Past year: ▲ 0%(3.60c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2009director officer appointment▼ BadMajor
Chairman Terence Byrt, a director since before the 2007 listing, resigned from the board effective immediately. The board does not intend to replace him and will name a current director to chair meetings as needed.
8 Apr 2009capital raising announcement● NeutralMajor
Letter on the rights issue announced 6 April: 1 new share at 10c per share held, with 2 free options at 20c expiring 31 March 2011. Fully subscribed it would raise about $8.9m, not underwritten, to fund Norwich Park and more Blackall drilling.
2 Apr 2009regulatory community update● Neutral
The maiden JORC resource for Blackall slips from late Q1 to early Q2 2009, because more data needed processing than expected. Half of Norwich Park's 266 sub-blocks were relinquished in Q1 under Department requirements, and 8-10 holes are recommended there.
16 Mar 2009half year report● Neutral
Half-year to 31 December 2008: net loss of $390,859, up from $193,346 a year earlier, with no dividend. Operations text repeats the Blackall drilling already reported (187 RAB holes, 19,421m, 22km strike). Nothing new on the projects.
28 Nov 2008investor presentation● Neutral
AGM slide deck repeating known facts: 90,500,002 shares, 23c price and A$20.8m market value (as at 29 Oct 2008), cash about A$2m, no debt, and 1.1m unlisted options. No new results in the visible text.
24 Nov 2008resource reserve update▲ GoodMajor
Company lifts its non-JORC Blackall target to 500-550Mt from 200-220Mt after over 200 RAB and 40 core holes; 2008 drilling is complete. Company says this is conceptual; a JORC resource is due in early 2009.
28 Oct 2008annual report● Neutral
Annual report released with a managing director's letter: up to five rigs used at Blackall, focus on a JORC resource in early 2009, and attention then shifting to Norwich Park. Largely repeats the earlier statutory accounts.
27 Oct 2008resource reserve update▲ Good
Final-stage Blackall drilling is underway and early coal quality results are arriving, including very low sulfur. A maiden JORC resource (inferred, indicated, measured) is now guided for Q1 2009. Blended coal is expected to average about 5,000 kcal.
13 Oct 2008security holder rights change● Neutral
Notice that 2,100,000 restricted shares will be released from escrow on 23 October 2008. Administrative notice only.
30 Sept 2008annual report● Neutral
Statutory accounts for the period to 30 June 2008 show a loss of $564,222 and no dividend. Describes the $4.5m IPO and fast-tracked Blackall drilling with up to four rigs. Nothing new on the projects.
4 Sept 2008drilling progress report▲ Good
Coring at Blackall is going well, with 52 core samples sent to ALS in Emerald and excellent recovery. Lab results are due within weeks. The 200-220Mt non-JORC target and early-2009 JORC resource timing are unchanged.
27 Aug 2008admin correction● Neutral
Re-release of the target upgrade, restating it as 200-220Mt rather than 'over 200Mt' and adding the JORC clause 18 warning that it is conceptual and may never become a resource. Otherwise the same content.
27 Aug 2008resource reserve update▲ GoodMajor
Blackall non-JORC mineralisation target raised from 79-90Mt to over 200Mt of thermal coal after stage one drilling. Over 130 RAB holes and 8 core holes done; a JORC resource is expected early next year.
28 July 2008drilling result▲ GoodMajor
First-phase Blackall drilling finished: 35 RAB holes (2,946m) to 30 June, with coal in 94% of holes and average cumulative seam thickness over 3m. Company believes the 79-90Mt non-JORC target can grow; stage two will add coring.
25 June 2008drilling progress report▲ Good
A second rig has been mobilised at Blackall, after the first rig (started 12 June) hit 3-5m coal seams over a 6km strike. Chairman says it speeds work toward a definite volume. The 79-90Mt figure remains historical and non-JORC.
18 June 2008drilling spud▲ GoodMajor
Drilling began at Blackall on 12 June 2008 with the first rig; all five RAB holes so far intersected coal seams. Starts the programme aimed at a JORC resource, with no grades or thicknesses reported yet.
11 June 2008director officer appointment● Neutral
Peter Tighe, a geologist with over 25 years' experience and formerly with Coffey, joined as senior geologist to lead technical evaluation. Blackall drilling is again said to be starting very shortly.
4 June 2008drilling scheduled▲ Good
Notice of Entry forms lodged and purchase orders issued to two drilling contractors for Blackall. Drilling is said to start very shortly, with about six months of drilling intended.
12 May 2008regulatory community update▲ GoodMajor
Blackall exploration licence (EPC 1149) granted for five years over about 867 square kilometres. Resolves the pending grant; drilling is planned within months to try to confirm a JORC resource beyond the non-JORC 79-90 million tonne target.
14 Mar 2008half year report● Neutral
Half-year accounts to 31 December 2007 show a net loss of $193,346 after the $4.5 million IPO. Operations commentary repeats known Blackall and Norwich Park plans.
10 Mar 2008director officer appointment● Neutral
Senior geologist Robin Evans, with over 30 years' experience, was appointed to speed exploration at the Queensland coal projects. Restates the Blackall 79-90 million tonne non-JORC target.
7 Mar 2008regulatory community update▲ Good
A desktop study flags the eastern part of Norwich Park, next to BHP's Norwich Park mine, as a priority exploration target. Little prior exploration there; fieldwork awaits a delay from seasonal rain.
22 Jan 2008resource reserve update▲ GoodMajor
Due diligence on 1974 historical data gives a non-JORC 'mineralisation target' of 79 to 90 million tonnes of thermal coal at Blackall. It is conceptual only and needs verification before any resource can be stated.
19 Dec 2007capital raising announcement▲ GoodMajor
The $4.5 million IPO (18 million shares at 25c) closed fully subscribed, with ASX listing tentatively set for 19 December 2007. Funds go to exploration, including 10,000 metres of planned drilling at Norwich Park.
What it means for a shareholder
18.0m new shares at A$0.250 to raise about A$4.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Nov 2007capital raising announcement● NeutralMajor
Prospectus for an IPO of 18,000,000 shares at 25 cents each to raise $4.5 million. The new coal explorer holds two Queensland projects, Norwich Park and Blackall, acquired from its chairman's and managing director's associated vendors.
What it means for a shareholder
18.0m new shares at A$0.250 to raise about A$4.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
