Member Info for ShangrLa

Far too early to judge the new board members . On the Cobre side this is very positive . On cashflow creditors need to be paid and the mess from last year needs clearing up . The test on whether things will change is over the next 3 months and in my opinion expect significant change .

I’m optimistic about the future for SML . With AB gone and the new board members in place I think we will see a big difference . In my opinion for the share price to rally significantly need one or all the following to happen . JP to go , financing or sale of LCCM , financing or partnership for the next stage of Redmoor development . I’m a long suffering LTH and can’t tolerate another year of treading water so hope for all our sakes I’m right .

Totally agree , I want board members who are credible , deliver what they say and deliver value to the shareholders .

They can ensure the company is focused on driving shareholder value , ensure remuneration is appropriate and ensure the BOD members are performing.

Time for a shake up and to manage this company for the benefit of the shareholders . Very positive changes .

At the AGM they said there were still people looking at LC and if I remember correctly said they had received one offer to buy it but it wasn’t what they believe it is worth so rejected . So assumption must be it’s still viable despite the impairment .

Wouldn’t buy more but would certainly not sell . Those who sold out at these low prices may regret it when this is sold or may have at least got something back if it goes bump . Who knows ?

Great deal , tank the share price then buy them at a steal before going for a private sale .

If you want to vote at things like the AGM you do it via your broker . If you say on here who your shares are held with someone on here usually knows how to go about it . I’m with Hargreaves Lansdowne and it’s very simple .

Think it changed to jpeters@strategicminerals.net

Can assure you wasn’t all drinks and laughs this time . If your still shareholders don’t give up hope . It can be amazing how quickly things change .

3 shareholders including myself and all the BOD and company representatives.

Just wanted to share some details from my perspective of yesterday’s AGM . A disclaimer that this is my informal feedback based on my notes and recollection of the meeting .Others may have a different recollection .

The meeting was attended by the BOD , other company reps and 3 shareholders or representatives of shareholders including myself .

The motions were quickly covered as per the RNS released yesterday and then there was a Q&A session and discussion which lasted about an hour .

Points raised by Shareholders -

1. Requested update on LCCM and understanding why this hasn’t progressed . General answer was still a number of interested parties looking at outright sale or JV but the big challenge is financing as such a small project . Most investors wanted bigger projects . No real new information . This drifted in to covering  Redmoor as well with a similar story . Still strong belief in both these assets from the BOD .

2. Question if Alan Broome had travelled to London from Australia and if so had the company paid . Answer was yes and yes . Follow up comment that it was odd he was on the motions for re-election but 1 day before the AGM announced retirement .

3. Discussion about the level of renumeration for the BOD and was it appropriate for this company particularly with the lack of progress on the new projects and the decimation of the share price . Long discussion with differing views .

4. Discussion on accrued moneys from 2023 . One shareholder had an agreement in black and white with the BOD that if certain criteria were not met by the end of 2023 that the 50% of salaries not taken would be forfeit . Recent RNS stated it would be taken “even though none of the criteria were met “ . BOD believe there are mitigating circumstances around how they made sacrifices to manage cashflow that make the agreement unfair .This was not resolved at the meeting.

5. Question on the proposed appointment of Jon Reynolds as Independent non Exec . Level of independence was challenged as Mr Reynolds has been heavily involved with SML and the BOD in the past . Also asked why we need someone else based in Australia and a mining expert - why not someone with financial contacts who can help get funding sorted for our new projects.

6. Discussion on overall performance of the company . BOD understand there is a perception they are not working hard to deliver and understand perception hard to change but they believe they are doing the right things in difficult circumstances. It was pointed out the bottom line from a shareholder perspective is too many over optimistic promises and that the share price reflects that lack of confidence even with the good news on Cobre .

7. One other discussion on whether rewarding directors with dividend v part of their salaries would show real commitment and reward shareholders as well . Not possible with current cash position but would be looked at in the future .

Looking forward to the AGM - needs to be a turning point for SML . Make no mistake AB saw what was coming and jumped before he was pushed . Shareholders taken as mugs for far too long and it can’t be allowed to continue .

The chairman is responsible for governance of the company in the interest of the shareholders. He also chairs the r enumeration committee . If you think he’s done a good job fine , if not ensure he is not reinstated by voting .

For anyone on Hargreaves Lansdowne it’s easy to vote . Log in and you’ll see a link to the right saying shareholder meetings . Click on this then click on SML and vote on each resolution . There is a deadline for voting so watch that .

Don’t just moan on here , if you want change vote Broome out and the major shareholders will push for a new independent chairman to hold the BOD to account . If you’ve lost interest due to the shocking performance of this BOD get out but if you still think there is potential with the cashflow being generated now and the assets we have stick with it . . IMHO going to see some significant change starting at the AGM .

My votes cast and will be attending the AGM this year .

This is a key discussion to have with the BOD after the AGM . What are they doing to uphold their corporate governance responsibilities as laid out on their website .

Principle 1: Establish a strategy and business model which promote long-term value for shareholders

Principle 2: Seek to understand and meet shareholder needs and expectations

IMO neither of these are being delivered and we need to see a clear strategy which will deliver them .

May get a long awaited re rating