Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Sept 2022capital raising announcement▲ GoodMajor
Fully underwritten A$40m (ZAR472m) rights issue at A$0.20, 1.012 new shares per share held, a ~49.7% discount to the 30-day ASX VWAP. It funds Makhado equity and repays the R60m standby. About A$26m in debt commitments also received; construction targeted early 2023.
9 Sept 2022price query● Neutral
MC Mining said it knows of no unannounced news behind the 8 September price jump from $0.33 to $0.505 on light volume. It cited positive announcements and a thin market, and said Makhado debt and equity fundraising is advanced but not agreed.
8 Sept 2022other● Neutral
ASX temporarily paused trading in MC Mining shares pending a further announcement. Follows a sharp price rise and a price query.
30 Aug 2022resource reserve update▲ GoodMajor
Makhado studies show two alternatives to the April base case (capex ZAR625m, IRR 39.6%): moving the Vele plant (ZAR1.1bn, IRR 45.2%) or building a new one (ZAR1.2bn, IRR 41.0%). Higher peak funding, but build-own-operate-transfer funding could cut it to about ZAR653-679m.
29 July 2022price query● Neutral
MC Mining told ASX its 28 July share price jump was not driven by undisclosed news. It pointed to a thinly traded ASX discount to the JSE, and said Makhado fundraising talks are advanced but not yet agreed. Also discloses the Overlooked coal sales deal.
29 July 2022material agreement▲ GoodMajor
Uitkomst signed a coal marketing agreement with Overlooked, expiring 31 December 2022, to export at least 20,000t a month at API4-linked US dollar prices for a 5% fee. Related party deal: director Senosi (SGIH) is Overlooked's CEO and majority owner.
7 June 2022debt financing▲ GoodMajor
R60m (US$3.9m) unsecured standby loan from Dendocept, a ~1.5% shareholder, for Makhado early works and working capital. Repayable within 12 months of first drawdown, at prime plus 3%; may be repaid in shares at 15% below 30-day VWAP. Dendocept had lost out to SGIH earlier.
17 May 2022security holder rights change● Neutral
4,871,406 shares were issued to former interim CEO Sam Randazzo under the performance rights plan, per his resignation terms. Issued capital rises to 197,654,870 shares, a small dilution.
28 Apr 2022director officer appointment▲ GoodMajor
AIM checks on the new directors completed. Nhlanhla Nene becomes Chairman and Godfrey Gomwe Managing Director and CEO, ending the interim CEO period; Randazzo resigned. SGIH's Mathews Senosi joins as non-executive director after the 38.4m-share issue.
14 Apr 2022resource reserve update▲ GoodMajor
Makhado bankable feasibility study completed: 69.3Mt reserves, 296Mt measured and indicated resources, 22-year life, capital ZAR625m ($41.7m), post-tax IRR 38.2%, NPV $268m. Peak funding ZAR727m. Financing now targeted Q3 CY2022, later than the earlier H1 CY2022 hope.
12 Apr 2022agm notice● NeutralMajor
At the requisitioned EGM, removal resolutions for Pryor and Randazzo were withdrawn as no longer relevant, and Nhlanhla Nene and Godfrey Gomwe were elected directors. Their seats depend on AIM adviser due diligence; if Strand Hanson resigned, AIM trading would be suspended. Resolves the board-control dispute.
11 Apr 2022director officer appointment● Neutral
Sam Randazzo stepped down as executive director on 8 April but stays as interim CEO until a replacement is found. The board credits him with stabilising finances, the R86m SGIH funding and starting the Makhado feasibility study.
7 Apr 2022capital raising announcement▲ GoodMajor
With South African Reserve Bank approval obtained, 38,363,909 shares were issued to SGIH, converting its first-tranche loan and giving it 19.9%. Issued shares rise to 192,783,464. This completes the first stage of the February SGIH funding.
14 Mar 2022half year report● Neutral
Full half-year report to 31 Dec 2021: loss $0.8m (versus $2.7m), revenue $13.0m, gross profit $2.1m, cash $1.9m. Repeats the IDC extension to 30 Nov 2022 and SGIH funding. Lists Mazars as auditor, whereas the context named PwC.
14 Mar 2022half year report▲ Good
Half-year results: loss narrowed to $0.8m from $2.7m on revenue of $13.0m (up from $8.8m), helped by higher coal prices. Cash $1.9m. Makhado funding still being worked on; SGIH had paid $2.7m so far. Mostly repeats known events.
11 Mar 2022director officer appointment● NeutralMajor
Chairman Bernard Pryor (chair since 2014) resigned effective 11 March 2022. Non-executive director Khomotso Mosehla is interim Chairman pending the 11 April requisitioned meeting. Pryor says the company is on a stronger footing after the SGIH raising.
1 Mar 2022asset acquisition disposition▲ GoodMajor
The final ZAR35m (US$2.3m) for the Makhado Lukin and Salaita surface rights was paid, funded from SGIH advances, with vendor mortgages being released. This resolves the deferred payment. SGIH has advanced ZAR40m so far, with ZAR6.0m due by 31 March.
14 Feb 2022other▼ BadMajor
Shareholders holding about 6.8% requisitioned a general meeting to remove chairman Bernard Pryor and interim CEO Sam Randazzo and appoint Nhlanhla Nene and Godfrey Gomwe. The company is reviewing whether the notice is valid.
1 Feb 2022capital raising announcement▲ GoodMajor
Staged ZAR86m (about US$5.6m) funding from Senosi Group (SGIH) at ZAR1.20 per share, a 7.1% premium: 38.4m shares for 19.9%, then 33.3m more taking SGIH to about 31.7%. Advanced as loans first; second tranche needs shareholder approval. Cash runway extended to at least August 2022.
31 Jan 2022debt financing▲ GoodMajor
IDC extended repayment of the R160m ($10.3m) loan and the drawdown date for the R245m Makhado Phase 1 loan from 31 Jan to 30 Nov 2022, well beyond the 31 May requested. Drawdown still depends on IDC confirming its due diligence. This eases the near-term repayment deadline.
11 Jan 2022debt financing▼ BadMajor
The R35m (US$2.2m) deferred payment for Makhado's Lukin and Salaita surface rights fell due 10 Jan 2022; vendor extended to 28 Feb, with R6m paid first and 15.2% interest. MC Mining has asked IDC to extend its R160m loan and R245m facility to 31 May 2022.
15 Dec 2021director officer appointment● Neutral
At the 14 December AGM, Shangren Ding (director since 2016) retired and Junchao Liu was appointed non-executive director. Liu replaces Ding as representative of Haohua Energy International, the largest shareholder. Makhado funding is now anticipated in H1 CY2022.
1 Nov 2021other● Neutral
Corporate governance statement; the text is mostly unreadable tick marks and page numbers. Administrative filing with no readable substance.
1 Nov 2021other● Neutral
Appendix 4G checklist pointing to the governance statement on the company website, dated 29 October 2021. Administrative filing with no new information.
1 Nov 2021annual report● Neutral
Full FY2021 annual report (year to 30 June 2021), repeating figures already released: Uitkomst sold 292,261t for $20.7m, IDC loan repayment delayed to January 2022, Mopane mining right granted. No new substance beyond the 1 October results.
1 Oct 2021annual report● Neutral
Statutory accounts for the year to 30 June 2021, covering directors and financial statements. The accompanying results announcement carries the figures and the going-concern warning.
1 Oct 2021annual report▼ BadMajor
FY2021 loss $11.8m (FY2020: $12.2m), including a $6.5m Vele impairment; revenue $20.7m. Auditors flag a material uncertainty over going concern. Mopane mining right granted. IDC debt, now due 31 Jan 2022, can convert to equity if unpaid.
20 July 2021production update● Neutral
Uitkomst resumed operations on 19 July after unrest eased, resolving the suspension. About three and a half days of production, roughly 5,600 tonnes, were lost; the company is assessing whether to recover some or all of it.
14 July 2021production update▼ Bad
Uitkomst colliery (70% owned) operations temporarily suspended because of civil unrest in KwaZulu-Natal, where most employees live. No restart date given; the company hopes for a speedy resolution.
16 Mar 2021half year report● Neutral
Half-year results to 31 Dec 2020: loss narrowed to $2.7m from $7.1m, revenue $8.8m, gross loss $0.4m, cash $2.0m. IDC loan due 31 July 2021 (later extended); $22.9m (ZAR335m) extra Makhado funding still to be raised.
