Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2017investor presentation● Neutral
Amended roadshow presentation of the June quarter results, showing 251.1m shares and an $84.4m market cap at $0.335 (17 July 2017), with Sprint Capital at 22%. Repeats known facts; no new information visible.
20 July 2017investor presentation● Neutral
June quarter presentation repeating the quarterly report. Shows 251.8m shares and an $84.4m market cap at $0.335 (14 July 2017), with Sprint Capital at 22%. No new information visible.
20 July 2017investor presentation● Neutral
Noosa Mining Conference presentation giving a company overview: Isaac Plains as platform asset, the leadership team, and multiple acquisition targets. Shows a $84.4m market cap at $0.335 (17 July 2017). Largely repeats known facts.
20 July 2017quarterly activities report▲ GoodMajor
June quarter records: 564kt ROM and 392kt product coal; FY17 output 1.20Mt, beating the 1.15Mt guidance. Sales 265kt at an average US$152/t; cash $27.5m. Isaac Plains East first coal slips to Q4 FY18; FY18 guidance is 1.2Mt.
27 June 2017production update● Neutral
June quarter semi-soft coking coal benchmark settles at US$126/t, higher than anticipated by the company. FY17 production is expected to slightly exceed 1.15Mt, but June quarter sales are trimmed to 265kt from 305kt as a thermal cargo slips to early July.
2 June 2017director officer appointment● Neutral
CFO Ian Poole is appointed joint Company Secretary after Andrew Roach resigns from the role. Administrative change.
2 June 2017production update▲ Good
May was another record month at 210kt ROM; June quarter ROM forecast rises to about 500kt. June quarter sales forecast is lifted to 305kt from 180kt. The 1.15Mt FY17 target is unchanged and the rail network is fully restored.
10 May 2017production update▲ Good
April was a record month with 205kt ROM mined; the company is on track for over 450kt in the June quarter and 1.15Mt for FY17. Rail has reopened, but June quarter sales are expected at only about 180kt, with carry-over tonnes sold in the September quarter.
19 Apr 2017investor presentation● Neutral
March quarter presentation repeating the quarterly report. Shows 251.1m shares and a $97.9m market cap at $0.39 (18 April 2017), and FY17 production of 1.15Mt. No new information visible.
19 Apr 2017quarterly activities report▼ BadMajor
March quarter: ROM coal 355kt, saleable 230kt (down 24%) and sales 205kt, hit by labour shortages, a fault zone and Cyclone Debbie. Rail outage pushes sales catch-up beyond 30 June. FY17 production guidance cut from 1.25Mt to about 1.15Mt.
19 Apr 2017director officer appointment● Neutral
Ian Poole (ex-Sedgman CFO) becomes CFO from early May and Bernie O'Neill (ex-Glencore) becomes General Manager Operations. Andrew Roach moves to portfolio and acquisitions work. The COO role is not replaced after Michael McKee's resignation.
4 Apr 2017material agreement▲ GoodMajor
New agreement with JOGMEC (subject to FIRB approval) gives A$3m of funding for Isaac Plains East studies and approvals and the underground investment decision. In return JOGMEC gets an annual right to tender some of the coking coal from these projects to Japanese buyers for 5-7 years. Builds on earlier JOGMEC deals.
3 Apr 2017regulatory community update● Neutral
Isaac Plains came through the cyclone with low impact and no material damage; mining and the plant are running again. Rail, however, is damaged and has no restart date, so April and May sales may be delayed.
3 Apr 2017regulatory community update▼ Bad
Aurizon estimates about five weeks to repair Goonyella rail line landslips near Sarina. Stanmore says delays may affect sales for the rest of FY2017 and will update full-year production forecasts once the effects are understood.
29 Mar 2017regulatory community update▼ Bad
Tropical Cyclone Debbie hits the Bowen Basin; Isaac Plains was shut into a protective phase beforehand and the port provider has declared force majeure. Production is expected to be hit for the rest of the week, with stockpiles helping cushion delays.
10 Mar 2017other▲ Good
S&P Dow Jones index notice listing quarterly rebalance changes. Stanmore Coal is added to the All Ordinaries Index from 20 March 2017. This is an index inclusion, not a company announcement.
28 Feb 2017half year report● NeutralMajor
Half-year to December 2016: revenue $59.4m and a net loss of $0.5m (versus a $6.4m loss). Unit cost was A$116.90/t against a sale price of A$107.90/t, a A$9/t loss margin, which the company ties to ramp-up. Isaac Plains East approvals are targeted for Q1 FY18, with first coal possibly Q3 FY18.
28 Feb 2017investor presentation● Neutral
Half-year results presentation: 16 shipments totalling 582kt and $59.4m revenue, unit cost of sales $117/t. Management expects higher prices to flow through in the second half of FY17. The $15m raising funds operational efficiency. Repeats the accounts.
30 Jan 2017investor presentation● Neutral
December quarter presentation repeating the quarterly report. Shows 251.1m shares and a $125.6m market cap at $0.50 (27 January 2017), and the March quarter benchmark of US$171/t. No new information visible.
14 Dec 2016capital raising announcement● NeutralMajor
Placement of 27.3m shares raises $15m at $0.55, a 12% discount to the last close of $0.625. Funds go to accelerated pre-strip and stockpiles, with a revised mine plan. FY17 guidance of 1.25Mt is kept, and the US$6m Taurus working capital facility remains undrawn.
What it means for a shareholder
27.3m new shares at A$0.550 to raise about A$15.0m. That's 67% dilution: every existing holder's slice gets 67% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.0136% to 0.00447% of the company. To keep it you'd need 3,712 more shares - about A$2,042 at the issue price.
Create a free account to see this worked out for your own holding.
14 Dec 2016investor presentation● Neutral
Presentation supporting the $15m placement at $0.55. Shows 222.7m shares and a $139.2m market capitalisation at $0.625, with Sprint Capital (Greatgroup) at about 25% (as read from the share-ownership chart). Management team listed; the rest repeats the placement announcement.
30 Nov 2016other● Neutral
AGM address: Isaac Plains ramp-up achieved but open-cut output below plan; highwall mining delivered about 220kt versus 300kt planned. Isaac Plains East approvals are the key focus. A portfolio review is under way and a joint venture partner for Isaac Plains is being considered (early stage). Viv Forbes resigns as director.
30 Nov 2016investor presentation● Neutral
Managing Director's AGM presentation reviewing the year: Isaac Plains restarted within 6 months, 82ha rehabilitated, Isaac Plains East applications lodged October 2016 and a drilling campaign starting December 2016. Notes processing plant reliability issues needed extra capital spending. Largely repeats known facts.
29 Nov 2016director officer appointment● Neutral
Nick Jorss, founder and Deputy Chairman, resigns as a director on 29 November 2016, two weeks after Dan Clifford took over as Managing Director. He stays on to assist the transition and remains a significant shareholder. His AGM re-election is withdrawn.
23 Nov 2016investor presentation● Neutral
Site visit presentation for analysts at Isaac Plains, repeating known points: FY17 sales target 1.25Mt, December quarter benchmark US$130/t, approvals for up to 4.0Mtpa ROM, about $350m replacement-cost assets. Visible text shows Mackenzie and Lilyvale at 85% and Clifford at 60% if farm-in completes. No new announcement.
14 Nov 2016director officer appointment● Neutral
Dan Clifford starts as Managing Director, as announced on 4 October. The board grows to seven directors. This completes the leadership handover; Nick Jorss moves to Deputy Chairman.
4 Nov 2016admin correction▼ Bad
Re-issue of the October presentation removing a Range reserve reference. The company had written down The Range's carrying cost at 30 June 2016, so the annual report shows nil reserves there. This reveals a material provision against The Range.
31 Oct 2016investor presentation● Neutral
October 2016 corporate presentation, 'A growing independent coking coal producer'. Visible text is only disclaimers and reserve notes; the rest is truncated. No new information visible.
28 Oct 2016admin correction● Neutral
Company clarifies that the quarter's 23.8:1 strip ratio includes pre-stripping typical of a ramp-up. It says completed strips since restart average 14:1, against a three-year average of 13:1. FY17 is expected to trend toward but stay above 13:1. This follows shareholder enquiries.
14 Oct 2016production update▲ GoodMajor
The December quarter semi-soft coking coal benchmark is set at US$130/t, up US$56 or 75% from US$74. It sets pricing on Isaac Plains' 900,000tpa term contracts, expected to apply to deliveries from about November to February. This resolves the earlier open question on rising coal prices.
