Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2025capital raising announcement▲ GoodMajor
The A$6.6m placement is complete: 147.7m shares at 4.5c to Elsztain's IFISA, with 2-year warrants, making him the largest shareholder at 12.7%. The US$2m toll-mill upfront payment has been paid. Elsztain is to join as Non-Executive Chairman, with Saul Zang as a director.
What it means for a shareholder
148m new shares at A$0.045 to raise about A$6.6m. That's 8.8% dilution: every existing holder's slice gets 8.8% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.00146% to 0.00133% of the company. To keep it you'd need 2,151 more shares - about A$97 at the issue price.
Austral Gold's release of the same definitive toll agreement, describing US$3m fixed payments, US$110,000 monthly fee and 20-30% incentive fee, with operations expected in 2H 2025. It notes Elsztain's Tyrus holds 4.33% of CEL, rising to about 12.74%. This is the other party's release.
Definitive toll processing agreement signed with Casposo: 150,000t a year for three years (450,000t), US$8.80/t access fee, US$110k monthly minimum, US$2m upfront (refundable if plant not running by 31 July 2025 or recovery under 70%). The A$6.6m Elsztain placement is also finalised, due to settle 2 January 2025.
Company notes Casposo's owner secured a US$7m secured loan from Banco San Juan at 8% to refurbish the plant for Hualilan toll milling. The loan is Casposo's, not CEL's. It covers the US$4m refurbishment cost estimated in the audit, with the first US$1.5m due within 5 business days.
An independent audit of Austral Gold's Casposo plant found it suitable for toll treating Hualilan ore, with 300,000t a year capacity (double the 150,000t needed), US$4m refurbishment capex and projected recoveries above 90% (vs 80-85% modelled). No fatal flaws found; further testwork pending.
Austral Gold's release says its Casposo unit signed a binding MOU to process Hualilan material over three years, with US$3m fixed payments and US$110,000 monthly. Casposo is on care and maintenance, with restart targeted by 31 July 2025. Elsztain, CEL's investor, is Austral's chairman. This is the other party's release.
Binding agreement with Casposo to toll-mill Hualilan ore: 150,000t a year, 450,000t over three years, US$2m upfront (refundable if the plant is not running by 31 July 2025). Long-form agreement expected in 15–20 days. The A$6.6m placement is nearing completion.
Six more Colorado V holes in Ecuador, with intercepts up to 711.6m at 0.4 g/t AuEq, confirm the 400x800m CV-A anomaly is mineralised from surface. The program is complete, with four holes pending, and a maiden resource is expected before the planned monetisation of Ecuador.
Environmental Impact Assessment approved for Hualilan, covering 19 mining rights, and the company says it is the first gold project in San Juan to get one in 17 years. It enables mine construction and sectoral permits. Resolves the EIA application lodged with the toll-milling plan.
25 Oct 2024capital raising announcement▲ GoodMajor
SPP closed heavily oversubscribed with over A$7.8m of applications against a A$1m target. The board accepted A$4m at 4.5c, scaling back pro rata and issuing 88.9m shares. Adds to the A$6.6m placement, but dilutes holders at a price far below April's 8.5c.
Revised timetable: first placement shares issue 16 October, SPP closes 18 October with results 25 October, and remaining placement shares on or about 11 November. Timing change only; no new terms.
3 Oct 2024capital raising announcement● NeutralMajor
Share purchase plan offered to eligible shareholders at 4.5 cents, a 17% discount to the last close, targeting up to A$1m (A$30,000 cap each). Same price as the A$6.6m strategic placement, well below the 8.5c April raise. Offer runs 4–18 October.
Binding term sheet for a A$6.6m placement to Elsztain-group Dolphin Real Assets and a toll-milling deal to process 450,000t of Hualilan ore (85,550oz gold) over three years, targeting Q2 2025 production. Marks a shift from the PFS-led path; TSX listing and board renewal planned. Closing needs due diligence and approvals.
Half-year to 30 June 2024: reported a profit of $53.9m (vs $34.5m), though the visible text does not explain the source. Restates the A$9.6m placements at 8.5c, the Elsztain 5% stake, and the PFS critical-path work as complete. Funding process held until the PFS is done.
Clarifies the June quarter reports: related-party payments were A$248k of director and officer fees. The Queen's Road convertible debenture pays 9% interest (7% cash, 2% cash or shares) and matures 12 September 2026. Disclosure clarification only.
First five holes of the Colorado V resource drilling hit about 500m intercepts at 0.3-0.4 g/t AuEq, including 599.1m at 0.4 g/t AuEq. 5,100m of the 8,000m is drilled. A maiden resource is expected on completion, ahead of the planned Ecuador sale.
Kelly Moore and Michelle Kennedy become joint company secretaries, with Moore also interim CFO. Scott Funston, CFO and secretary since the 2019 ASX re-admission, has resigned. The registered office moves to 100 Havelock Street, West Perth.
Independent modelling by Mining Plus puts Hualilan's Scoping Study mine at about 0.1 tonnes CO2e per ounce, which the company says would be the lowest of ASX gold miners. Argentine operations are certified carbon neutral for 2024. Economics are unchanged.
Investor presentation for the Emerging Growth Conference, covering the Hualilan and Ecuador projects. Visible text is disclaimers and competent-person statements only, with nothing new shown.
Notice that CEO Kris Knauer will present at the virtual Emerging Growth Conference on 30 May 2024 (Sydney time). Repeats known company background; no new results.
Testwork shows zinc can be recovered economically from rock as low as 0.4% Zn, versus the 1.5% cut-off in the Scoping Study. This potentially opens 211.5kt of zinc against 62kt in the study plan. Gold recovery rises to 97.5%. Feeds into the PFS.
Annual report for 2023 with a chairman's letter citing a 7.3Moz total gold-equivalent resource and a Hualilan PFS underway, expected to lead into a feasibility study. Includes the sustainability report. Restates known results.
Corporate governance statement for 2023. The board says it has no separate committees given the company's size, and full-board duties cover them. Partially complies with the gender diversity recommendation. Compliance document with no new project or financial news.
Appendix 4G for the 2023 financial year: confirms the corporate governance statement is on the company website, current at 30 April 2024 and board-approved. Compliance form only, no new information on projects or finances.
Soil sampling with Ionic Leach assay defines a 5km by 4km copper anomaly 5-10km southeast of Hualilan, with a coincident iodine anomaly, under cover with no prior exploration. Sampling is being extended over a further 150 km2; no drilling yet.
A further A$4m placement to one investor on the same terms as Elsztain's (8.5c, free 14c option to March 2025), lifting the total to A$9.6m. Funds the last 8,000m of Colorado V drilling for a maiden resource, after which Ecuador assets may be sold or spun off (company intention).
A$5.64m placement of 66.4m shares at 8.5c, a 6% premium, to an affiliate of Argentine businessman Eduardo Elsztain (about 5%), with a free 14c option for 12 months. Investor gets a board nominee. Funds the PFS while strategic funding talks continue.
What it means for a shareholder
66.4m new shares at A$0.085 to raise about A$5.6m. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.000933% to 0.000886% of the company. To keep it you'd need 619 more shares - about A$53 at the issue price.
Statutory accounts for the year to 31 December 2023. Visible text is only the contents, directors' details and directory; no financial figures seen. Dr Sonia Delgado joined as executive director on 28 November 2023.
