Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2018contract award▲ Good
Long-form contracts are signed for port access at Dalrymple Bay and rail haulage with Pacific National. Load-out construction is almost complete, rail line recommissioning is planned for 4 April and the first train is scheduled for 6 April, slipping from end-March.
16 Mar 2018regulatory community update● Neutral
ASX has reclassified TerraCom from a mining exploration company to a mining production company. It no longer has to lodge quarterly cashflow reports (Appendix 5B), but must file half-year and full-year reports within two months of period end.
13 Mar 2018regulatory community update● Neutral
Photo-only progress update on the Blair Athol train load-out, showing Aurizon rail works. It contains no new dates or figures beyond the boilerplate company description.
8 Mar 2018production update▲ Good
Blair Athol has sold 500,000 tonnes by truck-and-alternate-route to South Korea and China, and says its short-term sales book is full. Rail load-out construction is well advanced, with commissioning now expected around the end of March 2018.
28 Feb 2018half year report● Neutral
Half-year to 31 December 2017: loss of A$14.192m (prior year A$29.032m loss), on gross profit of A$10.125m and finance expense of A$17.219m. Blair Athol earned about A$22/t gross margin and BNU about A$13/t, the first operating revenue under the current strategy.
28 Feb 2018half year report▲ Good
Supplemental release to the half-year accounts: maiden operating EBITDA of A$5.525m and gross profit of A$10.125m (Blair Athol A$4.453m, BNU A$5.672m). Restates the 18Mt reserve and the March-quarter rail load-out timing.
16 Feb 2018capital raising announcement▲ GoodMajor
Rights issue completed: 55.3m retail shares (including shortfall) issued, taking total proceeds to about A$15m, as the underwriter covered the shortfall. Bonython also received 4,651,163 shares, 3,488,372 as a sub-underwriting fee and 1,162,791 for an additional placement.
13 Feb 2018resource reserve update▲ GoodMajor
Blair Athol JORC reserves rise from 15.6Mt to 18Mt, extending mine life to 9 years at ~2Mtpa. TerraCom says converting more resource could add 2-3 years. Rail load-out is still expected to be commissioned in the March 2018 quarter.
12 Feb 2018capital raising announcement● Neutral
The retail offer closed with applications for ~24.53m shares, raising ~A$5.24m at A$0.215. About 30.98m shares are shortfall, now passed to the underwriter. Institutional and retail takeup together is ~A$8.3m of the A$15m target.
31 Jan 2018capital raising announcement● Neutral
The retail offer booklet for the A$0.215 rights issue has been dispatched; the offer is open 31 January to 9 February. It repeats the Blair Athol rail load-out update: construction started, commissioning in the March 2018 quarter, forecast +A$20/t margin.
31 Jan 2018quarterly activities report● Neutral
December quarter report: both mines reached name plate rate in December and the 3.5Mtpa 2018 target is on track. Cash was A$1.07m at 31 December. It restates the rights issue (institutional portion raised ~A$3.1m) and the Matthew Hunter board appointment.
25 Jan 2018capital raising announcement● Neutral
Retail offer booklet for the 3-for-13 entitlement offer at A$0.215 a share, closing 5pm AEDT on 9 February 2018. It restates known terms and attaches earlier announcements. It adds no new substance.
25 Jan 2018capital raising announcement● Neutral
The institutional part of the rights issue raised about A$3.1m from ~14.4m shares at A$0.215, a fraction of the A$15m total. The retail offer opens 31 January and closes 9 February, with the remainder underwritten. The rail load-out is expected to be commissioned in the March 2018 quarter.
What it means for a shareholder
14.4m new shares at A$0.215 to raise about A$3.1m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (4,651 at the issue price), your slice goes from 0.00125% to 0.0012% of the company. To keep it you'd need 180 more shares - about A$39 at the issue price.
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24 Jan 2018director officer appointment● Neutral
Matthew Hunter joins the board as a Non-Executive Director, nominated by OCP Asia, which is described as TerraCom's largest shareholder and debt holder. He has 20+ years in finance, formerly a Managing Director at The Carlyle Group.
23 Jan 2018investor presentation● Neutral
Presentation supporting the rights issue repeats known terms: A$15m at A$0.215, with shares rising from ~302.1m to ~371.8m. The market capitalisation is A$64.95m at the 18 January price. It adds no new events beyond the announcement.
23 Jan 2018capital raising announcement● NeutralMajor
TerraCom launches a fully underwritten rights issue to raise about A$15.0m at A$0.215 a share, 3 new for every 13 held (~69.7m shares). Proceeds go to working capital, the Blair Athol rail load-out and partly repaying super senior notes. Gleneagle underwrites; Bonython Coal (John Singleton) sub-underwrites.
8 Jan 2018production update● NeutralMajor
December quarter run-of-mine output rose about 90% at BNU (282kt) and about 155% at Blair Athol (317kt) versus September. Super senior noteholders deferred US$7.5m of principal to 30 October 2018, in return for a US$2 per tonne BNU royalty for five years. TerraCom paid a ~US$4.1m bond coupon, with 50% capitalised.
22 Dec 2017production update▲ Good
TerraCom says Blair Athol and BNU are both producing at name plate rates, keeping the 3.5Mtpa target for 2018 (1.5Mtpa BNU, 2Mtpa Blair Athol). The first 58 hectares of Blair Athol rehabilitation is done, and the rail load-out is on track for February 2018.
14 Dec 2017security holder rights change● Neutral
Final consolidation notice confirms actual figures: 301,324,833 shares and 12,630,833 warrants, with 3,000,000 options. This is a minor correction to the prior notice, and the 10:1 consolidation is now complete.
12 Dec 2017security holder rights change● Neutral
Consolidation update: the actual post-consolidation share count is 301,324,833, slightly above the earlier estimate of 301,324,479. Issue date is 12 December and normal trading resumes 13 December. No other changes.
4 Dec 2017security holder rights change● Neutral
With shareholder approval received, the 10:1 consolidation takes effect 4 December 2017, cutting shares from 3,013,244,790 to an estimated 301,324,479. Warrants fall to 12.6m and options to 3m. 7.3m post-consolidation shares remain unissued to Cameron McRae.
30 Nov 2017other● Neutral
AGM speech: Blair Athol has mined 336,784t and sold 114,785t since 1 July; a rail load-out is due by end of February 2018, saving at least A$15 per tonne. BNU should hit 1.5Mtpa by year-end, and the company plans to address its balance sheet.
30 Nov 2017agm notice● Neutral
All eleven AGM resolutions passed with over 99% support, including the 10:1 share consolidation (99.78% for). Wal King and Jim Soorley were elected and Philip Forrest re-elected. Share issue approvals and a higher non-executive director fee cap were also approved.
24 Nov 2017director officer appointment● Neutral
Non-Executive Director Cameron McRae, formerly Executive Chairman, resigns for personal reasons and will not stand for re-election. His re-election resolution at the AGM is withdrawn.
1 Nov 2017quarterly activities report● Neutral
September quarter: first quarter with coal sold in both Mongolia and Australia. BNU sold 158.6kt. Cash was only A$0.82m, and the first Blair Athol sales receipt came in October. Targets 3.5Mtpa combined output.
27 Oct 2017security holder rights change● NeutralMajor
TerraCom details the 10:1 share consolidation, subject to shareholder approval at the 30 November meeting. Shares fall from 3,013,244,790 to 301,324,479, with the effective date 4 December 2017. Unquoted warrants and options are also consolidated.
27 Oct 2017other● Neutral
Routine corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the website governance statement. No new substance.
27 Oct 2017annual report● Neutral
The 2017 Annual Report is published, repeating known events: BNU restart, the Blair Athol acquisition and first coal, and the board changes. It says a Blair Athol rail load-out is expected early 2018, ending interim trucking.
2 Oct 2017annual report● Neutral
Full-year financial report to 30 June 2017 lodged, covering the BNU restart and the Blair Athol acquisition. Detail is in the companion results release; the registered office is now at the Blair Athol mine in Clermont.
2 Oct 2017annual report▲ GoodMajor
TerraCom reports its first annual profit, A$5.04m (2016: A$51.8m loss), driven by a A$45.7m gain on acquiring Blair Athol and a A$19.6m tax benefit. Net assets turned positive at A$9.6m, from a A$17.7m deficiency.
