Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Dec 2024resource reserve update▲ GoodMajor
Cliff Head's 2C contingent CO2 storage resource rose 58% to 72.2 Mt (100% basis) from 45.6 Mt, per consultant CO2Tech; 1C is 34.2 Mt and 3C 110.2 Mt. The 2024 Declaration must be amended before an injection licence application.
23 Dec 2024listing compliance notice▼ BadMajor
At Pilot's request, ASX suspended trading while Pilot waits for convertible note funds needed for the Triangle Cliff Head payment. Pilot asked for suspension until an announcement or trading on 27 December 2024.
20 Dec 2024annual report● Neutral
Annual report for year to 30 September 2024. The chairman's letter recaps the Cliff Head storage declaration, the $6.5m grant, the Korean consortium, the Three Springs offer and the revised Triangle deal. Financial statements are not visible in the provided text.
18 Dec 2024listing compliance notice● Neutral
ASX paused trading in Pilot pending a further announcement. The notice gives no reason; the Cliff Head update released the same day is the likely follow-up (inference).
18 Dec 2024asset acquisition disposition▼ BadMajor
Pilot says its initial Cliff Head instalment to Triangle depends on the convertible note funds, which had not yet arrived (investor has until 24 December). It says Triangle has different priorities and that Pilot remains open to a commercial resolution. The revised 17 December payment was apparently not made.
16 Dec 2024agm notice● Neutral
Pilot's 2025 AGM will be held on 12 February 2025. Director nominations close 23 December 2024.
16 Dec 2024regulatory community update▲ Good
Pilot lodged an R&D tax incentive claim for the 2024 tax year: about $3.5m of Mid West project spending, giving a refundable offset of $1.5m. Cash is expected in early 2025.
11 Dec 2024capital raising announcement● NeutralMajor
Pilot has binding commitments for $2m of convertible notes, on the same terms as the November Discovery facility: 12% interest, $0.02 conversion price, maturity December 2027. Funds are due by 24 December and issue needs refreshed placement capacity after the 12 December meeting. Proceeds go toward Cliff Head.
9 Dec 2024director officer appointment● NeutralMajor
Alex Sundich (about 4.7% shareholder) and Natalie Wallace join as non-executive directors on 18 December 2024. Bruce Gordon and Daniel Chen retire by the February 2025 AGM. Pilot is recruiting a Perth-based CEO and CFO and moving headquarters to Perth.
4 Dec 2024joint venture update● Neutral
Pilot says it is still engaging the Korean consortium despite South Korea's political turmoil. It plans to meet them in Seoul the following week, with no change to the timing of scheduled events toward a binding development agreement for the Mid West project.
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.
31 Oct 2024quarterly activities report● Neutral
September 2024 quarter report recaps G-12-AP, the Three Springs offer, the revised Triangle payments, the $3m grant receipt, the ATM and the $3.86m placement. The Korean consortium is aiming for a project development agreement by year end.
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.
Create a free account to see this worked out for your own holding.
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 2024quarterly activities report● Neutral
June 2024 quarter: Cliff Head produced 28,758 barrels (100%) with no sales, and Pilot's share of gross loss was $699k. Highlights repeat the Declaration, 370% storage upgrade, $6.5m grant, $4.0m placement and Korean consortium.
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.
