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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2010quarterly activities report● Neutral
June 2010 quarter report: Mackenzie River initial drilling is complete (52 holes) with a resource statement pending. The Range is at 219Mt with a concept study due in September, after which the company will consider a strategic partner. New Cambria initial drilling is complete.
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.
30 Apr 2010quarterly activities report● Neutral
March 2010 quarter report restating The Range's 117Mt resource and the late March start of Mackenzie River drilling, delayed by wet weather. It says an increased Range resource is likely. Desktop studies at Emerald, New Cambria and Belview are nearing completion. No new results.
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.
29 Jan 2010quarterly activities report● Neutral
December 2009 quarter report restating the $6m IPO and listing, and The Range drilling results. A JORC resource is still expected in 1Q 2010, with Mackenzie River and New Cambria drilling to follow. No new results.
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.
4 Dec 2009other● Neutral
Company constitution lodged with ASX as a listing requirement. Administrative document with no new substance.
4 Dec 2009other● Neutral
Stanmore Coal was admitted to the ASX Official List on 4 December 2009, with 39,957,345 shares at $0.20 to begin quotation on 9 December under code SMR.
4 Dec 2009other● Neutral
Administrative list of pre-quotation disclosures to ASX, including the $850,000 cash and 9,000,000 shares paid to the CCC Vendors for the Comet Coal & Coke acquisition. No new information beyond the prospectus.
4 Dec 2009other● Neutral
ASX listing circular confirming quotation of 39,957,345 shares from 9 December 2009. Describes the company as a coking and PCI coal explorer and lists unquoted securities, including 36,585,125 seed shares and 9,000,000 shares to the CCC Vendors.
4 Dec 2009other● Neutral
Rules of the Employee Share and Option Plan, filed as a listing requirement. Administrative; no grants or figures announced.
4 Dec 2009capital raising announcement▲ GoodMajor
Confirms the IPO closed on 27 November 2009, raising $6,000,000 from 30,000,000 shares at $0.20, and that the Comet Coal & Coke purchase was completed with 9,000,000 shares and $850,000 cash. Tim Jones appointed Exploration Manager.
What it means for a shareholder
30.0m new shares at A$0.200 to raise about A$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
4 Dec 2009other● Neutral
Registry letter confirming escrow of 53,255,814 of 93,213,159 shares, plus 10,375,000 unlisted options. Administrative; it shows most existing holders are locked up after listing.
4 Dec 2009security holder rights change● Neutral
Standard terms and conditions for the company's unlisted options. Administrative document with no new transaction or figures.
20 Nov 2009other● NeutralMajor
Prospectus for Stanmore Coal's IPO offering 30,000,000 shares at $0.20 to raise $6 million, with Bizzell Capital and RBS Morgans as joint lead managers. Text is largely garbled, so details beyond the offer terms are not readable.