For the first time, the AGM was made available online. Covid-19...

For the first time, the AGM was made available online. Covid-19 forces the Atrum board to enter the 21st Century, even if details of how to log in to the meeting were well hid. As for the AGM, Max’s departure remains a loss which the board refuses to explain. He was fully focussed on delivering Elan and had the political skills/contacts to help amend the Alberta mining laws in Atrum’s favour. He also understood the importance of corporate governance while having doing a fantastic job in increasing our reserves, proven and probable. Not quite sure why he deserved to be forced out.

As for the share price, it remains an embarrassment. Quite simply, we have had insufficient consistency in projects, management, shareholders or directors since listing (another reason why Max’s forced departure might have been better avoided) Those changes in share remuneration for directors pre-the AGM probably reflect pushback against the board by major shareholders.

The good news is that the asset remains world class. The only question is what price someone else is likely to be owning it for in 12-18 months time. The disfunctionalism of Atrum makes it very unlikely we will ever have the skill set to bring the mine to fruition. Though if Gina wanted a listed entity, and was to inject Riversdale into it, maybe the entity might exist.

But in between time, the question remains what value we will get paid for Elan. And at 22 cents, the market is implying that the board and current management will not be fully maximising Atrum’s underlying value. A great shame if true.