A Notgnu summary of key news release items:
2013, Sept 9: (copper~$3.30, NCU = ~$27.00 )
>>>Final permit for underground mine build, plus loan financing.
2013, Nov 14: (copper~$3.20, NCU = ~$17.00)
>>>Stand alone open pit feasibility study filed using $2.75 copper
2014, Dec 15: (copper~$2.75, NCU = ~$14.00)
>>>Land bill passed by Senate and House of Reps
2015, May 28: (copper~$2.45, NCU = ~$19.00)
>>>Feasibility results. Mine life increased by 5 years.
>>>A description of economic results with three base case scenarios for copper.
2015, June 1 - July 15: (copper~$2.25, NCU = ~$15.00)
>>>Three more positive drill result releases, including 400’ of 1% copper
2015, Aug 17: (copper~$2.25, NCU = ~$12.00)
>>>Full permit for open pit is obtained
2015, Aug 21: (copper~$2.25, NCU = ~$12.00)
>>>BLM conveys 10,000 acres of land to NCU.
2015, Sept 10 & Nov 3: (copper~$2.20 NCU = ~$10.00)
>>>Two more sets of positive drill results
2016, June 9: (copper~$2.15, NCU = ~$7.00)
>>>$4.8 million raised at $0.60.
>>>Total shares NCU shares outstanding = 88 million
2017, May 23: (copper~$2.55, = ~$6.00)
>>>Pala P.P. 10% premium to the market = $0.66 for 3.7 million shares.
>>>Total NCU shares outstanding = 93 million
2017, Dec 17 and 2018, Jan 12: (copper~$3.20, NCU = ~$7.00)
>>>Construction financing and debt restructuring
2018, Feb 26: (copper~$3.20, NCU = ~$7.00)
>>>Restart of underground mine construction after the raising of more funds.
2018, March 5: (copper~$3.10, NCU =~$7.00)
>>>$128 million from Pala for an additional 256 million shares. $0.50 each
2018, May 15: (copper~$3.05, NCU = ~$7.00)
>>>Open pit extension drill results including 42 metres of 2% copper
2018, July 17: (copper~$2.75, NCU = ~$6.00)
>>>Additional equity financing. $108 million, $0.60 per share;
>>>Total NCU shares outstanding = 660 million
2018, Sept 6: (copper~$2.60, NCU = ~$5.00)
>>>$70 million received in exchange for (underground only) Au & Ag metal stream.
2018, Sept 10: (copper~$2.65, NCU = ~$5.00)
>>>PEA received for the open pit using $3.20 long term copper.
2018, Nov 13: (copper~$2.75, NCU = ~$4.00)
>>>Announcement to update technical report to include new info and PEA
2019, Feb 22: (copper~$2.75, NCU = ~$4.50)
>>>Announcement of 5,700 additional acres staked for exploration, thereby expanding the Pumpkin Hollow property by 32%
2019, April 16: (copper~$2.90, NCU = ~$4.00)
>>>New open pit PFS study published with updated numbers ($3.20 long term copper price is used)
2019, May 16: (copper~$2.70), NCU = ~$4.00)
>>> $40 million combined private placement and public share sale $.040
2019, Dec 16: (copper~$2.80, NCU = ~$3.00)
>>> Copper production commenced and ramp up to full 5000 tpd expected by mid 2020.
>>> 65 m pounds p/ye projected from underground. Cost = $1.86 (all in sustaining cost)
2019, Dec 17: (copper~$2.80, NCU = ~$3.00)
>>> Pala announces buying shares in the public market at $0.29 per share
>>> Pala’s total of the financing =273 million shares, ~ 36% of shares outstanding.
>>> New float is roughly 758 million shares
2020, April 6: (copper~$2.25, NCU = ~$1.60)
>>> Covid necessitates a shutdown of the newly completed mill
>>> Underground work continues at a reduced pace
2020, July 31: (copper~$2.85, NCU = ~$1.35)
>>> Equity sale completed. 667 million shares including the over-allotment
>>> This raises $100 million to pay down debt and cover expenses.
>>> New share price is about $0.14 after backing out about $0.02 per warrant attached.
2020, Aug 24: (copper~$2.95, NCU = ~$1.30)
>>> Production is restarted
>>> Commissioning of hoist, vent shaft and underground crushing continues
2020, Oct 15: (copper~$3.05, NCU = ~$1.15)
>>> Mike Ciricillo is brought on board as CEO. Mike “...was previously the Head of Copper Industrial Operations for Glencore Plc, where he oversaw Glencore’s worldwide copper assets…”
2021, Jan 29: (copper~$3.55, NCU = ~$1.60)
>>> Equity financing; 230 million shares issued at $0.16 for proceeds of $38 million.
>>> Pala takes down an additional 80 million shares as a part of a debt to equity trade.
>>> New share total = 1.7 billion. Warrants will bring in about $100m
2021, March 18: (copper~$4.05, NCU = ~$1.80)
>>> Some 5% ore is encountered in ‘development’ area on route to the new stopes
>>> Expect “grade increases” in combining weeks as stopes are accessed
>>> Hoist is tested to run at 5,000 TPD matching the tested mill capacity
>>> Electrical upgrades mostly completed (due to change in first stope to mine)
2021, April 21: (copper ~ $4.25, NCU = ~$1.90)
>>> We are a few days away from the first stope to start extracting 2.2% copper
>>> Ventilation upgrades are progressing well
>>> Batch production is running very well at intermittent bursts of 4,700 tpd as development (and soon) new stope ore is being mined.
2021, May 17 (copper ~$4.70), NCU = ~$2.70)
>>> Mike announces we will be at about 3,000 tpd by the end of q2 (June 30)
>>> Progress slowed a little as cautious progress is made through water bearing dike
>>> Covid has slowed the delivery of the Large surface fans so 5,000 tpd mid q4
2021, July 12 (copper ~ $4.30, NCU = ~$2.10)
>>> Underground portion of ventilation is commissioned
>>> Pala extends additional loan financing
>>> The dike crossing work continues but grouting is still not complete
>>> The need for more development capital is announced due to higher than anticipated cost
2021, August 13 (copper ~$4.30, NCU = ~$1.65)
>>> Lateral development has increased and more headings are opened up on a lower level. The lower level also requires a dike crossing
>>> 3,000 tpd production is moved up to Q4 from Q3 and 5,000 tpd is moved to H1 2022 from Q4 2021
>>> Pala grants an additional $42 million in combined promissory note and loan credit.
>>> The company is in talks with it’s main lender KFW bank to extend debt into 2023 from 2021 and expects to be successful in obtaining the credit extension.
>>> Mike Brown becomes interim CEO to replace Mike C. (reasons are not disclosed)
2021, August 21 (copper~ $4.36, NCU = ~$0.85)
>>> The first water bearing dike crossing is completed (finally.)
>>> Surface vent fans are said to be on schedule with install and commissioning by end of 2021
>>> 3,000 tpd hoisting rates are argetted for the end of the year
>>> A short term extension is granted on the KFW loan to allow more time to negotiate a long term extension
>>> Pala adds more liquidity by way of an addition to the promissory note issued previously
2021, September 3 (copper ~ $4.32, NCU = ~$0.90)
>>> Share consolidation of 10:1 is announced
2021, September 21 (copper ~$4.22, NCU = ~$0.70)
>>> Some more key management positions are filled
>>> Share consolidation completed
>>> Credit facility discussions are still ongoing
2021, October 6 (copper ~$4.22, NCU = ~$0.70)
>>> New CEO Randy Buffington appointed
>>> 750’ of lateral development achieved in September
>>> 30,000 tons of mixed grade (development + stope) ore were processed in September, equating to 1,000 tons per day
2021, October 12 (copper ~ $4.39, NCU = ~$0.90)
>>> Long term loan extension is agreed upon contingent on TSX acceptance
>>> Pala extends extra credit in return for 15 million warrants at a strike price yet to be determined