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Australian American Mining Corp. NL Sponsored ADR (OZAMY)

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Austrailian American Mining Corporation NL (AusAmerican) is an international exploration and development, developing projects in the United States.
The company has four projects in the US, three uranium and one gold.  

  AusAmerican is an Australian -American company with an ASX listing and a small corporate presence in Australia with all of its assets located in the US, its main office in the US, its management located in the US and a OTC listing in the US through its ADR facility
          

 

Australian American Mining Corporation Limited (otcqx:MNOMY) (asx:AIW) trades in the United States on OTCQX under the symbol "MNOMY", where each ADR represents 10 ordinary shares.
Australian American is an exploration and development company listed on the ASX.
It is currently developing a rare earth project in Arizona, a gold project in Arizona and uranium projects in Nevada, New Mexico and Texas.


AusAmerican's objective is near-term uranium production in the U.S. using advanced, low-cost methods. AusAmerican owns advanced uranium projects in New Mexico and Nevada and is hopeful to have announced the acquisition of several new advanced projects in Texas. All of these projects are capable of near term production.

The Company's operations are managed by professionals with a recognized track record of excellence in their industry and many years of hands-on experience in the key facets of uranium exploration and development.


Our position in the US enables us to participate as a potential energy supplier at a time when the beneficial aspects of nuclear power are now starting to be realised. The US is the largest consumer of uranium in the world and has the largest number of nuclear power plants in the world. In addition to this market economic commentators generally agree that the demand for uranium will be fuelled by the Chinese "industrial revolution" and will continue in an upward trajectory for the foreseeable future. The emergence of India as an added demand driven economy could also add significantly to this "commodity boom" environment.
Officers

 
Jim Malone, Executive Chairman and President
Mr. Malone has been an accountant, stockbroker, business analyst and CEO of a medium sized company for the past 22 years and has 11 years in the resources industry. He holds a Bachelor of Commerce from the University of Western Australia . He was previously employed by Arthur Anderson, Hartley Poynton, CSFB and Lehman Brothers merchant banks in London and for the West Coast Eagles and Richmond Football Clubs.
Since 2000, Mr. Malone has been involved with the start up, listing and successful ongoing management of eight ASX listed and two non listed resource companies with projects in Latin America, Europe, the US and Australia. In the past 22 years, Mr. Malone lived and worked in Perth, Melbourne, London and Santiago, Chile.

 
Denis Geldard, CEO and Director of Operations
Mr. Geldard has over 40 years of technical and operational experience. He has extensive experience in exploration and project development in Australia and internationally, including the US. He is a mining graduate from the Kalgoorlie School of Mines in Western Australia.
Mr. Geldard is considered one of the world's leading experts on heap leach mining operations. He has managed and run several junior mining and exploration companies.

Mr. Greg0ry J. Barns, Non-Executive Director
Mr. Barnes has a BAILLB from Monash University. He was a political adviser to several state and federal ministers and premiers and was Chief of Staff to former federal Finance Minister, John Fahey. He served as CEO of the Australian Gold Council from 2000-02. Th is a founding director of Republic Gold Ltd. which has tungsten and gold projects in Australia and South America. He is a journalist for the Australian mining magazine, Gold and Minerals Gazette  and for the Canadian publication Resource World.

Mr. Lawrence Simon Jackson, Non-Executive Director
Mr. Jackson is a chartered accountant with over 20 years in the gold industry. He served as VP of corporate development with Red Back Mining Inc. for 11 years. He was responsible for the project financing for the Chirano Gold Project in Ghana as CFO and oversaw finances for the 14 month construction of the mine and the first gold sale in 2005. 

Mr. Donald Falconer, Non-Executive Director
Mr. Falconer is a member of the Audit & Risk Committee. He is a uranium veteran with 30 years in senior management in the uranium mining and nuclear utility industry. He previously was at Fronteer Gold's subsidiary, Aurora Energy Resources as Vice-President of Corporate Development. 


Ms Nerida Schmidt was appointed Company Secretary on 28 February 2011. Ms. Schmidt holds a Bachelor of Commerce, is  a Certified Practising Accountant and a Fellow of the Securities Institute of Australia. She also holds a Graduate Diploma in  Company Secretarial Practice and Corporate Governance from Chartered Secretaries Australia Limited.  
Ms. Schmidt has professional experience in the taxation and corporate recovery divisions of Arthur Andersen and was a  manager in the Corporate division of the stockbroking firm Paterson Ord Minnett in Perth.  Ms. Schmidt is an experienced  Company Secretary and has considerable experience working with listed companies on the ASX. Ms. Schmidt has served as  Company Secretary of various publicly listed ASX companies including Verus Investments Limited, Advanced Engine 
Components Limited, QPSX Limited, Latin Gold Limited (formerly Westmag Limited), and Ausron Limited and as Company  Secretary & Chief Financial Officer of Consolidated Gold NL, Consolidated Exploration NL, and Enterprise Gold NL and has   also done significant corporate, finance and company secretarial work for a variety of other companies without formally being  appointed Company Secretary.   

The Audit & Risk Committee consists of the following non-executive directors: Simon Jackson (Chair) Greg Barns Don Falconer

All members of the Audit & Risk Committee are financially literate and have an appropriate understanding of the industries in which the Group operates. One member, Mr Jackson, has relevant qualification and experience by virtue  of being a Chartered Accountant. The Audit & Risk Committee operates in accordance with a charter which is available on the company website. 
 
The main responsibilities of the committee are to: 
• review the half yearly and annual financial statements. 
• an assessment of whether external financial reporting is consistent with committee members information and 
knowledge and is adequate for shareholders needs. 
• receipt of assurances from the chief executive officer (or equivalent) and the chief financial officer (or 
equivalent) that they have provided a declaration in accordance with section 295A of the Corporations Act and 
that it is founded on a sound system of risk management and internal control and that the system is operating 
effectively in all material respects in relation to financial reporting risks.  
• an assessment of the management processes supporting external reporting.  
• review and report to the board on the impact of any proposed changes in accounting policies on the financial 
statements. 
• review the appropriateness of the accounting principles adopted by management in the financial reports and 
the integrity of the Company's financial reporting.
• review the results of the external audits of half yearly and annual financial statements. 
The Audit & Risk Committee has authority, within the scope of its responsibilities, to seek any information it requires from any employee or external party. 
 
We look forward to providing our shareholders and the investing public with a rewarding experience as we develop the Company's prospects.


PROJECTS

 



Apex/Lowboy (Uranium, AAM Nevada) located near Austin in Lander Co.
Scoping study completed in 2007
Pre-Feasibility study under way
Production scheduled for the second half of 2012.



Lone Star (Uranium, AAM Texas)

Rio Puerco (Uranium, AAM New Mexico, NW of Albuquerque
Production scheduled for 2013
This was mined briefly until uranium prices fell to below $10 a lb.




Infrastructure at Rio Puerco.




Bernard Gold, Uranium and Manganese
Six hole Diamond drilling program completed with highly encouraging results
Second phase has started for 6 hole (1,000 metre) drilling


FINANCING
 
The 2010/2011 financial year was a significant period of development for AusAmerican. The most significant development 
was the capital raising concluded in December 2010 which saw the Company raise $8.5 million before costs. This allowed 
the Company to cancel the convertible note facility the Company had previously negotiated and most importantly, provide the 
working capital which allowed the Company to pursue its exploration and development opportunities and discover/acquire a 
number of prospective new projects to add to the Company's growing inventory of assets.  
 
During the period a number of significant events occurred including the following: 
1. A convertible note financing agreement was announced with SpringTree Special Opportunities Fund, LLP of New 
York City for $3.65 million. 
2. The Company changed from an N.L. company to a Limited company 
3. The Company announced a capital raising consisting of a placement and a share purchase plan (SPP). It also saw 
the first instance of participation by North American institutions who took up $2.2 million of the total $8.5 million 
raised. 
 
The following shares were issued during the reporting period: 
 
(i) On 16 August 2010, 5,000,000 partly paid shares were auctioned as fully paid ordinary shares, raising $159,400. 
(ii) On 27 August 2010, 2,522,800 fully paid ordinary shares were issued at $0.04 per share as part of a placement. 
(iii) On 15 September 2010, 8,050,123 fully paid ordinary shares were issued at $0.031 per share to assist in securing a 
convertible note agreement. 
(iv) On 15 September 2010, 2,077,200 fully paid ordinary shares were issued at $0.04 per share as part of a placement. 
 (v) On 12 October 2010, 3,086,420 fully paid ordinary shares were issued at $0.0324 per share to pursuant to the 
conversion of a convertible note under the convertible note agreement. 
(vi) On 14 October 2010, 1,851,852 fully paid ordinary shares were issued at $0.0324 per share to pursuant to the 
conversion of a convertible note under the convertible note agreement. 
 (vii) On 29 October 2010, 2,777,778 fully paid ordinary shares were issued at $0.0324 per share to pursuant to the 
conversion of a convertible note under the convertible note agreement. 
(viii) On 10 November 2010, 94,097,328 fully paid ordinary shares were issued at $0.06 per share as part of a placement. 
(ix) On 18 November 2010, 3,000,000 fully paid ordinary shares were issued at $0.05 per share to pursuant to the 
conversion of a convertible note under the convertible note agreement. 
 (x) On 18 November 2010, 3,000,000 fully paid ordinary shares were issued at $0.05 per share as part of the consideration 
to acquire mineral properties. 
(xi) On 13 December 2010, 16,391,611 fully paid ordinary shares were issued at $0.06 per share per a Share Purchase Plan. 
(xii) On 17 December 2010, 32,499,932 fully paid ordinary shares were issued at $0.06 per share pursuant to the shortfall of 
the  Share Purchase Plan. 
(xiii) On 29 April 2011, 5,000,000 fully paid ordinary shares were issued at $0.045 per share pursuant to an agreement with 
Lone Star LLC. 
a) The following share options to take up ordinary shares were issued during the reporting period: 
(i) On 31 August 2010, 43,461,400 share options were issued with exercise prices of $0.10 and expiry dates of 31 Dec 
2010. 
(ii) On 15 September 2010, 8,000,000 share options  were issued with exercise prices of $0.0462 and expiry dates of 15 
September 2013. 
(iii) On 21 September 2010, 1,038,600 share options were issued with exercise prices of $0.10 and expiry dates of 31 
December 2010. 
(iv) On 12 October 2010, 308,642 share options were issued with exercise prices of $0.0421 and expiry dates of 6 October 
2013. 
(v) On 14 October 2010, 185,185 share options were issued with exercise prices of $0.0421 and expiry dates of 13 October 
2013. 
(vi) On 29 October 2010, 277,778 share options were issued with exercise prices of $0.0421 and expiry dates of 20 October 
2013. 
(vii) On 18 November 2010, 10,000,000 share options were issued with exercise prices of $0.10 and expiry dates of 31 
December 2010. 
(viii) On 18 November 2010, 300,000 share options were issued with exercise prices of $0.065 and expiry dates of 16 
November 2013. 
(ix) On 17 December 2010, 95,325,825 share options  were issued with exercise prices of $0.10 and expiry dates of 31 
December 2010. 
(x) On 17 December 2010, 23,950 share options were issued with exercise prices of $0.10 and expiry dates of 31 December 
2012. 
(xi) On 3 March 2011, 1,000,000 share options were issued with exercise prices of $0.10 and expiry dates of 31 December 
2012. 
The options are exercisable on issue, hold no voting or dividend rights and are not transferable.
 
Annual Reports -  http://www.ausamerican.com/annual-reports

Quarterly Reports -  http://www.ausamerican.com/annual-reports

Media and Broker Reports -  http://www.ausamerican.com/media-and-broker-reports

Company News -  http://www.ausamerican.com/company-news
 Company Notes

AusAmerican announced its intention to apply to have its ordinary shares listed for trading on the Toronto Stock Exchange (TSX).  With the decline in the market capitalisation of the Company resultant from the downturn in the uranium/nuclear market, it was later considered that a TSX Venture Exchange (TSXV) listing was more appropriate.
The Directors of the Company, whilst maintaining their ambition to eventually be listed on the TSX main board, consider that it is still in the best interest of the Company and its shareholders to list on the TSXV and an application to the TSXV was made in September 2011 and is currently being reviewed by the TSXV. We are hopeful that this application will be successful, and that we will list on the TSXV in October 2011.   
 
The Company announced changes to the Board and management of the Company with Don Falconer and Simon Jackson, both experienced Canadian based resource veterans, agreeing to join the Board of Directors and Nerida Schmidt becoming Company Secretary. 
 
 An NI 43-101 resource on the Apex uranium project was released (refer Company website). This report upgraded the resource at Apex by 52% to 1.452 million pounds grading 700ppm at a cut-off of 100 ppm.  
 The Company is in the process of completing an NI 43-101 report on the Rio Puerco uranium project and expects this to be completed  in October 2011. Significant development has been completed at the Rio Puerco project this financial year and a 20 hole, 5,000 metre drilling  programme commenced in July 2011 (this has recently been delayed due to rig problems and will recommence in the near future)

 The Company completed the acquisition of the Lone Star Joint Venture ("JV") which included a number of leased uranium projects in the state of Texas.  The major project of the JV, the North Trend project, was drilled out in the 1960's by Union Carbide and has significant potential based on historical data for uranium. Exploration target is 3-4 million pounds U3O8.  An agreement with Lone Star LLC was completed for consideration of 5,000,000 shares.  Lone Star have a 10% free carry in the JV and have further incentives to earn shares in the Company based on proving up JORC /NI 43-101 resources on the various uranium projects identified and developed by the JV.  Permits were approved to commence exploration drilling on the Fayette County leases and drilling is expected to commence in the near future

 The Company announced the discovery of the White Picacho pegmatite specialty metal project in Arizona as well as announcing that it had completed the acquisition of properties which were part of the White Picacho pegmatite specialty metals project in Arizona. This transaction involved the purchase of a number of claims which comprised the total area of the pegmatite project at White Picacho which the Company had not already staked to allow the Company to control the entire project area. An agreement with Stith Mining was completed for consideration of 3,000,000 shares and US $25,000 in cash consideration.  A large channel sampling programme (approximately 1,300 samples collected) was carried out on the project.  Results from all of the samples indicated the presence of high grade Lithium, Cesium and Rubidium.

 The Company announced (refer Company website) the discovery of the San Marcos gold project and also the results of an intensive sampling exercise at this project where 24 of the 84 samples returned gold grades of greater than 1 gram per tonne (g/t). The highest return was 98.2 g/t.  Drilling permits have been obtained and drilling commenced in July 2011.

Preliminary sampling was undertaken on an exciting Rare Earth Element project held by the Company in Arizona. This sampling identified a large low grade Rare Earth Element mineralised zone believed to be 10 to 30 meters in depth from surface. Drilling was completed in June 2011 at La Paz Rare Earth Element project and a Rare Earth Element metallurgical scoping study was commenced by Saskatchewan Research Council, a reputable metallurgical facility based in Saskatoon, Canada. 

On 9 September 2011 a General Meeting of shareholders approved the consolidation of the number of Shares and Options on issue on a 1 for 5 basis.  The exercise price of Options was to be amended in inverse proportion to the Consolidation ratio. The consolidation was completed on 26 September 2011. 
 
Also on 9 September 2011 the shareholders approved the issue of 1,000,000 listed options each to new directors Simon Jackson and Don Falconer.  This issue was on a pre-consolidation basis and has since been consolidated to 200,000 listed options each exercisable at $0.50 before 31 December 2012

The Company's wholly owned subsidiary Uranium Company of Arizona LLC ("UCA") executed a Heads of Agreement with  Cristol Enterprises LLC ("Cristol"), an exploration company based in Nevada, USA on 24 June 2009. The agreement covers the Bernard gold, uranium and manganese project located in La Paz County, Arizona which had been secured by UCA and covers 212 claims for an aggregate area of approximately 11km2. The agreement was subject to the following basic conditions, viz:  
− UCA and Cristol  created a new limited liability company (Buckskins Mountains Mining Company LLC) into which the Bernard claims were transferred. Initial equity in the new company was 100% UCA; 
− Cristol was to expend a total of $5.1M in stages to earn a 49% interest in the new company; 
− Thereafter, further funding of the project is to be on a pro-rata basis, subject to an industry standard dilution clause;  
− The first stage was to entail expenditures of $475,000 and involve a comprehensive drilling program; and 
− UCA was the project manager. 
In this period Cristol earnt 10% of Buckskin Mountains Mining Company LLC through expenditure on the project.  
 
Iii) Vale Exploration Canada Inc. 
In June 2009 Vale North America informed AusAmerican it would be withdrawing from the joint venture agreement. The original JV agreement was for Vale to spend US$3.25 million to earn 60% with a minimum commitment of $750k in the first year. Vale spent the US$750k in the first year but  pulled out after this and did not reach their minimum expenditure requirement and as a result did not earn an interest. AusAmerican have retained 100% of the project. 
 
Iii) Lone Star 
In April 2011 the Company's executed a JV agreement with Lone Star LLC ('Lone Star') which involved the acquisition, exploration and development of a number of uranium properties in the State of Texas in the USA.  Under the JV agreement Uranium Company of Texas ("UCT") has been established as a 90% owned subsidiary of the Company and Lone Star will be free carried to the remaining 10%. The Company is the Manager of the JV. Lone Star personnel will work for the JV and will be responsible for identifying and acquiring leasehold properties with a track record of being drilled out and with historic drilling results.  Under the JV agreement Lone Star receives shares in the Company based on the acquisition of these projects and on proving up JORC/NI 43-101 resources at the various uranium projects under the JV. As consideration for entering into the JV agreement, Lone Star being were issued 5 million shares in the Company. These shares were escrowed for a period of 6 months.  

During the year ended 30 June 2011, the consolidated group disposed of its interest in Niger via the sale of Niger Energy Resources Ltd, thereby discontinuing its operations in this geographical region.  
On 29 April 2010, the consolidated group announced its decision to dispose of its exploration assets in the Kyrgyz Republic  via the sale of Carbeck Pty Ltd and its subsidiaries, a 100% owned group, thereby discontinuing its operations in this geographical region. 
 
A new Employee Share Option Plan was approved by shareholders at a General Meeting held on 9 September 2011 to comply with TSX Venture Exchange requirements.  To date no issues have been made under this plan. 

Shareholders

JP MORGAN NOMINEES AUSTRALIA   9,167,433 13.61% 
CITICORP NOMINEES PTY LIMITED     7,073,069 10.50% 
MINERAL ENERGY AND TECHNOLOGY CORPORATION  5,471,782 8.13% 
NATIONAL NOMINEES LIMITED       3,664,053 5.44% 
NUMBER 7 INVESTMENTS PTY LTD   3,200,000 4.75% 
HSBC CUSTODY NOMINEES <AUSTRALIA> LIMITED   1,974,786 2.93% 
ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD <CUSTODIAN A/C>  1,194,676 1.77% 
LONE STAR URANIUM INC  1,000,000 1.48% 
URIO INVESTMENTS PTY LIMITED <URIO FAMILY A/C>   766,667 1.14% 
ENSMANN, THOMAS FRITZ   700,000 1.04% 
STITH MINING LLC   600,000 0.89% 
MARANO, DANIEL DAVID   593,200 0.88% 
TANUDISASTRO, DR NEIL   580,000 0.86% 
GREER, JEFFREY JOHN    500,120 0.74% 
VESELCIC, MATO & MACDONALD, REBECCA  489,520 0.73% 
KILKENNY ENTERPRISES PTY LTD   458,993 0.68% 
GREY NURSE PTY LTD <GLYNN JONES FAMILY A/C>  415,440 0.62% 
URIO INVESTMENTS PTY LIMITED <STEPHEN URIO FAMILY A/C> 410,000 0.61% 
DR ALASTAIR ROWLAND BROWN <HIPIKI STAFF FUND A/C> 400,000 0.59% 
SAYERS INVESTMENTS (ACT) PTY LIMITED  400,000 0.59% 
TOTAL   39,059,739    58.00% 

 
Top twenty listed option holders with exercise 
prices of $0.50 and expiring 31 December 2012 
OPTION HOLDERS  NUMBER OF OPTIONS  PERCENTAGE 
CITICORP NOMINEES PTY LIMITED  4,529,250 12.81% 
DJ CARMICHAEL PTY LTD   2,527,088 7.15% 
TEKOMA HOLDINGS PTY LTD  2,219,667 6.28% 
ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD <CUSTODIAN A/C> 1,980,000 5.60% 
KILKENNY ENTERPRISES PTY LTD   1,533,334 4.34% 
GELDARD, D & PM  1,000,000 2.83% 
GEBA PTY LTD <GEBA FAMILY A/C>  933,334 2.64% 
BLUERISE HOLDINGS PTY LTD <THE BLUERISE A/C>  800,000 2.26% 
AUSTRALIAN GLOBAL CAPITAL  625,000 1.77% 
DORRINGTON, IAN WILLIAM  600,000 1.70% 
MANCINI MANAGEMENT PTY LTD <ANTHONY MANCINI FAMILY A/C> 600,000 1.70% 
GELDARD, PAULINE MARY  500,000 1.41% 
PETERSEN, JOHN WILLIAM  500,000 1.41% 
PENSON AUSTRALIA NOMINEES PTY LTD <ACCUM A/C>  493,778 1.40% 
J ZECHNER ASSOCIATES INC  446,667 1.26% 
BROWN, JOANNA OLENE  400,000 1.13% 
MR DANIEL DAVID MARANO <INVESTMENT A/C>  395,467 1.12% 
GENESTA HOLDINGS PTY LTD  393,245 1.11% 
MR DAVID IAN LEES  <INVESTMENT A/C>  391,844 1.11% 
DR ALASTAIR ROWLAND BROWN <HIPIKI STAFF FUND A/C>  383,334 1.08% 
TOTAL   21,252,008   60.11%

Shareholders of Record Not Available

 



Too new to be on Stockcharts.com


 
Cash and cash equivalents   4,265,07 as of June. 2011.

 
The 149 page Annual Report for the year ended 30 June 2011 is available here:
 
http://www.ausamerican.com/my/downloads/20110928%20AIW%20Annual%20Report%2030%20June%202011.pdf
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PostSubject
#12   News...https://www.otciq.com/otciq/ajax/showFinancialReportById?id=87716 An Hegotgame 08/13/12 09:03:33 AM
#11   Well, you do know that, like yourself, I gharma 03/12/12 09:44:56 AM
#10   We'll see what he discovers. OZAMY still not lmcat 03/12/12 09:40:14 AM
#9   Well, please don't forget to pass along any gharma 03/12/12 09:34:25 AM
#8   Actually OZAMY has 3 sites in Arizona and lmcat 03/11/12 10:36:17 AM
#7   S&P Capital IQ Initiates Coverage on Australian American lmcat 01/26/12 09:58:04 AM
#6   I've never been the #1 post on a lmcat 01/16/12 11:35:47 PM
#5   never been the 5th post on a board before parabolicplease 01/16/12 06:37:08 PM
#4   have u been around the site at all parabolicplease 01/16/12 06:36:23 PM
#3   sell me parabolicplease 01/16/12 06:34:59 PM
#2   alright DD machine.. show me what u got parabolicplease 01/16/12 06:34:44 PM
#1   Australian American Mining began trading today on the lmcat 01/12/12 10:41:02 AM
PostSubject
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