Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2021quarterly activities report● Neutral
September 2021 quarter: Uitkomst ROM output 120,260t (down 12%, hit by the four-day unrest shutdown). Sales 70,545t, with revenue per tonne up 86% to $108. Cash $3.5m. Makhado funding is now expected to be finalised Q1 CY2022, later than earlier targets.
29 Oct 2021quarterly activities report● Neutral
September 2021 quarter cash flow: operating inflow $1.0m on receipts of $9.3m; cash $3.5m. IDC loan $10.6m is due 31 January 2022. No new substance beyond the quarterly report.
19 Oct 2021agm notice● Neutral
AGM set for 14 December 2021, with director nominations due by 26 October 2021. Administrative notice only.
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.
30 July 2021quarterly activities report● Neutral
June 2021 quarter cash flow: operating cash inflow $0.1m on receipts of $7.1m; cash ended at $3.2m (March: $2.3m). IDC loan of $11.3m is now due 31 January 2022; ABSA facilities add $2.7m.
30 July 2021quarterly activities report▲ Good
June 2021 quarter: Uitkomst ROM output 127,927t, up 208% on a lockdown-hit year-earlier quarter; sales 90,858t. IDC extended the R160m loan and R245m Phase 1 loan drawdown date to 31 Jan 2022. Makhado funding due diligence continues; cash $3.2m.
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.
22 Apr 2021quarterly activities report● Neutral
Text not readable.
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.
15 Mar 2021half year report● Neutral
Half-year to 31 Dec 2020: loss $2.7m (H1 FY20: $7.1m) on revenue $8.8m and a $0.4m gross loss at Uitkomst. Full report adds Makhado is 93.3% owned and Uitkomst 100% (corrected to 70% elsewhere). Cash $2.0m.
23 Feb 2021director officer appointment● Neutral
Details of the CEO change: Berlin resigned with no bonus and 4,417,503 unvested performance rights cancelled. Randazzo's interim CEO base pay is R5.72m a year with a bonus of up to 100%. The contract is open-ended with no notice period.
12 Feb 2021director officer appointment● NeutralMajor
Non-executive director Sam Randazzo, chair of the Audit & Risk Committee, will be interim CEO when Brenda Berlin leaves on 15 February 2021. The permanent CEO search is said to be at an advanced stage.
10 Feb 2021debt financing▲ GoodMajor
The IDC extended repayment of the R160m ($10.3m) loan plus interest to 31 July 2021, from 30 November 2020. The R245m Phase 1 term loan drawdown deadline is also extended to 31 July 2021, subject to IDC due diligence. Unpaid debt can convert to equity.
5 Feb 2021other▲ GoodMajor
Headline says the Mopane mining right was granted, ending the pending application noted earlier. The announcement text was not readable, so no details are available.
29 Jan 2021quarterly activities report● Neutral
Text not readable.
4 Jan 2021other● Neutral
Tennyson Securities is appointed sole AIM broker, replacing Mirabaud Securities. It employs the broking team that left Mirabaud, so the company describes it as continuity. Administrative change.
18 Dec 2020admin correction● Neutral
The company's registered address in South Africa changed to Bramley, Johannesburg, effective 18 December 2020. Administrative notice only.
8 Dec 2020director officer appointment▼ BadMajor
Acting CEO and executive director Brenda Berlin will step down effective 15 February 2021. A search for a permanent CEO is under way, and the company says her exit is not expected to affect finalising Phase 1 funding.
30 Nov 2020debt financing▼ BadMajor
The R160m IDC drawdowns plus interest fall due 30 November 2020. MC Mining has applied to extend, and if no deal is reached the debt can be converted into equity. Phase 1 now needs about R575m ($37.1m), with R130m equity still to find in Q1 CY2021.
9 Nov 2020agm notice▼ Bad
Two AGM resolutions on the Columbia Skies share issue are withdrawn because Columbia Skies defaulted on its subscription agreement and the shares will not be issued. This closes the roughly R10m raise announced in September.
30 Oct 2020quarterly activities report▼ Bad
September 2020 quarter: Uitkomst ROM output 137,284t (up 1%) but sales fell 25% to 57,616t. Columbia Skies failed to fund its roughly R10m subscription. Cash is $1.6m, and Makhado Phase 1 funding is now expected Q4 CY2020/Q1 CY2021.
22 Oct 2020annual report● Neutral
FY2020 annual report. Uitkomst ROM output was 431,354t (down 9%) with production cost per saleable tonne down 16% to $63.01. It records the new R245m ($17m) IDC loan and in-principle funding of $14m for Makhado Phase 1. Rest of the report was truncated.
22 Oct 2020agm notice● Neutral
Cover letter to shareholders who do not receive email notices, pointing them to the virtual AGM on 20 November 2020. Proxies are due by 18 November. No new substance.
22 Oct 2020admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on pages 32 to 42. Compliance paperwork with no new substance.
21 Oct 2020agm notice● Neutral
The 2020 annual report and notice of AGM were posted to shareholders. The AGM will be a virtual webcast at 10am London time on 20 November 2020. Administrative notice only.
30 Sept 2020investor presentation● Neutral
Presentation of FY2020 results (year to 30 June 2020) by Acting CEO Brenda Berlin. Only the disclaimer was readable here, so no new figures could be extracted beyond the same-day results.
30 Sept 2020other● Neutral
Text not readable.
30 Sept 2020annual report● Neutral
Full statutory accounts for the year to 30 June 2020. Only the directors' profiles were readable here; no financial figures could be extracted.
