Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2018agm notice● Neutral
Chairman's AGM speech repeats FY18 milestones and the September quarter results. It notes new Queensland financial provisioning laws passed 14 November, with further announcements expected, and a target above 4.5Mtpa. Nathan Boom is named as both Company Secretary and CFO.
27 Nov 2018agm notice● Neutral
All 19 AGM resolutions passed. Paul Anderson's election drew the most dissent, at 43.6% against. Approvals included the long-term incentive plan, director options and a Noble share issue ratification.
31 Oct 2018quarterly activities report▲ Good
September quarter: cash A$33.1m, group EBITDA A$24.7m, Blair Athol EBITDA A$32.4m on 614kt sales, while Mongolia lost A$5.7m after wet weather. December quarter sales forecast 972kt; FY19 EBITDA guidance of A$130-150m maintained.
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.
31 Aug 2018annual report● NeutralMajor
FY2018: revenue A$147.1m (up 76.5%) and a loss of A$18.4m, versus a prior-year profit of A$22.5m that included a A$60.9m Blair Athol acquisition gain. Net tangible assets 7.24 cents per share. The audit opinion is unqualified.
24 Aug 2018debt financing▲ Good
TerraCom paid US$2.8m to settle the equity-convertible Noble Fuel Facility, which was due in January 2018. The company says debt has fallen about 5% since 1 July 2018.
9 Aug 2018debt financing▲ GoodMajor
TerraCom paid US$8.6m principal and interest to fully repay the US$12m Super Senior Note A facility, which it says came from operations. That was earlier deferred to October 2018. It equals about a 4% debt reduction, and all bondholders now rank equally.
31 July 2018quarterly activities report● Neutral
June quarter missed forecast: sales 649,220t versus 912,000t; EBITDA A$21.0m versus A$25.8m forecast. BNU was hit by an excavator breakdown and pit wall problems (EBITDA A$4.0m versus A$8.1m). Blair Athol margin A$48/t beat forecast. Cash A$13.9m.
2 July 2018production update● NeutralMajor
June quarter Blair Athol sales were 384,672t against a 462,000t forecast, with the final shipment slipping to July. Price and margin met forecast (A$42/t). Cash was A$11.9m. A revised plan targets 2.5Mt of Blair Athol sales in FY2019.
12 June 2018debt financing▲ Good
TerraCom paid ~US$4.3m Euroclear bond interest, again paying 50% in kind (PIK). It says this should be the last PIK payment. It repeats the State Bank of India refinancing partnership, still a non-binding mandate.
8 June 2018production update▲ Good
Blair Athol has secured 520,000t for the September quarter at a forecast US$92/t, targeting 650,000t total and a margin above A$54/t, up from the ~A$42/t forecast for June. June quarter sales are said to be in line with forecast.
7 June 2018debt financing▲ GoodMajor
A subsidiary bought 41 Clermont properties with an initial A$15m State Bank of India loan at 7.61%. SBI also signed a non-binding mandate to lead refinancing of existing debt at about 6-7% for 3-5 years, aiming at a US$50m commitment. Foster exercised 750,000 options at $0.30.
6 June 2018drilling result▲ GoodMajor
Drilling 12 km south of the BNU mine found a thick new coal deposit, BNU South, with intersections up to 122m gross coal in 42 holes. Further drilling is under way, with development targeted late Q3/early Q4 2018 if proven. Not yet a resource.
23 May 2018director officer appointment● Neutral
Paul Anderson joins the board as a non-executive director, nominated by Bonython Coal No 1, a substantial shareholder that sub-underwrote the February rights issue. Board now has eight directors including two shareholder nominees (OCP Asia's Hunter and Bonython's Anderson).
7 May 2018production update▲ Good
Blair Athol has buyers for 532,000t for the June quarter at a forecast average US$78/t, about US$41.5m revenue. This secures the 462,000t forecast plus 70,000t shipping in July, and supports the earlier ~A$41/t margin forecast.
1 May 2018quarterly activities report▲ Good
March quarter: Blair Athol rail load-out finished (cost ~A$9.9m to date, forecast +A$20/t margin) and trucking ceased 30 March. Cash A$1.62m; 377.1m shares. June quarter forecast: 912,000t sales, EBITDA A$25.8m. BNU wash plant now forecast for 1 January 2019, delayed.
20 Apr 2018other● Neutral
Corporate governance statement setting out TerraCom's board practices against ASX recommendations, stated as at 25 October 2017. It notes no formal board or executive performance evaluation was done in the year. Administrative; no new business information.
9 Apr 2018production update▲ GoodMajor
Blair Athol's dedicated train load-out was commissioned on 6 April 2018, with the first ~9,700t train loaded for Asia, completing the March-quarter target. BNU set a daily export record above 10,000t, equal to almost 3Mtpa annualised.
