Board Change • May 21
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (8 non-independent directors). Non-Executive Interim Chairman Ontiretse Senosi is the most experienced director on the board, commencing their role in 2022. Independent Non-Executive Director Steele West was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Oct 24
MC Mining Limited, Annual General Meeting, Nov 27, 2025 MC Mining Limited, Annual General Meeting, Nov 27, 2025. Location: at the offices of mc mining limited, on the ground floor, greystone building, fourways golf park, roos street, fourways, Australia Duyuru • Apr 14
MC Mining Limited Announces Director Changes MC Mining Limited advised that Mr. An Chee Sin has resigned as a Non Executive Director with effect from 15 April 2025. Mr. Chee Sin has been a vital member of MC Mining's board and contributed to MC Mining being positioned to become South Africa's pre-eminent steelmaking hard coking coal producer. Mr. Chee Sin has also provided invaluable input as a member of the MC Mining Audit & Risk Committee. The Company announced the appointment of two non-executive Directors in Ms. Lanlan Wang and Dr Huoxin Wang effective 15 April 2025. Ms. Lanlan Wang (Lily) is the current Vice President and Chief Financial Officer of Kinetic (Asia) Limited. Lily also serves as the President of Kinetic (Asia) Limited. Lily has over 10 years of experience in corporate finance, corporate listings and asset appraisal. Lily previously served as a senior project manager at Jones Lang LaSalle (Beijing) Consultants Limited during which time she participated in capital transactions for more than 30 listed enterprises. Lily has also served as an investor relations director of China New Material Technology Holdings Limited and as a vice president of Chuang Xin (China) Group Limited. Lily holds a Master's degree in Business Administration from the Fudan University and The University of Hong Kong. Dr Huoxin Wang (Hevin) holds PhD in Financial Accounting from the University of Hong Kong, attended postgraduate studies in Corporate Governance from Fudan University and also holds a Bachelor in Accounting from China University of Mining and Technology. Hevin currently serves as the Chairman's Assistant and Group Deputy General Manager of Finance at Eagle Canyon International Group where he manages operations and financial activities including overseeing cross-border investments, mergers and acquisitions, organizational optimization, and investment strategy design. He has previously held positions including Portfolio Manager at Eagle Investment Management and Assistant to the Chief Financial Officer and Company Secretary at KFM Kingdom Holdings Limited. Duyuru • Oct 25
MC Mining Limited, Annual General Meeting, Nov 28, 2024 MC Mining Limited, Annual General Meeting, Nov 28, 2024. Location: ground floor, greystone building, fourways golf park, roos street, fourways, Australia Duyuru • Sep 09
MC Mining Limited Announces Board Changes MC Mining Limited announced the appointment of Dr. Steele West as a Non-Executive Director to the Board of MC Mining with effect from 9 September 2024. Dr. Steele West holds a Phd (Applied Economics) from the University of Western Australia and a Bachelor of Arts (Business Economics, Honours) from Brown University. He is currently a Senior Business Development Manager with ATCO Australia Pty Limited. ATCO Limited, operating as the ATCO Group, is a publicly-traded Canadian engineering, logistics and energy holding company based in Calgary, Alberta with c. CAD 22 billion in assets. Dr. West has also held additional senior executive positions such as his role as Commercial and Project Development Manager with Zenith Energy in Perth, Western Australia. The Board is also pleased to officially welcome Mr. Muthui (Chris) Huang, who has joined the Board following the completion of the first tranche of the subscription agreement with Kinetic Development Group Limited, as announced in the ASX release on August 28, 2024. Additionally, Douglas Abrahams will be stepping down from his role as Non-Executive Director. The Board extends its sincere gratitude to Mr. Abrahams for his valuable service and contributions to the Company. Duyuru • Jul 02
MC Mining Limited Announces Board Changes MC Mining Limited announced that Andrew Mifflin and Julian Hoskin, two non-executive directors have resigned as directors of the Company, effective 30 June 2024. Mr. Mifflin has been a member of MC Mining's board of directors since December 2014 and Mr. Hoskin was appointed in March 2023 and both contributed to MC Mining being positioned to become South Africa's pre-eminent steelmaking hard coking coal producer once the necessary funding is secured for the Makhado Project. Mr. Mifflin and Mr. Hoskin also provided invaluable input as members of MC Mining's Safety, Health, Environment & Technical Committee while Mr. Hoskin was also a member of the Disclosure Committee. Mr. Douglas Abrahams is appointed as a non-executive director, effective 1 July 2024. Mr. Arahams is a Chartered Accountant (Australia and New Zealnd) with over three decades of expertise in audit and business advisory roles as well as extensive business advisory experience, including the development and implemention financial strategies to optimise business performance. Duyuru • May 21
MC Mining Provides Notification of the Cancellation of the Admission to Trading on AIM of its Ordinary Shares and AIM Cancellation Expects to Take Place on 19 June 2024 MC Mining Limited (MC Mining or the Company) noted the announcements by Goldway Capital Investment Limited (Goldway), pursuant to which Goldway's off-market takeover offer for all of the ordinary shares in MC Mining (Ordinary Shares) not already owned by Goldway or its associates (the Offer) was declared unconditional on 8 April 2024 and closed on 22 April 2024, with Goldway receiving acceptances representing in excess of 75% of the Ordinary Shares subject to the Offer. Goldway announced on 23 April 2024 that, together with acceptances received under the Offer, its relevant interest represented 93.05% of the Company's issued ordinary share capital. The Offer process was completed on 30 April 2024. Accordingly, pursuant to Rule 41 of the AIM Rules for Companies, the Company provided notification of the cancellation of the admission to trading on AIM of MC Mining's Ordinary Shares (the AIM Cancellation). The AIM Cancellation is expected to take place at 7:00 a.m. BST on 19 June 2024 and, accordingly, the final day of trading on AIM of the Ordinary Shares will be 18 June 2024. Goldway announced in certain of its Bidder's Statements that, in the event the Offer is successfully concluded and it is eligible, it may exercise the general compulsory acquisition rights over all the Ordinary Shares not owned by Goldway, or its associates, under the Australian Corporations Act. However, Goldway has not yet confirmed whether it will proceed with such process. In addition, Goldway announced its intention to seek the delisting of the Ordinary Shares from the ASX and JSE, although to date the formal commencement of this process has not been announced. Consequently, it is currently expected that following the AIM Cancellation becoming effective, the Ordinary Shares will continue to be listed and traded on the ASX and JSE. In light of this, there is no current intention for the Company to provide a matched bargain facility following the AIM Cancellation. However, in the event that Goldway proceeds with the delisting by MC Mining of the Ordinary Shares from both the ASX and the JSE, the Company will reassess this position. Shareholders should note that there is no certainty that Goldway will exercise any compulsory acquisition rights, if eligible to do so, nor is there any certainty that a matched bargain facility will be put in place. The liquidity and marketability of the Ordinary Shares may be significantly reduced following the AIM Cancellation and should MC Mining's delisting from the ASX and JSE proceed, the ability of shareholders to trade the Ordinary Shares will be further restricted. Duyuru • May 18
MC Mining Limited Announces Executive Changes MC Mining Limited announced that Mr. Blagojce (Bill) Pavlovski has been appointed as the new Company Secretary of the Company, effective immediately. Mr. Pavlovski replaces Mr. Tony Bevan who has resigned as MC Mining's Company Secretary after twelve years. Mr. Pavlovski is an experienced ASX professional with a strong focus on Company Secretary and Corporate Advisory Services. Mr. Pavlovski brings a deep understanding and experience of capital markets gained during a respected career spanning over 15 years. This experience includes Banking, Wealth Management, Stock Broking and Corporate Advisory services, assisted by a Degree in Applied Economics and International Trade, ASIC Regulatory Guide 146 for licensing (RG146) and ASX Listing Rules Compliance course. Mr. Pavlovski replaces Mr. Tony Bevan who has resigned as MC Mining's Company Secretary after twelve years. The board extends its appreciation and gratitude to Tony for the many years of excellent service. Duyuru • May 01
MC Mining Limited Receives a Notice from Dendocept Proprietary Limited April 30, 2024, MC Mining Limited announced that it has received a notice pursuant to section 203D(2) of the Corporations Act 2001 from Dendocept Proprietary Limited, regarding the intention of the Shareholder to move a resolution for the removal of one Director of the Company, being Andrew Mifflin. Dendocept Proprietary Limited has also informed the Company of its intention to issue a notice under section 249F of the Corporations Act to requisition a meeting of shareholders with respect to the resolution set out in the Notice and other resolutions proposed in the section 249F request. The Company stated that it will consider the Notice and the section 249F notice when received and comply with its obligations under the Corporations Act. Duyuru • Apr 26
MC Mining Limited Announces Nhlanhla Nene Will Step Down as Director and Chairman of the Board MC Mining Limited announces that Mr. Nhlanhla Nene will step down as Director and Chairman of the Board, effective 25 April 2024. Mr. Nene joined the Company on 11 April 2022, initially serving as a Non-Executive Director and then as Chairman from 28 April 2022. At the time of his appointment, MC Mining was facing challenging operating and funding conditions following the COVID-19 pandemic. The Company subsequently completed a fully underwritten rights issue in November 2022, facilitating the revitalization of the Makhado steelmaking hard coking coal project and a revision of its development strategy, significantly enhancing the value of the project for all stakeholders. Duyuru • Apr 20
MC Mining Limited Announces Resignation of Khomotso Mosehla as Independent Non-Executive Director Khomotso Mosehla, a long-standing non-executive director of MC Mining Limited, has resigned as a director of the Company, effective 19 April 2024. Mr. Mosehla has been a member of MC Mining's board of directors since late 2010 and contributed to the Company being positioned to become South Africa's pre-eminent steelmaking hard-coking coal producer. Mr. Mosehla has provided valuable input as Chairman of the Company's Audit & Risk Committee as well as Chairman of the Independent Board Committee. Duyuru • Apr 09
Goldway Capital Investment Announces Satisfaction of Minimum Acceptance Condition Goldway Capital Investment Limited announced that it has received acceptances from MC Mining Limited (ASX:MCM) shareholders representing 83.67% of the issued capital of MCM. Accordingly, the defeating condition set out in paragraph (a) of Section 13.9 of Goldway's bidder's statement dated 2 February 2024 (Bidder's Statement), requiring acceptances for at least 50.1% or more of the MCM Shares that it does not have a relevant interest at the commencement date of the Offer (Minimum Acceptance Condition), has been fulfilled. As noted in Goldway's third supplementary bidder's statement dated 21 March 2024, Goldway has undertaken to waive all other defeating conditions in Section 13.9 of the Bidder's Statement, which have not yet been fulfilled, immediately upon the Minimum Acceptance Condition being satisfied. Accordingly, Goldway will shortly announce that it will free the Offer of all defeating conditions. Duyuru • Apr 04
Goldway Capital Extends Offer to MC Mining Shareholders Goldway Capital Investment Limited announced on April 4, 2024 it has been allowed to extend the date by two weeks for its offer to shareholders of MC Mining Limited (ASX:MCM). Goldway, a consortium including MC Mining's largest shareholders Senosi Group Investment Holdings and Dendocept, has offered 16 Australian cents per share, or approximately 8.28 pence. Goldway first launched its takeover bid for MC Mining in February. On April 04, 2024, Goldway said the Australian Securities and Investments Commission had extended the close of the offer from Friday to April 19. In Sydney, MC Mining shares fell 3.2% to AUD 0.15 on April 4, 2024. Shares also declined 4.2% to 7.28 pence on April 4, 2024 in London, but they rose 3.8% to ZAR 1.91 each in Johannesburg. MC Mining on April 03, 2024 reiterated that its shareholders should reject the Goldway offer, saying it undervalues it. "The IBC confirms and reiterates its unanimous recommendation that Shareholders DO NOT ACCEPT the offer," it said, referring to its independent board committee. Goldway said it sought the further extension to allow sufficient time to allow MC Mining shareholders, who have not yet accepted the offer, the opportunity to do so. Duyuru • Mar 20
Dendocept Proprietary Limited, Pacific Goal Investment Limited, Shining Capital GP Limited, Ying He Yuan Investment (S) Pte. Ltd, Longelephant International Trade Limited and Golden archer Investment (pty) Ltd cancelled the acquisition of remaining 35.6% stake in MC Mining Limited (ASX:MCM) Dendocept Proprietary Limited, Pacific Goal Investment Limited, Shining Capital GP Limited, Ying He Yuan Investment (S) Pte. Ltd, Longelephant International Trade Limited and Golden archer Investment (pty) Ltd agreed to acquire remaining 35.6% stake in MC Mining Limited (ASX:MCM) for AUD 23.2 million on November 1, 2023. MC Mining Limited has established an established an Independent Board Committee which consists of Khomotso Mosehla, Nhlanhla Nene,Andrew Mifflin,Julian Hoskin. Transaction is expected to complete on April 5, 2024. Adelaide Equity Partners Limited acted as Financial advisor and K & L Gates, Webber Wentzel and Falcon and Hume Inc. acted as legal advisor to Independent Board Committee of MC Mining Limited.
Dendocept Proprietary Limited, Pacific Goal Investment Limited, Shining Capital GP Limited, Ying He Yuan Investment (S) Pte. Ltd, Longelephant International Trade Limited and Golden archer Investment (pty) Ltd cancelled the acquisition of remaining 35.6% stake in MC Mining Limited (ASX:MCM) on March 18, 2024. Duyuru • Mar 14
IBC of MC Mining Reviews the Second Supplementary Bid from Goldway MC Mining Limited (ASX:MCM) advised that it has received a copy of the Second Supplementary Bidder's Statement dated 14 March 2024 issued by Goldway Capital Investment Limited (Goldway) in relation to the AUD 0.16 cash per share off-market takeover bid by Goldway (TakeoverOffer). The Independent Board Committee (IBC) is reviewing the contents of the Second Supplementary Bidder's Statement and will provide a formal response in due course. Shareholders are reminded that the Takeover Offer remains open until 7pm (Sydney time) on 5 April 2024 and the IBC recommends that shareholders take no action in relation to the Takeover Offer until they receive the Supplementary Target's Statement and accompanying Independent Expert's Report, which will be released on or before, 18 March 2024. Duyuru • Feb 02
MC Mining to Make an Application to Cancel the Admission of its Shares to Trading on AIM Further to the non-binding indicative offer of 18 December 2023, MC Mining Limited (MCM), Goldway Capital Investment Limited (Goldway) is making an off-market takeover offer for all of the ordinary shares in MCM (Offer). With respect to MCM's admission to trading on AIM, if the Offer becomes or is declared unconditional, and valid acceptances in respect of MCM Shares which, together with MCM Shares acquired, or agreed to be acquired, before or during the Offer by Goldway, represent not less than 75% of the voting rights attaching to the MCM Shares, Goldway may procure that MCM will make an application to cancel the admission of the MCM Shares to trading on AIM. If such application is made, it is expected that cancellation of admission to trading on AIM will take place no earlier than 20 Business Days after the date on which Goldway has, by virtue of its shareholding and acceptances of the Offer, acquired, or agreed to acquire, 75% of the voting rights attaching to the MCM Shares. If the Offer becomes or is declared unconditional, and valid acceptances in respect of MCM Shares which, together with MCM Shares acquired before or during the Offer by Goldway, represent not less than 75% of the voting rights attaching to the MCM Shares, Goldway may procure that, at a meeting of MCM Shareholders, a vote is held on a resolution that MCM make an application to cancel the admission of the MCM Shares to trading on AIM. Duyuru • Nov 03
MC Mining Announces Receipt of Notice of Intention to Make A Takeover MC Mining Limited (MCM or the Company) (ASX:MCM) has received a letter dated 1 November 2023 (Proposal Letter) from Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited, each substantial shareholders of the Company, sent on behalf of shareholders and associates stated to represent in aggregate 64.5% of the issued capital in the Company (together, the Consortium). The Proposal Letter outlines the Consortium's proposal and intention to make an off-market cash takeover offer for all the shares in the Company not currently held by the Consortium (Proposed Takeover). The Proposal Letter also states that the Consortium has made an application to the Australian Securities & Investments Commission (ASIC) under section 655A(1) of the Corporations Act 2001 (Cth) (Act), seeking relief from section 606 of the Act to permit the Consortium to enter into a joint bidding agreement for the purposes of undertaking a joint takeover bid for the Company. The Proposal Letter refers to the Consortium's earlier confidential and incomplete, non-binding, conditional and indicative offer dated 5 September 2023 from Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited (NBIO). The NBIO set out indicative but incomplete details of a proposed takeover by Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited, including an indicative cash consideration offer range of AUD 0.20 - AUD 0.23 per ordinary share, based on the Company's undiluted share capital. The NBIO proposal was subject to a number of conditions, including third party and regulatory approvals. In its Proposal Letter, the Consortium has also stated that it is its ''present intention that it will be a condition of the bid that no convertible securities vest as a result of the bid''. Following the receipt of the NBIO, the Company established an Independent Board Committee (IBC) to consider the NBIO on behalf of shareholders not associated with the Consortium and to seek to evaluate and improve the indicative offer price. The IBC members comprise Mr. Khomotso Mosehla, Mr. Nhlanhla Nene, Mr. Andrew Mifflin and Mr. Julian Hoskin, being the Company's directors other than Ms Yi (Christine) He and Mr. Ontiretse Mathews Senosi, who are representatives of the Consortium. Other directors associated with the Consortium and not included in the IBC are Mr. An Chee Sin and Mr. Zhen Brian He. Mr. Godfrey Gomwe, the Chief Executive Officer of the Company, is an invitee of the IBC. The IBC has been evaluating the indicative terms of the NBIO, including taking advice from its financial and Australian and South African legal advisors. Adelaide Equity Advisors as Financial Advisor, K&L Gates as Australian Legal Advisor and each of Webber Wentzel and Falcon & Hume, as South African Legal Advisors have been engaged by the IBC. Whilst the Consortium's Proposal Letter notifies the Company of an intention and proposal to make a takeover offer for the purposes of ASX Listing Rule 7.9, it does not yet provide a definitive offer price for the Proposed Takeover. The progress of the Proposed Takeover is also subject to the Consortium obtaining regulatory relief from ASIC. Accordingly, the IBC advises shareholders toTAKE NO ACTIONat this stage in relation to the Proposed Takeover, until they receive further guidance from the IBC. A further announcement will be made by the Company as and when more complete and definitive details are received. Duyuru • Oct 06
MC Mining Limited, Annual General Meeting, Nov 30, 2023 MC Mining Limited, Annual General Meeting, Nov 30, 2023, at 11:00 South Africa Standard Time. New Risk • Sep 22
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: -US$11m 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 (-US$11m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (102% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$67.9m market cap, or US$43.7m). Duyuru • Jul 01
MC Mining Limited Announces Significant Increases in Mine Life and Coal Reserves MC Mining Limited announced the results of the updated Life of Mine plan and Coal Reserve estimate for its fully-licensed and shovel-ready Makhado steelmaking hard coking coal project. The LOM plan builds on the recently completed five-year Implementation Plan that envisaged initially mining the East Pit. The plan incorporates the exploitation of all portions of the East, Central and West coal deposits that are mineable by surface mining methods. The Coal Reserve estimate is derived from this updated LOM plan that applies updated costs, macro-economic and coal price assumptions. The updated LOM plan and Coal Reserve estimate are required to conclude funding discussions that are part of the ongoing implementation of the Makhado Project mine-build. The Project is 67.3%-owned by MCM through a local subsidiary, Baobab Mining & Exploration Pty Ltd. (BM&E). All figures are reported for the full project in USD and ZAR. The updated LOM plan is a significant improvement on the Scenario 2 plan completed in August 2022 to a pre-feasibility level of confidence (Scenario 2), as is demonstrated by: o improved production metrics: § a 25% increase in the targeted rate of mining from 3.2 to 4.0 million (M) tonnes per annum (Mtpa) run-of-mine (ROM) coal; and § a 100% increase in coal handling and processing plant capacity, from 2.0 to 4.0 Mtpa; resulting in § a 30% increase in planned annual sales of 64 Mid Volatile (Vol) steelmaking hard coking coal (HCC) to 0.81 Mtpa and a 15% increase in planned annual sales of 5,500 kcal thermal coal (TC) to 0.62 Mtpa; § a 60% increase of total salable coal products from 26 to 41 million tonnes (Mt) over the mine life; § a 27% increase in the LOM from 22 to 28 years; and § the time to first production increasing from 12 to 18 months due to the new plant build whilst keeping the payback period materially unchanged at 3.5 years from the start of construction. o using updated and conservative cost and macro-economic assumptions that account for recent inflationary and market cost escalations in key production inputs, these being: § a 6% increase in estimated fully-allocated costs (C3) to average USD 83 (ZAR 1,563) per tonne of saleable coal over the LOM; § an 11% increase in the estimated project peak funding requirements to USD 96 million (ZAR 1.8 billion); § a 22% increase in the forecast ZAR:USD foreign currency exchange (Forex) rate from ZAR 15.47 to average ZAR18.83 over the LOM; § a marginally higher indexed premium HCC price forecast from USD 212 to USD 215 per tonne sold on a free on board basis (FOB) over the LOM, sourced from independent advisors Afriforesight; and § a marginally higher indexed API4 thermal coal price (6,000 kcal) forecast from US$106 to USD 108 per tonne (FOB) over the LOM. o resulting in the following planned financial returns for the Project: § a 20% improvement in free cashflows to US$936 M (ZAR 17.6 billion); § a 17% increase in the post tax Net Present Value (NPV) from ZAR 5.8 billion (real, post-tax, at a 6% discount rate) to ZAR 6.8 billion (due to exchange rate movements, a 4% reduction in USD terms to UD 361 million); and § an internal rate of return (IRR) (real, post-tax) of 37% and EBITDA margin of 30%. Proved and Probable Coal Reserves estimates, reported in accordance to JORC Code guidelines, have substantially increased compared to the estimates reported previously, to result in: o a 53% increase in total Coal Reserves from 69 to 106 Mt due to the revision in the East Pit optimisation and mine design; o a 64% increase in salable steelmaking HCC from 13.7 to 22.5 Mt achieved at an overall yield of 21.2%; and o a 57% increase in salable TC from 11.9 to 18.7 Mt achieved at an overall yield of 17.6%. The Coal Resource estimate on which this Coal Reserve estimate is based remains unchanged at 296 Mt of mineable tonnes in situ (MTIS) in the Measured and Indicated categories as previously announced by the Company. The reported Coal Resource is inclusive of the Coal Reserve. Steady progress has been made with critical early works activities in line with the Implementation Plan, to advance the Project towards commencement of production, including: o commencement with works relating to the power supply overhead transmission line; o construction of a bridge across the Mutamba river to provide access to the project site; o order placement for key long-lead items; and o progressing with the selection of mine-operating contractors. Reported Earnings • Mar 16
First half 2023 earnings released: US$0.005 loss per share (vs US$0.005 loss in 1H 2022) First half 2023 results: US$0.005 loss per share (in line with 1H 2022). Revenue: US$14.0m (up 7.8% from 1H 2022). Net loss: US$1.28m (loss widened 65% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Chairman Nhlanhla Nene was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2022 earnings released: US$0.13 loss per share (vs US$0.077 loss in FY 2021) Full year 2022 results: US$0.13 loss per share (further deteriorated from US$0.077 loss in FY 2021). Revenue: US$23.5m (up 14% from FY 2021). Net loss: US$20.7m (loss widened 77% from FY 2021). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 21
Now 38% undervalued Over the last 90 days, the stock is up 612%. The fair value is estimated to be AU$1.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has grown by 40%. Board Change • Apr 27
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. 5 non-independent directors. Independent Non-Executive Director Andy Mifflin was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 17
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: US$0.005 loss per share (up from US$0.018 loss in 1H 2021). Revenue: US$13.0m (up 48% from 1H 2021). Net loss: US$774.0k (loss narrowed 71% from 1H 2021). Revenue missed analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Board Change • Oct 19
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Interim CEO & Independent Non-Executive Director Sam Randazzo was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
First half 2021 earnings released: US$0.018 loss per share (vs US$0.05 loss in 1H 2020) The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: US$8.80m (down 23% from 1H 2020). Net loss: US$2.63m (loss narrowed 62% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 01
Full year earnings released - AU$0.086 loss per share Over the last 12 months the company has reported total losses of US$12.0m, with losses narrowing by 64% from the prior year. Total revenue was US$17.2m over the last 12 months, down 35% from the prior year. 