Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2011quarterly activities report● Neutral
September 2011 quarter: FL2-151 and JBI-11091 were acquired, the Terranova agreement signed and the A$4m placement completed. Geological mapping began. Terranova indicative plan: mid-2012 start, US$10-20m capital, but operating licences are unlikely to be renewed.
22 Sept 2011capital raising announcement▲ GoodMajor
New Age raises A$4 million through a placement of 33.3 million shares at A$0.12, a 9% premium to the prior close, to Resource Capital Funds and Mr Chee Siew Yaw. Funds go to Colombian projects and accelerating Subachoque coking coal; 21.3m shares await shareholder approval.
What it means for a shareholder
33.3m new shares at A$0.120 to raise about A$4.0m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.00763% to 0.00585% of the company. To keep it you'd need 2,541 more shares - about A$305 at the issue price.
Create a free account to see this worked out for your own holding.
16 Sept 2011annual report● Neutral
Annual report to 30 June 2011: the Chairman describes a transition to Colombian coal, with five deals in three months and Terranova production expected in 2012. Alquife iron ore is still being pursued through a small minority stake. Largely repeats known developments.
2 Sept 2011director officer appointment● Neutral
Jim Black, previously with Hyder Consulting, OZ Minerals, Zinifex and BP, is appointed Scoping Study Manager for the Terranova mechanisation project, which still targets at least 300ktpa within 12 months. A project-team appointment, not a board change.
19 Aug 2011investor presentation● Neutral
August 2011 Colombian coal investor presentation repeating known facts: five deals in three months, Terranova 300ktpa target within 12 months, and Subachoque target of 35-64Mt. Shows 97.2m shares on issue and a A$0.125 share price (about A$12.9m market value, per the text's snapshot).
17 Aug 2011other● Neutral
Notice of a Boardroom Radio interview with the Managing Director on the Colombian coal strategy and the Terranova agreement. No new information.
10 Aug 2011material agreement▲ GoodMajor
New Age signs a binding deal to mechanise and expand the Terranova hard coking coal mine, which now makes about 25,000 tonnes a year, targeting at least 300,000 tonnes a year within 12 months. Entry cost is US$20,000 plus US$7-12/t royalty. Moves the company toward production.
3 Aug 2011asset acquisition disposition▲ GoodMajor
Through the Aurora partnership, New Age agrees to buy 100% of the FL2-151 coking coal concession in the Subachoque Syncline, with a 10-18Mt conceptual target. Upfront payments are US$600,000 over 6 months; about 25% of the concession lies in a National Park. Subachoque target now 30-58Mt.
28 July 2011quarterly activities report● Neutral
June 2011 quarter: the Colombian coal strategy launched via the Aurora partnership, with three Cesar concessions (6,685ha, 250-1,000Mt conceptual target) and the Subachoque coking coal application (20-40Mt target). A Bogota office opened; drilling tenders expected by end July. No resource yet.
27 July 2011asset acquisition disposition▲ GoodMajor
New Age agrees to acquire 100% of concession application JBI-11091 (1,466 hectares) near Bogota, its first Colombian coking coal project, with initial payments of US$250,000 over 8 months. A conceptual target of 20-40Mt is stated. The concession is not yet granted.
6 July 2011investor presentation● Neutral
July 2011 update of the Colombian coal presentation. It states a strategy of a coal business producing at least several million tonnes a year, and a combined Cesar target of 250-1,000Mt across three concessions. Largely repeats known facts.
8 June 2011asset acquisition disposition▲ GoodMajor
New Age and Aurora agree to acquire the 2,544-hectare La Miel concession in the Cesar Basin, with a conceptual target of 50-200 million tonnes. Initial payment is US$100,000 cash plus US$100,000 in shares. Cesar holdings now total 6,675 hectares, 90% owned.
23 May 2011investor presentation● Neutral
May 2011 Colombian coal investor presentation repeating the Cesar Project's conceptual 200-800 million tonne target and the Colombian strategy. The target rests on old seismic data and comparisons with neighbouring mines, not drilling. No new announcement is evident in the visible text.
11 May 2011asset acquisition disposition▲ GoodMajor
Through the Aurora partnership (New Age 90%, Aurora 10%), New Age agrees to buy two Cesar Basin coal concessions in Colombia totalling 4,141 hectares, next to Vale and Drummond mines. A conceptual target of 200-800 million tonnes is stated; no resource is defined.
6 May 2011material agreement▲ GoodMajor
New Age signs an exclusive partnership with Colombian mining services firm Aurora Energy to pursue thermal and coking coal projects in Colombia. This is a shift from the iron ore hunt, though the company says it is also still pursuing iron ore and base metals. Work on the ground began February 2011.
27 Apr 2011quarterly activities report● Neutral
March 2011 quarter: the Bunnawarra JV with Redfeather was allowed to lapse as too expensive, leaving a 15% interest. New Age and Jervois were granted the adjoining Badja tenement. It bought under 2% of Alquife but is not confident of acquiring the rest.
16 Mar 2011half year report▼ Bad
Half-year to 31 December 2010: loss of $946,543, up from $657,734 a year earlier. Review repeats the failed Spanish iron ore negotiations, the Bunnawarra Stage 1 status and dormant Africa exclusivity. The report states no significant changes in the company's state of affairs.
28 Jan 2011quarterly activities report● Neutral
December 2010 quarter: Alquife iron ore talks were ultimately unsuccessful, though talks continue and the company is not confident of a deal; deal costs were a significant part of operating outflows. Bunnawarra Stage 1 is satisfied (15% each) and commitments are being renegotiated. Cash fell to $4.306m.
19 Jan 2011asset acquisition disposition▼ BadMajor
Responding to Spanish press reports, New Age confirms it did due diligence on the Alquife iron ore mine in Spain. Negotiations with the majority owner were unsuccessful, though talks continue under exclusivity, and it is not confident of a deal.
24 Dec 2010other● Neutral
Amended securities trading policy for directors, executives and employees. Administrative; no company or project news.
26 Oct 2010quarterly activities report● Neutral
September 2010 quarter: still evaluating iron ore, base metals and other project opportunities, with no deal announced. No material Bunnawarra work. Cash fell to $4.717m after $351,000 of operating outflows.
30 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010 (text truncated). Fietz joined the board on 6 May 2010, and directors were granted unlisted options exercisable at 10 cents to 2013, 13m of them to Fietz. Financial results are not visible in the text.
26 July 2010quarterly activities report▲ Good
June 2010 quarter: rights issue completed and Fietz, appointed in May, is building a team to evaluate iron ore, base metals and other projects. Bunnawarra and Africa are unchanged. Cash rose to $5.068m.
6 May 2010director officer appointment▲ GoodMajor
The 42,705,505 shortfall shares were placed with the underwriter, raising a further $3,629,968, so the full $4,097,000 is raised before costs. This resolves the open question over the rights issue, and Gary Fietz is appointed Managing Director.
4 May 2010capital raising announcement● Neutral
5,494,495 shares and 457,874 options were issued to shareholders who took up their rights. The shortfall is still being placed with underwriter Patersons.
29 Apr 2010quarterly activities report● Neutral
March 2010 quarter: rights issue closed with the shortfall still being placed with the underwriter, and Fietz's appointment still pending. No significant Bunnawarra work and no Africa activity. Cash was $1.519m.
27 Apr 2010capital raising announcement● Neutral
The rights issue closed 23 April with shareholders taking up only 5,494,495 shares, leaving 42,705,505 shortfall shares for the underwriter. Funds of $4,097,000 are stated as received or underwritten. The underwriter has been notified of the shortfall.
13 Apr 2010investor presentation● Neutral
AGM addresses: Fietz has consulted part-time since February 2010 and will go full-time once the rights issue is fully subscribed. He says iron ore is a focus but the company is not limited to one commodity, and some projects have passed initial screening.
26 Mar 2010capital raising announcement● Neutral
Notice that the rights issue prospectus has been despatched to shareholders. The terms are unchanged: 1-for-1 at 8.5 cents, raising $4,097,000 before costs.
26 Mar 2010capital raising announcement▼ BadMajor
The share price closed at $0.06 on 25 March, below the 8.5 cent issue price, which is a trigger for Patersons to terminate the underwriting. Patersons has not terminated but is reserving its rights, putting the $4.1m raising at risk.
