Directors .... guidelines are to have a non-exec chairman and more independent directors than dependent. But these are guidelines not the law. The law says you must have 3 appointed directors and
they must serve shareholder interests.
https://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recommendations-fourth-edn.pdfExecutive Director - has executive function in the company, sits on the board. Gets salary from company + options & shares.
Non-Executive Director - has no executive function, but has an interest in representing a shareholder or funder. Gets salary from people he's representing + board fees + options & shares.
Independent Director - has no function and represents no one but shareholder interest. No salary but gets board fees + options & shares.
Pre-resignation of Ben Philips, MAN had (Patrick Burke = non-exec chairman) + (Ben Philips = non-exec director) + (James A = CEO), so it met the guidelines.
Now you've got Lloyd Flint in there as a consultant CFO + Co Sec and a director. He's definitely not independent and might be executive. So the board doesn't meet guidelines - but they're just guidelines. The board looks pretty temporary to me, but given the size of MAN why have any more directors? They're not making massive investment decisions like BHP or RIO. And it leaves room for a 20% placement major shareholder director to come in from CHN when the time comes.
Drilling - well, yes, they went from "drill ready" in March to being "almost drill ready" now. When will drilling actually happen? Well, there's still one approval to get, and that's the ground disturbance approval from the government for permission to drill. This takes about a month to grant. If they submitted one in February / March this probably got either (1) rejected for resubmission; (2) suspended mid-processing until tenement conditions were amended. So drilling could be pushed out to June depending on getting approval and securing a drilling contractor. Drill rigs are hard to get, they wont hang around waiting because there's lots of work on. If you book them and you're late you'll end up paying $5,000 to $10,000 a day standby while they sit in the pub in Northam, but its unavoidable and worth it if you find something.
A huge positive in the quarterly was the amount of cash from options being exercised - about $650k from memory. CHN put out their quarterly today. Their 3-D ore body pic screams out to me "there could easily be that or bigger hiding under Jimpeding". Best hole they show is 226m @ 0.6g/t Pd, 0.1g/t Pt, 0.2% Ni, 0.1% Cu, 0.02% Co. Previous drilling at Jimperding in 1978 hit 240m @ 0.24%Ni, 0.017% Cu, no PGE assays, and at Julimar the PGE sits in the nickel. Its by far the best Julimar-looalike drilling target out there (because its been drilled), probably the easiest to drill, and there's no crops to stop drilling in May / June like most other explorers in the Wheatbelt.
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