Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2022quarterly activities report● Neutral
June-quarter report: appeal submissions lodged in Singapore against Bayan. Mountainside instalments of A$2.6M are still unpaid, the Flannery-linked loan of up to A$1M was put in place, and a 30-for-1 share consolidation goes to an EGM. The entitlement offer is described as aiming to raise $5.4M.
27 July 2022agm notice● Neutral
Notice and proxy form for an extraordinary general meeting on 29 August 2022, held in Sydney and online. The June quarterly report says it seeks approval to consolidate shares 30-for-1. The text shown does not itself state the resolutions.
22 July 2022security holder rights change● Neutral
Because of the entitlement offer, the exercise price of Brian Flannery's 10 million options is adjusted from $0.19363 to $0.19340, effective 29 July 2022. A small formula-driven change.
18 July 2022capital raising announcement● Neutral
Offer documents sent to eligible shareholders; the entitlement offer is now open and closes 5:00pm on 5 August 2022 unless extended. Administrative.
11 July 2022capital raising announcement● Neutral
Offer booklet for the 1-for-1 renounceable entitlement offer at $0.01 per share, closing 5 August 2022. Mostly legal notices and restrictions; it repeats the terms already announced.
11 July 2022capital raising announcement● Neutral
Letter telling option holders they must exercise before the 14 July 2022 record date to take part in the entitlement offer. No obligation to exercise. Administrative.
11 July 2022capital raising announcement● Neutral
Notice that shareholders outside Australia, New Zealand and certain UK institutions cannot take part in the $0.01 entitlement offer. Their entitlements will be sold by a nominee, with any net proceeds paid to them. Administrative.
11 July 2022capital raising announcement● NeutralMajor
Announces a 1-for-1 renounceable entitlement offer at $0.01 per share to raise about $7.745M before costs, not underwritten. Funds go to the Bayan litigation, working capital and repaying the Flannery-linked loan. Directors intend to take up their entitlements.
7 June 2022debt financing▼ BadMajor
Managing Director Brian Flannery's private company provides an unsecured loan facility of up to A$1M, at the lender's discretion, at 0.8% per month interest. It covers working capital until the remaining A$2.4M Mountainside proceeds arrive; repayable within a year.
29 Apr 2022quarterly activities report● Neutral
March-quarter report: appeal lodged in the Singapore Court of Appeal over the Bayan damages. Mountainside instalments of A$2.5M now due by June 2022, still delayed by the buyer's finance. A proposal has been submitted for the South African 50 kt trial.
15 Mar 2022half year report● Neutral
Half-year report to 31 December 2021: Travers Duncan resigned 17 December. Shanxi plant contract still not finalised and Yankuang is moving away from its original concept. South African 50 kt bulk sample still requested. Financials truncated in the text.
8 Mar 2022other● NeutralMajor
BCBCS filed a notice of appeal on 7 March 2022 in the Singapore Court of Appeal against certain Tranche Three findings, aiming to pursue its damages claim. This continues the Bayan dispute after the damages dismissal; no outcome yet.
8 Feb 2022other▼ BadMajor
The Singapore court's Tranche Three judgment found Bayan's breach and that the technology would have worked, but dismissed the roughly US$91M wasted-expenditure claim and the US$23-30M expansion claim. Company is bitterly disappointed and considering an appeal. This ends the long wait with no damages awarded.
31 Jan 2022quarterly activities report● Neutral
December-quarter report: Tranche Three judgment still reserved. Iron oxide-copper-gold surveys began in South Australia. Mountainside instalments of A$2.6M remain due over the next two quarters. Shanxi plant contract still unsigned, and Yankuang is reported moving away from its original concept.
17 Dec 2021director officer appointment● NeutralMajor
Travers Duncan retires and resigns as a director effective 17 December 2021. He chaired the company from 2010 to March 2021 and remains a substantial shareholder. Board is now Cubbin, Flannery and O'Rourke.
26 Nov 2021other▼ Bad
AGM address by CEO Brian Flannery: Tranche Three damages judgment still awaited, delayed by COVID. Clay Laurel has paid US$2.2M of about US$4.0M, with the balance now promised December 2021 to March 2022, later than contracted. Yankuang interest in China is fading.
28 Oct 2021quarterly activities report● Neutral
September-quarter report: Tranche Three judgment is still reserved. A$0.8M was released from Mountainside escrow, with A$2.5M instalments due to December 2021, partly delayed by the buyer's finance. SA Defence permit covers EL6566 from 20 December 2021 to 2028.
27 Oct 2021agm notice● Neutral
Letter to shareholders and proxy form for the virtual AGM at 10:00am Brisbane time on 26 November 2021. Items: remuneration report, re-election of Travers Duncan, and a Listing Rule 7.1A approval for future share issues. Administrative.
27 Oct 2021annual report● Neutral
Re-release of the FY2021 Annual Report, which was summarised earlier from the 27 September filing. The text shown carries only the cover letter and contents, plus a note that a 200,000 tpa China plant design is complete but site visits are blocked by travel limits.
8 Oct 2021other● Neutral
Share registry moves from Computershare to Automic from 11 October 2021. Administrative, no change to holdings.
27 Sept 2021other● Neutral
Filing of the FY2021 Appendix 4G and Corporate Governance Statement. Administrative, no new business information.
27 Sept 2021annual report● Neutral
Annual report to 30 June 2021: Mountainside sold 15 April 2021 for US$4.067M (about A$5.3M), with a A$0.5M allowance for expected credit losses against the buyer's unpaid amount. Shanxi plant contract still not finalised. No dividend.
16 Sept 2021agm notice● Neutral
Notice that the 2021 AGM is scheduled for 10.00am Brisbane time on 26 November 2021, with format subject to COVID-19 rules. Director nominations close 23 September 2021. Administrative.
30 July 2021quarterly activities report● Neutral
June-quarter report: Tranche Three judgment reserved in the Bayan case. The South African power producer's test of the 6t sample succeeded, and a further bulk sample of up to 50 kt is requested. Mountainside instalments are delayed to start July because the buyer is arranging finance.
30 Apr 2021quarterly activities report▲ Good
March-quarter report: Mountainside sale completed 15 April 2021 for US$4.053M (about A$5.3M). Of the A$2.9M deposit, A$2M was received and A$0.9M is held in escrow; A$2.4M instalments follow May to December. Bayan closing oral submissions are done, awaiting judgment.
31 Mar 2021asset acquisition disposition▲ GoodMajor
Sale of the 51% Mountainside interest to Kentucky miner Clay Laurel Mining for US$4.053M (about A$5.3M), resolving the sale process open since 2017. A$2.9M is in escrow for completion around 15 April; the other A$2.4M is paid in instalments May to December 2021.
12 Mar 2021half year report● Neutral
Half-year report to 31 December 2020: Mountainside had no sales and is still being sold. The Shanxi 200,000 tpa BCB plant contract is still being finalised, slowed by COVID-19. The South African power producer test result is pending. Financials truncated.
9 Mar 2021director officer appointment● NeutralMajor
Graham Cubbin becomes Chair, replacing Travers Duncan, who had chaired since September 2010 and stays as a non-executive director and largest shareholder. Vincent O'Rourke takes over as Audit and Risk Committee chair.
29 Jan 2021quarterly activities report● Neutral
December-quarter report: Mountainside 51% sale talks continue, now contingent on the buyer completing bank finance; it asked for a short extension, under review. Bayan damages closing oral submissions made; EL5719 replaced by EL6566, granted for five years. China contract still slowed by COVID-19.
15 Jan 2021auditor change● Neutral
PKF(NS) Audit & Assurance appointed auditor after PricewaterhouseCoopers resigned with ASIC's consent. The text gives no reason for the resignation. PwC had been the auditor in the company's recent reports.
