I attended the meeting started at 11 am and ended just a little over 35 mins. It was full; probably 40+ shareholders in attendance.
David Richards gave a short presentation of MI6 – most of the information covered was what we already knew of released publicly.
And there was a short Q&A session and discussion was limited to what they can only disclose as per ASX listing rules.
I’m working off my memories here and did my best my best to recall what was mentioned at the meeting, please do correct me if I misinterpreted for anyone who had attended:
1. DFS; in terms of timing should be out early in the next quarter as per Tony; we already know they’re working on a higher output i.e 2+mtpa as opposed to the PFS’s 2mtpa. There’s work on financing (& offtakes?) – my view is that these will probably come only after DFS is released.
2. Buldania was on a backburner and now back on the Company’s agenda with drilling. Lab are still busy and they’re at the mercy of the lab. TG mentioned Buldania is already bigger than Mount Cattlin (GXY); no comment if it will be as big as KV.
3. Like what we already knew; MI6 will be focusing on the Angepena zone as they have access all year round. I don’t believe this was mentioned previously, but DR did state that the Angepena zone have a similar sort of mineralisation as CHN’s Gonneville - will need further (deeper?) drilling on it to confirm this. DR was on site Monday. LTR had this tenements way back in 2018 because the team believe it was the most prospective area at that time before Chalice made it’s discovery in Julimar hence the tenements is not to be seen as a nearology play.
4. Someone ask about possible takeover of LSA; TG said they’re already in a JV and LTR is a shareholder of LSA and do have an earn-in agreement with LSA. Even if there was ever an intention of a T/O –this would be announce publicly in accordance to ASX listing rules and definitely not to be disclose at a general meeting.
5. Risk of investing in MI6; TG said it’s risky but it’s a risk they’re willing to take and was willing to put a team together to run it (in fact, the team behind KV’s discovery will be taking the rein of MI6). Even if worst case scenario Koojan/Moora, Dingo Rocks and Yalwest projects amounted to nothing, they will find another project and make it work. As much as we as shareholders hates to lose money; TG feels the same equally.
6. As mentioned previously, the focus now will be the Koojan/Moora project. $30m raised (target reached?) and should last for at least or more than 12 months (depending on if there’s any changes to the planned drilling?) so they don’t have to go to the market for another cap raise.
(20min delay)