Past year: ▼ 57%(12.0c – 33.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2019drilling result▲ GoodMajor
The company's centre of gravity moves to Bolivia. First-phase drilling at the Paca silver deposit returned PND110 with 89.0 metres of core length grading 279 g/t silver, 1.28% zinc and 1.17% lead (378 g/t silver equivalent) from 9 metres depth, including 12.0 metres at 1,085 g/t silver from 16 metres. PND107 gave 54.0 metres at 238 g/t AgEq and PND109 28.0 metres at 281 g/t AgEq. True widths are estimated at about 77% of the reported core lengths.
8 Oct 2019capital raising announcement● NeutralMajor
Prophecy announced a non-brokered private placement of 10 million shares at $0.40 for $4.0 million on 7 October 2019, the same day it announced the Bolivian mining contract. Management and directors were to buy 400,000 shares, and John Lee signed as executive chairman.
What it means for a shareholder
10.0m new shares at C$0.400 to raise about C$4.0m. That's 9.5% dilution: every existing holder's slice gets 9.5% smaller. If you held C$1,000 of shares (2,500 at the issue price), your slice goes from 0.00262% to 0.00237% of the company. To keep it you'd need 262 more shares - about C$105 at the issue price.
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7 Oct 2019material agreement▲ GoodMajor
The Bolivian mining production contract with COMIBOL was signed on 3 October 2019, giving Prophecy the exclusive right to develop and mine the Pulacayo and Paca concessions for up to 30 years - the Bolivian equivalent of a mining licence, and the legal basis for everything that follows there. The company puts prior spending by its Bolivian subsidiaries at $25 million and drilling at over 80,000 metres.
1 May 2019regulatory community update▲ GoodMajor
After meeting regulators in late April 2019, Prophecy gave a target timetable for Gibellini: notice to start the environmental impact review in Q1 2020, a federal decision no later than Q1 2021, construction starting in 2021 and vanadium production by Q4 2022. The company says it will seek project financing in the meantime; Mike Doolin is named as COO and interim CEO in the text, while the sign-off block calls him Chief Executive Officer.
18 Mar 2019production update▲ GoodMajor
Prophecy reports that its Ulaan Ovoo coal mine in Mongolia restarted in March with about 21,000 tonnes produced and sold. The company does not operate it: under an October 2018 lease an arm's-length Mongolian lessee funds all capital and operating costs and pays Prophecy US$2 a tonne shipped. Nameplate capacity is 2 million tonnes a year from a 40 to 80 metre seam outcropping at surface. It is the only producing asset anywhere in this company's cached record, and it produces a royalty rather than a mine margin.
14 Feb 2019drilling progress report● Neutral
Wood, formerly Amec Foster Wheeler, is retained to update the resource and mining sections for a Gibellini feasibility study the company expects to finish by the end of 2019. Up to ten short holes of 150 to 250 feet are planned in the higher-grade parts of Gibellini and the rest at Louie Hill, once the Bureau of Land Management approves.
23 Nov 2018capital raising announcement● Neutral
The bought deal closed at C$5,520,000, all earmarked for Gibellini. Gerald Panneton signs as president and chief executive.
2 Nov 2018capital raising announcement● NeutralMajor
Prophecy agreed a C$5.5 million bought deal with BMO Capital Markets, 12,000,000 shares at $0.46, to fund exploration, development and permitting of the Gibellini vanadium project in Nevada - at this point the company's only stated focus. Gibellini's May 2018 assessment carried 22.95 million tons at 0.286% vanadium pentoxide in the measured and indicated categories.
What it means for a shareholder
12.0m new shares at C$0.460 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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