Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2021quarterly activities report▲ Good
December quarter: Botswana's new energy plan proposes a 300MW coal-fired power tender in 2021, which the fully permitted Sese JV hopes to bid for. Site visits made to two Western Australian licences. The Caravel stake rose 90% to A$3.62M.
19 Nov 2020agm notice● Neutral
Four AGM resolutions were withdrawn on the day: extra share issue capacity, the employee incentive scheme issue, and two director option awards. The board believed shareholder support was insufficient. The incentive scheme itself stays in place.
19 Nov 2020investor presentation● Neutral
AGM presentation repeats known Sese facts: 100MW FQM power sales agreement, 150MW Zimasco term sheet, Chinese partner talks, and a first 300MW stage. It also promotes diversification into copper-gold through the five Western Australian licence applications. No new results.
30 Oct 2020quarterly activities report● Neutral
September quarter: Mmamabula West coal licence renewed two years to 30 September 2022, resolving the pending renewal. Sese partner, contractor and offtaker talks continue with no firm agreement. The Western Australian licence applications are noted as diversification away from Botswana coal and power.
29 Oct 2020agm notice● Neutral
Letter to shareholders on voting for the 19 November 2020 AGM in Subiaco. Proxies are encouraged and no printed notices will be sent due to COVID-19 rules. Administrative only.
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.
1 Oct 2020agm notice● Neutral
Notice that the AGM is expected on or about 19 November 2020, with director nominations closing 13 October 2020. Administrative notice only.
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.
31 July 2020quarterly activities report● Neutral
June quarter: generation licence issued for 225MW, with an increase to 300MW possible by application. Cash A$1.5M, investments A$0.9M. Partner talks, Zimasco agreement conversion and grid agreements continue. The Mmamabula West licence extension is still awaited.
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.
28 Apr 2020quarterly activities report● Neutral
March quarter: generation licence approved; talks continue with financing partners on a 300MW (2 x 150MW) first stage. COVID-19 may cause minor permit delays and the company has started cost-cutting. Cash A$1.80M, listed investments A$0.27M.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter: FQM 100MW agreement signed and Zimasco 150MW term sheet signed. Bill Fry stepped down from his executive role and stays as non-executive director. Cash A$2.1M, investments A$0.59M. Export licence still outstanding.
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 2019agm notice● Neutral
AGM results: all four resolutions carried, including re-election of directors Fry and Cooke and proportional takeover provisions. No operational news.
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.
30 Oct 2019quarterly activities report● Neutral
September quarter: talks continue with partners for Sese as 2 x 300MW stages, and the export licence is still outstanding. Mmamabula West resource updated to 2.9Bt. FQM has spent A$9.02M and holds 66.7%. Cash A$2.5M, investments A$0.68M.
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.
