Past year: ▼ 30%(44.5c – 1.70 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2019quarterly activities report● Neutral
September 2019 quarter: Stefanutti Stocks took over mining, producing 74,971 tons of run-of-mine coal and selling 91,412 tons. Sales receipts were A$2.85M and cash A$0.63M (from A$0.25M), helped by A$0.4M of released guarantee collateral. Wash plant and pit extension remain pending.
30 Sept 2019annual report▲ Good
Full-year accounts to 30 June 2019 show a net profit of A$1,151,333 (prior-year loss A$223,361), with operating cash outflow of A$707,009. The text provided is truncated, so the source of the profit is not stated here. Board unchanged through the year.
8 Aug 2019quarterly activities report● Neutral
Revised Appendix 5B for June 2019 quarter: operating outflow A$104k on receipts of A$2.458M, cash A$251k. Projected next-quarter outflows are A$8.05M, excluding sales receipts. Osho loan facilities (A$4M) remain undrawn but available.
31 July 2019quarterly activities report● Neutral
June 2019 quarter: sales receipts A$2.46M, cash A$0.25M, API4 spot down to about US$63. Stefanutti Stocks starts as contractor on 1 August; pit extension and wash plant are still under evaluation.
31 July 2019contract award▼ BadMajor
Mining contractor CML Melger, engaged in April 2018, terminated its contract at its own request effective 31 July 2019. Stefanutti Stocks Mining Services takes over mining at the Central Mini Pit from 1 August 2019.
1 May 2019quarterly activities report● NeutralMajor
March 2019 quarter: coal sales began, with receipts of A$1.688M. Osho loans were repaid in full (A$4.352M) from the raising proceeds, resolving that thread. Cash fell to A$0.46M and API4 slid to about US$71. Freddie Strydom appointed COO of the South African subsidiary.
15 Mar 2019half year report● Neutral
Half-year to 31 Dec 2018: net loss A$479,175 (prior A$161,470), cash A$2.303M after financing inflows of A$5.33M. Coal sales were still expected in the second half. Forward API4 now around US$80, down from the quarterly report's US$90-92.
31 Jan 2019quarterly activities report▲ Good
December 2018 quarter: cash rose to A$2.302M from A$0.196M after the rights issue (underwriter portion funded after quarter end). Box cut completed and first coal mined; sales still free-on-truck, with the wash plant and rail/port links only to be evaluated later.
11 Jan 2019other● Neutral
Director interest notices for Agrawal and Pile after the rights issue. Finevest, in which Agrawal holds a minority beneficial interest, got 2.007bn underwriter shares. Belvedere rose to 932.4M shares, and its voting arrangement over Azure ceased.
12 Dec 2018capital raising announcement▲ GoodMajor
Entitlement issue closed with acceptances for 1.04bn shares raising A$2.083M. The remaining 2.007bn shares (about A$4.01M) fall to underwriter Finevest to take up, so the full A$6.1M is expected.
29 Nov 2018capital raising announcement● Neutral
Confirms the entitlement issue prospectus was posted to shareholders; offer closes 10 December 2018. Administrative only.
21 Nov 2018capital raising announcement● Neutral
Letter to eligible shareholders on the 3-for-1 issue at A$0.002 (about 3.05bn new shares, ~4.065bn total after). Underwriting fee A$30,000. Funds go to mining setup, overheads and repaying short-term loans. Closing 10 December. Notice only, no new terms.
21 Nov 2018capital raising announcement● Neutral
Letter telling shareholders outside Australia, NZ, Bermuda, Cayman and Turks and Caicos they cannot take part in the entitlement issue; a nominee will sell their entitlements. Administrative notice.
21 Nov 2018capital raising announcement● NeutralMajor
Prospectus for a 3-for-1 renounceable entitlement issue at A$0.002 per share, raising up to A$6,097,500. Fully underwritten by Finevest Investments. This is the long-planned ~A$6M raising, now launched at a very low price.
1 Nov 2018other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2018, pointing to the website statement. Administrative only.
1 Nov 2018annual report● Neutral
2018 annual report. Says the mine should operate profitably at current API4 prices, and initial sales will be crushed, unwashed run-of-mine coal. Wash plant still needs water supply, discard footprint and pollution dams. Company holds 70% of the Newcastle Project.
31 Oct 2018quarterly activities report● Neutral
September 2018 quarter: cash A$0.196M, after A$1.919M of new borrowings from Osho funded the box cut and a crushing plant. Total Osho loans are ZAR40.5M (about A$4M). The ~A$6M underwritten entitlement issue is still at an advanced stage, not completed.
17 Oct 2018debt financing● Neutral
Fourth Osho SA Coal loan of ZAR10.5M (about A$1M), repayable by 30 November 2019, bringing related-party borrowings to ZAR40.5M (about A$4M) at 10%. The ~A$6M entitlement issue is still planned and would repay them.
1 Oct 2018annual report● Neutral
Financial report for the year to 30 June 2018: net loss A$223,361 (2017: A$311,040) and operating cash outflow A$356,025. Same four executive directors, with no board changes during the year. Remaining text is truncated.
28 Sept 2018production update▲ GoodMajor
Box cut completed at Kliprand and first coal mined, the first production after years of delays. Initial sales are crushed run-of-mine coal on a free-on-truck basis. A third Osho loan (ZAR10.5M) brings Osho borrowings to ZAR30M (about A$3M); the ~A$6M entitlement issue is still pending.
31 July 2018capital raising announcement● NeutralMajor
Project now called Newcastle Project; mining starts at Kliprand Colliery, with coal extraction expected late in the September 2018 quarter. Plans a roughly A$6M renounceable entitlement issue, with a shareholder in principle willing to underwrite it. A second ZAR10M Osho loan bridges until then.
31 July 2018quarterly activities report● Neutral
June 2018 quarter: cash A$0.131M. Contractor is mobilised and the pit cleared; about A$6.5M is needed to start mining. The ~A$6M entitlement issue underwriting is still being finalised, and the Osho loans are to be repaid from it.
30 Apr 2018debt financing▲ GoodMajor
Mining contract with CML concluded, resolving the contractor thread. Also a ZAR9.5M (about A$1M) unsecured loan from related party Osho SA Coal at 10% a year, repayable by 31 August 2019, as short-term funding ahead of the larger raising.
30 Apr 2018quarterly activities report● Neutral
March 2018 quarter: cash fell to A$0.191M from A$0.599M. Restates the CML contract, completed relocations, the A$1M Osho loan and the US$5M (A$6.5M) funding need. Company says it is poised to start mining in the June 2018 quarter.
17 Apr 2018contract award▲ GoodMajor
CML Melger Mining selected as mining contractor for Ntendeka opencast; terms still being finalised. House relocation in the Central Mini Pit is complete, resolving the long-running resistance thread. About US$5M (A$6.5M) funding needed, with in-principle support from the principal shareholder.
16 Mar 2018half year report● Neutral
Half-year to 31 December 2017: net loss A$161,470, cash A$0.601M. A High Court consent order in December 2017 requires relocating the 3 resisting families, with housing under construction. The company may need to raise debt or equity; no decision made yet.
31 Jan 2018quarterly activities report▼ BadMajor
December 2017 quarter: cash A$0.599M, and fund raising options have been identified, to be aligned with the mining start. Legal steps on the 3 resisting families are well advanced, and the Assegai prospecting right will not be renewed, leaving Ntendeka as the focus.
1 Nov 2017other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2017, pointing to the website statement. Administrative only.
31 Oct 2017annual report● Neutral
2017 annual report. Initial plan is selling crushed, unwashed run-of-mine coal from Ntendeka's Central Opencast. 3 of 6 houses in the area are relocated, and the remaining 3 must move before contracts are finalised. Wash plant still lacks water supply, discard footprint and dams.
31 Oct 2017quarterly activities report▼ Bad
September 2017 quarter: cash A$0.929M. Three households still resist relocation, and a court decision will influence the mining start date. The company is exploring starting at an unaffected spot in the meantime. API4 is above US$90. Off-take choice is deferred.
