26 Oct 2018other● Neutral
Updated company constitution adopted after shareholder approval at the 2018 AGM. Administrative document; the readable text shows no specific changes of substance for shareholders.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2018director officer appointment● Neutral
Director Patrick O'Connor resigns after four years. Andrew Martin, a founding director who served 2008-2014, is nominated for election at the 26 October 2018 AGM; he is nominated by substantial shareholder St Lucia Resources International.
21 Sept 2018annual report▲ Good
2018 Annual Report repeats FY18 results: revenue $208.1m (up 51%), net profit $6.0m, debt free, maiden 2c dividend. Shows 251.8m shares, $0.89 price and $224m market cap at 10 Sep 2018; Sprint holds 22%. Chairman says FY19 will focus more on thermal resources.
4 Sept 2018security holder rights change● Neutral
Dividend Reinvestment Plan booklet released, to start subject to shareholder approval at the 2018 AGM. Shareholders can take new shares instead of cash dividends, and shares may be issued at a discount. Follows the dividend announcement.
27 Aug 2018annual report▲ GoodMajor
FY18 net profit was $5.966m (down from $12.035m) on revenue of $208.1m, up 51%. Underlying EBITDA was $45.5m, up 70%, in the guided range. The working capital facility was repaid, leaving the company debt free, and a maiden 2c dividend was declared.
27 Aug 2018investor presentation● Neutral
FY18 results presentation repeating the reported figures: gross profit $52.29m, underlying EBITDA $45.55m, maiden 2c dividend, $8m lower bonding. No new information visible in the readable text.
27 Aug 2018annual report● Neutral
Appendix 4G corporate governance statement for year to 30 June 2018, confirming the statement is on the company website. Administrative filing with no new operational or financial information.
27 Aug 2018annual report▲ Good
Full-year accounts to 30 June 2018: revenue $208.1m (up 51%), net profit $5.966m versus $12.035m (the prior year included a tax benefit). A 2c dividend is declared. The detail is covered in the separate results release.
27 Aug 2018dividend declaration▲ GoodMajor
Maiden unfranked dividend of 2 cents per share declared, payable 23 November 2018 to holders on the register at 31 October. A dividend reinvestment plan is proposed, subject to AGM approval. First dividend since the 2009 listing.
24 Aug 2018resource reserve update● NeutralMajor
Isaac Plains open-cut reserves at 30 June 2018 are 14.9Mt (11.5Mt marketable), 81% Proved, down from 16.41Mt in 2017 after 2.145Mt mined. Isaac Plains East reserves rose to 12.15Mt from 11.09Mt, with a new pit added.
24 Aug 2018resource reserve update▲ Good
Annual summary: total resources across all tenements are 1.7 billion tonnes, with Isaac Plains Complex resources up to 157Mt. Declared reserves total 144.4Mt (115.1Mt marketable). Reserves for Isaac Downs and Isaac South are expected in 2019. Largely consolidates earlier announcements.
31 July 2018asset acquisition disposition▲ GoodMajor
Stanmore completes the Wotonga South purchase from Peabody's Millennium Coal, renamed Isaac Downs, funded from company cash flow. It resolves the June deal. A 22.8Mt resource, 10km from the Isaac Plains plant, supports an 8-10 year mine life, subject to approvals.
27 July 2018resource reserve update▲ GoodMajor
First JORC 2012 resource for Isaac South (EPC755), 100% owned, of 52.0Mt, 50% Measured and Indicated, lying south of the newly bought Wotonga South. Exploration is planned in FY19 to firm it up and extend it south.
18 July 2018investor presentation● Neutral
June quarter presentation at $0.80 share price and $201m market cap (16 July 2018), up from $170m in January. Sprint Capital holds 22%. Repeats the quarterly report; no new information visible in the readable text.
18 July 2018quarterly activities report▲ Good
June quarter: Isaac Plains East operations began, first coal expected in August, and FY19 aims for about 1.8Mt product. FY18 underlying FOB cost was A$111/t versus A$105/t guidance; underlying EBITDA is expected at $43.5-45.5m. Isaac Plains bank guarantees fall about $8m.
21 June 2018contract award▲ Good
NRW's Golding Contractors agrees to mine Isaac Plains East from July 2018, adding about $93m to its existing Stanmore contract and extending the term to June 2019. This continues the mining contractor relationship started in 2015 at Isaac Plains.
12 June 2018asset acquisition disposition▲ GoodMajor
Stanmore agrees to buy the Wotonga South coking coal deposit from Peabody for $30m cash ($6m at completion, $24m deferred over 12 months) plus a capped royalty of about $10m. Resource is 22.8Mt, 10km from the Isaac Plains plant; needs FIRB approval and is to be funded from cash flow and debt facilities.
28 May 2018resource reserve update▲ GoodMajor
Isaac Plains Complex resource rises from 79.2Mt to 82.2Mt, with measured tonnes up 41% after drilling and a 3D seismic survey. 79% is now measured and indicated; the Isaac Plains East resource is trimmed to 29.7Mt from 30.7Mt.
28 May 2018resource reserve update▲ GoodMajor
Maiden Probable reserve of 12.9Mt (9.4Mt marketable) declared for Isaac Plains Underground, based on the pre-feasibility study at 1.2Mtpa ROM. This supports the bankable feasibility study being run with Mastermyne; an upgrade in category is anticipated after it.
23 May 2018other● Neutral
Revised securities trading policy adopted 23 May 2018, setting clearance and blackout rules for directors and employees. Governance housekeeping with no effect on operations or finances.
30 Apr 2018quarterly activities report▲ Good
March quarter sales recovered to 404kt (from 183kt) at an average A$151/t as port queues unwound; ROM rose to 382kt despite weather and a 9-day dragline breakdown. Net cash rose from $14.6m to $23.4m. FY18 guidance of 1.2Mt is reconfirmed; IPE non-mining capital is $7.8m.
9 Mar 2018other● Neutral
S&P Dow Jones quarterly index rebalance notice covering many companies. The readable text does not show Stanmore being added or removed; no substance for Stanmore.
5 Mar 2018regulatory community update▲ GoodMajor
Isaac Plains East mining leases and Commonwealth EPBC approval are granted, resolving the approvals thread open since January. Reserves of 11.09Mt add about 7 years of mine life; production is expected from early Q1 FY19, supporting a 1.8Mt product target for FY19.
2 Mar 2018contract award▲ Good
Mastermyne (ASX:MYE) says it won the Early Contractor Involvement role for Stanmore's Isaac Plains Underground bankable feasibility study, expected to take 26 weeks. Stanmore prefers to sole-source underground mining services from Mastermyne if commercial terms are agreed, subject to board approval.
26 Feb 2018half year report▲ Good
Half-year accounts to 31 December 2017 show net profit of $8.036m versus a $0.541m loss, on revenue of $82.8m. No dividend. Interim accounts for the full figures; the headline results are covered in the separate announcement.
26 Feb 2018half year report▲ Good
Half-year profit after tax of $8.036m (prior-year loss $0.541m) on revenue of $82.8m. Underlying EBITDA is $18.758m, within the cut guidance. Net cash is $14.6m after debt fell to $2.6m. FY18 guidance holds at 1.2Mt and $105/t.
29 Jan 2018quarterly activities report● NeutralMajor
December quarter sales fell to 183kt (from 411kt) as port queues delayed shipments, and ROM output fell to 271kt. Stanmore will mine Isaac Plains and Isaac Plains East concurrently, targeting about 40% more ROM in FY19, with $9.7m pre-production capital. The Isaac Plains Underground feasibility study (BFS) proceeds. FY18 unit cost is now guided at $105/t.
29 Jan 2018investor presentation● Neutral
December quarter presentation at $0.675 share price and $170.0m market cap (25 Jan 2018), with Sprint Capital at 22%. Includes board profiles. Repeats the quarterly report; no new information visible in the readable text.
25 Jan 2018regulatory community update▲ GoodMajor
Isaac Plains East environmental authority issued on 24 January 2018, with landholder and overlapping gas tenure agreements executed. Mining leases are expected in the coming months, and first coal remains on track for early Q1 FY19. This follows the September public notification.
21 Dec 2017director officer appointment● NeutralMajor
Stewart Butel, a director since September 2017 and ex-Wesfarmers Resources head, becomes Chairman from 1 February 2018, succeeding Neville Sneddon. This completes the chair handover flagged in September, with Sneddon on the board since October 2009.