15 May 2019capital raising announcement● Neutral
Information booklet for the 3-for-20 entitlement offer at A$0.58, closing 29 May 2019. It carries the standard offer terms already announced; the text is truncated and no new figures are visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2019capital raising announcement● Neutral
Chairman's letter to shareholders restates the A$35m entitlement offer at A$0.58, 3 for 20. It opens 20 May and closes 29 May 2019. Proceeds go to reducing debt. No new terms.
10 May 2019other● Neutral
ASX notice that TerraCom's trading suspension is lifted following the refinancing announcement. Administrative only.
10 May 2019investor presentation● Neutral
Investor presentation supporting the A$35m entitlement offer announced the same day. Text is mostly disclaimers and is truncated, so no new figures can be drawn from it.
10 May 2019capital raising announcement▲ GoodMajor
TerraCom launches a fully underwritten 3-for-20 entitlement offer at A$0.58 to raise about A$35m, plus a US$20m convertible bond with OCP Asia (A$0.696 conversion, 9.95% coupon). Funds go to cutting debt for the refinancing; cash interest to fall about A$8m a year.
8 May 2019other● Neutral
TerraCom requested a trading suspension pending an announcement on part of its refinancing package. The suspension was to last until the announcement or the start of trade on 10 May 2019.
2 Apr 2019production update▲ Good
Mongolia sold a record 152,591t in March 2019 (131,486t coking coal), an annualised 1.8Mtpa. The thick-seam thermal pit is now due in the June quarter, versus April previously flagged.
20 Mar 2019resource reserve update▲ GoodMajor
Blair Athol marketable reserve rises to 23.5Mt, adding over three years and about 8 years of life at 3Mtpa. Total ROM reserves are 28.7Mt, up 59% since February 2018. This builds on the December resource upgrade; geotechnical work may add 1-2 more years.
8 Mar 2019other● Neutral
S&P index notice listing TerraCom among additions to the All Ordinaries from 18 March 2019. It is an index-provider announcement, not a company event, and says nothing about operations or finances.
4 Mar 2019asset acquisition disposition▲ GoodMajor
TerraCom agrees to buy Springsure Investments' 51% of Springsure Mining by issuing 9.23m shares at A$0.65, lifting its stake to 87%. The project holds a 191Mt resource and adjoins the Fernlee tenement bought in January 2018.
4 Mar 2019investor presentation● Neutral
Half-year results presentation repeats the strategy of lifting Blair Athol from 2.5 to 3Mtpa and Mongolia from 1.5 to 3Mtpa. Shows 397m shares, A$0.62 price, debt US$159m and 2.1Bt Queensland resource. Largely repeats known facts; text truncated.
28 Feb 2019half year report▲ GoodMajor
Half-year to December 2018: revenue A$171.9m (+280%), profit attributable A$3.3m versus a A$14.2m loss a year earlier. NTA is 11.38c, up from 7.24c. No dividend. Michael Avery resigned as director on 30 November 2018. Auditor review attached.
28 Feb 2019half year report▲ Good
Media release on the half-year: net profit A$3.2m, EBITDA A$52.6m and operating cashflow A$33.1m. Debt refinancing is expected by end April 2019, pushing back the earlier 'early 2019' timing. FY19 EBITDA guidance of A$130-150m maintained and cash is above A$17m.
5 Feb 2019debt financing▲ Good
TerraCom repaid the Blair Athol Dragline and CHPP facilities for A$3.3m, freeing that equipment as security. Debt face value is down 12.9% to US$159.6m since July, a step toward the planned debt restructure.
14 Jan 2019production update● Neutral
Blair Athol sold 605,423t in the December quarter, giving 1.22Mt for the half at US$92/t. The 2.5Mt FY19 sales target is confirmed. Slightly below the 637,000t secured earlier for the quarter. Danny McCarthy is now signing as CEO.
21 Dec 2018debt financing▲ GoodMajor
TerraCom paid the US$9.0m Euroclear bond coupon fully in cash for the first time, rather than PIK. Noble converted US$9m of its Blair Athol prepayment facility into 16.67m shares at A$0.75. Debt is down 11.2% to US$162.7m since July; refinancing is expected in early 2019.
6 Dec 2018resource reserve update▲ GoodMajor
Blair Athol Measured Resource rises 44% to 31.5Mt and Indicated 11.6Mt (+29%) after review of 3,421 historic drill holes. The company aims to convert the economic part to reserves, which the chairman says could extend mine life by 4-5 years, up to 13 years.
26 Oct 2018annual report● Neutral
FY18 annual report restates the transformation into a producer: Blair Athol ROM output 2.5Mt, sales 1.9Mt, revenue A$147m, EBITDA A$29m. Chairman says the balance sheet will be addressed in coming months and targets over 4.5Mt a year. Largely repeats known figures; text truncated.
26 Oct 2018annual report● Neutral
Appendix 4G corporate governance key for FY ended 30 June 2018, dated 26 October 2018. Governance statement is on the company website. Administrative filing with no new financial information.
24 Oct 2018director officer appointment▲ GoodMajor
Danny McCarthy, currently Chief Operating Officer at Mineral Resources, is appointed CEO from December 2018, based in Clermont. The company has had no CEO named in recent context; the chairman calls it the start of the next growth phase.
15 Oct 2018investor presentation● Neutral
October investor presentation shows 380m shares, A$0.74 price, A$281m market cap and A$195m debt, with a target of 5.5Mtpa (2.5Mt Blair Athol, 3.0Mt BNU). Largely repeats known facts; text is truncated.
12 Oct 2018production update● NeutralMajor
TerraCom plans to lift BNU Mongolia output to 3Mtpa by early 2019 by opening more pits, including BNU South coal (still an exploration target). Unseasonal wet weather hurt September quarter production. The wash plant is under feasibility review, with the 1 January 2019 start no longer reaffirmed.
8 Oct 2018contract award▲ Good
A 1-year Korean offtake for 320,000t at a fixed price for calendar 2019 adds to the Japanese deal; together they cover up to 55% of forecast 2019 Blair Athol sales. One millionth tonne loaded through the train load-out, which opened in April 2018.
2 Oct 2018production update▲ Good
September quarter Blair Athol sales were 613,558t at US$95/t, versus the 583,000t secured earlier at ~US$94/t. The A$72.5m cash rehabilitation assurance was replaced by a bank guarantee, with the cash pledged as security and earning interest.
28 Sept 2018resource reserve update● Neutral
First annual resources and reserves summary at 30 June 2018: Blair Athol reserves 16.5Mt recoverable (14.0Mt marketable); total JORC resources about 2,473Mt. Some licences with no resource were relinquished. Largely restates earlier estimates; the table is only partly readable.
26 Sept 2018contract award▲ GoodMajor
Blair Athol has buyers for 637,000t for the December quarter, taking H1 FY19 sales to 1.25Mt. A new 3-year offtake with a major Japanese customer covers up to 1,056,000t a year (42% of forecast Blair Athol sales), priced off the Newcastle index.
21 Sept 2018debt financing▲ Good
TerraCom paid US$1.4m to Noble, fully repaying Noble's Blair Athol Facility A. Debt is now down about 5.5% since 1 July 2018, continuing the August repayments of the Super Senior Note and Noble fuel facility.
7 Sept 2018other● Neutral
Updated share trading policy, amended 6 September 2018, setting insider-trading rules and closed periods for directors and staff. Administrative; no financial or operational news.
31 Aug 2018investor presentation▲ Good
FY18 results presentation repeats known figures: EBITDA A$28.6m, operating cashflow A$34.3m, cash A$13.9m. New: FY19 EBITDA forecast of A$130-150m, based on 2.5Mt from Blair Athol and 1.5Mt from BNU. Auditors removed the going-concern emphasis of matter.
31 Aug 2018other▲ Good
Media release on FY18: sales A$141.1m, EBITDA A$28.6m, net loss A$19.1m. Chairman says FY19 net operating profit of up to A$100m is expected, and the board prioritises refinancing the A$180m debt. Blair Athol rehabilitation assurance cut from A$80m to A$72m.