ZK-02, returned 151m at 0.9 g/t gold from 225m, including 63m at 1.6 g/t. Company calls it a large-scale gold discovery. It is one of 56 historical holes; more results are due, and the hole was not on the main porphyry targets.
Quarter to 31 March 2020: cash $6.1m, 18 Hualilan holes (2,444m) drilled, and shareholders approved the Colorado V and El Guayabo 2 farm-ins, lifting the Ecuador land position to 35 sq km. Staff are taking shares in lieu of pay; assays remain pending.
Hualilan drilling has restarted after COVID-19 approvals, with 18 holes (2,444m) of the 7,500m program done. Sample pulps are now air-freighted to Canada for assay to avoid Peru delays; first assays are expected shortly.
Corporate presentation for the 121 Hong Kong event restating Hualilan (earning 75%) and El Guayabo projects, the 627,000 oz historical non-JORC estimate and the 7,500m drilling program. Readable text shows no new information.
Company says CY2020 programs are fully funded, with $6.1m cash at 31 March and about A$2.4m forecast at program end. Management and staff will take 40–100% of pay in shares for six months (about $600,000 saved). Ecuador field work suspended until 1 May for worker safety.
Hualilan second program has 14 holes (1,950m) done, with the first five sent for assay. Surface sampling at Colorado V found porphyry-style gold-copper in four places (up to 9.5 g/t gold). General meeting set for 17 April 2020; operations unaffected by COVID-19.
Half-year to 31 December 2019: loss of $687,168 (versus a $162,264 profit a year earlier). Restates the $5m raise at 3c, the Hualilan drilling, and the Ecuador farm-ins and $6.5m raise at 10c after balance date. No new developments.
A second, trailer-mounted rig was added at Hualilan to speed up the 7,500m program, with 470m drilled. The first three holes of the second campaign all hit mineralisation, including 11.95m in GNDD-011; assays are pending. A third program is possible in the first half of 2020.
Second Hualilan drilling campaign started 10 February 2020: about 7,500m in three stages, with the first 2,325m (18 holes) to extend mineralisation and support a JORC resource. Follows the 10-hole first program; first assays expected within two weeks.
Quarter to 31 December 2019: about 1,500m drilled at Hualilan with high-grade gold over 1.7km, Ecuador farm-ins signed and the $6.5m placement completed. The maiden program is now 3,000m (up from 2,000m), followed by a planned 5,000m expansion program. Four geologists hired.
January 2020 investor presentation restating Hualilan (earning 75%) and El Guayabo projects and recent drilling results. The readable text shows no new information.
Farm-in signed for the adjoining 957-hectare El Guayabo 2 tenement, lifting the Ecuador footprint to 3,545 hectares. CEL earns up to 80% by funding exploration through a feasibility study, with 50% after US$2m spend. Subject to 90-day due diligence; CEL can withdraw at any time.
Logging of historical Colorado V core (56 holes, 21,472m) found overlooked porphyry and intrusive-breccia mineralisation in all holes reviewed, including 300m-plus in ZK1-3. No assays yet; sampling to start shortly. Early visual findings only.
Share registry changed from Security Transfer Australia to Automic Group from 20 January 2020. Administrative notice only, with new contact details for shareholders.
Cleansing prospectus for the 10c share offer, lodged to lift resale restrictions on shares issued in the placement because the company's recent trading suspension prevents a standard cleansing notice. It raises no new money or project news.
13 Jan 2020capital raising announcement▲ GoodMajor
Placement to raise $6.5m (before costs) via 65m shares at 10c, a 9% discount to the 10-day VWAP. The Chairman's $1.3m portion needs shareholder approval. Funds go to larger Hualilan drilling and Ecuador work; bids were reported at more than double the amount raised.
What it means for a shareholder
65.0m new shares at A$0.100 to raise about A$6.5m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00271% to 0.0023% of the company. To keep it you'd need 1,759 more shares - about A$176 at the issue price.
Farm-in signed for the adjoining 2,331-hectare Colorado V tenement in Ecuador, owned by Goldking Mining. CEL funds exploration for 5 years to earn up to 50% of any discovery. Needs shareholder approval under Chapter 11. Existing gold operations are excluded.
Next three Hualilan holes all hit high-grade gold, including 10.3m at 12.9 g/t AuEq (GNDD-009) drilled 500m further south. Mineralisation is now shown over 1.7km of strike and open in all directions. Next drilling phase is on track for January.
First assays from Hualilan maiden drilling (7 holes) show high-grade gold over 1.5km of strike, including 6.1m at 36.2 g/t AuEq (GNDD-003) and 6.7m at 19.3 g/t AuEq (GNDD-007). First phase expanded about 50% to ~1,500m; second phase to restart late January.
ASX paused trading in CEL securities on 3 December 2019 pending a further announcement. No reason is given in this notice; related announcements the same day concern a retraction.
Company answers ASX's 3 December query on the plant cost figures in the AFR advertorial and October presentation (Listing Rule 5.16). It had no undisclosed information, will retract the statements, and says it has complied with Listing Rule 3.1.
