Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2022security holder rights change● Neutral
A new constitution was adopted by special resolution at the 17 November 2022 AGM. The extract shows only the contents page, including a proportional takeover bid provision; the specific changes are not stated.
31 Oct 2022other● Neutral
Share registry Boardroom changes its Sydney address from 1 November 2022. Administrative notice only.
30 Sept 2022annual report▲ Good
FY22 royalty income rose 87% to $1.291m and profit was $851k, about ten times FY21. Cash is $1.273m, no debt, net assets $7.679m. Weeks royalty drove the increase; the chair sees Buru exploration as possible upside.
30 Sept 2022other● Neutral
Appendix 4G and Corporate Governance Statement for FY2022, dated 30 September 2022 and signed by Company Secretary Brendon Morton. Compliance filing with no new business information.
29 Apr 2022quarterly activities report▲ GoodMajor
March quarter: Rafael 1 flow tests were positive, and an independent report (ERCE) points to potential for a major gas resource, following the Currajong dry result. Ungani is cited at about 600 bopd. Buru royalty $88,010 followed; office moved to Gwelup WA.
9 Feb 2022half year report● Neutral
Half-year to 31 December 2021 profit was $226,031, down from $387,289, though royalty income rose $184,336 (56.5%) on better prices. Operating cash flow was $336,484 versus an outflow of $58,445 a year earlier. No significant changes in the state of affairs.
29 Oct 2021quarterly activities report▼ BadMajor
September quarter: Buru's Currajong 1 found no oil and zones appear water-bearing, a setback for the three-well program; Rafael 1 is drilling. Ungani holds about 800 bopd. Weeks paid $201,922; Buru royalty $67,680 followed. Blackwater decline reached 1,752m.
1 Oct 2021annual report▲ Good
Annual Report 2021: royalty income rose 43% to $691k, profit $84k including a $497k accounting gain from a Spark share reorganisation. Cash is $474k with no debt, net assets $6.23M. Chair expects Buru exploration could lift royalties.
1 Oct 2021other● Neutral
Corporate Governance Statement for FY2021, approved 30 September 2021. It notes the company has three directors, no executives and no management, and follows the ASX fourth-edition principles on an 'if not, why not' basis. Compliance document only.
1 Oct 2021other● Neutral
Appendix 4G, the checklist locating the company's governance disclosures for FY2021, dated 30 September 2021 and signed by Justin Clyne. Administrative filing with no new business information.
15 Sept 2021annual report▲ Good
Full-year accounts to 30 June 2021 show a profit of $83,581, against a $5.83M loss the year before. The $2,590,902 entitlement raising at $0.12 repaid the Royalco loan. No dividends and no significant post-year events were reported.
5 May 2021other● Neutral
Top 20 shareholders list as at 4 May 2021. Susan Thomas's super fund is the largest holder at 21.5%, and the top 20 hold 80.7% of 107,954,251 shares. Administrative disclosure with no new business information.
28 Apr 2021quarterly activities report▲ GoodMajor
March quarter: the entitlement offer raised $2.6M before costs and the $2.5M loan was repaid in full, with 107,954,251 shares now on issue. Ungani averaged about 511 bopd with no sales. Buru's three-well program is on track for June. Weeks paid $91,185.
14 Apr 2021director officer appointment● NeutralMajor
Cameron Manifold joined the board as non-executive director; Justin Clyne retired as a director but stays Company Secretary. Manifold is Operations and HSE Director at Spark Exploration, in which Fitzroy holds an investment, and was formerly Well Engineering Manager at Buru.
19 Mar 2021capital raising announcement● Neutral
Retail entitlement offer completed, but shareholders took up only $500,043; the roughly $995,515 shortfall goes to sub-underwriters. The full raising (about $2.6M at $0.12) is therefore still met, though through the underwriting rather than shareholder demand (inference).
24 Feb 2021capital raising announcement● Neutral
Retail offer booklet for the 1-for-4, $0.12 entitlement offer was sent to eligible shareholders. The offer closes 16 March 2021. Administrative notice only.
19 Feb 2021capital raising announcement● Neutral
The institutional part of the $0.12 entitlement offer completed, raising $1,095,343 from 9,127,866 new shares. The retail part, about $1.5M, remains to come, taking the total to about $2.6M. Continues the raising to repay the loan.
17 Feb 2021capital raising announcement● NeutralMajor
Fitzroy launched a 1-for-4 entitlement offer at $0.12 per share to raise about $2.6M, with the retail part underwritten by Taylor Collison. Proceeds are to repay the $2.5M loan due November 2021. Shares would rise from 86.4M to about 108.0M, diluting non-participants.
5 Feb 2021half year report▲ Good
Half-year to 31 December 2020 showed a $386k profit, against a $2.673M loss a year earlier. The board focused on cutting overheads and reviewing the Royalco royalties. Auditor RSM signed off the review; no significant changes in state of affairs were reported.
12 Jan 2021investor presentation● Neutral
January 2021 company update restating objectives: positive operating cashflow from the Buru and Weeks royalties and reducing the $2.5M debt. Lists Blackwater and Bowden's as upside, with trailing-twelve-month revenue of A$223,000 from Ungani and A$518,000 from Weeks. No new events.
25 Nov 2020auditor change● Neutral
Fitzroy changed auditor from Deloitte to RSM Australia with ASIC consent, effective 25 November 2020. The company says the reason was cost management as it seeks to reduce its cost base.
23 Oct 2020other● Neutral
Corporate governance statement for FY20, lodged alongside the annual report. It notes the company has three directors and no executives or management. Compliance document with no new business information.
23 Oct 2020other● Neutral
Appendix 4G governance checklist accompanying the FY20 annual report, dated 19 October 2020. Administrative form with no new business information.
23 Oct 2020annual report▼ Bad
FY20 total comprehensive loss was $7.77M, driven by a $1.64M Weeks royalty impairment and $2.88M of Byron and Spark revaluation losses after the oil price fall. Net assets fell to $4.03M from $11.84M; royalty income was $484k and borrowings are $2.5M.
23 Sept 2020annual report▼ Bad
FY20 loss was $5.83M (FY19: $432k). Borrowings are down to $2.5M after $1.5M repaid by 30 June and a further $1.0M since. Fitzroy sold 3.5M Byron shares for $713,452 after year-end.
10 Aug 2020joint venture update▲ Good
Federation Mining secured initial funding for the Blackwater gold project in New Zealand, including a NZ$15M government loan and AustralianSuper co-funding. Fitzroy holds a 1.5% to 3% royalty there, which Federation can buy out for over A$9.5M (indicative). Decision to mine expected Q4 2023.
6 Apr 2020debt financing▲ GoodMajor
The outstanding $3.5M of the $5.0M loan used for the Royalco takeover was extended on the same terms to 14 November 2021. The chairman calls it a good outcome to fund Fitzroy through volatile commodity markets and COVID-19.
11 Mar 2020half year report▼ Bad
Half-year loss to 31 December 2019 was $2.673M (prior year $726k), including a $2.284M impairment on the Royalco purchase price versus assets acquired. Post-period, $1.5M of the $5M loan was prepaid on 20 February; COVID-19 volatility flagged as a risk to royalty income.
17 Feb 2020business combination▲ GoodMajor
Fitzroy completed compulsory acquisition of the remaining Royalco shares. Royalco is now a wholly owned subsidiary and was removed from the ASX list on 17 February. Royalco's royalty assets will now be reported in Fitzroy's own quarterly reports.
14 Jan 2020business combination▲ GoodMajor
The Royalco offer closed with Fitzroy above 90%, so it will compulsorily acquire the remaining shares at the same 24 cents; notices went out 14 January. This completes the move from 47.76% to full ownership of Royalco.
