17 Mar 2025half year report▼ Bad
Half-year loss widened 40% to US$8.4m on revenue down 67% to US$8.4m. Cash was US$3.9m versus US$0.2m at June 2024, and net assets were US$75.6m. Uitkomst had one fatality, and Vele remains suspended.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2025half year report▼ Bad
Half-year accounts to 31 December 2024 for the full financial report. Uitkomst output fell about 31% to 185,558t, with a gross loss of US$4.8m on US$8.4m revenue. Makhado is shown at 67.3% owned.
17 Mar 2025listing compliance notice▼ Bad
ASX suspended the shares from 17 March 2025 because the half-year report was not lodged by the due date.
17 Mar 2025listing compliance notice● Neutral
ASX lifted the suspension from 18 March 2025 after the half-year accounts were lodged. This resolves the late-filing suspension.
3 Mar 2025material agreement▲ GoodMajor
Kinetic and the company amended the subscription agreement so the US$77.0m second closing is paid in nine instalments, matching the use of proceeds. Kinetic still ends at 51%. The first two US$10m instalments (about 47.9m shares each) are shown, the first as received.
31 Jan 2025quarterly activities report● Neutral
December quarter: Uitkomst output fell 26% to 95,489t and available cash and facilities fell to US$4m from US$10.8m. The IDC loan was extended to 30 June 2025 on a ZAR10m payment, and Kinetic's shareholder approval and South African competition clearance were obtained.
23 Jan 2025agm notice▲ GoodMajor
All three resolutions at the 23 January 2025 general meeting passed, including approval for Kinetic to reach 51% through the second closing. This satisfies the key shareholder-approval condition for Kinetic's US$77.0m second tranche.
28 Nov 2024agm notice● Neutral
All six AGM resolutions passed, including the Remuneration Report, the re-election of Brian He and the election of Huang, Pavlovski and West. Turnout was about 60% of shares, consistent with the controlling shareholders' large holdings.
31 Oct 2024quarterly activities report● Neutral
September quarter: Uitkomst output fell 35% to 90,069t after the fatality and geological and equipment problems. Cash and facilities rose to US$10.8m after Kinetic's first tranche of US$12.97m. The US$77.0m second tranche still awaits shareholder approval.
1 Oct 2024annual report▼ BadMajor
FY2024 loss was US$14.6m (up 232%) on revenue of US$36.7m (down 18%). Year-end cash was US$0.2m against US$7.5m, and net assets fell 14% to US$75.4m. Going concern is flagged; Makhado funding is expected to conclude in H2 CY2024.
30 Sept 2024annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new information.
30 Sept 2024annual report● Neutral
Annual financial statements for the year to 30 June 2024, listing the board changes during the year. The extract provided does not include the financial figures; the results announcement covers them.
25 Sept 2024security holder rights change● Neutral
Gomwe's 8,000,000 options lapsed because none of the exercise conditions were met within the extended period. They can no longer be exercised.
9 Sept 2024director officer appointment● Neutral
Dr Steele West joined as non-executive director, and Kinetic nominee Chris Huang joined after the first tranche completed. Douglas Abrahams steps down. The first Kinetic tranche is therefore confirmed as completed.
28 Aug 2024price query● Neutral
Responding to ASX, the company said it knew of no undisclosed information explaining the share fall from A$0.09 to A$0.037, and called the drop coincidental with the Kinetic talks. It suggested a market sale in an illiquid stock may have had an outsized impact.
28 Aug 2024capital raising announcement▲ GoodMajor
Hong Kong-listed Kinetic Development Group agreed to invest US$90m for 51% of MC Mining in two tranches. The first is 13.04% for US$12.97m (US$0.2089/share, by 4 Sept); the second, US$77.0m, needs shareholder and regulatory approval. Funds target Makhado.
28 Aug 2024listing compliance notice● Neutral
The company asked to extend the voluntary suspension to 29 August 2024, saying it was clarifying information in the subscription agreement announcement.
28 Aug 2024listing compliance notice● Neutral
ASX said trading would resume on 29 August 2024 following the Kinetic subscription announcement.
27 Aug 2024listing compliance notice● Neutral
At the company's request, ASX suspended the shares pending an announcement about a subscription agreement. The request also mentions a price query and board structure.
27 Aug 2024director officer appointment● Neutral
Company Secretary Bill Pavlovski was appointed a non-executive director, effective immediately. He remains involved as the company's contact for announcements.
23 Aug 2024other● Neutral
ASX paused trading in MC Mining shares pending a further announcement. No reason is given in the notice itself.
16 Aug 2024security holder rights change● Neutral
Gomwe's 8,000,000 options expired automatically on 30 July 2024 after his resignation. The board gave him a discretionary, conditional final window to exercise until 28 August 2024. This revises earlier statements that the options had vested.
2 Aug 2024regulatory community update▼ BadMajor
An employee died in a fall-of-ground incident at Uitkomst Colliery on 31 July 2024. The colliery halted operations until further notice while an investigation proceeds with the DMRE. Uitkomst is the company's only producing mine in the context given (inference).
31 July 2024quarterly activities report▼ Bad
June quarter: Uitkomst ROM coal fell 4% to 113,977t; the three-month Paladar marketing trial sold out high-grade stock and was not extended. Available cash and facilities were US$1.2m (down from US$2.2m). Makhado, Vele and GSP saw limited activity.
31 July 2024quarterly activities report▼ Bad
Appendix 5B for June quarter: cash and equivalents ended at US$244k after US$1.27m operating outflow, down from US$2.17m. Facilities drawn were US$10.3m, including the IDC loan of US$8.8m due 30 September 2024.
25 July 2024debt financing● NeutralMajor
MC Mining secured an unsecured A$1.0m (US$0.7m) loan from Eagle Canyon, controlled by interim CEO Christine He. It runs to 30 June 2025 at the RBA business rate (6.25%) plus 3%, for working capital. It is a related-party loan.
2 July 2024director officer appointment● Neutral
Directors Andrew Mifflin (on the board since 2014) and Julian Hoskin resigned effective 30 June 2024. Chartered accountant Douglas Abrahams joined as a non-executive director on 1 July. The board is now reshaped around the Goldway consortium.
1 July 2024debt financing● NeutralMajor
MC Mining agreed an unsecured R20 million (US$1.1m) working-capital loan with Dendocept, a roughly 6.8% shareholder. It runs 12 months from first drawdown at Prime plus 3%. It adds to a thin cash position.
26 June 2024director officer appointment● Neutral
Terms disclosed: Gomwe gets ZAR4,213,617 (six months' notice plus four months) and no bonus. Christine He gets ZAR3.5m base pay with a bonus up to 200%, and six months' notice. The note gives her start as 1 June, versus 1 July in the earlier announcement.
25 June 2024director officer appointment● NeutralMajor
Non-executive director Christine He becomes interim MD and CEO from 1 July 2024, replacing Gomwe. She has over 25 years of senior management experience, including financing large mining projects. The focus is on early coal and Makhado funding.