29 Dec 2010other● Neutral
Adoption of a securities trading policy, effective 24 December 2010, setting clearance rules for directors and staff dealing in company shares. Governance document with no impact on projects or finances.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2010drilling result▲ GoodMajor
A coal seam gas well on the Belview northern boundary, shared under a data arrangement, cut multiple seams totalling 16.9m, including 3.83m of Pisces. This suggests the coking seams mined at the adjacent Leichhardt mine continue into Belview; 2011 drilling is planned.
6 Dec 2010investor presentation● Neutral
December 2010 investor presentation giving a company overview. The text provided is mostly disclaimers and highlights repeating known facts; nothing new is visible.
22 Nov 2010investor presentation● Neutral
Annual General Meeting presentation of 22 November 2010. The text provided is mostly disclaimers and the start of the chairman's address; no new results are visible.
9 Nov 2010regulatory community update▲ GoodMajor
Lodged Mining Lease application 55001 and an Environmental Authority application for The Range (219Mt Inferred thermal coal), following the September conceptual study. It is the first Stanmore project to reach this stage, in line with first coal in Q1 2015.
9 Nov 2010other● Neutral
Notice that 9,000,000 shares will be released from ASX escrow and become tradable on 3 December 2010. Administrative, though it adds tradable supply.
8 Nov 2010admin correction● Neutral
Corrects dates in the 4 November announcement: allotment and holding statements on 9 November, and new shares trading from 10 November 2010. Administrative only.
4 Nov 2010capital raising announcement▲ Good
The $13.2m entitlement offer closed oversubscribed, with applications over $23.8m and over 97% of entitlements taken up. Additional share applications were scaled back, so 482,967 shares ($386,374) are allotted. Completes the $25.7m raising.
13 Oct 2010capital raising announcement● Neutral
Offer booklet and personalised forms for the entitlement offer were sent to eligible shareholders. Acceptances close 29 October 2010. Administrative.
12 Oct 2010investor presentation● Neutral
October 2010 Coal Exploration Hotspots conference presentation giving a company overview. The text provided is mostly disclaimers and repeats known facts.
1 Oct 2010investor presentation● Neutral
Capital raising presentation supporting the $25.7m raise, included in the offer booklet. The text provided is mainly disclaimers and repeats known project facts.
1 Oct 2010capital raising announcement▲ GoodMajor
Raises $25.7m: a $12.5m placement at $0.90 (about 13.9m shares) plus a fully underwritten 2-for-13 entitlement offer at $0.80 for $13.2m. Funds progress Mackenzie River and The Range and speed up exploration. First raise since the $6m IPO at $0.20.
1 Oct 2010capital raising announcement● Neutral
Offer booklet for the 2-for-13 renounceable entitlement offer at $0.80, closing 29 October 2010. It carries the terms, risks and underwriting summary for the raise already announced.
24 Sept 2010annual report▲ Good
FY2010 annual report, the first as a listed company. It restates the $6m IPO, 318Mt of Inferred Resources, 290-370Mt of further exploration targets, and the Range and Mackenzie River results. The report claims a share price rise of about 400%.
14 Sept 2010other● Neutral
Notice that 6,850,375 shares will be released from ASX escrow and become tradable on 8 October 2010. Administrative, though it adds tradable supply.
13 Sept 2010other▲ GoodMajor
Minserve's conceptual study finds The Range viable: a 5Mtpa open pit, 2015-2032, with NPV A$298m at US$95/t (owner mining) and capex A$502m (A$299m contractor). Resolves the September study; the company will now look at funding, including a minority equity partner.
13 Sept 2010investor presentation● Neutral
Rodman & Renshaw conference presentation giving a company overview. Cites 318Mt of JORC Inferred Resources across coking and thermal coal; text provided is mostly disclaimers and repeats known facts.
2 Sept 2010resource reserve update▲ GoodMajor
Mackenzie River gets its first JORC Inferred Resource: 99Mt of coking coal, 66Mt of it shallower than 75m. This resolves the pending resource. A further 70-80Mt exploration target is flagged; washed yield averaged 51% at 14.8% ash.
26 July 2010resource reserve update▲ GoodMajor
The Range's JORC Inferred Resource rises modestly to 219Mt from 208Mt in May. The concept study is due in September. The text states an initial strip ratio under 4:1.
29 June 2010drilling spud● Neutral
Drilling began at the 100%-owned New Cambria project, with 22 scout holes planned to test for shallow PCI coal near faults. This follows the earlier plan for drilling in the first half of 2010. Nearby colliery data suggests a high-yield, low-ash product.
1 June 2010drilling result▲ GoodMajor
Early Mackenzie River drilling shows coking properties, with raw CSN up to 7.5. An initial exploration target of 110-170Mt is set for the western area. A JORC Inferred Resource is aimed for within three months; the eastern area coal so far is thick but dirty.
1 June 2010investor presentation● Neutral
June 2010 investor presentation repeating known company and project facts. It shows a 70c share price at 28 May, $65m market capitalisation, $4.7m cash at 31 March and no debt. No new announcements.
19 May 2010resource reserve update▲ GoodMajor
The Range's JORC Inferred Resource rises to 208Mt from 117Mt in April, with washed product averaging under 8% ash. A concept study has begun, and more drilling has started. Coal found east of the resource is not yet included.
19 May 2010investor presentation● Neutral
Conference presentation by the MD repeating known facts, including the 208Mt Range resource. It also gives cash of $4.7m at 31 March, no debt, 93.2m shares and a 75c share price at 16 May, versus the 20c IPO price.
10 May 2010resource reserve update▲ Good
A desktop study by SRK sets an Emerald exploration target of 220-290Mt of export thermal coal in the Aries Seam, from about 150m depth. This is a target, not a resource; field drilling aims for a JORC Inferred Resource in three to four months.
8 Apr 2010resource reserve update▲ GoodMajor
The Range's first JORC Inferred Resource is 117Mt of open pit thermal coal, well above the 40-50Mt IPO exploration target. This resolves the April expectation. A further 100-125Mt exploration target is flagged, and more drilling has started.
18 Mar 2010drilling progress report● NeutralMajor
Drilling began at Mackenzie River, a potential large open pit coking coal project, with a four-to-five month programme planned. Weather delays pushed the Range JORC Inferred Resource estimate from 1Q to April 2010.
11 Mar 2010half year report● Neutral
Half-year accounts to 31 December 2009 show a loss of $1,113,039, versus $18,412 a year earlier, as the company listed and began exploring. Directors are Sneddon, Jorss, Martin, Bizzell and Forbes.
18 Dec 2009drilling result▲ GoodMajor
Initial drilling at The Range (15 holes, about 2,000m) hit stacked seams generally over 5m thick at depths under 80m. The deposit is likely to substantially exceed the 40-50Mt exploration target; a JORC resource is expected in 1Q 2010.
9 Dec 2009drilling spud▲ GoodMajor
Drilling began at The Range thermal coal project in the Surat Basin, with results and coal quality data expected by late March 2010. Mackenzie River drilling is expected to start in the New Year.