AGM full write up4 Mar 2026 08:59
Amigo (LON:AMGO) outlined its transition to a new natural resources strategy and reviewed the completion of its legacy wind-down at its 2026 Annual General Meeting in Bournemouth, with shareholders also approving a change of name to Amigo Resources PLC and other resolutions via proxy voting.
Board attendees and meeting overview
The meeting was chaired by non-executive director Jonathan Roe, the company’s former chair, who said he had been asked to chair the AGM following the absence of Craig, who sent apologies and was described as focusing on developing the company’s mining prospects in Tanzania. Chief executive officer and company secretary Nick Beale and head of financial reporting Mark Hamer also presented, while non-executive director Andy Chee joined via Zoom. The company confirmed a quorum was present and that the notice of meeting had been dispatched to shareholders on Jan. 29, 2026.
Roe said the company has been “rapidly transformed” since Craig joined in December, describing progress in establishing a new business focused on mining opportunities.
He highlighted a December fundraising totaling £1.68 million, consisting of £188,000 raised through a retail offer that was described as 4.7 times oversubscribed, and £1.5 million raised via mandatory convertible loan notes. Roe also said the company put in place a “new tax-efficient group structure” in the UAE and Tanzania and secured exploration licenses.
He added that “technology-led mineral surveys” were underway with in-country mineralogist AK Corporation, and that the company’s Dubai subsidiary had signed a memorandum of understanding with Magnus Lamps Inc., headquartered in Palo Alto, for the development of “robotic miners.” Roe said management was focused on deploying limited resources to maximize value creation and reiterated that the company was focused on executing its exploration strategy and building shareholder value.
Recap of legacy wind-down and key corporate events since 2024
Beale provided a timeline covering the 18-month accounting period ending Sept. 30, 2025. He said Jim McColl was appointed as a strategic consultant in March 2024, became a non-executive director in September 2024, and stepped down from the board in February 2026 to focus on a new Challenger Bank. Beale said the company was “thankful” for McColl’s contribution to the company’s “survival.”
He said that in April and May 2024, Amigo attracted £237,000 of new equity by placing 95 million shares at par value of 0.25 pence per share. Beale said the equity raise extended the PLC’s life and enabled operating subsidiaries to waive £71 million of debt owed by the PLC, which he said would otherwise have left the PLC facing insolvency when the operating subsidiaries were placed into liquidation in September 2025.
Beale said the wind-down was “substantively completed” by summer 2025, allowing the group to hand back its FCA lending permissions. He noted that CEO and CFO Kerry Penfold resigned from th
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