Past year: ▼ 62%(2.10c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2019half year report● Neutral
Half-year to 31 December 2018: loss of $215,152 including a $53,125 impairment of the relinquished Madre licences. Net assets fell to $1,993,187 from $2,208,339 at June 2018. Gold Basin completion is noted as a subsequent event.
18 Feb 2019asset acquisition disposition▲ GoodMajor
Greenvale completed its Gold Basin investment, with its subsidiary paying $550,000 for 50.1% of Greenvale Gold Basin Pty Ltd, up from the 25.01% initially proposed. It can buy out partner NEM's stake after a maiden JORC resource, and drilling was due to start imminently.
24 Jan 2019quarterly activities report● Neutral
December 2018 quarter: SRK is still reviewing microwave extraction at Alpha. Gold Basin stake remains unsettled at 100% or 50.1%, with a 'Last Right of Refusal' agreed in principle over the rest instead of an option; completion expected in weeks. Quarterly operating outflow was $167,000.
31 Dec 2018joint venture update● Neutral
SRK is still assessing radio-frequency heating to extract Alpha oil in place, which may avoid mining. The Gold Basin deal is not final: the initial stake is still unsettled between 50.01% and 100%, up from the 25.01% first announced.
25 Oct 2018quarterly activities report● Neutral
September 2018 quarter: both Madre licences relinquished, leaving only Alpha MDL 330. Gold Basin deal is in due diligence, with completion expected in Q4 2018 and drilling results in Q2 2019. Egypt dropped. Operating outflow was $133,000; cash about $1.36M at quarter start.
24 Sept 2018asset acquisition disposition▲ GoodMajor
Conditional heads of agreement to earn an initial 25.01% of the Gold Basin gold project in Arizona by investing A$550,000, funding a 3,000m drilling program to reach a first JORC resource. Option to reach 100%; subject to due diligence. Moves GRV beyond oil shale.
18 Sept 2018annual report● Neutral
2018 annual report: SRK's Prospective Resource for Alpha is 25.1 to 50.2 million barrels, midpoint 33.4 million. The chairman says Ghana and Egypt were dropped and a Nevada gold project is being pursued. Povey resigned after year end.
18 Sept 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the 2018 annual report, pointing to pages 10-23. Administrative filing with no substantive news.
17 Sept 2018other● NeutralMajor
Greenvale appointed SRK Consulting to advance the Alpha oil shale project using radio frequency and microwave extraction, and relinquished EPM 25795 to focus on MDL 330. It also began reviewing a gold project in Nevada, USA, and dropped the Egypt opportunity.
7 Aug 2018director officer appointment● Neutral
Non-executive director Michael Povey (the board's technical director) resigned effective 6 August 2018. The board will review its composition and update the market on any replacement.
24 July 2018quarterly activities report▼ Bad
June 2018 quarter: SRK says the current estimate is too thin for an economic assessment and recommends infill holes. The company instead favours a bitumen and activated carbon market study first. Ghana is dropped, leaving one early-stage Egypt project. Quarterly operating outflow was $34,000.
27 Apr 2018resource reserve update● NeutralMajor
SRK's independent report on Alpha gives a Prospective Resource (unrisked) for in-situ shale oil, in broad agreement with earlier estimates; volumes are not given in this text. The company may relinquish the Madre EPMs and is reviewing gold projects in Egypt and Ghana.
8 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss of $212,742 (prior $265,967), net assets $2,421,538 (June 2017: $2,634,280). SRK's Alpha work is expected to finish late March 2018; overseas precious metals joint venture talks remain incomplete. Cash is held in term deposits.
19 Jan 2018quarterly activities report● Neutral
December 2017 quarter: SRK Consulting is hired to prepare an independent geologist's report on Alpha and plan a JORC 2012 resource estimate, with initial work due February 2018. Joint venture talks on an overseas precious metals project remain incomplete. Cash was $1.723M at the start of the quarter.
18 Oct 2017quarterly activities report● Neutral
September 2017 quarter: no Alpha work was done, though a desktop scoping study is planned. The company plans due diligence on a metals investment in an overseas jurisdiction. Cash at start of quarter was $1.828M; operating outflow was $105,000.
22 Sept 2017other● Neutral
Appendix 4G corporate governance checklist lodged with the 2017 annual report, pointing to pages 11-23. Administrative filing with no substantive news.
22 Sept 2017annual report● Neutral
2017 annual report: the chairman says low oil prices hurt Alpha's viability, so the bitumen angle gives an alternative use. A near-complete acquisition of a non-energy project was terminated over regulatory costs. Infill drilling planned for later in 2017.
20 July 2017quarterly activities report● Neutral
June 2017 quarter: repeats the bitumen-focused findings and plans a desktop scoping study. Operating cash outflow was $189,000 for the quarter; acquisition search continues with no decisions made.
29 June 2017resource reserve update▲ GoodMajor
Review of old test work suggests Alpha shale suits a bitumen-led product mix (about 59% bitumen, 40% fuels), with spent shale possibly sold as activated carbon. A new scoping study and infill drilling are planned to move from Exploration Target towards a JORC resource. No resource is stated.
26 Apr 2017quarterly activities report● Neutral
March 2017 quarter: five-year Alpha renewal confirmed, GPS survey and new terrain model done. Historical data covers 68 holes (3,251.9m) though some raw records are missing. A preliminary study identified four possible development options; acquisition search continues.
4 Apr 2017admin correction● Neutral
Registered office moves to Suite 6, Level 5, 189 Kent Street, Sydney. Administrative notice with no effect on operations.
17 Mar 2017regulatory community update▲ GoodMajor
Queensland confirms renewal of the Alpha mineral development licence for five years from 1 February 2017, resolving the pending renewal. (The release text says 'MDL 300' and '2016', apparently typos for MDL 330 and 2017.)
14 Mar 2017half year report● Neutral
Half-year to 31 December 2016: loss of $265,967 (prior $371,989), including the $50,000 exclusivity fee. That deal did not proceed because it would have required re-listing under ASX rules, which the board judged against shareholders' interests. Net assets $2.885M.
16 Jan 2017quarterly activities report● Neutral
December 2016 quarter: ground survey for Alpha is being prepared for January, and a $50,000 option fee was paid for exclusivity over an unnamed asset, with regulatory approvals sought. Cash fell to $2.141M from $2.343M; Alpha renewal still pending.
9 Jan 2017resource reserve update● NeutralMajor
Alpha has insufficient data for a JORC 2012 resource, so it is classed only as an Exploration Target. The board decides to define and, if feasible, develop it, starting with a new survey and scoping study. Renewal of the licence for five years is sought.
24 Oct 2016quarterly activities report● Neutral
September 2016 quarter: no tenement activity; Alpha MDL 330 renewal is pending with the Queensland mines department. Cash fell to $2.343M, with about 93.4M shares on issue. The board continues assessing acquisitions.
28 Sept 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the 2016 annual report, pointing to the governance statement on pages 9-21. Administrative filing with no substantive news.
27 Sept 2016annual report● Neutral
2016 annual report: net cash about $2.4M at 30 June 2016 after the QER sale. The chairman says low oil prices hurt Alpha's long-term viability, the AIM listing was terminated, and acquisition targets are under review by Povey.
26 July 2016quarterly activities report● Neutral
June 2016 quarter: no tenement activity, and the board continues assessing acquisitions. Cash rose slightly to $2.522M, helped by the stamp duty refund. Estimated next-quarter outflow is $130,000.
9 May 2016other▲ Good
Greenvale will receive a $188,886 Queensland stamp duty refund after a successful objection over its former shale asset transactions. The funds are earmarked to finance any acquisition. The board continues reviewing mining exploration opportunities.
