Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2024asset acquisition disposition● NeutralMajor
Pilot and Triangle replaced the Cliff Head first-stage terms with a binding term sheet: $900k on 17 December 2024, then $4.85m in five monthly payments from 15 February to 15 June 2025. The $4m on injection licence and up to $7.5m royalties are unchanged.
3 Dec 2024investor presentation● Neutral
Presentation by Brad Lingo to a Perth carbon capture conference on the Cliff Head Carbon Storage Project. The visible text is disclaimers and compliance statements, with no new figures.
29 Nov 2024material agreement▲ GoodMajor
Pilot signed a binding joint development agreement with Capture6 for 'Project Wallaby', a direct air capture and water demonstration at Arrowsmith in 2025, owned 20% Pilot and 80% Capture6. Year-one spending mainly comes from the $3m grant funds.
29 Nov 2024listing compliance notice● Neutral
ASX paused trading in Pilot pending a further announcement. The Cliff Head deal revision followed on 3 December (inference).
15 Nov 2024joint venture update▲ Good
Korean consortium member KOSPO secured about A$2.2m (2 billion won) from Korea Eximbank for a feasibility study of the Mid West project. This is support for a consortium partner, not a binding commitment to Pilot.
11 Nov 2024debt financing● NeutralMajor
Pilot signed a binding convertible note facility for up to $3.0m led by Discovery Investments (Greg Columbus): $2.4m upfront and $600k later. Notes carry 12% compounding interest and mature 31 December 2027. Issue needs shareholder approval; funds go to completing Cliff Head.
30 Oct 2024regulatory community update▲ GoodMajor
Pilot was approved by Korea's KEEI as a pre-qualified clean ammonia supplier under the CHPS subsidy scheme. This lets the Korean consortium rely on it when bidding; Pilot targets about 1 Mtpa of supply. No binding offtake is announced.
14 Oct 2024capital raising announcement● NeutralMajor
Pilot raised $3.855m through a placement of 214.2m shares at $0.018, a 10% discount to last trade, with one $0.033 option per two shares. Funds mainly go to the Triangle Cliff Head purchase. Directors are participating, subject to shareholder approval.
What it means for a shareholder
214m new shares at A$0.018 to raise about A$3.9m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (55,556 at the issue price), your slice goes from 0.00389% to 0.00338% of the company. To keep it you'd need 8,334 more shares - about A$150 at the issue price.
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14 Oct 2024asset acquisition disposition● NeutralMajor
Pilot and Triangle again varied the Cliff Head deal: first-stage completion moves to 29 November 2024. Pilot pays $400k plus $2.0m (15% interest) on 18 October, then $1.6m plus $2.5m on 29 November. Pilot takes over 100% of running costs and control of the operator board.
10 Oct 2024listing compliance notice● Neutral
ASX again paused trading in Pilot pending a further announcement. The notice gives no reason; the placement announced days later is the likely follow-up (inference).
9 Oct 2024asset acquisition disposition▲ GoodMajor
Pilot received a non-binding $11.5m offer from EDP Renewables APAC for its 376MW Three Springs solar project, in staged payments. Pilot says it would recycle the capital into sites closer to the ammonia plant. Completion is expected by year end, subject to due diligence.
7 Oct 2024listing compliance notice● Neutral
ASX paused trading in Pilot pending a further announcement. No reason is given in the notice.
25 Sept 2024admin correction● Neutral
Corrected cleansing notice: on 20 September 2024 Pilot issued 14,333,359 shares to 6 consultants in lieu of fees, approved at the 19 September general meeting. Administrative correction only.
27 Aug 2024regulatory community update▲ Good
Pilot received the first $3m of the $6.5m Commonwealth carbon capture grant awarded in July. The remaining $3.5m comes in annual September instalments over 4 years, subject to milestones.
8 Aug 2024capital raising announcement● NeutralMajor
Pilot signed an at-the-market agreement with Dolphin Corporate Investments for up to $7.5m of standby equity over 3 years, used at Pilot's discretion. It put up 32,561,791 security shares at nil cash. Funds are meant for the Cliff Head acquisition and operating costs.
31 July 2024asset acquisition disposition▲ GoodMajor
Pilot was awarded greenhouse gas assessment licence G-12-AP, next to WA 31-L and overlapping WA-481-P, lifting its carbon acreage from 72 km2 to a combined 7,472 km2 (100% basis, subject to the Cliff Head purchase). It will market the WA-481-P farm-out on a combined basis.
23 July 2024material agreement▲ GoodMajor
Pilot won a $6.5m Commonwealth Carbon Capture Technologies grant for the Mid West project, resolving a pending grant outcome. It funds a Capture6 water and direct air capture demonstration and a pre-FEED for a confidential emitter, targeting 200,000-300,000 tpa of capture.
23 July 2024material agreement● Neutral
Pilot confirms the amended Triangle deal: Arrowsmith land and facilities transfer first for $4.5m plus operating costs from 1 August 2024, and the offshore interests later for $4.0m once NOPTA approves. Royalty capped at $7.5m. Mirrors Triangle's announcement.
23 July 2024asset acquisition disposition● NeutralMajor
Revised Cliff Head sale: Triangle to receive up to $16m ($4.5m for Arrowsmith assets by 31 Dec 2024, $4.0m on injection licence, up to $7.5m royalties). Cliff Head oil production enters a non-production phase from August 2024. Arrowsmith completion depends on Pilot having funding in place.
17 July 2024material agreement▲ GoodMajor
A Korean consortium of power and energy companies has formed to review equity in the Mid West Clean Energy Project and seek ammonia offtake. It will do due diligence and negotiate a Joint Development Agreement; nothing is binding yet.
1 July 2024resource reserve update▲ GoodMajor
Cliff Head 2C contingent CO2 storage resource rises 370% from 9.7 Mt to 45.6 Mt (100% basis), now Development Pending. A new Illawong lead adds a 50.4 Mt prospective resource. Pilot will seek to amend the Declaration for the larger volumes.
28 June 2024asset acquisition disposition▼ Bad
Triangle says it is discussing extending the completion date of the Cliff Head sale to Pilot beyond 30 June 2024, so the deed can be modified to meet NOPTA's requirements. The mid-2024 completion target now looks set to slip.
17 June 2024capital raising announcement▲ GoodMajor
Pilot raised $4.0m through a placement of 181.8m shares at $0.022, a 22% premium to the last close, with one free $0.033 option per four shares. Funds go to closing out pre-FEED, Cliff Head operations and working capital. Whairo Capital led it.
What it means for a shareholder
182m new shares at A$0.022 to raise about A$4.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (45,455 at the issue price), your slice goes from 0.00382% to 0.00332% of the company. To keep it you'd need 6,949 more shares - about A$153 at the issue price.
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17 June 2024listing compliance notice● Neutral
ASX notice that Pilot's trading suspension will lift immediately after the capital raising announcement. Administrative; no new information.
14 June 2024half year report● Neutral
Half-year to 31 March 2024: loss of $1,869,671 (prior period $2,681,994), working capital surplus $643,027, and 1,189,174,986 shares on issue. Risk section flags additional funding needs and going-concern risk if funding is not obtained (text truncated).
14 June 2024regulatory community update▲ GoodMajor
The Minister approved the Declaration of Greenhouse Gas Storage Formation over WA 31-L, with 13.4 Mt storage capacity. Applied for in Nov 2022, it is the key condition for the Triangle purchase and other MWCEP agreements; injection licence and environmental approvals are still needed.
14 June 2024listing compliance notice● NeutralMajor
At Pilot's request, trading is suspended pending a capital raising managed by Whairo Capital, which also led the November 2023 placement. Suspension runs until an announcement or trading resumes on 17 June 2024. Raise size and price are not yet stated.
14 June 2024asset acquisition disposition▲ Good
Triangle says the Declaration satisfies a key condition of its sale of 78.75% of Cliff Head to Pilot. Triangle would get up to $15m: $3.0m cash, $4.5m cash on injection licence, up to $7.5m royalties. Transfer still needs regulator approval.
12 June 2024listing compliance notice● Neutral
ASX paused trading in Pilot's securities pending a further announcement. No reason is given in the notice.
17 Apr 2024director officer appointment● NeutralMajor
Pilot will move its head office from Sydney to Perth and recruit a Perth-based COO and CFO. Brad Lingo becomes Executive Chairman and Managing Director; Tony Strasser leaves the board to become Head of Corporate. Pre-FEED is due in May 2024 and Triangle completion targeted mid-2024.
