Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2012capital raising announcement▲ GoodMajor
The Share Purchase Plan closed with $5.4m from shareholders and $1.8m from the underwriters' shortfall. A further $2.8m placement at $0.74 was added. Total raised since December is $24.1m, completing the funding flagged in November.
28 Dec 2011director officer appointment● Neutral
CFO Doug McAlpine was appointed joint Company Secretary, alongside Duncan Cornish who continues in the role. This continues the handover of finance duties that began when McAlpine joined in September.
13 Dec 2011capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible Australian and NZ shareholders can buy up to $15,000 of shares at $0.74 with no brokerage. The offer closes 13 January 2012. This is paperwork for the already announced raising.
9 Dec 2011capital raising announcement● Neutral
Wilson HTM and Bizzell Capital Partners (linked to director Stephen Bizzell) agreed to underwrite $7.25m of the up-to-$10m Share Purchase Plan at $0.74. The underwriting needs shareholder approval at an EGM on about 16 January 2012.
8 Dec 2011capital raising announcement▲ GoodMajor
Raised $14.1m through an institutional placement of about 19.1m shares at $0.74, a 9.8% discount to the last close. Funds go to The Range definitive feasibility study, exploration, port and rail commitments. This is the raising flagged at the AGM; a Share Purchase Plan of up to $10m follows.
What it means for a shareholder
19.1m new shares at A$0.740 to raise about A$14.1m. That's 93% dilution: every existing holder's slice gets 93% smaller. If you held A$1,000 of shares (1,351 at the issue price), your slice goes from 0.0904% to 0.00656% of the company. To keep it you'd need 17,257 more shares - about A$12,770 at the issue price.
Create a free account to see this worked out for your own holding.
8 Dec 2011investor presentation● Neutral
Capital raising presentation for the $14.1m placement at $0.74. The visible text is only disclaimers and risk warnings; the text is truncated and no new figures are visible.
5 Dec 2011regulatory community update▲ Good
Queensland Government approved the development scheme for the corridor containing the Surat Basin Rail route to Gladstone. Stanmore has applied for 5Mtpa of rail capacity for The Range; the company says construction is due late 2012 and first coal on rail in 2015.
30 Nov 2011investor presentation● Neutral
AGM presentation, November 2011. The visible text is only disclaimers, exploration-target notes and competent-person statements, with the 94Mt marketable reserve restated. No new results are visible; the text is truncated.
30 Nov 2011agm notice● Neutral
Chairman's AGM address recaps the year's progress and calls Mackenzie a challenging project needing significant further work. The board is evaluating funding options so new and existing shareholders can participate, which hints at a capital raising (an inference). Joint venture and offtake partners are being sought.
25 Nov 2011resource reserve update▼ BadMajor
Mackenzie now has a first 25.7Mt Indicated resource, lifting the total 45% to 143.2Mt. But coking coal yield averages only 26% (range 11-71%), well below earlier hopes, and processing problems must be solved. Work now focuses on the South and North East zones.
25 Nov 2011resource reserve update▲ GoodMajor
Belview gets an initial 95Mt Inferred resource in the Gemini seam, with a further 205-345Mt exploration target. Early washed results show hard coking coal (CSN 7, ash 7%) at 45% yield. This resolves the Inferred resource target set in September; a scoping study of deep underground mining is planned.
18 Nov 2011security holder rights change● Neutral
37,405,439 shares and 10.375m unlisted options (three series) come out of ASX escrow on 9 December 2011. This is administrative, but more shares become tradable.
16 Nov 2011resource reserve update▲ Good
Drilling west of The Range pit defined a new 60-70Mt exploration target in shallow coal, outside the 229Mt resource. It could add low-strip coal for early production. An Inferred resource is aimed for Q1 2012, weather permitting.
15 Nov 2011investor presentation● Neutral
UBS Coal and Iron Ore Seminar presentation, November 2011. The text provided is mostly disclaimers and competent-person statements; no new results are visible beyond the already announced 94Mt reserve.
11 Nov 2011regulatory community update▲ Good
Queensland's environment department finalised the Terms of Reference for The Range environmental impact statement. The EIS is due in Q1 2012, with mining lease grant expected by Q1 2013, in line with first coal in 2015. No issues that could delay the EIS have been found.
8 Nov 2011resource reserve update▲ GoodMajor
The Range pre-feasibility study confirms a 5Mtpa open pit thermal mine for 26 years from 2015, up from 18. Owner-mining NPV is $846m (contract mining $703m), with FOB operating cost $71.9/t and capital of $505m (owner) or $407m (contract). Reserve is unchanged at 94Mt.
31 Oct 2011quarterly activities report● Neutral
September 2011 quarter: four rigs drilled. WICET Stage 1 reached financial close, so the WICET 2 guarantee arrangements can now be settled. The Range reserve and Belview and Tennyson targets are restated, and first coal is still targeted for 2015. Text is truncated, so no cash figures are visible.
19 Sept 2011director officer appointment● Neutral
Doug McAlpine, formerly CFO of Watpac, joined as Chief Financial Officer on 19 September 2011. Duncan Cornish will progressively hand over CFO duties but remains Company Secretary. McAlpine will help negotiate port and rail contracts and the joint venture and offtake talks now under way.
16 Sept 2011drilling spud▲ Good
A four-hole drilling program has started at Kerlong, testing a potential underground hard coking coal target in the Rangal Coal Measures, modelled from about 500m depth. It follows the recent EPC 1769 grant; the aim is an initial Inferred resource.
14 Sept 2011annual report● Neutral
2011 annual report, the second since listing. The visible chairman's letter recaps the year: The Range 94Mt reserve, Belview and Tennyson drilling, and 7Mtpa WICET 2 rights. Financial statements are not visible in the text provided.
12 Sept 2011resource reserve update▲ GoodMajor
Five Belview drill locations define a 385-555Mt exploration target covering the western 26% of the lease. The six metre Gemini seam, once mined as hard coking coal at Leichhardt, is confirmed across the west; raw CSN reaches 8. An Inferred resource is now targeted by end 2011.
12 Sept 2011investor presentation● Neutral
September 2011 investor presentation. The text provided is mostly disclaimers and competent-person statements; no new results are visible.
6 Sept 2011material agreement▲ GoodMajor
Stanmore signed conditional agreements with the Adani Group for up to 12Mtpa of capacity in the planned Dudgeon Point terminal near Mackay from 2016: 5Mtpa each for Tennyson and Kerlong, 2Mtpa for Mackenzie. No funding is required until the 2013 feasibility study.
22 Aug 2011investor presentation● Neutral
Coaltrans Conference presentation on developing The Range, August 2011. The text provided is mostly disclaimers and competent-person statements; no new information is visible beyond the already announced 94Mt reserve.
22 Aug 2011material agreement▲ GoodMajor
Stanmore bought 7Mtpa of priority port capacity rights in WICET Stage 2 for $1.05m, and took over vendors' bank guarantees and interest of $5.77m. The guarantee is to be cancelled and interest repaid at WICET Stage 1 financial close, understood to be on track for September 2011.
4 Aug 2011resource reserve update▲ GoodMajor
The Range booked its first Marketable Coal Reserve of 94Mt (from 117.5Mt Probable ROM reserve), with 151Mt upgraded to Indicated and total resource up 5% to 229Mt. This exceeds the 55Mt WICET 2 requirement. It triggers a final $1.5m payment in shares to Comet Coal & Coke vendors.
29 July 2011quarterly activities report▲ Good
June 2011 quarter: six rigs drilled at peak activity. Mackenzie River program expanded from 26 to 40 holes and The Range from 28 to 50 holes; updated Mackenzie resource due September quarter, Range PFS September. Tennyson is at seven of eight holes. First coal still targeted for 2015.
15 July 2011investor presentation● Neutral
Presentation to the Noosa Mining and Exploration Conference, July 2011. The text provided is mostly disclaimers and competent-person statements, plus an overview restating the 318Mt Inferred Resource and a fully funded drilling program. No new results are visible.
5 July 2011drilling result▲ GoodMajor
Tennyson drilling, six of eight initial holes, found Aries seam 1.8-2.8m thick (average 2.5m), raising confidence in the upper end of the 220-290Mt exploration target. A JORC Inferred Resource is targeted for September quarter; coal quality tests are under way.
28 June 2011drilling result▲ GoodMajor
Belview drilling cut a six metre Gemini seam in two of three holes, at 562-814m depth. The seam was mined as prime hard coking coal at the Leichhardt Colliery, 4km west. Coking tests are under way; a Belview Inferred resource is targeted for Q3 2011.
