Hi all,Went to the AGM Friday arvo with a colleague. I reckon...

Hi all,

Went to the AGM Friday arvo with a colleague. I reckon there would have been maybe about 8 shareholders, with a couple of blokes from Azure along with the auditors, secretary and directors (the Chairman was absent due to recent knee surgery).

No earth shattering news as we?d expect from an AGM, but here?s a bit of a summary from the meeting for those interested.


Lake Disappointment
- original on-country meeting cancelled due to bereavement
- on-country planned for June (as shown in the presentation)
- MR commented he was hopeful of a deal in June ? suggests to me if the on-country went well a signing could happen almost immediately following the meeting (perhaps once everyone gets back to Perth??)
- The company meets with WDLAC regularly
- SOP Price = MOP + $200 to Asian countries ? Mitsui and another company were named as potential interested buyers

Lake Mackay
- TO?s are keen to strike a deal, seems it is the men in suits holding things back
- Although little developments in regards to LM in recent times, MR commented we may see some progress soon
- IMO ? LM is certainly not dead in the water and may come back into play in the second half of the year

Adavale
- likely JV terms of $5m for a 51% interest
- several interested JV parties
- it seems the hold-ups have been due to Reward not willing to budge to pay for costly meetings ? looks like they will come to resolution on this soon
- If LD gets up, Adavale will most likely be JV?d 49%/51%. If LD doesn?t get up, Reward will go Adavale alone without a JV partner

Carnarvon
- I believe the company will drill a hole later in the year to the west of previous holes

Officer Project
- seems prospective although much of this is on Martu land. If LD goes through, the company is confident they can come to an agreement with the Martu to drill this project

Karinga Lakes
- at the moment a small project but may turn into a larger one
- a low priority for Reward at this stage
- from memory RUM is in the process of organizing a drill rig or is currently drilling


I?ve probably missed a few things as I didn?t take down any notes. Anyway from my view that was the AGM in a nutshell. I walked away confident and my sentiment on RWD hasn?t changed. I was also impressed with MR's technical knowledge. Let?s hope June is a rewarding month.

Cheers