Past year: ▼ 82%(0.20c – 1.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2014material agreement▲ GoodMajor
Kinney purchase agreement renegotiated: total price cut from US$25M to US$16M and outstanding payments from US$15M to US$6M, paid in US$1M instalments from November 2014. If the notes aren't repaid, the project goes back to the vendor. Long Canyon sale now expected mid-2014.
13 Mar 2014half year report● Neutral
Half-year to 31 December 2013: loss of $378,057 versus $504,814 a year earlier. Work continued on investor talks, the Long Canyon assessment and rail logistics. No post-period events reported.
27 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013 for New Horizon Coal, with the same directors and BDO as auditor. Covers eight drill holes, the pre-feasibility study, the Texas port agreement and the Long Canyon assessment. Financial figures are not in the extract.
18 Sept 2013other● Neutral
Link to a Boardroom Radio interview with the Managing Director on Kinney developments and outlook. No new information in the text.
1 July 2013other● Neutral
Managing Director's letter acknowledges the share price has not met expectations. It says the company is in talks with financing partners via Headwaters MB, and repeats the cut in start-up capital from US$63M to US$23M. It targets production in 2014. No funding is secured.
19 June 2013other▲ GoodMajor
A study by John T Boyd cuts Kinney start-up capital from US$63M to US$23M (a US$40M saving) by starting with one mining section, used equipment and existing rail loadout. This follows the April review; full build still said to reach 2 Mtpa. BFS due late 2013.
28 May 2013material agreement▲ GoodMajor
Denver investment bank Headwaters MB engaged to advise on financing the Kinney project and to explore debt, equity, joint venture and merger options. A financing plan is promised within weeks. This is an advisory mandate, not funding secured.
30 Apr 2013admin correction● Neutral
Corrects the 26 April option figures: 5.5M listed options at 20 cents and 5.5M unlisted options at 30 cents, not 1.5M each as first stated. Share numbers unchanged.
29 Apr 2013admin correction● Neutral
Competent person's statement attached to the March quarterly report, naming John T Boyd staff. No new information.
29 Apr 2013capital raising announcement● Neutral
The second tranche completed on 26 April 2013: 7,125,000 shares at 8 cents raised $570,000 from directors and associates, with 1.5M listed options at 20 cents and 1.5M unlisted options at 30 cents. 5M options at 50 cents were also cancelled.
What it means for a shareholder
7.1m new shares at A$0.080 to raise about A$570,000. That's 47% dilution: every existing holder's slice gets 47% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.156% to 0.0826% of the company. To keep it you'd need 11,133 more shares - about A$891 at the issue price.
Create a free account to see this worked out for your own holding.
16 Apr 2013other▲ Good
Company starts a review to cut Kinney capital costs of US$117M, with potential savings up to 25%, via used equipment, financed or contract-mined options and an existing rail loadout. Review completes mid-2013 and feeds the bankable study due late 2013.
2 Apr 2013investor presentation● Neutral
April 2013 presentation repeats Kinney highlights, now citing a 20-year mine life and construction to commence Q1 2014. Share price $0.07, 118M shares, cash about $1.3M. No new results; the longer mine life is a company claim not yet backed by a study here.
20 Mar 2013other● Neutral
Announcement relates to Norseman Gold plc, a different company, about extending settlement of a deed of company arrangement. It has no apparent bearing on this company's own position.
19 Mar 2013capital raising announcement● Neutral
Dilution disclosure for the February placement: 19.22% total dilution to existing holders. Delta Capital managed the raise for a 1% management fee plus 5% of funds raised. Administrative follow-up to the 8 cent placement.
15 Mar 2013half year report▼ Bad
Half-year to 31 December 2012: loss of $504,814 (versus $165,912 a year earlier), total comprehensive loss $734,519. Activity was the Kinney drilling, PFS, port LOI and lease work. Post-period events include the February placement.
21 Feb 2013investor presentation● Neutral
February 2013 presentation repeats the PFS and 110.6Mt resource, with a share price of $0.08, 118M shares after the placement and about $2M cash. Adds Greg Hunt as chief operating officer. No new results.
11 Feb 2013capital raising announcement● Neutral
Tranche 1 of the January placement completed: 17.875M shares issued at 8 cents, raising $1.43M for working capital. Total shares now 106.875M. Tranche 2, which includes director participation, still needs shareholder approval.
What it means for a shareholder
17.9m new shares at A$0.080 to raise about A$1.4m. That's 69% dilution: every existing holder's slice gets 69% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.156% to 0.0483% of the company. To keep it you'd need 27,930 more shares - about A$2,234 at the issue price.
Create a free account to see this worked out for your own holding.
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.
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.
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.
