There have been some comments and ideas on here I find a bit...

There have been some comments and ideas on here I find a bit left of field.
I thought I'd go back to the source and re-read some company communications.

The below is an extract from the Chairman's Address from 28 November 2022.

"John and his team deserve a great deal of credit for what they have achieved at Avebury this year, we have executed well on our plan and the transformation we set out to achieve has been realised in a very short period of time.
That said though, you, our patient shareholder collective, are still awaiting the resumption of trading of Mallee’s shares on the ASX platform. Our plan was to complete the re-listing of Mallee in September of this year, however, that did not materialise. The reasons for this and our plans to resolve it are as follows.
After finalising the acquisition of Avebury, we set out to re-comply with Chapters 1 and 2, as required under the ASX Listing Rules, so that Mallee could resume trading on the ASX. A key part of that re-compliance was the completion of a capital raising. The Company issued a prospectus in respect of the capital raising on 2 August and the Offer remained open until the end of August.
Unfortunately, Mallee did not receive sufficient funds to meet the minimum subscription amount and the Offer was closed, marking the end of our re-listing process at that time. This was a very disappointing outcome for the Board and all of our existing shareholders but also for the new and existing investors who had applied for shares under the offer
The key reason for this disappointing outcome was the limitations on our ability to change the issue price under the Offer in response to poor and degrading global financial market conditions. The Company and its financial advisors set a share issue price for the Offer in March, in order to prepare the detailed documentation required to seek shareholder approval within the period required under the Allegiance DOCA, which was received at the 29 June EGM. Once this process was underway, the share price could not be readily changed without us seeking and being granted an extension of time for satisfaction of the shareholder approval condition under the Allegiance DOCA or convening a new general meeting of shareholders once the acquisition of Avebury was complete. By the time the prospectus was prepared and the Offer was opened in August, adverse market conditions meant that investors were far less willing to pay the proposed 70 cent per share issue price.
This placed the Company in a difficult position; the commencement of production at Avebury was imminent, capital and operating costs had to be met and the Company’s cash position was being eroded. To remedy this situation, Mallee arranged a placement to institutional and sophisticated investors, using its existing placement capacity under the ASX Listing Rules, raising a total of $19 million at a lower issue price, in two tranches. This was a critical capital raising amid challenging market conditions, which allowed Avebury to be funded through the re-start period. We also greatly appreciated the support of Hartree Metals through these times.
I am proud of Mallee’s ability to successfully complete this capital raising in such adverse circumstances, and this provides further evidence of our Company’s ability to be resilient and to thrive in difficult situations.
Moving forward, with the critical capital raising completed and nickel concentrate now being produced at Avebury, where to next with the re-listing path for Mallee?
The Board is committed to the re-listing of Mallee and the drafting of documents required to commence the process is underway. Whilst re-listing on the ASX is at the sole discretion of the ASX and, therefore, there can no certainty that Mallee will successfully be reinstated to trading on the ASX, our target is for Mallee to be reinstated to trading in the first quarter of next year from a base with the Company in a far stronger position.
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