Past year: ▼ 31%(0.45c – 1.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2011material agreement● NeutralMajor
Added a second lithium address weeks after the first: an option from Salta Water to earn up to 100% of the Salta Agua brine claims in Argentina, with 60% earned through staged cash payments and share issues over five years. A second early-stage option, still with no exploration completed on the first.
10 Jan 2011asset acquisition disposition▲ GoodMajor
The pivot that gave the company its name: took over, by assignment from Lithium Exploration VIII, an option on 100% of five lithium-prospective permits covering about 46,000 hectares in Alberta, in exchange for $500,000 of staged payments through to January 2014 plus royalties to First Lithium and the original vendor. British Columbia gold claims out, Alberta lithium in.
19 July 2010material agreement▼ Bad
Second Beeston extension in four months, pushing both the share issue and the first C$50,000 exploration program out to December 2010 and raising the share consideration from 1 million to 1.5 million shares. The British Columbia claims were costing more shares and still had no work done on them.
31 Mar 2010material agreement▼ Bad
Could not issue Beeston its 1 million shares on time and bought a three-month extension by promising another C$50,000 of exploration spending - the first sign the company could not meet even the modest terms of its new project.
25 Sept 2009material agreement● NeutralMajor
Two months after dropping the Nevada gold ground, took an option from Beeston Enterprises over half of eight mineral claims (about 3,900 hectares) in British Columbia, payable in 1 million shares plus C$250,000 of exploration spending by September 2011. The same filing abandoned a uranium joint-venture option signed with USA Uranium only weeks earlier.
4 Sept 2009auditor change▼ Bad
Second auditor change in four weeks: Seale & Beers quit after 28 days without doing any work, citing concern about how its independence would look, and Child, Van Wagoner & Bradshaw took over. Two auditors through the door in a month is a governance warning sign in itself.
3 Sept 2009auditor change● Neutral
An amended filing on the August 2009 switch of auditor from Moore & Associates to Seale & Beers, for the company then called Mariposa Resources. It adds that the US audit regulator (PCAOB) revoked Moore's registration on August 27, 2009 for rule violations and for not cooperating with an investigation. Moore's earlier reports had no adverse opinion but carried a going-concern warning. The company says there were no disagreements with Moore, and that it was still waiting for Moore's letter to the SEC.
12 Aug 2009auditor change● Neutral
Auditor Moore & Associates resigned and was replaced by Seale & Beers. Moore's past reports had been clean but carried a standing warning that the company might not survive as a going concern.
7 July 2009material agreement termination▼ BadMajor
Walked away from its only project: the 400-acre Nevada gold claims optioned from Gold Explorations in 2006 were handed back, ending all payment obligations and leaving the company (then Mariposa Resources) with no property at all.
