Correct MTB...... No dumbass questions were asked. I also attended and am happy to report, Phil managed to secure flights and leave Cameroon safely. Obviously he has to do the mandatory 14 day quarantine once he lands in Perth. Unfortunately he was unable to speak to us or zoom in as he was on a flight at that time. All other board members were either present or had zoomed in.
I'm sure a few "negative nancy's" will read my take on the AGM and throw their negative comments on, just because that's the way they are. I'm typing this for the majority who actually support CAY and weren't able to attend themselves.........
The votes proved that bar a select few, this new board has SH support. Now they just have to prove themselves worthy.
DFS/BFS - Clarity was sought in relation to the delayed DFS/BFS timelines and that was explained successfully to my satisfaction anyways, as to why there have been delays. As someone has already stated, this process takes time and involves multiple divisions and Ministries, to complete. Quite often the delays are not as a result or lack of action on Comalco's perspective, but the "Process" they have to go through to complete the Mining Convention with the Government.
It was stated, it appears Andre has found a solution for improved Rail economics that appear to favour Comalco and revised Port suggestions also favour Comalco. It was suggested, (reading between the lines), that these dynamics once completed and ratified will improve our efficiencies and bottom $$$ (Profit margins) for the completed BFS.
It was also inferred, once the Mining Convention Process has been completed and ratified by Govt, the completed BFS shouldn't take too long after and has progressed well to date. They are hoping to provide a "Thorough Update" to market soon, but explained it also needs to be ratified, or agreed to by the Minister first, before any update to market can be released. Due to the sensitivity involved. Their hoping to provide this update to market within the next 2 weeks.
It was confirmed Jean-Sebastien Boutet or "JS" starts on the 2nd January and hopefully starts in Perth. It was explained, JS completed his own "Due Diligence" on CAY prior to agreeing to take on his appointment. He is excited and eager to get stuck in and progress things and is a major asset to our team.
ASHANTI - Unfortunately Ashanti was not present. Their apparent lack of support was discussed. Cliff did state, at this point they are still the right Corporate Advisor to progress us forward and had a lot to do with securing JS appointment. However, he did say, that can change if required and no one, including any member of the board are "exclusively safe" from being replaced if someone better comes along.
My take is Cliff seems like a very professional, no nonsense kind of guy. I do look forward to seeing what the next few months brings with this new board once JS takes office.
UPDATES - It was requested the board consider providing more regular updates to SH. Even if its just explaining that a timeline or similar wont be achievable due to factors beyond their control. I believe they have taken it on board and will do so, when they can and able.
Obviously all SH expressed their disappointment at the current SP trading where it is. I believe the board share this disappointment and want more than ever, to bring SH value back into CAY. Hopefully Ashanti also show their support soon and get stuck in.
My take is we have an exciting few months ahead, once the Mining Convention has been ratified and completed. It appears on face value that everything has progressed very positively. I believe we now have the right team to take us into 2022 and with potentially JS contacts also coming on board, we should see multi bags within the next 3-6 months.
As a Top 10 SH, they have my full support and I continue to buy.
Cheers and GLTAH.
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