Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Aug 2021agm notice● Neutral
The AGM will be held virtually at 11am AEDT on 16 November 2021. Director nominations close 24 September 2021. Administrative notice only.
30 July 2021quarterly activities report● Neutral
Appendix 5B for June quarter: cash at quarter end was $474k, up from $184k. Operating cash flow was roughly break-even and investing inflow was $331k. No borrowings remain, as the loan was repaid in the March quarter.
30 July 2021quarterly activities report▲ Good
June quarter: Buru spudded Currajong #1 on 1 July, the first of three Canning wells on royalty tenements (2% royalty). Ungani ran at about 800-850 bopd. Weeks paid $117,001; Buru's $50,168 came in July. Blackwater has about 1,000m of decline, with production planned 2024.
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.
29 Jan 2021quarterly activities report● Neutral
December quarter: Ungani averaged about 850 bopd, down from about 1,010. Buru royalty was $31,552, with $68,233 received after quarter-end. Weeks paid $131,022. Origin's $16M carry of Rafael 1 and Kurrajong 1, both royalty tenements, is flagged. Debt remains $2.5M.
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.
29 Oct 2020quarterly activities report● Neutral
September quarter: borrowings cut by a further $1.0M to $2.5M. Ungani averaged about 1,010 bopd. Buru royalty of $28,961 received, with $31,552 after quarter-end; Weeks Royalty paid $115,809. Fitzroy holds about 12.21M Byron shares.
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.
28 Sept 2020agm notice● Neutral
Fitzroy will hold its AGM virtually at 11am AEDT on 25 November 2020. Director nominations close 6 October 2020. Administrative notice only.
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.
31 July 2020quarterly activities report● Neutral
June quarter: Ungani averaged about 1,230 bopd. Royalties of $28,961 from Buru came after quarter-end; the Weeks Royalty paid $105,866 for the March quarter. Federation Mining is in funding talks over the Blackwater gold royalty. COVID-19 still a risk to receipts.
29 Apr 2020quarterly activities report● Neutral
March quarter: Fitzroy completed the Royalco takeover on 14 February and received its first Weeks Royalty payment, $165,388 for the December quarter. Ungani averaged about 970 bopd, a $98,789 Buru royalty came after quarter-end, and Fitzroy warned that falling oil prices would cut royalty receipts.
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.
28 Jan 2020quarterly activities report● Neutral
December quarter: Fitzroy reached 94.99% of Royalco, 96.58% by offer close, and issued compulsory acquisition notices. Ungani averaged about 1,130 bopd. No royalties received in the quarter; $63,542 came on 17 January. Roc withdrew from three Buru permits.
