Hi Everyone I have been to the OAR's AGM earlier today with one of my friend who is also a fellow SH of OAR, no other OAR holders were there which was bit disappointing but it gave us a chance to have a very good chat with Chris and David.
I must say I wasn't very happy with the quarterly update earlier like most of us holders but after the chat we had with the board I felt fairly confident of my investment here. CG was very accommodating and was very happy to answer all my questions.
I will keep it short and and try to give an update to the best of my ability but please DYOR..
1.Company's primary focus is on Nevada - Everything is lined up and ready to go once the drill permit is being issued, they expect this to happen in next 2-4 weeks, I have asked about their plans to promote the company and they have stated once the drill permits granted they will use that to promote the company with the more consistent news flow expect to come after the permits. With how well Gold is performing I am really looking forward to updates from Nevada over the next few weeks
2. Peru Plant - On hold due to the C19 situation over there, Hoping the country will lift the state emergency after the 31st of July and DREM will fast track the building approval once the restrictions being lifted(hopefully tomorrow). This is currently out of OAR's control and obviously this is the most affected project due to C19. I have asked for a ball park figure to get this plant fully operational and they have said about $1.3-1.5 million and already looking at various options to fund this once the approvals are in place. CG is really exited about the Peru plant and the income it potentially can bring to OAR and also talked about what it can do to our market cap once the Peru is fully operational.
3. Crown Project - They are talking with the land owners regarding the access for mapping etc. Any action/news in this will be about 6-8 weeks away approx.
4.South Australia - Same as Crown they are still finalising everything therefore probably 8 weeks away before we hear anything.
5. I have asked about the convertible notes and they will be PAID OFF by tomorrow with the CR funds to avoid further dilution.
6. Company is looking to hire another Geo to assist with the multiple projects in the near term.
7. I have told CG that I feel OAR's progress is lagging behind due to both his and David's commitments to LRS and everything happening in that space, and as share holders of OAR we may need a new board member who can mainly focus on our company, he acknowledged that it is a very valid point and they are well aware of it and actively looking for someone to join the board in that capacity.
8. I also asked him about the Shape Wealth situation and had a detailed explanation from CG which I wont waste my time put in here. All in all it was an oversight from CG failing to disclose of shares his son bought at a placement, and he had to sell that at market and donate the profits to a charity which was lowest form of punishment from ASX
All in all both of us came out of the AGM with bit of a smile on our faces and feeling better about our investment in OAR, with everything I heard about CG on these forums we were ready for a dog fight but I was pleasantly surprised to see how well he answered all the questions we had. Let's hope he will walk the talk and do the right thing by all of us share holders
I BELIEVE ONLY WAY IS UP.......
PLEASE DYOR...
Disclosure:I hold lot of OAR shares and may sell at anytime.
(20min delay)