18 Dec 2017admin correction● Neutral
Registry provider Link Market Services has moved its Brisbane office to Level 21, 10 Eagle Street. Administrative notice listing many companies; no substance for Stanmore.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2017production update▼ BadMajor
Port congestion at Dalrymple Bay (45 vessels queued) will push two December semi-soft coking coal shipments into January. Half-year EBITDA guidance is cut from $23-26m to $17-20m; FY18 1.2Mtpa production guidance and full-year results are said to be not materially affected.
25 Oct 2017investor presentation● Neutral
AGM Managing Director presentation at $0.55 share price and $138.5m market cap (24 Oct 2017), up from $0.395 days earlier. Restates the hub strategy and Isaac Plains focus; no new information visible.
25 Oct 2017other● Neutral
Chairman's AGM address: Isaac Plains turned into a full mine in FY17 and the board is being renewed. Neville Sneddon repeats he leaves in the new year. Quotes NPAT of $6.2m, which differs from the $12.0m reported in the accounts. No dividend.
17 Oct 2017investor presentation● Neutral
September quarter presentation at $0.395 share price and $99.5m market cap (13 Oct 2017). Sprint Capital holds 22%. Repeats the quarterly report's strategy and results; no new information visible in the readable text.
17 Oct 2017quarterly activities report▲ Good
September quarter: record coal sales of 411kt at A$124.58/t, cutting stockpiles from 258kt to 164kt. Net cash rose from $11.9m to $21.3m. FY18 guidance of 1.2Mt is unchanged, but Isaac Plains East first coal is pushed to early Q1 FY19 (previously Q4 FY18) on approval-timing risk.
26 Sept 2017annual report● Neutral
2017 Annual Report repeating the FY17 results and strategy, with a $103.2m market cap at $0.41 (13 September 2017). Shows the new directors Butel and O'Connor. No new information visible.
22 Sept 2017regulatory community update▲ GoodMajor
Public notification for Isaac Plains East closed on 14 September with no objections or submissions. Mining lease and environmental authority grants are now expected in early 2018, a key approval step towards first coal.
18 Sept 2017director officer appointment● NeutralMajor
Stewart Butel (ex-Wesfarmers Resources) and Neal O'Connor join the board as independent directors. Chairman Neville Sneddon will retire, with a new Chair to be elected early in the new year.
31 Aug 2017debt financing▲ GoodMajor
Taurus facilities extended two years to 15 November 2019. Bonding facility rises to US$29m and working capital facility is US$22m; the royalty on Isaac Plains Complex proceeds rises from 0.8% to 1.0%, with a 3% establishment fee and interest unchanged at 10%.
31 Aug 2017annual report▲ Good
Statutory accounts for FY2017 show revenue of $137.8m (from $12.7m) and a net profit of $12.0m, against a $19.7m loss the year before. No dividend; the audit is unqualified.
31 Aug 2017annual report▲ GoodMajor
First full year of production: net profit $12.0m on revenue of $137.7m, versus a $19.7m loss. Net cash was $11.9m, and FY18 guidance is 1.2Mt product at about A$100/t unit cost. No dividend.
31 Aug 2017other● Neutral
Appendix 4G corporate governance statement lodged with the annual report. Administrative filing with no new substance.
24 Aug 2017resource reserve update▲ GoodMajor
Isaac Plains Complex resource rises from 76.9Mt to 79.2Mt, 70% Measured and Indicated. It comprises 48.5Mt at Isaac Plains and 30.7Mt at Isaac Plains East, where Measured coal rose from nil to 10.5Mt.
24 Aug 2017resource reserve update▲ GoodMajor
Isaac Plains Complex ROM reserve rises 8% from 15.2Mt to 16.4Mt despite 1.28Mt mined, extending open-cut mine life to 2029. Isaac Plains East reserve is 11.09Mt, with a lower strip ratio for the first three years.
15 Aug 2017material agreement● Neutral
Golding, the Isaac Plains mining contractor, is being sold to NRW. Stanmore says it is business as usual and is working through the consent process its contract requires for a change of control.
31 July 2017director officer appointment● Neutral
Joint Company Secretary Duncan Cornish has resigned. Ian Poole, the CFO, remains as Company Secretary. Administrative change.
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.