Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2020asset acquisition disposition● NeutralMajor
AFR applied for five exploration licences in three Western Australian areas (Kondinin, Tarin Rock, Sunnyside-Mayanup) for copper-gold and gold. Described as diversification away from Botswana coal-to-power. These are applications only, not yet granted, and a competing application overlaps Kondinin North.
30 Sept 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing only, with no operational or financial substance.
30 Sept 2020annual report● Neutral
2020 Annual Report: CEO says all key Sese permits are received and the company has no debt. It is seeking a 300MW licence amendment and development partners, and looking at diversifying into battery metals, as largest shareholder in Caravel. Bill Fry retired 15 July 2020.
22 July 2020security holder rights change● Neutral
AFR issued 31,124,532 options (exercise price 2 cents, two-year expiry) to ALS (Hong Kong) as success-based pay for finding a Sese project partner. They vest only if a new majority shareholder joins the JV, and equal 4.9% of issued capital.
25 June 2020regulatory community update● NeutralMajor
The formal generation licence document was received. It permits export and sale of 225MW for 15 years, below the 300MW now planned, so an amendment will be sought. This follows the March approval announcement.
11 May 2020resource reserve update▼ BadMajor
Updated Sese West coal resource is 1,977Mt (35Mt Measured, 7Mt Indicated, 1,935Mt Inferred), down from the earlier 2,501Mt Inferred figure. The estimate reflects new drilling and a smaller licence area. AFR holds 33.3% of the Sese JV.
13 Mar 2020half year report● Neutral
Half-year accounts to 31 December 2019 show cash of US$1.48M (US$1.94M at 30 June 2019). Directors state the company can pay its debts as they fall due. The Sese licence approval is noted as a post-period event.
9 Mar 2020regulatory community update▲ GoodMajor
Botswana's energy regulator approved the Sese 300MW power generation licence, which the company calls the final regulatory approval needed. This resolves the export licence thread open since 2019. Financiers are described as well advanced in due diligence; no financing is agreed yet.
22 Jan 2020admin correction● Neutral
Clarifies that the FQM power agreement depends on conditions, including grid and wheeling agreements, financing, and FQM credit support. Its economic value cannot yet be quantified. Financiers have begun due diligence, but no firm agreements exist.
20 Jan 2020material agreement▲ GoodMajor
Sese JV signed the 100MW, 15-year Power Sales Agreement with FQM's Zambian subsidiaries, alongside the Zimasco term sheet for 150MW. Both carry conditions, and a meeting with Botswana's energy regulator is scheduled. This completes the FQM agreement flagged in December.
23 Dec 2019material agreement▲ GoodMajor
Sese JV signed a term sheet to sell 150MW for 15 years to Zimasco, a Zimbabwean ferro-chrome producer. A 100MW agreement with FQM is near approval. AFR's stake is fixed at 33.3% (FQM 66.7%), with both contributing pro rata to costs.
23 Dec 2019listing compliance notice● Neutral
ASX said AFR's suspension will lift once the commercial agreement announcement is released. Administrative notice only.
18 Dec 2019other● Neutral
AFR shares were suspended at the company's request, pending an announcement about a commercial agreement for the Sese Power Project, expected by 23 December 2019. The suspension is voluntary and short.
16 Dec 2019other● Neutral
ASX paused trading in AFR shares pending a further announcement. No reason is given in the notice.
14 Nov 2019other● Neutral
The company cancelled 3,728,394 shares bought back on-market between 12 June and 5 July 2018 for A$85,751. This formalises the earlier buy-back purchases and is a small administrative step.
14 Oct 2019annual report● Neutral
2019 Annual Report: FQM's Sese stake is now 66.7%. The company says it carries no debt and is pursuing grid, power sales and transmission agreements and development partners. Mmamabula West's feasibility study is being updated for Eskom-spec coal.
14 Oct 2019other● Neutral
Appendix 4G corporate governance key lodged with the annual report. Administrative filing only, with no operational or financial substance.
11 Oct 2019resource reserve update▲ GoodMajor
Mmamabula West coal resource rose to 2,935Mt from 2,443Mt, with 17Mt now Measured and 1,061Mt Indicated. The 2014 export prefeasibility study will be updated. This delivers the Measured resource the company had been seeking.
27 Sept 2019annual report● Neutral
Full-year statutory accounts to 30 June 2019. The text provided is only the contents page and notes index, so no figures or conclusions can be drawn.
15 Mar 2019half year report● Neutral
Interim accounts to 31 December 2018. Sese (35% AFR) remains the core business, with cash of US$2.32M versus US$2.30M at 30 June 2018. Directors state there are reasonable grounds to pay debts as they fall due. Auditor BDO's review report is included.
31 Jan 2019resource reserve update▲ GoodMajor
Sese resource updated to 2,418Mt (JORC 2012) after infill drilling, including 325Mt and 304Mt Measured in two blocks. The mining licence holds about 630Mt, 256Mt of it Measured. This delivers the Measured upgrade long flagged; a reserve statement is being prepared.
16 Nov 2018investor presentation● Neutral
AGM presentation repeating known points: Sese Unit 1 of 225MW, with 100MW for FQM and 88MW for others, and the export licence still the only major outstanding permit. Mmamabula West seeks a South African partner; a measured resource upgrade is flagged for the December quarter.
16 Oct 2018other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report. Administrative filing only, with no operational or financial substance.
16 Oct 2018annual report● Neutral
2018 Annual Report: FQM now holds 65% of Sese and must invest a further A$3M to reach 75% by 12 July 2019. Environmental approval rose to 500MW. The company says it is debt free and well funded.
28 Sept 2018annual report● Neutral
Full-year statutory accounts to 30 June 2018. The text provided is only the contents page, so no figures or conclusions can be drawn.
16 Aug 2018regulatory community update▲ GoodMajor
Botswana approved the Sese environmental assessment for up to 500MW, allowing two 225MW units, if implemented within two years. AFR also says higher coal prices may help Mmamabula West (2,443Mt) and is seeking a South African equity partner.
16 Aug 2018investor presentation● Neutral
August 2018 deck repeating known facts: Sese's first 225MW unit, 100MW to FQM's Zambian operations and 88MW for others, with the Generation and Export Licence the only major outstanding permit. Mmamabula West is seeking a South African partner.
4 Apr 2018director officer appointment● Neutral
Philip Clark and Wayne Trumble retired as directors on 31 March 2018, as foreshadowed on 5 February. This is part of the restructure expected to save about A$450,000 a year. Final director interest notices were lodged.
22 Mar 2018asset acquisition disposition● NeutralMajor
AFR lifted its Caravel Minerals stake to 9.6%, becoming the largest shareholder, after buying 3.8M shares on market for about A$300,000. With holders of 27.5%, it also requisitioned a meeting to replace three Caravel directors with Alasdair Cooke and Alex Sundich.
16 Mar 2018half year report● Neutral
Interim accounts to 31 December 2017. Sese remains the core business, now shown as a 37% AFR interest (FQM 63%). Cash was US$3.23M. Directors state there are reasonable grounds to pay debts as they fall due. Delisting from Botswana effective 16 February 2018.
