Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2017quarterly activities report● Neutral
March quarter: Sese mining licence and tax incentives were granted, and coal tests showed suitability for two boiler types. Cash fell to A$3.9M. FQM must commit a further A$7.5M by 12 July 2017 for 75%; the GoviEx uranium sale is awaiting completion.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter: Sese power station design, geotechnical and infill drilling progressed, and the Mmamabula West infill drilling and environmental documents were completed. Sese, Sese West and Mmamantswe licences were extended two years. Cash fell to A$4.5M and the buy-back facility expired unrenewed.
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.
31 Oct 2016quarterly activities report● Neutral
September quarter: First Quantum committed A$3M to Sese work, with drilling started at Sese, Sese West and Foley North. Cash was A$5.0M and the buy-back stayed suspended. FQM must commit a further A$9.4M by 12 July 2017 for 75%; Sese is now 45% AFR, 55% FQM.
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.
28 July 2016quarterly activities report● Neutral
June quarter: First Quantum committed A$3M to Sese work and its 75% earn-in deadline moved to July 2017. Cash was A$5.27M and the buy-back stayed suspended. The Mmamabula West joint development agreement is still not finalised.
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.
12 Apr 2016quarterly activities report● Neutral
March quarter: Sese mining licence application accepted and coal supply agreement signed. Mmamabula West term sheet and studies continue. Cash fell to A$5.85M from A$6.68M. First Quantum must commit a further A$10.2M by 12 July 2016 for 75%. Buy-back suspended since February.
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.
4 Mar 2016farm in farm out agreement▲ GoodMajor
AFR signed a non-binding term sheet with an unnamed South African investment group to develop a mine and power station at Mmamabula West, with 3 months' exclusivity. Terms are confidential. The share buy-back is suspended until the deal is disclosed.
10 Feb 2016other● Neutral
AFR announces that Breakaway Research has published an independent research report on the company, available on its website. No new company information is stated.
9 Feb 2016investor presentation● Neutral
February 2016 Cape Town deck restating the Sese JV, the Mmamantswe share sale agreement and Mmamabula West partnership talks. Cash is about A$7M, and Mmamabula West is quoted at 2.43Bt, down from 2.47Bt. Mostly repeats known facts.
4 Feb 2016security holder rights change▲ Good
AFR cancelled 11,805,052 shares bought on-market between 27 November 2015 and 29 January 2016 for $613,925. The buy-back continues, slightly reducing shares on issue from 614.9m.
1 Feb 2016quarterly activities report● Neutral
December quarter: First Quantum lifted its Sese stake to 53% (AFR 47%) after spending A$1.3M beyond its A$8M. A 50-year Sese land lease was signed. Cash was A$6.68M, and 8.6m shares were bought back at 5.2c.
