6 Oct 2023director officer appointment● NeutralMajor
Ray James, managing director for 27 years, became Chairman on 6 October 2023. Non-executive director Jeffrey Marvin became Managing Director, with employment terms still to be set by the board.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2023annual report● Neutral
FY23 accounts: principal activity was the ATP 855 renewal fight, with a judgment expected in 3-6 months after the 5 September hearing. The text shown does not give the full-year loss. Includes the board changes: Barry out, Wilson in.
8 Sept 2023director officer appointment● NeutralMajor
Peter Wilson, a coal mining executive, joined the board as non-executive director on 8 September 2023. Chairman Stephen Barry, a director since 1993, resigned because of his commitments as a practising lawyer.
6 Sept 2023regulatory community update● Neutral
The ATP 855 hearing was held on 5 September 2023, and the judge reserved her decision. A written judgment could take several months; Icon will update the market when it is received.
29 June 2023regulatory community update● Neutral
The ATP 855 hearing was moved from June to 15 August 2023. Icon was told the judgment may take three to six months after the hearing, so the result is further away.
31 Mar 2023director officer appointment● Neutral
Jeffrey Marvin was appointed non-executive director on 31 March 2023. He has 20 years' experience in mineral project financing and development and holds no Icon securities. This is the first board addition since Dr Hilless retired.
27 Mar 2023listing compliance notice● Neutral
ASX said Icon's suspension would be lifted on lodgement of its half-year report and accounts. This resolves the late-report suspension from 17 March; administrative.
20 Mar 2023half year report▼ BadMajor
Half-year to December 2022: loss $4.36m (prior period $0.74m), mainly because the $3.45m ATP 855 asset was written off. Cash was $1.56m, and $4.26m of restoration provisions became current. Icon says it was advised its appeal has a 50% chance of success.
17 Mar 2023listing compliance notice▼ Bad
ASX suspended Icon's shares from 17 March 2023 for not lodging its half-year report by the due date. Reinstatement is expected once the report is lodged.
23 Jan 2023price query● Neutral
ASX queried a rise in the share price from $0.009 to $0.015 with higher volume. Icon said it knew of no undisclosed information and offered only the ATP 855 court proceedings as an explanation; the court review is listed for 15 March 2023.
30 Nov 2022investor presentation● Neutral
AGM chairman's address mostly repeats known facts: $1.85m cash at 30 June 2022, FY22 raisings, and Dr Hilless retiring. It confirms Icon has issued Supreme Court of Queensland proceedings over ATP 855 and is hopeful of success.
21 Nov 2022regulatory community update● Neutral
Icon served court proceedings seeking directions to resolve the ATP 855 renewal dispute with the Queensland Department. This follows the earlier statement that it was taking legal advice; no outcome yet.
10 Nov 2022regulatory community update▼ BadMajor
Suspension ends. Icon says Queensland rejected its ATP 855 renewal applications for failing the financial capability test, and the Department views the permit as expired. ATP 855 was its only tenement; carrying value would fall to nil if not renewed. Senior counsel advice is awaited.
10 Nov 2022other● Neutral
ASX notice that trading in Icon shares will resume once Icon releases its announcement on the ATP 855 renewal status. Administrative; no new information.
3 Nov 2022listing compliance notice▼ BadMajor
Icon's shares were suspended at its request on 3 November 2022. Queensland's department says ATP 855, Icon's main asset, has expired and cannot be renewed; Icon's renewal payment was refused and it is seeking legal advice. Suspension is requested until 10 November.
28 Oct 2022director officer appointment● Neutral
Non-executive director Dr Keith Hilless will not stand for re-election at the 30 November 2022 AGM after 13.5 years on the board. The board is left with two directors after the AGM, based on the listed directors.
28 Oct 2022annual report● Neutral
2022 Annual Report dispatched, with the AGM on 30 November 2022. The chairman reports cash of $1.85m at year end and a seismic program planned for March or April 2023, weather permitting. Farm-out of ATP 855 remains the main focus; largely repeats known facts.
21 Oct 2022director officer appointment● Neutral
Director Ray James was appointed Company Secretary on an interim basis until a permanent appointment is made. This follows Natalia Fraser's resignation in September.
3 Oct 2022annual report● Neutral
FY22 accounts: loss of $1.47m (FY21: $6.92m). PEP 170 surrender was consented on 16 August 2022, and Icon served notice on 23 August to withdraw from the South Australian PRLs. ATP 855's work program was due for renewal on 31 October 2022; farm-out talks continue.
27 Sept 2022director officer appointment▼ Bad
Company Secretary and CFO Natalia Fraser resigned on 27 September 2022 for health reasons after almost 15 years with Icon. The board will consider how to fill the roles and update the market.
15 Sept 2022security holder rights change● Neutral
13,256,427 options were exercised at $0.05, raising $662,821; 83,893,875 lapsed unexercised on 12 September 2022. Icon now has no options or convertible securities on issue, so the bonus options raised far less than the $4.86m maximum.
8 Sept 2022security holder rights change● Neutral
Notice that the listed $0.05 ICNO options expire at 5pm on 12 September 2022, with quotation having ceased on 5 September. Shares last traded at $0.018, below the $0.05 exercise price. Administrative notice.
7 Sept 2022material agreement▲ GoodMajor
Icon signed a non-binding letter of intent with RP Trust Inc, a Labuan, Malaysia trust, for it to farm into ATP 855, targeting binding farm-in and JV agreements by 1 December 2022. Nothing is binding; first named farm-in counterparty after a year of talks.
23 Mar 2022price query● Neutral
ASX queried the share price rise from a low of $0.016 to $0.024 and heavy volume on 23 March 2022. Icon said it knew of no undisclosed information and had no explanation. A fourth such query since August 2020.
11 Mar 2022half year report● Neutral
Half-year to 31 December 2021: loss of $737,821 (versus $3.69m a year earlier) and cash of $1.47m (June 2021: $1.58m). A 60m-share placement raised $600,000. Operations remain on care and maintenance while Icon seeks partners for ATP 855.
1 Feb 2022admin correction● Neutral
Icon amended its December 2021 quarterly report to add a related-party payments paragraph ($71,149 directors' fees; $14,310 to the Chairman's law firm for raising documents) and fix an Appendix 5B item. It states the rights issue raised $971,503, resolving the earlier $0.97m versus $3.29m discrepancy.
12 Jan 2022other● Neutral
Required top-20 holder and distribution list for the new quoted options (ICNO, $0.05, expiring 12 September 2022). About 97.15m options issued across 587 holders. Administrative only.
10 Jan 2022capital raising announcement▲ GoodMajor
Rights issue closed 5 January 2022 with valid acceptances for 97.15m shares ($0.97m) and 231.65m shares ($2.32m) shortfall, totalling about $3.29m at $0.01. The shortfall placement wasn't explained in the text; shares and options to issue 12 January.
15 Dec 2021investor presentation● Neutral
AGM address and presentation: field operations remain on care and maintenance, and Icon is farming out its 100% ATP 855 interest. Says it is handing back ATP 594, the Victorian permits and the South Australian PRLs. Repeats known facts.
14 Dec 2021capital raising announcement● Neutral
Rights issue closing date extended from 17 December 2021 to 5 January 2022 because postal delays hit delivery of the prospectus and forms. Allotment moves to 12 January 2022.