Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2019quarterly activities report● Neutral
June quarter: talks are under way with potential partners interested in building Sese as two 300MW stages, a change from the earlier 225MW unit plan. The balance for other buyers is now 150MW. Cash was A$2.8M. Export licence still outstanding.
29 Apr 2019quarterly activities report● Neutral
March quarter: a three-year extension to the Mmamantswe prospecting licence was approved. Sese resource and licence talks are unchanged. Cash was A$2.98M with A$0.83M of investments; FQM needs A$2.05M more for 75% by 14 July 2019.
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.
31 Jan 2019quarterly activities report● Neutral
December quarter: repeats the 2,418Mt Sese resource update, with a reserve statement still being prepared. Over half of asset owners are compensated and have left. Shareholders approved extending the buy-back. Cash A$3.30M; FQM needs A$2.40M more for 75% by 14 July 2019.
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.
31 Oct 2018quarterly activities report● Neutral
September quarter: all remaining GoviEx shares sold for A$599k, and Caravel stake rose to 10.5%. Resettlement is 90% done and prospecting licence extensions were requested. Buy-back suspended; cash A$3.48M. FQM needs A$2.54M more for 75%.
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.
31 July 2018quarterly activities report● Neutral
June quarter: the Sese environmental revision to 500MW was submitted, and relocation of residents progressed. AFR's Sese share fell to 35% as FQM spent more (A$2.85M left to reach 75%). Buy-back bought 3.7M shares at 2.3c; Caravel stake 12.7%; cash A$3.11M.
1 May 2018quarterly activities report● Neutral
March quarter: Botswana delisting completed and Caravel stake lifted to 9.6%. FQM's Sese interest rose to 63%, leaving AFR 37%, with A$3.65M still to invest for 75%. Cash was A$3.56M. Licence talks with BERA continue.
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.
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.
31 Jan 2018quarterly activities report● Neutral
December quarter: talks continue with the energy regulator (BERA) on the Sese Generation and Export Licence, and the buy-back was approved at the AGM. Cash was A$4.14M plus A$1.17M of listed investments; a review of corporate costs and board structure began.
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.
30 Oct 2017quarterly activities report● Neutral
September quarter: the earn-in extension to July 2018 and the FQM placement were completed, and a Generation and Export Licence application was lodged with BERA. A water supply agreement was signed. Cash was A$4.5M; a buy-back will be sought at the AGM.
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.
1 Aug 2017quarterly activities report● Neutral
June quarter: Sese studies finished and a lender information memorandum prepared, but FQM has asked to extend its July 2017 earn-in deadline, with terms near agreement. Uranium sale slips to August 2017. Cash fell to A$3.4M; FQM now holds 61% of Sese.
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.
