Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2018other● NeutralMajor
AFR cut costs: Frazer Tabeart moves to a reduced-time executive director role, executive fees fall 45% and non-executive fees 22%, with about A$450,000 annual savings. Trumble and Clark will retire 31 March. It also began evaluating base and precious metals opportunities.
19 Jan 2018security holder rights change● Neutral
AFR will delist from the Botswana Stock Exchange around 16 February 2018, citing administrative costs. Only 22 holders with under 0.3% of shares are affected, and their holdings will move to the ASX register. ASX listing is unchanged.
24 Nov 2017investor presentation● Neutral
AGM presentation repeating known Sese progress. It adds that Zambian tariff disputes and cheap Eskom exports have disrupted regional plans, and that the Generation and Export Licence is still the only major outstanding permit. The Mmamantswe project is described as under option to a South African developer.
31 Oct 2017asset acquisition disposition▲ GoodMajor
AFR completed the sale of its Zambian uranium projects to GoviEx, receiving 3.0M GoviEx shares and 1.6M warrants at US$0.23, restricted until 30 April 2018. This resolves the pending sale; AFR now focuses on its Botswana power projects.
23 Oct 2017other● Neutral
Appendix 4G corporate governance statement for the year to 30 June 2017, pointing to the company's website. Administrative compliance filing with no business content.
23 Oct 2017annual report● Neutral
2017 Annual Report. The managing director says FQM now holds 61% of Sese and must invest a further A$5M for 75%, and lifted its AFR stake to 13.8% via the A$1.38M placement. The company reports no debt.
29 Sept 2017annual report● Neutral
Full-year statutory accounts to 30 June 2017, including directors' report, audit report and financial statements. The text provided is only the contents page, so no figures or conclusions can be drawn.
10 Aug 2017capital raising announcement▲ GoodMajor
FQM extended its Sese earn-in deadline by 12 months to 12 July 2018 and subscribed for 17.7M AFR shares at 7.8c (A$1.38M), lifting it to 13.8%. It also transfers its Caravel Minerals shares; its remaining commitment falls to about A$5M. Cash rises to about A$4.8M.
20 June 2017asset acquisition disposition▲ Good
Zambia's competition regulator approved the sale of the Zambian uranium projects to GoviEx (3.0M shares, 1.6M warrants), clearing one of the required approvals. Closing is still expected in the second half of July 2017, subject to other consents.
31 May 2017price query● Neutral
ASX queried a jump in AFR's share price from 6.1c to 11c with heavy volume. AFR said it knew of no undisclosed information, pointing to the Sese mining licence, the tax approval and the London investor meetings.
9 May 2017investor presentation● Neutral
May 2017 investor deck for London meetings, mainly repeating known Sese facts: FQM has invested over A$12M for 55%, funds a further A$8M for 75% by mid-July 2017, and the Generation and Export Licence remains outstanding. No new figures or results.
26 Apr 2017regulatory community update▲ GoodMajor
Botswana approved a Development Approval Order for the 450MW Sese power station: a five-year tax holiday from first commercial operation, then a 15% tax rate. A formal tax agreement needing National Assembly approval is still required. The Generation and Export Licence remains the main outstanding permit.
21 Apr 2017admin correction● Neutral
Share registry Link Market Services is changing its Perth address from 24 April 2017. AFR is on the list of affected companies. Administrative notice only, with no company business content.
29 Mar 2017regulatory community update▲ GoodMajor
Botswana granted the Sese joint venture a 25-year mining licence over 51.47 sq km, containing 650Mt of Measured and Indicated coal. It resolves the long-pending licence application. The Generation and Export Licence is now the only major permit outstanding.
16 Mar 2017half year report● Neutral
Half-year report to 31 December 2016. Cash was A$4.5M, FQM holds 55% of Sese, and the Mmamantswe US$20M sale still depends on preferred bidder status. The directors' report states no new developments; full figures are not readable here.
7 Mar 2017asset acquisition disposition● NeutralMajor
AFR signed a binding deal to sell its Zambian uranium projects to GoviEx Uranium for 3.0M GoviEx shares and 1.6M warrants. Closing is expected before the second half of July 2017, subject to approvals. It keeps AFR's focus on Botswana power projects.
2 Feb 2017investor presentation● Neutral
February 2017 investor deck presenting the power-business case, with Sese targeting power sales to Zambia and Mmamabula West aimed at South Africa's 3,750MW programme. Mostly repeats known facts; no new figures beyond a roughly A$7M FQM balance due by July 2017.
2 Dec 2016director officer appointment● Neutral
Yan Zhao resigned as alternate director to Ian Hume, effective 1 December 2016, citing heavy work commitments. Administrative change with no stated effect on projects.
10 Nov 2016joint venture update▼ BadMajor
Mmamabula West will get eight infill holes (about 1,200m) to upgrade part of its 892Mt Indicated resource to Measured. Talks with the South African developer are suspended pending Eskom and Energy Department discussions, continuing non-exclusively; AFR will keep sole-funding the project.
21 Oct 2016other● Neutral
Appendix 4G corporate governance checklist filed with the annual report. Administrative only, with no new business information.
21 Oct 2016annual report● Neutral
2016 Annual Report. The managing director says First Quantum raised its Sese stake to 55% and will invest a further A$10M for 75%. The Mmamantswe sale and Mmamabula West partner talks remain unresolved. The company reports no debt.
12 Oct 2016investor presentation● Neutral
October 2016 roadshow deck for Melbourne and Sydney. Cash was A$5.0M at 30 September 2016, with 608m shares and no debt. It quotes First Quantum at 55% of Sese, up from 53%. Otherwise repeats known project facts.
23 Sept 2016annual report● Neutral
Statutory financial report for the year to 30 June 2016. Only the contents list is readable here; no figures or results can be stated from this text.
26 July 2016farm in farm out agreement▲ GoodMajor
First Quantum committed A$3M to Sese work programmes, including drilling, site studies and updating approvals for up to 450MW. The deadline for its remaining A$7M to reach 75% was extended 12 months to 12 July 2017, from July 2016.
2 May 2016regulatory community update▲ GoodMajor
South Africa's energy minister set a 3,750MW cross-border coal power procurement programme, up from 2,500MW, allowing direct negotiation as well as tenders. AFR's Mmamabula West and Mmamantswe are being developed for it, widening the route to the Mmamantswe US$20M sale.
28 Apr 2016other● Neutral
Notice of another Boardroom Media broadcast with the managing director on project status and partners. No new company information is stated.
20 Apr 2016other● Neutral
Notice that the managing director's London presentation and a short video interview are available online. No new company information is stated.
14 Apr 2016investor presentation● Neutral
London 121 forum deck restating the three Botswana projects, the Mmamabula West term sheet and the US$20M Mmamantswe sale at financial close. Cash is about A$6M. Mostly repeats known facts.
11 Apr 2016regulatory community update▲ GoodMajor
Botswana's Department of Mines accepted First Quantum's Sese mining licence application, covering 51 sq km and coal for multiple 300MW stations for over 35 years. Once approved, the licence runs 25 years. It advances the Sese permitting thread, but is not yet granted.
14 Mar 2016half year report● Neutral
Interim accounts for six months to 31 December 2015, reviewed by BDO. Restates known events: First Quantum at 53% of Sese, Mmamantswe sale for US$20M, Mmamabula West studies, 8.6m shares bought back at 5.2c, cash A$6.68M. Directors state it can pay its debts.
