Sorry, been snowed under and too busy to reply.
I attended the meeting with one other non-office bearing shareholder.
I challenged the motion for the 10% share issue and asked why they wanted it. The answer was that they needed the facility as a contingency but had no intention to use it (in fact they were adamant that they did not want to dilute, especially at this very low share price). My response was that if they did not intend to use it, they should not request it. The motion was passed on a show of hands with me abstaining. I'd be interested in knowing what happens if the pre-meeting votes cast reach a different outcome to the show of hands - which takes precedence? If the millions of cast votes rule, what is the point of the show of hands?
It will be interesting to see if the trading halt turns out to be in relation a cap raise. Given the above, I'm not sure what I would think if it is.
After the voting, I had an interesting 5 minute conversation on the geology and the stockpiles. I don't think that there was anything that had not been available before hand except the vibe. There were areas that they got cagey and I assume that this is to prevent inside trading accusations etc. Here is my recollection of the conversation outcomes:
They believe that there is a motherload somewhere in the vicinity but the geology is confused with some volcanic massive and some intrusion. A bit like Sandfire but then no, and a bit like some other mine that I was not familiar with, but then no. In other words, it seems to be its own beast but they appear to think that there is a monster to be found. My impression of this is that the 'motherload' would be a rainmaker and dwarf the currently defined resource.
I quizzed them on why the stockpiles were not on trains and being flogged right now. It seems that the stockpiles have been there long enough (and from days before significant regulations in mining) to be regarded as part of the landscape and therefore needing all the normal permissions. I am not clear if they have applied for permission to drill the stockpiles for samples and to firm up the resources/grades etc, but that is what they need to do.
If I have this right, some of the stockpiles are of furnace slag that is high in copper and zinc from inefficient extraction around 100 years ago. And other piles are mined ore that never made it to the furnaces. They don't know the surface topology under these piles of rock and so cannot estimate the volume and they do not know if the grades are consistent through out the piles with the surface rock chips they have analysed. The agreement with Noble gives CCZ a lot of access to expertise and markets but is not binding. Once the various permissions are granted and the resource known more accurately, if the deal goes ahead, Noble will pay the $0.5mil and take it from there.
CCZ believe that they have no risk in the association with Noble - if Noble suffer a collapse, they hold no rights over the Cangai minerals whatsoever so we get expertise and market knowledge with no downside. In the vent of the deal being sealed and the half mill being paid, that may be a different situation.
So, that's all I got from the meeting. Interesting day tomorrow and see what happens to the sp on Tuesday assuming the halt is lifted.
Cheers,
Keith.
(20min delay)