Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2011material agreement▲ GoodMajor
Guildford hired UBS to advise on a separate ASX listing of Terra Energy, in which it would stay a significant shareholder. South Gobi first coal is targeted for the first half of 2012, with a mining licence by end-2011. Company suggests over US$50m a year of operating cash flow.
23 Aug 2011drilling scheduled▲ GoodMajor
Sierra tenement EPC1822 in the Bowen Basin has been granted, resolving the earlier wait for grant. Drilling is scheduled to start early in the last quarter of 2011, taking Guildford to six rigs on its Queensland priority projects. Guildford owns Sierra 100%.
9 Aug 2011asset acquisition disposition▲ GoodMajor
Terra Energy, now 70% owned, completed the US$3.5m purchase of Alag Tevsh LLC, holding South Gobi licence 5262X. It adds a 0–122Mt Exploration Target, lifting South Gobi to 0–582Mt and Mongolia to 29–731Mt.
2 Aug 2011regulatory community update▲ Good
Guildford lodged an expression of interest for capacity at Abbot Point Coal Terminal stages 4–7, for Hughenden coal beyond the initial 10Mtpa envisaged via Townsville. It expects Hughenden might need about 20Mtpa of supply chain capacity. A scoping study is also under way.
8 July 2011asset acquisition disposition▲ GoodMajor
Terra Energy signed a non-binding-style heads of agreement, subject to due diligence, to buy 100% of a Mongolian company holding four projects, including the Javkhlant project with three mining licences and a completed feasibility study. Guildford also exercised its option to lift Terra Energy from 20% to 70%.
6 July 2011investor presentation▲ GoodMajor
EGM presentation, with the board saying it will exercise its option to lift Terra Energy from 20% to 70% on positive exploration results. Cash was A$35m at 31 May 2011; shares were $1.16, a A$479m market value. The EGM seeks to refresh the 15% share issue capacity.
4 July 2011drilling result▲ GoodMajor
South Gobi drilling on EL5264X hit about 21m apparent net coal, including a 13.7m seam with possible coking potential. A new Middle Gobi Exploration Target of 29–149Mt lifts the Mongolian total to 29–609Mt. Hughenden drilling is slower, and its target is still pending.
14 June 2011other● Neutral
Terra Energy, the Mongolian company in which Guildford holds a stake, opened an Ulaanbaatar office on 10 June 2011. Four rigs are drilling South Gobi and one Middle Gobi, aiming to define resources by the end of the Mongolian summer. Largely ceremonial.
3 June 2011regulatory community update▲ Good
Guildford says its Hughenden, Sierra and Kolan projects are not expected to be affected by Queensland's proposed Strategic Cropping Land policy, because exploration areas are mainly grazing land or outside the proposed protection zones.
31 May 2011material agreement▲ Good
Guildford signed a non-binding MOU with the Port of Townsville for a jointly funded feasibility study on exporting Hughenden coal via the Eastern Rail Access Corridor. It follows the November 2010 ARG rail MOU; a tripartite working party is set up.
24 May 2011director officer appointment● NeutralMajor
Craig Ransley, company founder and previously deputy chairman, becomes Non-Executive Chairman; Tony Bellas moves to deputy chairman. The board says the change reflects rapid progress fast-tracking project developments, with resource drill-outs under way at Hughenden and South Gobi.
16 May 2011joint venture update● Neutral
Hughenden partner Carpentaria resumed trading after Guildford's results, noting the 11.9m coal intersection is on EPC1477 owned by FTB, in which it holds 20% and Guildford 80%. Repeats Guildford's news with no new figures.
16 May 2011drilling result▲ GoodMajor
Hughenden hole H005c hit 11.9 metres net coal in Permian Betts Creek seams up to 5.5m, 70% thicker than expected; the Exploration Target is due within 30 days. South Gobi's first four holes hit 4–8m net coal; mining licence application targeted by July.
2 May 2011drilling result▲ GoodMajor
First hole in the South Gobi project in Mongolia hit about 8 metres net coal in three seams, the deepest at 87 metres. A mining licence application is expected in the third quarter 2011. Early result on the newly acquired Terra Energy assets.
20 Apr 2011farm in farm out completion● Neutral
Tiaro Coal confirms completion of the EPC1260 sale to Guildford for $3.3 million, finalising the 12 April heads of agreement. Duplicates Guildford's own completion announcement.
20 Apr 2011farm in farm out completion▲ Good
Guildford completed the 51% acquisition of EPC1260 from Tiaro for $3.3 million upfront plus the $5 million commitment. This finalises the 12 April heads of agreement and enlarges the White Mountain Project, with a combined Exploration Target of 40–815 million tonnes.
12 Apr 2011asset acquisition disposition▲ GoodMajor
Guildford signed a heads of agreement to buy 51% of EPC1260 from Tiaro Coal for $3.3 million plus a $5 million exploration commitment. Adjoining its EPC1250, it lifts the White Mountain Exploration Target to 40–815 million tonnes. The deal was introduced by TheChairmen1.
12 Apr 2011asset acquisition disposition● Neutral
Seller Tiaro Coal's own announcement of the EPC1260 heads of agreement: Guildford acquires 51% for $3.3 million with a $5 million exploration commitment. It repeats Guildford's terms and adds no new information.
11 Apr 2011drilling progress report● Neutral
Two rigs are drilling at Hughenden after Cyclone Yasi delays, and a third is secured for the overlying Blantyre coal, which shows some coking properties. The Exploration Target is still pending. Kolan drilling restarts late April; Sierra awaits grant. Morgan Stanley engaged as adviser.
5 Apr 2011farm in farm out agreement▲ GoodMajor
Och-Ziff funds, the 12.6% shareholder that introduced the project, get a call option over 25% of Terra Energy for A$25 million, exercisable only if Guildford lifts to 70%. Both exercising would leave Guildford with 52.5% and board control, potentially funding Mongolia.
4 Apr 2011director officer appointment▲ Good
Mark Turner, a mining engineer and former Chief Operating Officer of Northern Energy, joins as Chief Operating Officer on 30 May 2011 to strengthen the senior team across the Queensland projects and the Mongolian South Gobi project.
31 Mar 2011asset acquisition disposition▲ GoodMajor
Guildford agreed to buy 20% of Terra Energy LLC, holder of South Gobi and Middle Gobi coal permits in Mongolia, with an option to lift to 70%. Three rigs start in April. A new country beyond its Queensland projects; management says it could produce within 12 months.
10 Mar 2011half year report● Neutral
Interim financial report for the period to 31 December 2010 (first report since the company's May 2010 incorporation), with an Ernst & Young independence declaration. It restates the $25 million placement and drilling delays; the loss and cash figures are unreadable in the text.
4 Mar 2011other▲ Good
S&P index notice listing quarterly rebalance changes; Guildford Coal appears as an addition to the All Ordinaries index, effective after close on 18 March 2011. Third-party index announcement with no company operational change.
3 Mar 2011investor presentation● Neutral
Conference presentation restates known facts: 412 million shares, $0.715 price (18 February), $295 million market cap, about $48 million cash, and a six-person board under chair Tony Bellas. No new results or figures found in the readable text.
22 Feb 2011joint venture update▲ Good
Partner Carpentaria will fund its pro-rata share of Hughenden exploration, keeping its 20% of FTB after Guildford's first $2 million of spending. Two rigs are operating and an exploration target is being finalised. Guildford keeps 80%.
7 Feb 2011price query● Neutral
Guildford denies an Australian Financial Review report of change-of-control talks, saying it is in no such discussions and the article is incorrect. It acknowledges indicative, incomplete approaches since listing and says shareholders should not assume a bid will follow.
24 Dec 2010other● Neutral
Company adopts a securities trading policy applying from 1 January 2011, restricting insider trading and trading by key staff in closed periods around results. Administrative governance document with no new business substance.
21 Dec 2010director officer appointment● Neutral
Alan Griffiths was appointed a director on 17 December 2010, holding no shares or contract interests. This follows the plan to add independent directors to the board.
10 Nov 2010material agreement▲ Good
Guildford signed a non-binding memorandum of understanding with Australian Railroad Group (QR National subsidiary) to develop a pit-to-ship supply chain for an initial Hughenden open cut mine using the existing Mt Isa rail line. It only proceeds if drilling results and feasibility are favourable.
