focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
RE: AGM QuestionsToday
17. Why are communications between the BOD & shareholders not clear, open to debate, often conflicting with previous communication received & deliberately vague. This is totally unacceptable to shareholders and needs rectifying as a priority
18. The 2020 Annual Report mentioned a short infill core drilling campaign focused on L and WN. As it's a requirement of listing to give details of drilling to certain mininum levels why has no information been given to shareholders of the drilling results.
19. In April 2021 you submitted a detailed exploration project for the MT flanks area to develop those prospects and bring further resources into the MT mine. Any update on this and what has been found/changed resource wise.
20. A number of years ago you gave a JORC figure of 2.2moz Pd equivalent at MT however, despite it being a requirement of listing, you never released the actual JORC to shareholders. Why not and will you.
21. In the annual accounts for 2022 £28,000,000 is showing as loans to a subsidiaries. Which subsidiaries received these funds, what was it used for and how much is remaining
22. Are the deffered shares (4.9p) included in the 'nominal aggregate value' calculation?
23. Artem Matyshok; brought in to speed up the Asset sale in May 2022, it’s obvious that the DFS was required before any sale could take place so in what way did the BOD expect him to succeed.
24. WK; in the AR you state “The Board have agreed a new and extensive mining plan for the remainder of the season, based on electricity powered machinery and equipment. The mining operations in West Kytlim will contribute significant additional funds to the Group when the value of the extracted concentrate is realised.” When will you give the details of this to your shareholders, with the new dragline in place can the BOD advise of the revised costs to mine at WK
25. If the Board believes "This (sales) process has now run on substantially longer than the Company's management team had anticipated", how long did management originally think this process would take & how much longer for it to complete.
26. If the information issued in RNS dated 6-Jan-2022 is still applicable and has the backing of the full Board.
AGM QuestionsToday
1. 12 May 2021 we received a proposal from a credible party, 28 Oct 2021 buyers DD was complete, are these still classed as a credible party with regards to the Assets Sale, do they need to re-evaluate their DD.
2. The Group's current (as at 29 June 2023) cash position is around £40,000 and US treasury Bonds valued at £1,646,255 with the reduction since December 2022 being accounted for by £150,000 in capital expenditure, £950,000 on development expenditure on its assets portfolio, and £2,031,578 in costs.
What are the breakdown of capital expenditure & costs and anticipated monthly cash burn?
3. Reserves & Resources, why have we had no update since the JV expired on 26 Feb despite losing the rights to 8 of the assets.
4. Will the proposed changes in the BOD result in an increase or decrease of expenditure
5. NKT open pit updates, when is this due for completion
6. NYUD; is there an expiry date to take up the licence, have we paid for our 75% entitlement in full, is there any possibility of an update on the JORC. Is there a breakdown of total costs paid for the Rosgeo JV
7. Why did the BOD not immediately inform shareholders when the 2 x court cases were lodged against EUA and why no mention of either in the AR, what’s the worst case scenario we can expect
8. Why was it decided to host a virtual AGM only?
9. How many NDAs remain in place & when do they expire
10. Why was the AR not released until 3 July, when it was expected early June
11. Options; 146M. Is it possible for a breakdown of who these have been allocated to, the OPD issued by RNS on 17 July 2020 is incorrect. Can you explain why you feel it was “fair & reasonable” to extend all of these to 2 Nov 2023. In particular Alexei Churakov who has 40M.
12. "we also note recent precedent transactions which have successfully completed despite the geopolitical situation." Whats prevented/ preventing the BOD from selling our Assets?
13. James Nieuwenhuys, stated in an RNS on joining the BOD “leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders". Was this achieved?
14. In the AR you stated “No further significant expenses are forecast for the Monchetundra project” Have we paid our Royalty payment of circa £187,000 for MT due in Nov 2023
15. DFS; I appreciate it was only approved just prior to the release of the AR, how long before the BOD read & digest the contents & give shareholders an overview of their thoughts. When do you intend to publish the full MT DFS contents so shareholders have the ability to analyse it for themselves. If you are not intending to publish it, can you please give us a reason why?
16. Can you clarify why there is a requirement to reinstall Resolution 6 considering it wasn’t necessary last year and you’ve advised we are fully funded for the next year
I must admit I've never filtered anyone as I like to hear people's thoughts good or bad....until now!! IKN and DR are both in the so called green bin as they offer nothing to the BB and wow does it make a difference!! Lenoman you are extremely close as well...I'm all for sticking up for a good BOD but as it stands this BOD have failed in why many (close to all) of us have invested...an asset sale of some sorts!! We have repeatedly been told that MT is a company maker (just go and watch CS interviews about MT ) and yet the company cannot sell it currently!! If it's so good/ rich in desirable minerals/shovel ready with a DFS sitting on top then it should be easy to sell to a BRICS member....but as of today sadly no!!
Christian has kicked this can for the last time hopefully!! He's in over his head now and needs replacing with someone full of energy and someone who can steer this sinking ship! Just go back over the RNS's since he's been in charge....it's just one big rampathon!! We are all here for the sale of assets and I think 3 years is enough time to warrant a changing of the guard! Not one company in the world has put in a binding offer for the 'company maker' at MT....and it's been up for sale since 2015 as we all know!!
Daily reminder to vote at the OGM on the 26th July! Christian and his merry men have had enough time to get some sort of sale across the line and they have failed miserably! Time for change I Feel! James N was a waste of space (and money) and so walked (would he actually leave a company 6 months away from a possible sale....of course not!!!) But CS won't do that as he's too arrogant so he needs to be voted AGAINST on staying on as exec Chairman!! If not it's almost 100% possible that we will be saying the same things in 365 days time! Remember CS saying that MT was a company maker....that's aged well hasn't it!! He's not the man to run EUA and needs to go on the 26th July....we can make it happen!!!
Just your daily reminder to vote at the upcoming OGM! I think the HL cut off is 20th July and it's very easy to do on their website! Remember our voice has been taken away by holding the meeting remotely but we can be heard by voting FOR/AGAINST on certain proposals! For avoidance of doubt I have voted for CS and IR to NOT renew their positions and also voted AGAINST on ANY type of cash raise by issuing more equity and subsequently diluting us! #freshstartneeded
No it's not a typo....
Comment: 06 JUL 2023: PLEASE NOTE THAT THIS IS A REVISION DUE TO MEETING TYPE HAS BEEN CHANGED FROM AGM TO OGM. IF YOU HAVE ALREADY SENT IN YOUR VOTES, PLEASE DO NOT VOTE AGAIN UNLESS YOU DECIDE TO AMEND YOUR ORIGINAL INSTRUCTIONS. THANK YOU
Sent off my email to Keith with all the questions from Del's list....If nobody before the AGM gets a proper reply with answers ,then that should tell you how to vote at the AGM! This AGM vote is so important as it gives us a voice so please don't waste it and forget to vote!!