Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2012regulatory community update▲ GoodMajor
Mining Lease Application ML10369 is lodged for Clyde Park (formerly White Mountain), for a combined open cut and underground mine. This meets the end-2012 target. A Hughenden underground application is targeted for late January 2013. Resource remains 623Mt Inferred.
30 Nov 2012investor presentation● Neutral
2012 AGM presentation. The extract shows only cautionary and competent-person statements, so no new information is visible.
29 Nov 2012asset acquisition disposition▲ GoodMajor
Guildford agrees to buy out Terra Holdings' 25% of Terra Energy, valuing it at A$50m, making Terra Energy wholly owned. Payment is $3m deposit (paid), $2m cash, 40m shares at $0.75, and $15m in cash or shares a year later. Terra Holdings gets a board nominee right.
27 Nov 2012other● Neutral
White Mountain Project is renamed Clyde Park Project, and its holding company renamed Clyde Park Coal Pty Ltd, to better reflect its location. Guildford still owns 62.7%; the 623Mt Inferred resource is unchanged and a mining lease application is due before end 2012.
19 Nov 2012resource reserve update▲ GoodMajor
South Gobi East Pit gets a maiden 40.5Mt Inferred resource, lifting the project total to 110.9Mt coking coal. Leighton is engaged to mine East Pit, with 2Mt in year one. A long-form 5-year Sojitz offtake is agreed, and North Pit mining is still forecast for late November despite local approval delays.
12 Nov 2012investor presentation● Neutral
Tiaro Coal, 30.6% holder of White Mountain, summarises Guildford's conference presentation. A conceptual start-up project would reach 10Mtpa with first coal in late 2015, capex of about $750m and operating cost of $75 per tonne. These are conceptual and subject to approvals.
9 Nov 2012investor presentation● Neutral
Presentation for the Galilee Basin conference reports conceptual mining studies for start-up mines at White Mountain and Hughenden, which the managing director says show conceptual viability of a large multi-pit development. Detailed figures are not visible in the extract. Guildford owns 62.7% of White Mountain.
31 Oct 2012quarterly activities report● Neutral
September quarter report: cash was $10.048m at 30 September, down from $25m at 30 April. It restates the North Pit licence, the $10m East Pit bond, the White Mountain upgrade to 623Mt and 62.7% stake, and an interim JORC resource of 2.53Bt across all projects.
29 Oct 2012annual report● Neutral
The 2012 annual report is released. The chair describes a transition from explorer to miner, with South Gobi first coal forecast late November 2012, the Kolan farm-in and the White Mountain upgrade to 623Mt. It largely restates known facts; the earlier reported loss was $21.9m.
24 Oct 2012asset acquisition disposition▲ Good
Guildford lifts its White Mountain stake to 62.7%, up 3.1 points from 59.6%, by taking up a rights issue that partner Galilee Co did not join. Studies for the approvals process are underway and a mining lease application is being prepared.
22 Oct 2012debt financing● NeutralMajor
Guildford decides to develop South Gobi's East Pit alongside the North Pit, ahead of Mongolian winter, funded by a $10m convertible bond from Gleneagle Securities. The bond runs 12 months with conversion at $0.50, plus warrants over up to 12m shares at $0.55 for 18 months.
17 Oct 2012other● Neutral
Short letter from the CFO confirming that the White Mountain resource announcement does not trigger a payment to TheChairmen1 under the Management Agreement. No further substance. It means no new success fee follows the upgrade.
17 Oct 2012resource reserve update▲ GoodMajor
White Mountain's JORC Inferred resource rose 138%, from 262Mt to 623Mt of thermal coal, after 14 more holes were added to the geological model. It came after the September quarter. Guildford holds 60%, and ongoing drilling aims to upgrade part of the resource to Indicated.
17 Oct 2012other● Neutral
Tiaro Coal, which holds 30.6% of White Mountain, re-releases Guildford's 623Mt resource upgrade with its own cover note. It adds no new information for Guildford shareholders.
15 Oct 2012joint venture update▲ GoodMajor
Terra Energy gets a mining licence over South Gobi North Pit, which was previously a pre-mining agreement. Mobilisation is underway with first coal forecast late November 2012, year-one output over 3Mt and start-up capex just over $10m. Positive cash flow is now forecast for Q1 2013, and East Pit design and contractor talks continue.
10 Oct 2012investor presentation● Neutral
Investor presentation dated 10 October 2012, promoting low-cost metallurgical coal production and margins from Mongolia. The extract shown is only disclaimers and competent-person statements, so no new information is visible.
28 Sept 2012annual report▼ Bad
Annual report for the year to 30 June 2012 shows a consolidated loss of $21.9m, against $4.8m the prior year. It expects South Gobi coal production in the December quarter 2012, and records Chait as Finance Director and Bellas's resignation.
11 Sept 2012joint venture update▲ GoodMajor
Terra Energy engaged Grand Power Mining for South Gobi North Pit, with mobilisation started and first coal forecast for late November 2012. Year-one output is forecast above 3Mt coking coal, start-up capex just over $10m, and a Sojitz offtake heads of agreement and Noble marketing agreement are signed.
7 Aug 2012security holder rights change▼ BadMajor
ASX waives listing rules to let Guildford issue $20m of shares to TheChairmen1 for the success fee without shareholder approval. The price is the greater of $0.20 and the 30-business-day VWAP around 9 July, with shares to be issued by 3 August.
31 July 2012quarterly activities report● Neutral
June quarter report: South Gobi mining start now slips to September 2012, with the mining contract due early August and offtake agreements by mid-August. The Hughenden maiden Indicated Resource, Terra and White Mountain stake increases, and the Kolan farm-in are restated, and a dividend is flagged as possible this financial year.
30 July 2012farm in farm out agreement▲ GoodMajor
Hancock Prospecting subsidiary QCI will fund $2m over three years to operate Kolan (EPCs 1872 and 2003), then can take 51% of a joint venture for a further $2m. Kolan has only hit thin seams to date, so this brings in a partner to carry on exploration.
26 July 2012resource reserve update● Neutral
The independent geologist's JORC statement supporting the 123.63Mt maiden Hughenden Indicated Resource on EPC1477 is released. It adds no new numbers and satisfies the condition for issuing the TheChairmen1 success fee shares.
23 July 2012asset acquisition disposition▲ GoodMajor
Guildford lifts its stake in Terra Energy (Mongolia) from 70% to 74.76% by converting a loan to shares, and in White Mountain from 56% to 59.6% by taking up a rights issue that Galilee Co did not join. A White Mountain resource upgrade is expected this quarter.
18 July 2012other● Neutral
TheChairmen1, the major shareholder, says it has no current intention to sell its 200m escrow-released shares, while reserving its rights. It expects the $20m success fee to be paid in shares at about $0.50 each, which implies roughly 40m new shares (inference).
9 July 2012security holder rights change▼ Bad
200 million shares held by TheChairmen1, issued at the 2010 listing, come out of 24-month escrow on 22 July 2012. This is the company's largest holding, roughly 42% of the 475.3m shares on issue (inference from the figures).
9 July 2012resource reserve update● NeutralMajor
Hughenden gets its first Indicated resource, 123.63Mt on EPC1477, suitable for underground mining, on top of the 1.619Bt Inferred. This triggers a $20m success fee to TheChairmen1, payable in Guildford shares, and a mining lease application is expected by end-2012.
29 June 2012director officer appointment● Neutral
CFO Louis Chait, who started 1 June 2012, joins the board, replacing non-executive director Tony Bellas, who resigns to take an executive role at an unlisted explorer. The board says this prepares it for South Gobi coal production.
26 June 2012drilling result▲ Good
Further drilling at White Mountain, up dip of the 262Mt Inferred resource, hit shallow coal, best being 11.88m net from 47.1m depth in hole WM_11. Consistent with the geological model; drilling continues to expand the open-cut resource. No resource change yet.
16 May 2012investor presentation● Neutral
Updated presentation largely repeating known facts. Cash was $25m at 30 April (down from $27.2m at 31 March), share price $0.67, market cap about $320m. Cites broker targets of $1.30–$2.20; still targets mid-2012 South Gobi mining.
3 May 2012investor presentation● Neutral
Investor presentation repeating known facts: 2.172Bt resource, $27.2m cash at 31 March, share price $0.675 and market cap about $322m, with 476.8m shares. Says funds suffice to start South Gobi mining. No new information.
