Announcement • Mar 07
Argo Queensland proposed to acquire Bowen Coking Coal Limited (ASX:BCB). Argo Queensland proposed to acquire Bowen Coking Coal Limited (ASX:BCB) on March 5, 2026. Argo Bowen is acquiring Bowen Coking Coal Limited (Bowen) and its steelmaking coal business via a deed of company arrangement after Bowen and its subsidiaries entered administration and receivership in July 2025.
Bruce Adkins, Nick Thorne and Stuart Clague, Richard Brockett, Lucas Wilk of Johnson Winter & Slattery act as legal advisor for Argo Queensland. Board Change • Jul 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Malte von der Ropp was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Jul 14
Forecast breakeven date pushed back to 2026 The analyst covering Bowen Coking Coal previously expected the company to break even in 2025. New forecast suggests losses will reduce by 97% to 2025. The company is expected to make a profit of AU$15.7m in 2026. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Announcement • Jul 03
Bowen Coking Coal Limited Announces Resignation of Michael Chapman as Non-Executive Director Bowen Coking Coal Limited announced that Mr. Michael Chapman has resigned as a non-executive director of the Company. New Risk • Jun 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$10.3m (US$6.60m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$63m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Shareholders have been substantially diluted in the past year (278% increase in shares outstanding). Market cap is less than US$10m (AU$10.3m market cap, or US$6.60m). Price Target Changed • Jun 04
Price target decreased by 82% to AU$4.00 Down from AU$21.94, the current price target is provided by 1 analyst. New target price is 953% above last closing price of AU$0.38. Stock is down 94% over the past year. The company is forecast to post a net loss per share of AU$0.0016 next year compared to a net loss per share of AU$3.70 last year. New Risk • Jun 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$63m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$63m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Shareholders have been substantially diluted in the past year (278% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$40.9m market cap, or US$26.4m). Breakeven Date Change • May 14
Forecast breakeven date pushed back to 2026 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 97% to 2025. The company is expected to make a profit of AU$15.7m in 2026. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Price Target Changed • May 12
Price target increased by 85% to AU$40.06 Up from AU$21.69, the current price target is provided by 1 analyst. New target price is 9,108% above last closing price of AU$0.43. Stock is down 92% over the past year. The company posted a net loss per share of AU$3.70 last year. New Risk • Apr 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$431.0k (US$259.2k) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (279% increase in shares outstanding). Market cap is less than US$10m (AU$431.0k market cap, or US$259.2k). Minor Risk Less than 1 year of cash runway based on current free cash flow (-AU$63m). Reported Earnings • Mar 17
First half 2025 earnings released: AU$0.001 loss per share (vs AU$0.028 loss in 1H 2024) First half 2025 results: AU$0.001 loss per share (improved from AU$0.028 loss in 1H 2024). Revenue: AU$195.7m (down 17% from 1H 2024). Net loss: AU$8.68m (loss narrowed 87% from 1H 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Metals and Mining industry in Australia. New Risk • Mar 15
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$63m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (279% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$63m). Market cap is less than US$100m (AU$53.9m market cap, or US$34.1m). Breakeven Date Change • Jan 28
Forecast breakeven date moved forward to 2025 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of AU$22.0m in 2025. Earnings growth of 59% is required to achieve expected profit on schedule. Announcement • Jan 23
Bowen Coking Coal Ltd Appoints Andrew Mooney as Chief Financial Officer, Effective from 17 February 2025 Bowen Coking Coal Ltd. announced the appointment of Andrew Mooney as Chief Financial Officer (CFO), effective from 17 February 2025, or earlier as agreed. As an accomplished finance leader with more than 25 years' experience leading large, high- performing accounting and commercial teams across multiple organizations and countries, Mr. Mooney will manage finance, capital management, treasury, tax, risk management, investor relations and ensuring that the financial operations of the group support the delivery of business objectives. He will also be a member of Bowen's group executive team. Mr. Mooney is a qualified chartered accountant and graduate of the Australian Institute of Company Directors and has a proven track record of performance across all finance disciplines including accounting, financial reporting, planning and analysis, investor relations, treasury, strategic planning, audit, business development, governance and change management. He has also led external affairs departments covering media, government relations, and communications and has significant experience working with the Board of Director's and its various sub-committees. Mr. Mooney has served in senior roles for PricewaterhouseCoopers and Deloitte and has 15 years' resource industry experience having worked in senior roles for internationally-listed mining businesses including Coronado Global Resources, Peabody Energy and Macarthur Coal. His most recent position was as CFO for EQ Resources Limited. Announcement • Jan 13
Bowen Coking Coal Limited Announces Resignation of Neville Sneddon as Non-Executive Director Bowen Coking Coal Ltd. advised that Mr. Neville Sneddon has resigned from his position as a Non-Executive Director. Mr. Sneddon played a key role in Bowen's transition from exploration to steady-state production at the Burton Mine Complex, as well as strengthening the Company's balance sheet during 2024. As part of an ongoing board and leadership renewal process, Mr. Sneddon has decided to step down from the Board. Board Change • Nov 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Malte von der Ropp was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 28
Bowen Coking Coal Limited Announces Board Changes Bowen Coking Coal Limited made changes to its Board as it progresses to the next phase of its transformation plan: Executive Chairman, Mr. Nick Jorss, will move to the role of Non-Executive Director after the Company appoints a Non-Executive Chairperson before the second quarter of next year. Mr. Staffan Ever, a co-founder and Executive Chairman of the Square Group has been appointed as a Non- Executive Director. Mr. Michael Chapman, an experienced mining engineer who previously held Chief Operating Officer roles at White Energy Company and Felix Resources has been appointed as a Non-Executive Director. Mr. Jorss joined Bowen in December 2018 as a Non-Executive Director. Jorss stepped up to the Executive Chairman role in February 2021 to lead the company's transition from exploration phase to production phase. Now that the company has achieved this steady state production, Mr. Jorss will return to his Non-Executive Director role. Dip. Mining Engineering. Mr. Chapman is a mining engineer with over 55 years' experience in the exploration, development, engineering, construction and management of open-cut and underground mining projects in Australia and overseas in commodities spanning coal, iron ore, copper and nickel. Formerly the Chief Operating Officer at White Energy, he currently serves as the company's Non-Executive Director. Prior to that he was Chief Operating Officer at Felix Resources Limited. MBA, M.Sc. (Civil Eng.) Mr. Ever is a highly experienced executive in the resource sector with experience in marketing and trading commodities with a primary focus on coking coal and managing and financing projects from greenfields through to production, coupled with extensive experience in mergers and acquisitions. He is a co-founder and Executive Chairman of the Square Group of Companies. Mr. Ever previously served as Chief Executive
Officer of QCoal, General Manager of AMCI Australia and was founder and Managing Partner of Triangle Resource Fund. Mr. Ever was Director of Realm Resources Limited (ASX), and Coalbank Ltd. He served as director of all Australian investee companies on behalf of AMCI. Breakeven Date Change • Nov 13
Forecast breakeven date pushed back to 2026 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of AU$121.0m in 2026. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Announcement • Oct 10
Bowen Coking Coal Limited, Annual General Meeting, Nov 28, 2024 Bowen Coking Coal Limited, Annual General Meeting, Nov 28, 2024. Announcement • Oct 09
Bowen Coking Coal Limited has filed a Follow-on Equity Offering in the amount of AUD 70 million. Bowen Coking Coal Limited has filed a Follow-on Equity Offering in the amount of AUD 70 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,500,000,000
Price\Range: AUD 0.009
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,277,777,778
Price\Range: AUD 0.009
Transaction Features: Regulation S; Rights Offering Reported Earnings • Sep 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: AU$0.037 loss per share (improved from AU$0.094 loss in FY 2023). Revenue: AU$450.2m (up 114% from FY 2023). Net loss: AU$95.5m (loss narrowed 41% from FY 2023). Revenue missed analyst estimates by 28%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 62% per year whereas the company’s share price has fallen by 57% per year. Board Change • Aug 29
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Neville Sneddon was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 23
Bowen Coking Coal Ltd Announces Resignation of David Conry AM as Non-Executive Director Bowen Coking Coal Ltd. announced that Mr. David Conry AM has resigned as a non-executive director of the Company. Mr. Conry has been a valued member of the company's board since June 2023. His experience and commitment and support to Bowen have been critical to the progress of the company's transformation plan. New Risk • Aug 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$89m). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (AU$54.1m market cap, or US$35.5m). Price Target Changed • Jul 02
Price target decreased by 12% to AU$0.28 Down from AU$0.32, the current price target is an average from 3 analysts. New target price is 405% above last closing price of AU$0.056. Stock is down 65% over the past year. The company is forecast to post earnings per share of AU$0.043 next year compared to a net loss per share of AU$0.094 last year. Buy Or Sell Opportunity • Jul 01
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to AU$0.059. The fair value is estimated to be AU$0.047, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 134% over the last 3 years. Earnings per share has declined by 96%. Breakeven Date Change • Jun 30
Forecast breakeven date pushed back to 2025 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of AU$130.7m in 2025. Average annual earnings growth of 52% is required to achieve expected profit on schedule. New Risk • Jun 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$145.2m (US$96.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$89m). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (39% increase in shares outstanding). Market cap is less than US$100m (AU$145.2m market cap, or US$96.7m). New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$89m). Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings have declined by 82% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 82% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$89m). Market cap is less than US$100m (AU$139.4m market cap, or US$91.5m). Recent Insider Transactions • Mar 19
Executive Chairman recently bought AU$100k worth of stock On the 18th of March, Nicholas Jorss bought around 2m shares on-market at roughly AU$0.05 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$268k. Nicholas has been a buyer over the last 12 months, purchasing a net total of AU$468k worth in shares. Reported Earnings • Mar 16
First half 2024 earnings released: AU$0.028 loss per share (vs AU$0.037 loss in 1H 2023) First half 2024 results: AU$0.028 loss per share. Revenue: AU$235.7m (up AU$208.4m from 1H 2023). Net loss: AU$65.1m (loss widened 6.4% from 1H 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Australia. New Risk • Mar 15
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$89m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$89m). Market cap is less than US$100m (AU$147.9m market cap, or US$97.1m). Buy Or Sell Opportunity • Mar 15
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 50% to AU$0.052. The fair value is estimated to be AU$0.071, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 147% over the last 3 years. Earnings per share has declined by 113%. Recent Insider Transactions • Feb 06
Executive Chairman recently bought AU$268k worth of stock On the 2nd of February, Nicholas Jorss bought around 4m shares on-market at roughly AU$0.067 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Nicholas has been a buyer over the last 12 months, purchasing a net total of AU$368k worth in shares. Announcement • Jan 30
Bowen Coking Coal Limited Announces CEO Changes Bowen Coking Coal Ltd. appointed Mr. Daryl Edwards as Chief Executive Officer (CEO), effective immediately. The former CEO, Mr. Mark Ruston will be available to assist the Company through to his completion date of 25 May 2024 following his resignation to pursue other interests. Mr. Edwards has served as the Company's Chief Financial Officer since October 2020 where he has been instrumental in navigating the Company from explorer through the startup phase and into production. His significant senior management experience across coal operations and financing has delivered marked improvements in the Company's cost control and reporting. He was also responsible for sourcing and negotiating the equity and debt funding required for the Company, including the recent refinancing arrangements, to become one of Queensland's newest coking coal producers. Daryl is a seasoned mining and finance professional with a proven track record in coal project development, finance, and operations. He is across every part of our business in detail and is highly motivated to transition Bowen to the next stage as a significant and profitable independent Queensland coal producer. Mr. Edwards is a Chartered Accountant with over 25 years' experience in the mining and manufacturing industries. He has held various executive positions including CEO of private Australian coal explorer Pioneer Coal, and CFO and Head of Corporate Development for Universal Coal plc for over seven years, where he managed the commercialisation of the 4Mpta Kangala Colliery and the 3.3Mtpa New Clydesdale Colliery. Previously, Mr. Edwards was CFO at Asenjo Energy. Announcement • Dec 05
Bowen Coking Coal Limited has completed a Follow-on Equity Offering in the amount of AUD 6.75258 million. Bowen Coking Coal Limited has completed a Follow-on Equity Offering in the amount of AUD 6.75258 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 75,028,667
Price\Range: AUD 0.09
Discount Per Security: AUD 0.0018
Transaction Features: Subsequent Direct Listing Announcement • Nov 29
Bowen Coking Coal Limited has filed a Follow-on Equity Offering in the amount of AUD 6.75258 million. Bowen Coking Coal Limited has filed a Follow-on Equity Offering in the amount of AUD 6.75258 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 75,028,667
Price\Range: AUD 0.09
Discount Per Security: AUD 0.0018
Transaction Features: Subsequent Direct Listing New Risk • Nov 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). New Risk • Nov 22
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$196m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$196m). Shareholders have been diluted in the past year (44% increase in shares outstanding). Announcement • Nov 04
Bowen Coking Coal Limited has filed a Follow-on Equity Offering in the amount of AUD 50 million. Bowen Coking Coal Limited has filed a Follow-on Equity Offering in the amount of AUD 50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 186,680,724
Price\Range: AUD 0.09
Discount Per Security: AUD 0.0045
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 180,555,556
Price\Range: AUD 0.09
Discount Per Security: AUD 0.0045
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 188,319,276
Price\Range: AUD 0.09
Discount Per Security: AUD 0.0045
Transaction Features: Rights Offering; Subsequent Direct Listing New Risk • Nov 03
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$196m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$196m). Shareholders have been diluted in the past year (23% increase in shares outstanding). Breakeven Date Change • Oct 24
Forecast breakeven date moved forward to 2024 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of AU$189.0m in 2024. Earnings growth of 65% is required to achieve expected profit on schedule. Recent Insider Transactions • Oct 10
Executive Chairman recently bought AU$100k worth of stock On the 5th of October, Nicholas Jorss bought around 830k shares on-market at roughly AU$0.12 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nicholas' only on-market trade for the last 12 months. Announcement • Sep 29
Bowen Coking Coal Limited, Annual General Meeting, Nov 22, 2023 Bowen Coking Coal Limited, Annual General Meeting, Nov 22, 2023, at 10:00 E. Australia Standard Time. Price Target Changed • Aug 29
Price target decreased by 21% to AU$0.36 Down from AU$0.45, the current price target is an average from 2 analysts. New target price is 260% above last closing price of AU$0.10. Stock is down 76% over the past year. The company is forecast to post a net loss per share of AU$0.006 next year compared to a net loss per share of AU$0.014 last year. New Risk • Aug 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$170m). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (38% increase in shares outstanding). Announcement • Jul 27
Bowen Coking Coal Limited Announces Resignation of Gerhard Redelinghuys as Executive Director Bowen Coking Coal Ltd. announced that Mr. Gerhard Redelinghuys has provided notice to resign his position as an executive director of Bowen Coking Coal due to personal circumstances, and will serve out his notice period to effect an orderly transition of his existing duties. Announcement • Jul 25
Bowen Coking Coal Limited Announces Directors Resignation Bowen Coking Coal Ltd. confirms that Mr. Matthew Latimore has tendered a resignation notice, resigning as a non-executive Director of Bowen Coking Coal in order to pursue other business interests. The marketing activities conducted by M Resources will continue unaffected. Mr. Latimore will continue to be available to provide strategic advice to the Company on opportunities to continue to grow and enhance shareholder value outcomes. As a result of Mr. Latimore's resignation, Mr. Stephen Downs will also resign (as Mr. Latimore's appointed alternate director). Announcement • Jun 27
Bowen Coking Coal Ltd Appoints David Conry as an Independent Non-Executive Director Bowen Coking Coal Ltd. announced the appointment of Mr. David Conry AM as an independent Non-Executive Director. Mr. David Conry AM is an experienced company director and senior executive, who has held several board roles in the private and public sectors and for all three levels of government. Mr. Conry has experience in the mining industry, strategy and communication, corporate administration, finance and compliance as well as private and executive interests in investment, advisory services. Most recently, David was Chairman and Chief Executive Officer of Australian Pacific Coal Limited where he oversaw the successful application to extend the mining lease of the company's primary underground asset at Dartbrook in the Hunter Valley. Prior to his retirement from this role the company announced a joint venture that would see the mine work toward recommencing operations from care and maintenance. This, together with complete debt repayment including a $100 million recapitalization added significantly to the company's enterprise value over the period of his tenure. Mr. Conry will join the Company's newly formed Audit & Risk Management and Nomination & Remuneration Committees, along with non-executive directors Matt Latimore and Neville Sneddon. Mr. Conry will chair the Audit & Risk Management Committee. Announcement • Jun 07
Bowen Coking Coal Limited has completed a Follow-on Equity Offering in the amount of AUD 40 million. Bowen Coking Coal Limited has completed a Follow-on Equity Offering in the amount of AUD 40 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 209,805,071
Price\Range: AUD 0.17
Discount Per Security: AUD 0.00646
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,489,047
Price\Range: AUD 0.17
Discount Per Security: AUD 0.00646
Transaction Features: Subsequent Direct Listing Breakeven Date Change • May 01
Forecast breakeven date pushed back to 2024 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 15% to 2023. The company is expected to make a profit of AU$182.5m in 2024. Average annual earnings growth of 37% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 07
Forecast breakeven date pushed back to 2024 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of AU$202.0m in 2024. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 16 The 2 analysts covering Bowen Coking Coal previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of AU$179.2m in 2023. Earnings growth of 1.8% is required to achieve expected profit on schedule.
Recent Insider Transactions • Feb 04
Non-Executive Director recently sold AU$11m worth of stock On the 2nd of February, Matthew Latimore sold around 40m shares on-market at roughly AU$0.27 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$25m more than they bought in the last 12 months. Announcement • Nov 30
Bowen Coking Coal Limited has completed a Follow-on Equity Offering in the amount of AUD 85 million. Bowen Coking Coal Limited has completed a Follow-on Equity Offering in the amount of AUD 85 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 253,547,544
Price\Range: AUD 0.3
Discount Per Security: AUD 0.0135
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,785,790
Price\Range: AUD 0.3
Transaction Features: Subsequent Direct Listing Buying Opportunity • Nov 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be AU$0.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 155% over the last 3 years. Earnings per share has declined by 60%. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Neville Sneddon was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 07
Price target decreased to AU$0.48 Down from AU$0.53, the current price target is an average from 2 analysts. New target price is 62% above last closing price of AU$0.30. Stock is up 76% over the past year. The company is forecast to post earnings per share of AU$0.11 next year compared to a net loss per share of AU$0.014 last year. Announcement • Nov 04
Bowen Coking Coal Ltd. Announces the Appointment of Stephen Downs as an Alternate Director of the Company Bowen Coking Coal Ltd. announced the appointment of Stephen Downs as an alternate director of the Company. Mr. Downs was nominated by Non-Executive Director Matt Latimore as his alternate director. Mr. Downs is a project management professional with extensive experience delivering mining and large infrastructure projects. In the past 20 years, he has delivered over $1 billion in capital projects, regulatory approvals for mining leases and due-diligence reviews on mining assets. Mr. Downs was appointed a director of MetRes Pty Ltd. in August 2021 and has been the Chief Operating Officer of Millennium Mine since February 2022. Announcement • Oct 26
Bowen Coking Coal Limited Announces First Coal Shipment from Broadmeadow East Bowen Coking Coal Ltd. has railed its first coal from the Broadmeadow East Mine (BME) through to Dalrymple Bay Coal Terminal (DBCT), near Mackay, in a move that further cements the Company as Queensland's next independent coal producer. BME is the first pit to come on-line as part of BCB's greater Burton Complex, in Queensland's Bowen Basin. It is the Company's second operating mine, following first production and sales from the Bluff mine in June 2022. Coal production commenced at the BME pit in July this year and is expected to ramp up to steady-state production of between 0.8Mtpa and 1.1Mtpa ROM in the next quarter. The train containing 10,426 tonnes of has been sold under a spot arrangement with the Company's 50:50 Marketing Joint Venture with M Resources. A further 3 trains (approximately 30,000 tonnes) of BME coal are scheduled to be railed to DBCT in the coming week. Initial sales are being completed on a train-by-train basis through Fitzroy's Carborough Downs facilities during the ramp-up phase whilst the Company's own train load out facility at the Burton Complex is being refurbished. The Company has recently announced it is planning a maiden Cape size vessel (140kt) of BME coal for late December 2022 in addition to the above noted trains. Announcement • Sep 29
Bowen Coking Coal Limited, Annual General Meeting, Nov 23, 2022 Bowen Coking Coal Limited, Annual General Meeting, Nov 23, 2022, at 10:01 E. Australia Standard Time. Location: Level 35, Waterfront Place 1 Eagle Street, Brisbane QLD 4000 Brisbane Queensland Australia Announcement • Aug 30
Bowen Coking Coal Limited Announces Process First Coal from Its Broadmeadow East Mine Bowen Coking Coal Ltd. has processed first coal from its Broadmeadow East mine near Moranbah whilst shipping a second vessel of approximately 40,000 tonnes of ultralow volatile pulverised coal injection (ULVPCI) coal from its Bluff Mine near Blackwater, cementing itself as Queensland's next independent metallurgical coal producer. Broadmeadow East Pit: Mining at Broadmeadow East, the first pit in the enlarged Burton Complex which also includes the nearby Lenton and Burton pits, has gained momentum with more than 100 000 tonnes of run of mine (ROM) coal mined to date and further coal uncovered in the pit. Initial coal haulage to Fitzroy's nearby Carborough Downs mine Coal Handling and Processing Plant (CHPP) has been slower than anticipated but is expected to ramp up during September as the haulage contractor mobilises more equipment. First coal has been processed over the weekend and sample analysis is underway for statutory export permits to pave the way for first coal sales in coming weeks. Refurbishment work at the Burton CHPP and Train Load Out facility (TLO) is underway. A fast tracked, phased recommissioning of the TLO is planned to start from early next quarter, opening the potential for additional bypass thermal coal sales while the CHPP is recommissioned. The refurbished CHPP is expected to wash first coal from Broadmeadow East in the first quarter of 2023. In the interim the company will utilise the Fitzroy CHPP and potentially other third party infrastructure to process and ship coal until such time as the Burton CHPP and TLO are ready to do so. Some 200 rooms of the 350 plus person camp have now been fully refurbished and are being utilised by the mining contractor and infrastructure refurbishment crew. Bluff Mine: The additional 400t excavator mobilised at Bluff Mine is performing well and is assisting in accelerating overburden removal to achieve an ongoing RunofMine (ROM) target of 80,000t to 100,000t per month early in the next quarter, representing an annualised production rate of between 1Mtpa and 1.2Mtpa ROM1 over four to six years to supply the global steel industry. Unseasonal wet weather required additional surface water management actions and COVID impacts on the mining and haulage workforce had some impact on shortterm production. Recent Insider Transactions • Aug 03
Non-Executive Director recently sold AU$14m worth of stock On the 1st of August, Matthew Latimore sold around 50m shares on-market at roughly AU$0.27 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$14m more than they bought in the last 12 months. Announcement • Jul 21
Bowen Coking Coal Ltd Announces Coal Mining Commenced at the Broadmeadow East Pit Near Moranbah in Queensland's Bowen Basin Bowen Coking Coal Ltd. announced that coal mining has commenced at the Broadmeadow East Pit near Moranbah in Queensland's Bowen Basin as the company consolidates its position as Queensland's new independent metallurgical coal producer. Coal from Broadmeadow East is planned to be initially processed at the neighboring Fitzroy CHPP under an infrastructure sharing agreement with Fitzroy (CQ) Pty Ltd. and exported through the Dalrymple BayCoal Terminal. As the first producing pit of Bowen's expanded Burton Complex, which includes the Burton and Lenton Pits, 20km to the north, Broadmeadow East coal will be processed through the Burton CHPP followingthe completion of its refurbishment in early 2023. The coal at Broadmeadow East has the flexibility to produce a primary coking coal product of either high quality (7.5% ash, up to CSN 7.5) or high yield (9.2% ash, CSN 4.5). In both of the primary product cases, the secondary energy coal created from the primary coking coal discard has a calorific value of more than 6,500kcal/kg (ad) which is also a sought-after product for the export coal markets1. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Neville Sneddon was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.