KNB
Koonenberry Gold Limited
ASX
Annual Report to shareholders
Sentiment:
Annual Report
12 September 2024 4:15 AM
Koonenberry Gold Limited's 2024 annual report reveals a net loss of $(1,293,720), but highlights encouraging exploration results at the Bellagio and Atlantis prospects, prompting plans for further drilling in FY2025.
Delay expected
Drilling at the Atlantis Prospect was unable to penetrate to planned depths due to hard and silicified ground, resulting in an early termination of the program.
Capital raise
A share placement and fully underwritten entitlement offer raised $2,352,537 before costs in April 2024.
Summary
- Koonenberry Gold Limited (KNB) reported a net loss after tax of $(1,293,720) for the financial year ended 30 June 2024, compared to a loss of $(1,556,306) in the previous year.
- Expenditure on exploration activities amounted to $1,522,330 (FY2023: $2,078,948).
- The company raised $2,352,537 before costs through a share placement and entitlement offer in April 2024.
- Encouraging exploration results were reported at the Bellagio Gold Prospect, with significant gold intercepts identified over a 300m x 500m area.
- Drilling at the Atlantis Cu-Au Prospect was hampered by hard ground, but still returned encouraging intercepts of copper and gold mineralisation.
- A new interpretation of the Bellagio Gold Prospect suggests a potential 50m wide Central Gold Zone that remains largely untested.
- Soil sampling along the Royal Oak Fault identified three priority targets with strong gold-arsenic-antimony signatures.
- The company plans to complete additional drill programs at various prospects in FY2025, including testing EM conductors at Atlantis and the Central Gold Zone at Bellagio.
Sentiment
Score: 6
Explanation: While the company reported a net loss, the encouraging exploration results and successful capital raise suggest a cautiously optimistic outlook. The material uncertainty regarding the company's ability to continue as a going concern lowers the score.
Positives
- Encouraging exploration results at Bellagio and Atlantis prospects.
- Successful capital raising of $2,352,537.
- Significant gold intercepts at Bellagio extending the known mineralisation.
- New interpretation at Bellagio suggesting a larger, potentially high-grade gold zone.
- Positive results from soil sampling along the Royal Oak Fault, identifying new drill targets.
- Award of $780,000 in exploration credits under the Junior Minerals Incentive scheme.
Negatives
- Net loss after tax of $(1,293,720) for FY2024.
- Drilling at Atlantis was hampered by hard ground, limiting penetration depth.
- Material uncertainty exists regarding the Group’s ability to continue as a going concern.
Risks
- Mineral exploration is a speculative undertaking with no guarantee of economic mineral discovery.
- Potential loss of title to tenements if licence conditions are not met.
- Third-party interests may limit exploration and mining activities.
- Adverse changes in government policies or legislation could affect project viability.
- Reliance on key personnel for continued success.
- Inherent risks and liabilities associated with environmental damage and safety incidents.
- Climate change risks, including new regulations and extreme weather events.
- Risks inherent in resource estimation, operations, technical issues, contract counterparties, and competition.
Future Outlook
Koonenberry Gold plans to complete additional drill programs at various prospects in FY2025, focusing on the Atlantis Cu-Au Prospect and the Bellagio Au Prospect, as well as targets identified along the Royal Oak Fault. Additional work will be undertaken to advance known anomalous prospects to drill-ready status.
Management Comments
- The Group is extremely encouraged by these results...
- This review has resulted in a re-interpretation of the controls on mineralisation at Bellagio which has potentially significant exploration implications.
- The exploration implications of this re-interpretation are significant:
- The Central Gold Zone is 50m wide and therefore has the potential to host significant mineralisation.
- Company geologists believe that the structural setting, geology, metal association, sulphide species and alteration at Atlantis has striking similarities with that of the +5Moz Stawell Gold mine in Western Victoria.
Industry Context
Koonenberry Gold's exploration activities are focused on orogenic gold systems, similar to those found in the Victorian Goldfields. The company's exploration strategy and geological interpretations draw comparisons to the Stawell Gold Mine, highlighting the potential for significant discoveries within the Koonenberry Gold Project area. The company's success in securing exploration credits under the Junior Minerals Incentive scheme reflects broader government support for junior explorers in the Australian mining sector.
Next Steps
- Complete additional drill programs at various prospects in FY2025.
- Advance known anomalous prospects to drill-ready status.
- Conduct first-pass reconnaissance exploration in untested areas.
- Test EM conductors at Atlantis.
- Test the Central Gold Zone at Bellagio.
- Follow up on Royal Oak Fault soil sampling results and bring targets to drill-ready status.
- Conduct additional sampling at the Monte Carlo Prospect.
- Complete drill permitting and initial drill testing along the Royal Oak Fault.
Key Dates
- 30 June 2021: Anthony McIntosh appointed Non-Executive Director
- 28 November 2021: George Rogers appointed Non-Executive Director
- 22 August 2022: Paul Harris appointed Non-Executive Chair
- 5 April 2022: Dan Power appointed Managing Director
- 14 October 2022: Brett Tucker appointed Company Secretary
- 30 June 2023: End of FY2023
- 24 February 2023: ASX Announcement regarding high-grade copper and gold assays at Atlantis
- 1 March 2023: ASX Announcement regarding high-grade rock chip assays at Atlantis
- 3 April 2023: ASX Announcement regarding initial reporting of visible gold sample at Bellagio
- 31 May 2023: ASX Announcement regarding discovery of gold-bearing quartz veins at Bellagio
- 7 September 2023: ASX Announcement regarding details of visible gold observation at Bellagio
- 21 March 2023: ASX Announcement regarding MLEM survey results at Atlantis
- 30 October 2023: ASX Announcement regarding Phase I drilling results at Bellagio
- 21 November 2023: Annual General Meeting (AGM)
- 5 February 2024: ASX Announcement regarding Phase II drilling results at Bellagio
- 28 May 2024: ASX Announcement regarding Phase I drilling results at Atlantis
- 29 April 2024: Share placement and entitlement offer completed
- 7 June 2024: Johnathon Busing appointed Company Secretary; Brett Tucker resigned
- 13 June 2024: ASX Announcement regarding Phase III drilling results at Bellagio and Royal Oak Fault soil sampling
- 30 June 2024: End of FY2024
- 16 July 2024: Successful application for tax credits under the Junior Minerals Incentive scheme
- 12 September 2024: Financial statements approved and authorised for issue
- 10 September 2024: ASX Additional Information effective date
Keywords
Gold Exploration, Koonenberry Gold Project, Orogenic Gold, Bellagio Prospect, Atlantis Prospect, Royal Oak Fault, Air Core Drilling, Exploration Results, Junior Minerals Incentive, Capital Raising, Annual Report, ASX:KNB
KNB
Koonenberry Gold Limited
ASX
Sector: Materials
Filings with Classifications
Better than expected
21 May 2025 9:08 PM
Investment Announcement
- Koonenberry's drilling results at Enmore exceeded expectations, leading to Lion's increased investment.
Delay expected
19 May 2025 6:24 PM
Exploration Update
- The Phase I drilling campaign is now finished due to extremely wet conditions on site with 10 holes for 3,232.6m completed of a planned 3,000m.
Better than expected
28 April 2025 7:18 PM
Exploration Update
- The drill results indicate a potentially wide structural corridor with significant gold intercepts, exceeding initial expectations for the area away from the granite-sediment contact.
Better than expected
15 April 2025 7:34 PM
Quarterly Report
- The drill results at Enmore Gold Project are better than expected, demonstrating potential for both bulk tonnage and high-grade gold mineralization.
Better than expected
13 April 2025 6:49 PM
Exploration Update
- The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential.
Better than expected
6 April 2025 6:22 PM
Investor Presentation
- The intercept of 170m @ 1.75g/t gold incl. 18.3m at 9.95g/t gold from first drillhole at Enmore Gold Project, NSW is better than expected.
Better than expected
3 April 2025 12:51 AM
Investor Presentation Announcement
- The assay results of 170m @ 1.75g/t gold from 77m, including 18.3m at 9.95g/t gold from 172.9m are considered better than expected.
Better than expected
1 April 2025 6:57 PM
Exploration Update
- The assay results from the first drillhole exceeded expectations due to the high-grade intercept and broad zone of gold mineralisation.
- The results validate historical drill results, indicating potential for broad and high-grade gold zones.
Delay expected
16 March 2025 6:42 PM
Exploration Update
- The drilling program has been paused for up to one week due to heavy rains associated with ex-Tropical Cyclone Alfred.
Worse than expected
12 March 2025 1:35 AM
Half Year Financial Report
- The company reported a loss of $925,922 for the half-year ended December 31, 2024, indicating worse than expected financial performance.
Capital raise
12 March 2025 1:35 AM
Half Year Financial Report
- The company's ability to continue as a going concern is dependent on raising additional funding either through debt or equity to meet its planned exploration programme.
- The company will be required to raise funds for working capital from debt or equity sources if the above matters are not achieved.
Better than expected
2 February 2025 4:27 PM
Investor Presentation
- The document highlights significant exploration results, including broad, high-grade gold intercepts at Sunnyside, suggesting better than expected potential.
- The commencement of drilling at multiple projects and the joint venture with Newmont indicate a positive outlook and better than expected progress.
Better than expected
23 January 2025 6:03 PM
Quarterly Report
- The company has made transformational acquisitions that have significantly increased the size and potential of its portfolio.
- The company has reported high grade drilling results at the Enmore project.
- The company has completed a capital raise and is well funded.
Better than expected
19 January 2025 4:19 PM
Exploration Update
- The identification of a 4km gold trend and high-grade sampling results are better than expected for an early-stage exploration project.
Better than expected
6 January 2025 5:28 PM
Exploration Update
- The rock chip results are better than expected, with high grades of gold and copper, confirming the potential for significant mineralization.
Capital raise
29 November 2024 12:31 AM
Securities Quotation Application
- An additional 450,000,000 shares are to be issued on December 5, 2024.
Capital raise
28 November 2024 11:47 PM
Annual General Meeting Results
- Approval was granted for a 10% placement capacity.
- Approvals were given to issue shares related to Enmore, Lachlan, and director placements.
Delay expected
28 November 2024 6:42 PM
Investor Presentation
- Planned discovery activity is subject to changes due to various factors including regulatory approvals and inclement weather.
Better than expected
28 November 2024 5:22 PM
Annual General Meeting Report
- The successful acquisition of the Enmore and Lachlan projects significantly expands Koonenberry Gold's exploration portfolio and increases its potential for major discoveries.
Delay expected
26 November 2024 8:41 PM
Securities Issue Update
- The issue date of the Placement Shares was delayed by one day, from December 4th to December 5th, 2024.
Delay expected
17 November 2024 6:17 PM
Exploration Update
- The first phase of air core drilling at Atlantis was terminated early due to limitations in the rig configuration and air pressure, preventing the testing of three identified EM conductors and limiting the extent of the surveyed area.
Worse than expected
17 November 2024 6:17 PM
Exploration Update
- The second phase of drilling at the Atlantis prospect did not yield significant copper or gold intersections, despite the presence of trace amounts of sulphides, indicating that the targeted mineralisation may be located further from the drillholes or at greater depth than initially anticipated.
Capital raise
28 October 2024 7:44 PM
Notice of Annual General Meeting
- A $4.5 million capital raising (before costs) is planned through a placement of shares.
- Directors have committed to subscribing for up to $200,000 of the placement.
Capital raise
16 October 2024 7:55 PM
Investment Announcement
- Koonenberry Gold is undertaking a \$4.5 million capital raising.
Capital raise
16 October 2024 7:20 PM
Investor Presentation
- A capital raising of at least A$2,000,000 is planned, with commitments already secured for A$4,500,000.
- The capital raising will fund the acquisition of the Enmore Gold Project and Lachlan Projects.
Capital raise
16 October 2024 6:54 PM
Acquisition Announcement
- A $4.5 million capital raise via a placement of 450 million new ordinary shares at $0.010 per share.
- The placement was supported by major shareholder Lion Selection Group and new investor Lowell Resources Fund.
- Funds will be used for exploration, capital raising costs, and working capital.
Capital raise
14 October 2024 6:49 PM
Trading Halt Announcement
- A capital raising is planned in association with a material acquisition.
Capital raise
12 September 2024 4:15 AM
Annual Report
- A share placement and fully underwritten entitlement offer raised $2,352,537 before costs in April 2024.
Delay expected
12 September 2024 4:15 AM
Annual Report
- Drilling at the Atlantis Prospect was unable to penetrate to planned depths due to hard and silicified ground, resulting in an early termination of the program.
Worse than expected
3 September 2024 7:59 PM
Exploration Update
- The drilling program was significantly shorter than planned due to unforeseen weather conditions, resulting in fewer drill holes and less data than anticipated.
Delay expected
3 September 2024 7:59 PM
Exploration Update
- A significant rain event forced an early termination of the drill program at Atlantis, resulting in a compromised program with only 6 holes completed instead of the planned 16.
Delay expected
30 July 2024 7:16 PM
Exploration Update
- The drill program in June was terminated early due to a significant rain event.
Delay expected
23 July 2024 8:01 PM
Quarterly Report
- A significant rain event occurred after the reporting period, resulting in demobilisation of equipment and crew, delaying further exploration.
Better than expected
12 June 2024 7:55 PM
Exploration Update
- The gold zone has been extended to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
Delay expected
27 May 2024 7:18 PM
Exploration Update
- The initial drilling program was terminated early due to rig limitations, preventing the testing of the three EM conductors.
Delay expected
21 April 2024 7:02 PM
Project Update
- Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
Worse than expected
21 April 2024 7:02 PM
Project Update
- The drilling at Atlantis did not reach the target depth due to difficult ground conditions, which is worse than expected.
Delay expected
19 April 2024 4:14 AM
Rights Issue Results and Revised Timetable
- The issue and settlement of Rights Issue shares has been revised from the timetable previously announced to the ASX on 8 March 2024.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.