Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2022half year report● Neutral
Half-year accounts to 31 December 2021 describe the transition to a copper explorer, with about A$5.7M of liquid investments and no debt. BDO's review found no problems, and no significant post-period events are reported.
18 Feb 2022drilling result▲ GoodMajor
Briggs RC assays show copper-molybdenum mineralisation up to 750m beyond the 143Mt at 0.29% Cu resource; best Briggs Central hole 155m at 0.21% Cu, and 85m at 0.30% Cu at the Southern Porphyry. Major drilling planned mid-Q2 2022. Cash about A$2.1M.
18 Feb 2022drilling result▲ Good
Canterbury, the Briggs owner, released the same RC drilling results as Alma: mineralisation up to 750m beyond the 143Mt at 0.29% Cu resource. It adds that Alma could reach 70% by funding $16M. Duplicate of Alma's own release.
31 Jan 2022quarterly activities report▲ Good
December quarter: the 12-hole Briggs RC programme (1,446m) finished, with sulphide seen in the Northern, Southern and Central zones; assays due February. Cash about A$2.7M plus A$5.7M of shares, no debt. Diamond drilling is planned after the wet season.
8 Dec 2021other● Neutral
African Energy Resources became Alma Metals Limited, trading as ASX:ALM from 8 December 2021, following AGM approval. Holdings carry over automatically with no shareholder action. Completes the shift away from the old African coal identity.
25 Nov 2021agm notice● Neutral
All five AGM resolutions passed, including the change of company name to Alma Metals and re-election of directors Masterton-Hume and Dean. Votes in favour were around 135M each. This formalises the copper-focused rebrand.
25 Nov 2021capital raising announcement● NeutralMajor
AFR raised A$2.0M before costs by placing 46.5M shares at 4.3c to institutions, to fund more drilling at Briggs and WA copper exploration. Pro forma cash is about A$3.1M plus A$6.1M of listed shares.
What it means for a shareholder
46.5m new shares at A$0.043 to raise about A$2.0m. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held A$1,000 of shares (23,256 at the issue price), your slice goes from 0.00371% to 0.00345% of the company. To keep it you'd need 1,726 more shares - about A$74 at the issue price.
Create a free account to see this worked out for your own holding.
23 Nov 2021other● Neutral
ASX temporarily paused trading in AFR shares pending a further announcement. No reason is given in the notice; the same-week $2M placement announcement suggests, as an inference, it was a trading halt for the raising.
12 Nov 2021security holder rights change● Neutral
Option exercise prices cut by A$0.007 after the coal distribution, so 5c options become 4.3c. Capital structure: 692,960,630 quoted shares and 40M unquoted options.
8 Nov 2021asset acquisition disposition● NeutralMajor
The in-specie distribution is complete: shareholders received 1 AFR Newco share per AFR share held at 1 November 2021 record date. This ends AFR's direct exposure to the Sese JV and Botswana coal projects; holders keep that exposure via unlisted Newco.
1 Nov 2021quarterly activities report● Neutral
September quarter: Briggs soil sampling and 3,000m RC drilling began, and a 70M-share placement at 2c raised A$1.4M. Coal distribution was approved. Cash A$1.40M plus A$7.1M of share investments, no debt.
28 Oct 2021drilling spud● Neutral
Canterbury Resources reports the RC drilling programme at Briggs has begun: about 12 holes for 3,000m, funded by AFR under its option. It takes about a month. Duplicates AFR's own release from the counterparty.
28 Oct 2021drilling spud▲ GoodMajor
AFR's 3,000m, 12-hole RC drilling programme has started at Briggs, testing extensions to the 143Mt at 0.29% Cu resource and higher-grade zones. This is the first drilling under the option signed in August. No results yet.
28 Oct 2021other● Neutral
AFR changed its reporting currency from US to Australian dollars, saying most cash and costs are now in Australian dollars after the copper shift. Attached proxy results show the in-specie distribution passed with about 120.3M votes for and 0.27M against.
14 Oct 2021contract award▲ GoodMajor
The Sese JV, in which AFR holds 30.3%, was shortlisted as one of four bidders for Botswana's 300MW coal power station tender, resolving the long-awaited tender question. Bids are due 30 March 2022. The JV is being spun out with the coal assets.
30 Sept 2021annual report● Neutral
2021 annual report presents AFR as a copper explorer: Briggs option (143Mt at 0.29% Cu), five WA licences, nine Kimberley applications and about A$7.7M listed shares, no debt. Coal assets are no longer core and are to be spun out.
30 Sept 2021other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2021, pointing to the statement on the company website. Administrative filing with no substantive news.
30 Sept 2021agm notice● Neutral
Next AGM expected on or about 25 November 2021; director nominations close 12 October 2021. Administrative notice only.
22 Sept 2021asset acquisition disposition● NeutralMajor
AFR plans to spin its Botswana coal assets (Sese JV interest, Mmamantswe, Mmamabula West) into unlisted Newco, distributed pro rata to shareholders, subject to approval. Newco gets about A$300,000 cash. AFR keeps copper projects, about A$1M cash and 15.2M Caravel shares. Strategy shift away from coal.
22 Sept 2021other● Neutral
Short-form prospectus for the Newco in-specie distribution, relying on the meeting notice for the detail. Shareholders are only being asked to vote on the distribution resolution. Procedural document supporting the coal spin-out; no new figures.
2 Sept 2021investor presentation● Neutral
September update recasts AFR as an Australian copper explorer: Briggs option, five WA licences, nine Kimberley applications and about A$7.7M of listed shares. Coal assets to be spun out in October. Shares on issue 686.7M, cash about A$1.4M, no debt.
20 Aug 2021regulatory community update▲ GoodMajor
AFR applied for nine East Kimberley exploration licences in two stratiform copper projects, Cambridge Gulf and Menuair Dome, with no modern copper exploration on record. Land access talks with traditional owners have started. Extends its new Australian copper push alongside Briggs.
18 Aug 2021farm in farm out agreement▲ GoodMajor
AFR signed a binding term sheet with Canterbury Resources for an option to earn up to 70% of the Briggs copper project in Queensland (143Mt at 0.29% copper Inferred). It pays A$1.0M for Canterbury shares at 12c and must spend A$750,000 by 31 July 2022. A$1.4M placement at 2c funds it.
18 Aug 2021listing compliance notice● Neutral
ASX lifted AFR's trading suspension after the release of the Canterbury joint venture and capital raising announcement. Administrative notice only.
18 Aug 2021farm in farm out agreement● Neutral
Canterbury's own release of the same deal: AFR subscribes 8,333,333 shares at 12c (about A$1.0M), giving it 6.93%, plus 3M options at 24c. Earn-in could reach 70% through A$15.25M spend over 9 years. Repeats AFR's announcement from the counterparty's side.
17 Aug 2021listing compliance notice● NeutralMajor
AFR requested a voluntary trading halt pending an announcement about a joint venture agreement and capital raising, expected by 18 August 2021. No terms given yet.
29 July 2021quarterly activities report● Neutral
June quarter: Western Australian licences were granted 3 May (the text also says 2022, likely a typo); roadside soil sampling to start in the September quarter. Cash A$1.30M plus A$6.0M of share investments, no debt. Sese tender bid still awaits the tender opening.
11 May 2021regulatory community update▲ GoodMajor
All five Western Australian exploration licences were granted (Kondinin, Tarin Rock, Sunnyside-Mayanup), resolving the applications lodged in October 2020. They target porphyry copper-gold and orogenic gold. Roadside soil sampling and mapping will start this quarter.
30 Apr 2021quarterly activities report● Neutral
March quarter: Aboriginal heritage agreements signed over the five Western Australian licence applications, with grant expected imminently. Company is also evaluating other copper opportunities in Australia. Cash A$1.5M, share investments A$4.9M, no debt. Sese tender hopes unchanged.
16 Mar 2021half year report● Neutral
Half-year to 31 December 2020: cash US$882,499, down from US$1,013,017 at 30 June 2020. Directors state debts can be paid when due. After period end, AFR sold 2,419,600 Caravel shares for US$452,154, ceasing to be a substantial holder, and holds 15,683,872.
