29 Sept 2017annual report● Neutral
Financial report for the year to 30 June 2017. Visible text covers only the contents, directors' report and director biographies (the same four executive directors); no financial figures are readable.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2017auditor change● Neutral
Deloitte resigned as auditor and Charter Financial Services was appointed from 20 September 2017, subject to shareholder ratification at the 2017 AGM. No reason for the resignation is given.
31 July 2017quarterly activities report● Neutral
June 2017 quarter: cash A$1.278M, which the company believes is enough until mining starts. Some families resist relocating, the mining contractor is in advanced negotiation, and the company says it is on track to mine in the coming months.
28 Apr 2017quarterly activities report▼ Bad
March 2017 quarter: cash fell to A$1.608M, spent on house relocations and creditors. Replacement housing is substantially complete, but relocation is still slow, and mining is now hoped for the second half of 2017, a further slip from the June quarter target.
16 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss A$170,707 (A$175,640 a year earlier), cash A$2.147M. Company says it has enough cash to start run-of-mine mining, now expected in the June 2017 quarter after relocation delays. Auditor was Deloitte.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter: cash rose to A$2.114M from A$1.463M, because excess rehabilitation guarantee collateral was released. House relocations at Ntendeka are slower than expected, so mining now targets the June 2017 quarter, later than the March 2017 quarter target.
22 Dec 2016resource reserve update▼ BadMajor
Re-release of the AGM presentation to add a resource breakdown for Ntendeka's 294Mt: 50Mt Measured, 36Mt Indicated, 208Mt Inferred. It also states the mine plan is being remodelled for lower coal prices and that no Reserves are currently recorded, contradicting the earlier 16Mt reserve.
15 Dec 2016investor presentation● Neutral
December 2016 AGM presentation. The visible text is only disclaimers, including that production depends on raising funding; per the later re-release, it cited a 294Mt Ntendeka resource. Replaced by the re-release.
31 Oct 2016quarterly activities report▲ Good
September 2016 quarter: cash A$1.463M, after settling the wash plant supplier's retentions. API4 is about US$87. Contractor selection is due by year-end, off-takers are at an advanced stage, and mining is targeted towards the end of March quarter 2017.
31 Oct 2016annual report● Neutral
2016 annual report. Ntendeka (70%) is said to be well positioned, with initial operations to sell crushed, unwashed run-of-mine coal at lower capital cost; water supply, discard footprint and pollution control dams still remain for the wash plant. Text is partly garbled.
31 Oct 2016other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, pointing to the website statement. Administrative only.
30 Sept 2016annual report● Neutral
Statutory accounts for the year to 30 June 2016. The visible text covers only the directors' report and director biographies (all four now listed as executive directors); no financial figures are readable.
29 July 2016quarterly activities report▲ GoodMajor
June 2016 quarter: cash A$2.091M. With API4 near US$63, Ikwezi now targets run-of-mine coal from Ntendeka's Central opencast, with mining targeted for early 2017 once a contractor is chosen. The Acorn prospecting right was allowed to lapse.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: cash A$2.383M. API4 steady around US$50. Ikwezi is talking to potential buyers and evaluating funding options, with Ntendeka ready to start subject to favourable market conditions. No new geological work.
15 Mar 2016half year report● Neutral
Half-year to 31 December 2015: net loss A$175,640 (versus A$701,727 a year earlier), cash A$2.626M. Company says it has enough cash to start run-of-mine sales, but the wash plant still needs additional funding. Deloitte review report is included.
1 Feb 2016quarterly activities report▼ Bad
December 2015 quarter: cash A$2.605M. Thermal coal stays weak (API4 US$45-50). Selling unprocessed run-of-mine coal is marginal, and bringing the Ntendeka wash plant into production needs additional funding, with options being investigated.
22 Dec 2015investor presentation● Neutral
December 2015 AGM presentation. The visible text is only disclaimers, including that production depends on raising additional debt funding; no new results or figures are readable.
2 Nov 2015quarterly activities report▼ BadMajor
September 2015 quarter: cash A$2.923M. Ikwezi will not renew its Dundee prospecting right (previously 60% held), focusing on Ntendeka, which is being redesigned for a phased, lower-cost start. Northern drilling results are analysed; start remains delayed by weak margins.
2 Nov 2015other● Neutral
Re-lodged Appendix 4G corporate governance key, same as the 30 October filing. Administrative only.
30 Oct 2015annual report● Neutral
2015 annual report: Ntendeka (70%) is described as well positioned, with the plant built; water supply, discard footprint and pollution control dams remain. Chairman says the rights issue (A$4.065M) leaves the company stable, and lower contractor costs help; coal remains weak.
30 Oct 2015other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2015, pointing to the website governance statement. Administrative only.
1 Oct 2015annual report● Neutral
Statutory financial report for the year to 30 June 2015. The visible text covers only the contents, directors' report and board details, including Agrawal and Joshi joining and Neuling leaving the board; no financial figures are readable.
31 July 2015quarterly activities report▼ Bad
June 2015 quarter: cash A$3.331M. Weak coal prices (API4 US$55-60) have delayed Ntendeka start-up; 47 boreholes (1,868m) were drilled on northern opencast areas, and a phased, lower-capital start-up is being investigated.
12 June 2015other● Neutral
Computershare notifies that its Perth office moves to a new address from 15 June 2015. Administrative only, with no substance for the company.
29 May 2015director officer appointment● Neutral
Initial director interest notices for Tushar Agrawal and Alok Joshi. Agrawal has an ultimate minority beneficial interest in Azure (341.7M shares), Chronos (21.7M) and Belvedere (383.0M); Joshi holds no securities. Administrative.
29 May 2015director officer appointment● NeutralMajor
Tushar Agrawal and Alok Joshi join the board; Alex Neuling resigns as director but stays company secretary. Belvedere (382.97M shares) agreed with Azure's shareholders (Azure holds 341.7M) to influence Azure's votes, giving a deemed 724.7M-share interest.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter: cash is A$3.764M after the rights issue shortfall shares were allotted. Drilling is planned on two possible lower-strip-ratio opencast areas at Ntendeka. Ikwezi says it can ready itself to start mining, subject to market conditions; thermal coal prices remain depressed.
13 Mar 2015half year report▼ Bad
Half-year to 31 December 2014: net loss A$701,727 (versus A$524,148) and cash A$376,672. Wash plant, haul road and electrics are complete; the water supply, dams and rail siding remain to be built. Rights issue completed in January 2015.
30 Jan 2015quarterly activities report● Neutral
December quarter: cash is A$0.346M before the rights issue proceeds. The company says it expects production at Ntendeka over the next few months, funded by the raising. API4 coal has fallen below US$60/t.
21 Jan 2015capital raising announcement▲ GoodMajor
Rights issue closed with acceptances for 335.8M shares raising A$2.015M, about half the maximum. The remaining 341.7M shortfall shares go to underwriter Azure Projects, which is how the full A$4.065M is expected to be met.