31 Aug 2026annual report▼ Bad
Preliminary FY26 results, still being audited with impairment assessment pending: revenue fell 21% to A$178.9m and loss was A$45.6m (FY25: A$43.4m). Net tangible assets halved to 7.35c from 14.94c. No dividend.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2026other▼ BadMajor
Blair Athol is producing below plan in early FY27, though 2.0-2.2Mt guidance is held. TerraCom is debt-free, with the April 2025 prepayment repaid, but working capital is under pressure. It is negotiating a new coal prepayment and says it needs additional funding too.
4 Aug 2026director officer appointment● Neutral
Richard Clarke is made permanent CFO and Company Secretary, after serving as interim since 29 May. The CEO search continues, with Chris Bourke staying interim CEO until further notice.
31 July 2026quarterly activities report▼ Bad
June quarter: Blair Athol sold 390kt at A$146.44/t after weather disruption; FY26 sales finished at 1.45Mt, below the 1.6Mt guidance. Cash fell to A$8.4m plus A$54.4m restricted. FY27 guidance set at 2.0-2.2Mt with a third mining fleet added.
28 July 2026director officer appointment▼ BadMajor
Non-Executive Director Mark Chadwick resigned after under three months, citing a divergence of views with the board on its oversight, sequencing and risk management. The board will search for a replacement independent director.
30 June 2026production update▼ Bad
FY2026 Blair Athol sales estimate cut again to about 1.45Mt from 1.52Mt, because a delayed blast left too little coal to load the last shipment before 30 June. Shipment is due early July and counts in FY2027.
26 June 2026production update▼ BadMajor
Chairman's letter cuts FY26 Blair Athol sales expectation to about 1.52Mt (from guidance of 1.6Mt) as a vessel slipped into July. Cost of sales is expected around A$120/t. FY27 planning exceeds 2.0Mt; debt repaid; South Africa strategic review announced.
29 May 2026director officer appointment● Neutral
Head of Finance and Commercial Richard Clarke, a chartered accountant at TerraCom since October 2025, is appointed interim CFO and Company Secretary. He fills the gap left by Jen Williams' resignation in April.
1 May 2026director officer appointment● Neutral
Chartered accountant Mark Chadwick, with 30+ years in restructuring and corporate finance, joins as independent Non-Executive Director and Audit Committee Chair. This fills the audit role left by Mark Ludski's resignation.
28 Apr 2026quarterly activities report▼ Bad
March quarter: weather cut Blair Athol sales to 253kt (-31%) at A$117.54/t. Cash rose to A$32.9m plus A$54.4m restricted. June quarter sales of ~550kt are said to be fully contracted, and the 1.6Mt FY26 guidance is kept.
15 Apr 2026director officer appointment● Neutral
Andy Coles, who joined the board in March, is appointed Non-Executive Chairman, filling the post left by Lochtenberg. The board says it is reviewing its composition after recent director changes.
10 Apr 2026director officer appointment▼ Bad
CFO and Company Secretary Jen Williams resigned, working her notice while a replacement is recruited. She led the A$60m equity raising. No reason is given. Another senior departure following the Managing Director's exit a day earlier.
9 Apr 2026director officer appointment▼ BadMajor
Managing Director Danny McCarthy, in the role since 2018, steps down immediately, with employment ending 30 April and consulting to 30 September 2026. COO Chris Bourke becomes interim CEO while a permanent CEO search starts. Board says strategy is unchanged.
31 Mar 2026director officer appointment▼ Bad
Non-Executive Director Mark Ludski, Audit Committee Chair, resigned immediately; no reason is given. He is the third director to leave in March 2026, following Lochtenberg and Lewis, leaving a heavily reshaped board.
12 Mar 2026director officer appointment▼ Bad
Non-Executive Director Glen Lewis resigned immediately; no reason is given. He chaired two board committees and sat on Audit and Remuneration. This is the second director departure in March, after the Chairman.
9 Mar 2026director officer appointment▼ BadMajor
Chairman Mark Lochtenberg resigned immediately; no reason is given. Engineer Andy Coles, formerly of Thiess and PT Bis Industries in Indonesia, joins as Non-Executive Director. A new Chair will be announced later.
4 Mar 2026director officer appointment● Neutral
Geologist Stephen Barber, with 34+ years in coal, gold and critical minerals and a JORC Competent Person, joins as Non-Executive Director from 3 March 2026. He is the second new director after Glenn Splatt in February.
27 Feb 2026half year report▼ Bad
Half-year to December 2025: revenue fell 11% to A$98.6m and the loss was A$14.5m. Net tangible assets were 13.64c per share, versus 14.94c at June 2025. No dividends were paid or declared; the auditor's review was unmodified.
27 Feb 2026half year report▼ Bad
Half-year results summary: EBITDA was -A$7.0m and the loss attributable to owners A$13.8m, as Blair Athol's realised price fell 17% to A$121.94/t. Sales rose 13% to 809kt and FOB cash costs eased to A$114.74/t. Repeats the half-year report already covered.
24 Feb 2026capital raising announcement● Neutral
A small placement raised about A$1.1m from existing shareholders by issuing about 19.3m shares at A$0.06, the same price as the entitlement offer. Funds go to working capital and balance sheet; shares were issued on 23 February 2026.
What it means for a shareholder
19.3m new shares at A$0.060 to raise about A$1.1m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00332% to 0.0032% of the company. To keep it you'd need 641 more shares - about A$38 at the issue price.
Create a free account to see this worked out for your own holding.
17 Feb 2026director officer appointment● Neutral
Mining engineer Glenn Splatt, with 35+ years in coal, gold and base metals operations, joins as Non-Executive Director from 17 February 2026. This is the first board addition since David Norris resigned in December.
30 Jan 2026quarterly activities report● Neutral
December quarter: Blair Athol sold 369kt at about A$121.94/t, down 16% on the prior quarter, with five vessels shipped. Cash was A$6.4m plus A$54.4m restricted. FY26 guidance of 1.6Mt is kept and no dividend is declared.
22 Jan 2026capital raising announcement▲ GoodMajor
The entitlement offer raised the full A$60m at A$0.06, despite only A$40m being underwritten at launch. Eligible shareholders took about 462.8m new shares (about A$28m); the balance went to the underwriter and Orbit, which increases its stake. New shares trade from 28 January 2026.
What it means for a shareholder
463m new shares at about A$0.1296 to raise about A$60.0m. That's 48% dilution: every existing holder's slice gets 48% smaller. If you held A$1,000 of shares (7,713 at the issue price), your slice goes from 0.00154% to 0.0008% of the company. To keep it you'd need 7,115 more shares - about A$922 at the issue price.
Create a free account to see this worked out for your own holding.
5 Jan 2026capital raising announcement● Neutral
The offer booklet for the A$60m, 5-for-4 entitlement offer at A$0.06 has been sent and the offer is open until 5pm on 19 January 2026. Administrative step in the raising announced on 23 December.
23 Dec 2025capital raising announcement● NeutralMajor
TerraCom launches a 1.25-for-1 renounceable entitlement offer at A$0.06 per share to raise up to about A$60m, to pay down creditors and fund working capital. Underwritten to about A$41.5m; Orbit Marketing sub-underwrites A$40m and could reach up to 55.31% of shares.
23 Dec 2025production update▼ BadMajor
Blair Athol mining continued, with four vessels shipped and a fifth expected, but December quarter sales will be lower than September's, with one fewer shipment. Constrained cash receipts led to a launch of a roughly A$60m entitlement offer; South Africa sale proceeds are not expected short term.
12 Dec 2025director officer appointment● Neutral
Non-Executive Director David Norris resigned effective 11 December 2025, two weeks after being re-elected at the AGM with about 93% support. No reason is given in the text.
27 Nov 2025security holder rights change● Neutral
Amended constitution lodged after shareholders approved the changes at the AGM (virtual meetings and an issue cap). The full document is attached; the visible text gives no further detail.
27 Nov 2025other● Neutral
Chair and Managing Director AGM speeches. The Chair says Blair Athol full-year expectations are unchanged despite rail and port constraints, binding Moorlands terms are close, and the South Africa sale should close 'in the coming months'. Kangala began toll washing third-party coal in October.
27 Nov 2025agm notice● Neutral
All AGM resolutions carried, including remuneration report (about 92% for, no strike), re-election of Lochtenberg and Norris, the 7.1A placement mandate, and constitution changes. The fee pool increase had the lowest support, at about 89.9% for.