Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2015annual report▼ BadMajor
Annual report to 30 June 2015: the board is curtailing Lochinvar work until coking coal prices improve (contract price US$89/t versus US$165/t in the study). Cash was $531,748 plus about $606,000 undrawn from RCF. A Redmoor review may lead to exploration, farm-in or sale.
30 July 2015quarterly activities report● Neutral
June 2015 quarter: first 14,427,494 shares issued to RCF on 5 June at 1.5c, raising A$216,412. Lochinvar activity was limited to stakeholder meetings, and a strategic review of Redmoor continues.
29 May 2015auditor change● Neutral
Auditor changes from DFK Collins to DFK Kidsons, because the previous engagement partner moved to the new practice. ASIC consented to the resignation. Administrative.
18 May 2015capital raising announcement● NeutralMajor
Binding facility with largest shareholder RCF for up to US$600,000 (A$746,000), with shares at 1.5c over 19 months or an 8% loan. First call: 14.4m shares for A$216,412, lifting RCF from 31.887% to 34.886%. Management says it funds the company until well into 2016.
29 Apr 2015quarterly activities report● Neutral
March 2015 quarter: Lochinvar forward program (seismic, infill drilling) was only planned, not started. The company says it is pursuing funding discussions and cut costs, including a Melbourne office move, citing challenging market conditions.
15 Apr 2015other● Neutral
Administrative notice: registered office and principal place of business moved to Level 3, 480 Collins Street, Melbourne, with new phone and fax numbers. No substantive information.
12 Mar 2015half year report● Neutral
Half-year to 31 December 2014 shows a loss of $803,729 versus $1,028,702 a year earlier. It repeats the resource, scoping study and cost-cutting points, and notes the Terranova termination of 12 January 2015.
16 Jan 2015quarterly activities report▼ BadMajor
December 2014 quarter: Colombian joint venture with Aurora lapsed 31 December 2014 and the Terranova agreement was terminated 12 January 2015. The company is cutting UK and Melbourne costs, focusing on Lochinvar, with a 2015 program prioritisable if funding is reduced.
30 Oct 2014quarterly activities report● Neutral
September 2014 quarter report restates the Lochinvar scoping study (NPV9 US$263M, IRR 20%, capex US$284M) and the 111Mt resource (49Mt Indicated). No new results beyond the 27 October study and the August resource.
27 Oct 2014investor presentation● Neutral
Presentation of the 27 October scoping study results: NPV US$263M, IRR 20%, capex US$284M, 1.4Mtpa over 26 years, opex US$70/t. It repeats the same-day announcement with no new substance, though notes 38% of mined coal is Indicated and 56% Inferred.
27 Oct 2014other▲ GoodMajor
Lochinvar scoping study shows an NPV of US$263M (after tax), 20% IRR, 4.9-year payback and US$284M capital cost, for 1.4Mtpa clean coal over 26 years. Construction is planned for 2017 and first coal in 2018. It is a preliminary study; 56% of mined coal is Inferred.
25 Sept 2014annual report● Neutral
Annual report to 30 June 2014 shows the board cutting directors' and management pay (about $80,000 a year saved) with coking coal prices at an 8-year low. Development target is now 2018, versus 2016-2017 earlier. Scoping study due October.
16 Sept 2014investor presentation● Neutral
September 2014 presentation repeats the 111Mt resource (49Mt Indicated), 31-64Mt exploration target and coal quality, with the scoping study due October. Longer-term plans include 2015 drilling and a pre-feasibility study. No new results.
29 Aug 2014resource reserve update▲ GoodMajor
Lochinvar resource is now 111Mt: 49Mt Indicated and 62Mt Inferred, converting 44% of the earlier Inferred resource and trimming the total by 1Mt. A new exploration target of 31-64Mt is set. Coal quality indicates 75% yield low-ash coking coal.
31 July 2014quarterly activities report● Neutral
June 2014 quarter report: all six Phase 1b holes hit the Nine Foot Seam, though LCL-032 was thin (0.70m). Indicated Resource now expected in August and the scoping study in October, slipping again from September.
7 July 2014admin correction● Neutral
Re-release of the 3 July scoping update, adding the JORC resource table and removing the production-rate figures, which the company says should not be relied on as they are conceptual. No other changes.
3 July 2014drilling result● Neutral
Options selection for the Lochinvar scoping study is complete, with a single miniwall mine of 1.8-2.2Mtpa raw coal chosen for detailed study. Two extra holes finished 2 July; the Indicated Resource is due in July and the study by late September, later than earlier guidance.
27 June 2014other● Neutral
Administrative notice that the share registry, Link Market Services, moves to a new Perth address from 30 June 2014. No new information for shareholders.
20 May 2014drilling result▲ GoodMajor
All four Phase 1b Lochinvar holes hit the Nine Foot Seam (1.59-2.15m seam thickness), supporting a partial upgrade of the 112Mt Inferred resource to Indicated. Two more holes were added, delaying the Indicated estimate and scoping study timelines. Cash was $3.3M at 15 May 2014.
15 May 2014other● Neutral
Administrative notice that 37.5m shares were issued at 4 cents on 15 May 2014. This appears to be the deferred-settlement placement to RCF and Chee Siew Yaw (inference from matching amounts: 25m plus 12.5m shares).
30 Apr 2014quarterly activities report▲ Good
March 2014 quarter report: first three Phase 1b holes completed, with the Nine Foot Seam intersected in all three and results held until the program ends. Raised $2.19m in total, with the Lochinvar South licence granted. Colombian spending is being cut.
10 Apr 2014capital raising announcement● Neutral
The Share Purchase Plan raised $249,500 (6.24m shares at 4c). Resource Capital Fund took a further 3.65m shares ($146k), for a total of 25m shares ($1m) and a 31.9% holding. Total raised is about $2.19m.
What it means for a shareholder
6.2m new shares at A$0.040 to raise about A$249,500. That's 2.0% dilution: every existing holder's slice gets 2.0% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.00824% to 0.00807% of the company. To keep it you'd need 514 more shares - about A$21 at the issue price.
Create a free account to see this worked out for your own holding.
10 Apr 2014admin correction● Neutral
Compliance notice under ASIC Class Order 09/425 for the share purchase plan, stating NAE has met its disclosure obligations. Administrative only.
3 Apr 2014capital raising announcement● Neutral
Reminder letter that the Share Purchase Plan announced on 18 March closes on 4 April 2014. No new information.
31 Mar 2014asset acquisition disposition● NeutralMajor
NAE terminated the Cesar thermal coal agreement in Colombia, returning the concessions with no further costs. It will fund Terranova until its extension is obtained, and Aurora's stake there rises from 10% to 20%. Colombia is cut to one employee, focusing on Lochinvar.
21 Mar 2014other● Neutral
Administrative notice that 8,725,000 shares were issued at 4 cents, matching the March placement tranche to other investors. No new information.
21 Mar 2014admin correction● Neutral
Repeat of the previous day's section 708A notice for the same 8,725,000 shares issued at 4 cents. Administrative re-release with no new substance.
18 Mar 2014capital raising announcement● Neutral
NAE offers existing shareholders a Share Purchase Plan at 4.0c per share, $1,000-$15,000 each, capped at $600,000. Directors intend to take part. Scoping study is now guided to July/August 2014.
13 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 shows a loss of $1.03m, down from $2.80m a year earlier. It recaps Phase 1b drilling, the Lochinvar South licence and the March placement. Production target is now stated as 2017, versus 2016 in earlier documents.
11 Mar 2014other● Neutral
ASX lifted the trading suspension on NAE after the capital raising announcement. Procedural notice only.
