Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2017regulatory community update▲ GoodMajor
Queensland says it is 'minded to grant' indicative approval for the Blair Athol lease transfer, subject to conditions the board calls not onerous (e.g. coal plant, rail and water access). Approval is expected shortly, with restart targeted Q1 2017.
25 Jan 2017production update▲ Good
Coal flowed from BNU on 22 January, 10 days ahead of schedule, and the first 100% USD letter of credit from Kingho (issued by Agricultural Bank of China) was received for January/February tonnes. This begins the Kingho offtake agreed in November.
23 Dec 2016other● Neutral
Update says BNU recommissioning is complete and the mine is in full production under the 5.5-year Kingho offtake (~7.5Mt). Blair Athol title transfer is still under Queensland assessment; the delay held up funds, so the A$4m placement was raised.
8 Dec 2016capital raising announcement● NeutralMajor
A$4.0m placement to institutional and sophisticated investors at $0.03, issuing 133.3M shares, led by Foster. Blair Athol lease transfer still awaits Queensland approval, now with production restart described as early 2017, later than the earlier late-2016 target.
21 Nov 2016investor presentation● Neutral
Roadshow presentation repeats the 5Mtpa target for 2017 across three mines and Indonesian completion targeted Q1 2017. Cites spot coking coal over US$289/t and thermal over US$109/t in November. Says Blair Athol is in final stages of acquisition.
18 Nov 2016production update▲ GoodMajor
Mining restarts at the BNU mine in Mongolia after the Kingho offtake was signed. The company ran the mine down in 2016 while building a new supply chain. Blair Athol lease transfer is still progressing through Queensland.
11 Nov 2016material agreement▲ GoodMajor
Long-form binding agreements signed with Kingho for the 5.5-year, roughly 7.5Mt BNU coking coal offtake, at minegate with USD letters of credit. This finalises the 18 October term sheet and the company says it underwrites a profitable Mongolian business.
7 Nov 2016resource reserve update▲ GoodMajor
Independent review by Xenith reinstates and lifts Blair Athol JORC reserves to 13.5Mt and resources to 44Mt, extending the mine plan from 5 to 7 years at about 2Mtpa. Lease transfer approval is still progressing.
2 Nov 2016other● Neutral
Foster Stockbroking has started research coverage of TerraCom, with the report on the company website. This follows its August engagement; the announcement gives no content from the report.
31 Oct 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company website for the governance statement. Administrative filing with no new information.
31 Oct 2016annual report● Neutral
Full 2016 annual report, with the chairman's letter recapping the name change, debt restructuring, equity raisings and the Blair Athol deal. Repeats previously reported figures; extracted text is truncated, so no new results are visible.
18 Oct 2016material agreement▲ GoodMajor
Binding term sheet with Kingho Group subsidiary for 5.5-year offtake of 7.5Mt of BNU hard coking coal, sold at minegate for USD under letters of credit. Supports the planned BNU restart; a definitive agreement is to follow in weeks.
14 Oct 2016contract award▲ GoodMajor
Orion signs a 5-year full-service mining contract with Link Mining for Blair Athol, effective on lease transfer. Link provides A$11.6m (A$4.1m working capital to TerraCom, A$7.5m restart costs), on top of the US$12m facility. Queensland approval is still pending.
12 Oct 2016other● Neutral
The company plans to investigate a 60MW solar power station on rehabilitated land at Blair Athol, with Singapore's Quantum Group and GHD. Only a planning study. Queensland approval to transfer the lease is still awaited.
6 Oct 2016investor presentation● Neutral
October roadshow presentation repeats known themes: 5Mtpa target across three mines in 2017, Blair Athol in its final acquisition stages, and strong coal prices. No new transactions or figures announced.
6 Oct 2016regulatory community update▲ Good
Foreign Investment Review Board approval received for the Blair Athol acquisition, clearing one condition. Queensland Government approval is still outstanding; first coal sales are targeted for December 2016.
3 Oct 2016annual report● Neutral
Annual report for the year to 30 June 2016, covering the period of the debt restructuring and name change. The extracted text only shows the directors and corporate sections; financial figures are in the supplemental release.
3 Oct 2016annual report● Neutral
Full-year results: net assets are a A$17.7m deficit at 30 June 2016, an improvement from the A$45.0m deficit at December. A$39.7m of waived interest and fees booked as income; US$112m of debt replaced by five-year facilities. Blair Athol timing unchanged.
29 Sept 2016debt financing▲ GoodMajor
US$12m of new funding secured to commission Blair Athol, at 9% interest, drawn progressively against milestones. US$3m is repayable over 12 months from commissioning and US$9m is rolling for 5 years. First coal sales targeted by end 2016.
23 Sept 2016asset acquisition disposition▲ GoodMajor
A binding Sale and Purchase Agreement is signed to acquire Blair Athol for A$1, with A$80m cash from the vendor joint venture for rehabilitation. This firms up the 4 July agreement. Still needs Queensland Government approval; 2Mtpa restart targeted for Q4 2016.
23 Sept 2016investor presentation● Neutral
Roadshow presentation repeats known plans. It cites higher coal prices (coking coal over US$181/t in September) and a 1.1Mt BNU target for 2017. Describes Blair Athol as completed although approvals are still outstanding.
8 Sept 2016director officer appointment● Neutral
David Stone, already Vice President Operations, is appointed an Executive Director. The company says he brings operational expertise, with over 20 years in mining leadership roles.
6 Sept 2016capital raising announcement● Neutral
Two placements finalised: A$1.1m to European investors at $0.0206 for 55.4M shares, and A$1.0m via Foster Stockbroking at $0.0215 for 44.4M shares. The 30M Foster options are also issued. Resolves the August placements.
29 Aug 2016capital raising announcement● Neutral
Foster Stockbroking is engaged for advisory and research coverage, paid with 30M unlisted options (15M at $0.03, 15M at $0.045, expiring Aug 2018) rather than cash. It also agrees a placement of up to A$1.0m at $0.0215 per share.
23 Aug 2016investor presentation● Neutral
August investor presentation restates known plans: Blair Athol restart at 2Mtpa, cash-flow positive target Q4 2016, BNU 1.5Mtpa target Q1 2017, and Indonesian due diligence. Targets 5Mtpa across three countries by 2017. No new transaction announced.
23 Aug 2016capital raising announcement● Neutral
Agreement for a A$1.1m placement to three Eastern European investors led by Light Speed Commercial, priced at 90% of the 14-day VWAP before completion on 25 August. Chairman links it to funding Mongolia expansion, Blair Athol and the Indonesian mine.
8 Aug 2016capital raising announcement● Neutral
The US$1m Sea Honour placement is finalised at A$0.0166 per share, meaning 80,849,502 new shares, issued under the 7.1A placement capacity. This completes the placement agreed on 14 July, whose share count was then unknown.
15 July 2016other● Neutral
Company rebuts criticism by Lock the Gate and the Institute for Energy Economics and Financial Analysis of the Blair Athol deal, restating plans: 50 hectares of rehabilitation, 2Mtpa, Q4 2016 restart, local hiring. No new financial terms; acquisition still described as potential.
14 July 2016capital raising announcement▲ GoodMajor
US$1m placement to Hong Kong investor Sea Honour, owned by Anthony Steains. Price is set by a VWAP around 4 July, so share count is not yet known. Small raise, part of a funding plan for Mongolia, Blair Athol and Indonesia.
5 July 2016other● Neutral
Chairman's letter repeats known developments: bond restructuring of A$141m debt, the Blair Athol deal and a second overseas opportunity under due diligence. McRae says the company is now better placed to raise equity and may bring in new board members.
