Past year: ▲ 511900%(0.09c – 4.61 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2010capital raising announcement● Neutral
Issued 5,000,000 shares to a company-controlled trust to meet Johannesburg Stock Exchange requirements for a secondary listing, as there are no South African shareholders. The trustee agreed not to vote; no cash raised.
24 June 2010regulatory community update▲ GoodMajor
South African Section 11 approval to lift the Ledjadja interest from 49% to 74%. Interest rises to 65% now because the spend condition is met; the extra 9% depends on other arrangements. Resolves the pending consent thread.
22 June 2010other● Neutral
Re-release of a 10 October 2008 notice on settling the Tasmanian tenement acquisitions (shares issued to EIL and Tiger Coal vendors). Carries no new information; superseded by the correction at ref 8.
22 June 2010drilling spud● Neutral
Began a 24-hole coal exploration program (12 cored) on the Woodbury tenement in Tasmania, costing about $500,000 over 10 weeks. Boikarabelo remains the main focus; Tasmania would be diversification if results justify an open-cut mine.
21 Apr 2010asset acquisition disposition▲ Good
Bought a 1,273 hectare keystone property for about A$3m, linking its other landholdings around Boikarabelo. Says it now owns enough land for decades of mining. Recent infill drilling (21 cored, four percussion holes) there may lift resource and reserve classification.
18 Mar 2010other▲ GoodMajor
placeholder
25 Feb 2010asset acquisition disposition● Neutral
Paid $6 million to complete the Draai Om and Witkopje land purchase announced on 15 February 2010. Completes that acquisition.
24 Feb 2010investor presentation● Neutral
February 2010 investor presentation repeating the Boikarabelo story. Shows 159.4m shares, about A$65m market cap, A$17m cash and no debt. Cash is down from $26m at September 2009, consistent with the land purchases.
18 Feb 2010investor presentation● Neutral
Shareholder letter after the mining rights application: restates the 603Mt probable reserve, 6 billion tonne resource, A$700m pre-feasibility capex and January 2013 production target. Rights expected early 2011; funding talks hoped well advanced by then. No new figures.
15 Feb 2010asset acquisition disposition▲ GoodMajor
Signed an agreement to buy more land covering the Draai Om and Witkopje tenements of the Ledjadja right, taking holdings to seven portions totalling 8,397 hectares for the Boikarabelo mine. Follows the 5,625 ha bought in December 2009.
11 Feb 2010regulatory community update▲ GoodMajor
Mining rights application lodged for the Boikarabelo mine; production is still targeted for January 2013. The department normally takes about 12 months to award rights. Funding options come after offtake and transport plans are settled.
28 Jan 2010quarterly activities report● Neutral
Quarter to December 2009: restates the 603Mt probable reserve and the pre-feasibility result, and the land purchase of 5,625 ha. Mining rights application is due February 2010, with production targeted January 2013. Offtake and export logistics remain key issues.
22 Jan 2010resource reserve update▲ GoodMajor
Boikarabelo (formerly Waterberg) probable saleable reserve doubled to 603Mt, with a new 1.7 billion tonne inferred resource, from drilling 16% of the Ledjadja area. Builds on the earlier 302Mt Waterberg #1 reserve; more drilling planned.
15 Dec 2009asset acquisition disposition▲ GoodMajor
Acquired five Waterberg land parcels totalling 5,625 hectares for about $13m, as sites for the washery, stockpiles and transport facilities. Four are registered and the fifth is in final registration. Uses part of the July rights issue money.
2 Dec 2009investor presentation● Neutral
UBS Coal Seminar presentation on the South African coal industry, rail and ports, and RES's Waterberg tenements and land acquisition. Mostly background and known facts.
26 Nov 2009other▲ GoodMajor
Pre-feasibility study confirms the Waterberg coal project (renamed Ikarabela), with A$700m estimated capital cost. Targets mining right early 2011 and production January 2013, at 3Mt export plus at least 3Mt domestic coal a year. Mining rights application and bank-backed detailed study planned for 2010.
26 Oct 2009investor presentation● Neutral
AGM management presentation: restates the Waterberg progress, the $30m rights issue and the 302Mt reserve. It reports a $26m cash balance at September 2009 and land acquisition for mine infrastructure. Largely repeats known facts.
8 Oct 2009quarterly activities report● Neutral
Quarter to September 2009: Section 11 approval received, Witkopje (L1) drilling completed with resource targeted January 2010, five Waterberg land parcels near settlement, and pre-feasibility study due by end-2009. US$2.9m of the US$5m earn-in spent.
21 Sept 2009annual report● Neutral
2009 annual report: pro forma for the July rights issue, cash is $35m, assets $91.4m, liabilities $4.6m. Restates the 302.4Mt reserve and 2.0 billion tonne W1 resource; AGM set for 26 October 2009. Mostly known facts.
7 Sept 2009regulatory community update▲ GoodMajor
South African approval received under Section 11(1) for RES to lift its Waterberg Coal JV interest from 20% to 70%, once US$5m is spent (about US$3.4m spent so far). Clears the regulatory condition on the earn-in.
24 Aug 2009investor presentation● Neutral
August 2009 year-in-review presentation: 154.3m shares, about $85m market capitalisation, $35m cash, no debt, 2.0 billion tonne Waterberg resource and 300Mt reserve. Largely repeats known facts.
24 Aug 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of Paul Jury presenting the annual report. No new information.
10 Aug 2009investor presentation● Neutral
Notice of a Boardroom Radio audio interview with Paul Jury on the Waterberg resource upgrade and reserve delineation. No new information.
7 Aug 2009admin correction● Neutral
Clarifies the morning's 302.4Mt Waterberg #1 saleable reserve: until committed coal sales contracts are signed, reserves are classed as probable rather than proven. No new figures.
7 Aug 2009resource reserve update▲ GoodMajor
Waterberg #1 split into a reserve area (43%, 302.4Mt probable saleable coal) and a resource area (57%, 1.1 billion tonnes indicated, 569Mt after shale discount). This moves part of the earlier inferred resource up to indicated and books the first reserve, as flagged for August.
31 July 2009other● Neutral
Shareholder distribution at 30 July 2009: 3,227 holders of 154.1m shares, with 181 holders owning 77% of shares. Administrative disclosure only.
31 July 2009other● Neutral
Top 20 holders at 31 July 2009 from 154.1m shares. CVC Limited leads at 8.1%, then Equitas Nominees 6.5%; top 20 hold 48.4%. Administrative disclosure only.
29 July 2009capital raising announcement▲ Good
Shaw Corporate Finance found buyers for the 45.7m shortfall shares plus 0.6m ineligible-holder shares, completing the $30.75m raising at 40c. New shares issue 30 July. The raising is complete.
23 July 2009capital raising announcement● NeutralMajor
Entitlement offer drew valid acceptances for only about 40% (30.7m shares) of the 76.9m offered. Underwriter Shaw Corporate Finance must place the remaining 45.7m shares plus 0.6m ineligible-holder shares, so the underwriting was needed.
14 July 2009quarterly activities report● Neutral
Quarter to 30 June 2009: Waterberg analysis nearly complete, a coal reserve now expected in August 2009, and Ledjadja drilling on Witkopje started in July. US$2.8m of the US$5m earn-in spent. Tasmania drilling still awaiting access. Entitlement offer pending.
