29 Jan 2013listing compliance notice● Neutral
ASX lifts the trading suspension on NHO shares and options immediately after the capital raising announcement. Routine administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2013capital raising announcement● Neutral
Additional 3.375M shares at 8 cents ($270,000) accepted from director Carl Coward or his nominee, lifting the total raise to $2M. It joins tranche 2 and needs shareholder approval.
29 Jan 2013capital raising announcement▼ BadMajor
Placement of 21.625M shares at 8 cents to raise $1.73M, well below the 22 cent 2011 raise. Tranche 1 (17.875M shares, $1.43M) issues now; tranche 2 (3.75M shares, $300K) needs shareholder approval for director participation, with a meeting proposed for March 2013.
14 Dec 2012material agreement▲ GoodMajor
Letter of intent signed with Texas Deepwater Industrial Port for an initial 1.5 Mtpa export allocation, expandable to 3 Mtpa. Framework agreement is due by end of March 2013. Port exports are due to start by Q4 2014. This is an LOI, not a binding deal.
3 Dec 2012investor presentation▼ Bad
December 2012 presentation repeats the PFS highlights and a 110.6Mt resource, including lease areas under application. Capital table shows a $0.10 share price, 93M shares, and cash of only $486,000 at 30 Nov 2012, down from $5.75M at December 2011.
29 Nov 2012resource reserve update▲ GoodMajor
Pre-feasibility study is positive: 16-year mine life at 2.3 Mtpa, US$63M to start production plus US$53M to reach full output, cash costs US$32/t, EBITDA US$45.9M a year. Resource now 110.5Mt. Bankable feasibility study to start in 2013.
7 Nov 2012director officer appointment▲ Good
Mark Sanders, a US mining equipment executive formerly with Joy Global, joins as independent non-executive director. The board expects his equipment experience to help cut capital and operating costs in the pre-feasibility and bankable studies.
1 Nov 2012quarterly activities report● Neutral
September 2012 quarter: eight-hole drilling done, pre-feasibility study continuing, talks on a 3 Mtpa Gulf port allocation and rail logistics, and an environmental assessment started on the adjacent federal coal lease. Also discussing a new surface mine interest. Cash not visible in the text.
18 Oct 2012resource reserve update● Neutral
Breakdown of the 51.6Mt Kinney resource: 11.3Mt Measured, 33.5Mt Indicated, 6.8Mt Inferred. Measured tonnage falls 1.0Mt from the original 12.3Mt, while Indicated nearly triples from 11.6Mt. Clarifies the 16 October headline.
16 Oct 2012resource reserve update▲ GoodMajor
Kinney JORC resource upgraded 97% to 51.6Mt from 26.1Mt, with 87% (44.8Mt) Measured and Indicated. Follows the 2012 drilling and wider land area. Pre-feasibility study now due November 2012; port allocation deal targeted by end of 2012.
1 Oct 2012admin correction● Neutral
Competent person statement: John T. Boyd staff reviewed the 27 September preliminary lab results. The seam quality table is slightly revised (UP seam average 6,700 kcal/kg versus 6,753 earlier). No new drilling findings.
28 Sept 2012annual report● Neutral
Annual report to 30 June 2012. The visible text restates the Delta Coal acquisition, the $11.55M raise at 22 cents, and the deferred payments (US$15M due on a positive mine decision or 1 Dec 2014). Text is truncated, so financial results are not visible.
27 Sept 2012drilling result▲ Good
Preliminary lab results from the eight Kinney holes met or exceeded expectations: Hiawatha averages 6,607 kcal/kg and 0.86% sulphur, UP 6,753 kcal/kg and 0.57%. Described as comparable to Newcastle quality. Feeds the pre-feasibility study and an expected resource upgrade.
5 Sept 2012drilling result▲ GoodMajor
Kinney drilling finished ahead of schedule and under budget: eight holes, over 2,000 m, about 250 m of core. All holes hit the seams at expected elevation. Company still expects an upgrade to the 26.1Mt resource; Phase I of the feasibility study is due early Q4 2012.
30 July 2012quarterly activities report● Neutral
June 2012 quarter: seven-hole Kinney drilling started, with completion expected by August or September. JT Boyd's geological model is done. Talks continue on a 3 Mtpa port allocation, and the BLM approved an environmental assessment on the adjacent Federal coal. A further 1,750 ha lease application was lodged in April.
17 July 2012resource reserve update▲ Good
John T. Boyd confirmed the earlier 26.1Mt tonnage estimate and widened the resource model to more of the company's land and a 1.2 m minimum seam thickness. This is expected to add tonnage. An updated resource and reserve are due with the study in Q3 2012.
10 July 2012drilling scheduled▲ Good
Drilling begins at Kinney: seven holes, 1,880 metres, to add to 129 historical holes and improve coal quality data. Company expects it to support an upgrade to the 26.1Mt resource. Results feed the feasibility study, due in Q3 2012.
28 May 2012investor presentation● Neutral
Investor update: pre-feasibility study underway, a three-month drilling program planned, and port and rail talks continuing. Adjacent ~2,250 ha Federal application carries a 30-35Mt target (not a JORC resource), which management says would more than double the resource. Study now due in first quarter of FY2013.
26 Apr 2012quarterly activities report● Neutral
March 2012 quarter: 26.1Mt resource completed, pre-feasibility study started, and a lease application lodged for about 2,248 ha of adjacent Federal coal. Due diligence began on two other US thermal coal projects. Study results expected in Q3 2012.
28 Mar 2012material agreement▲ Good
Pre-feasibility study on Kinney has started, with John T. Boyd Company contracted and Taggart Global designing coal handling and loadout. Completion expected in the third quarter of 2012. First stage of the bankable feasibility process.
20 Feb 2012investor presentation● Neutral
February 2012 corporate presentation repeating the 26.1Mt resource, first production target of 2H 2013 and the plan to become a mid-tier US coal miner. Shows 93M shares on issue at $0.215. Nothing new beyond earlier announcements.
20 Feb 2012investor presentation● Neutral
Amended re-release of the February 2012 corporate presentation. The visible content matches the original: 26.1Mt resource, 2H 2013 first production target. No new substance apparent.
9 Feb 2012half year report● Neutral
Half-year accounts to 31 December 2011 cover the Delta Coal acquisition that brought in the Kinney project and the relisting on 6 December 2011. Kinney is described as the strategic focus. Directors' report notes the project returns to Carbon Resources if no positive mine decision within 36 months.
2 Feb 2012resource reserve update▲ GoodMajor
Maiden JORC resource at Kinney of 26.1Mt, 92% Measured and Indicated (12.3Mt Measured, 11.6Mt Indicated, 2.2Mt Inferred). Delivers the Q1 2012 report flagged earlier, within two months of acquisition. First stage of bankable feasibility study to start this quarter.
27 Jan 2012quarterly activities report▲ Good
December 2011 quarter: Kinney was acquired, $11.55M raised, a management team hired, and JORC resource and bankable study work started. A JORC report is due in Q1 2012, with production targeted for 2013. Cash at quarter end was $5.75M.
6 Dec 2011listing compliance notice▲ GoodMajor
ASX confirms trading resumes on 7 December 2011 after re-compliance, with 66.95 million shares and 73 million options quoted. The company is renamed New Horizon Coal on 9 December, with activity listed as coal exploration. Some shares and securities are escrowed.
6 Dec 2011other● Neutral
Distribution schedule showing 490 shareholders and 403 optionholders. Capital structure of 83M shares, 73M listed options, 30M performance shares and 10M incentive options, with a listing rule compliance confirmation. Administrative.
6 Dec 2011listing compliance notice● Neutral
Short ASX market release repeating that trading resumes on 7 December 2011, with 66,950,000 shares and 73,000,000 options quoted. No new information beyond the ASX circular.
6 Dec 2011other● Neutral
Listing application form for re-admission. It shows 83 million shares, 73 million options, and 10 million each of three performance share classes plus 10 million incentive options. Michael Placha is proposed CEO; Carl Coward joins the board; Hodby and Burke retire.
6 Dec 2011other● Neutral
Cover list of pre-quotation documents (capital structure, top holders, balance sheet, option terms, governance) released ahead of re-quotation. Administrative; no new substance itself.