Agreed, The AGM was great! It was good to get first hand insight to what is actually happening and to meet some posters on this forum (6 of them in fact), Yach is a lovely bloke and I knew he would be, reminded me of a butcher I used to know, straight down the line, genuine, with no bullshit whilst still creating humor.
Ok , lets get to business.....
Firstly, AP has maintained going to production. (of course if an offer came along he'd look at it but he's not actively seeking this)
* All 6 Resolutions passed on Proxy votes, there was enough in the meeting for a quorum.
* Grace will be a MOTHER LODE !! (AP felt it was the same if not better than the Youanmi super pit and the deeps) It was very interesting how they came to discover it and then further doing their own detective work on why it wasn't discovered in the first place with the previous miners.
* They would like to buy Venus out of the remaining 30% but all depends on price. AP mentioned that VMC are comfortable atm with the way things are.
* A non disclosure has been signed with the nickel, hence he cant talk about it but indicated there are interested parties (my interpretation is that they will sell it) An Ann (update) will come to market in January according to AP. If it gets sold this could potentially inject 10s of millions into Roxy for future growth. He further said that the board has shareholders best interests at hand and will be worth the wait.......imo he has my big vote on this.
* The plant will be removed at a cost of what the metal is worth. A few items they'll keep. The cost of a new plant from scratch will cost 100mil but because we have roads, power, and other items he's estimate is around 60% of that being $60mil.
*AP addressed why the results were delayed. Grace is complex and not easy to process, this process takes more time than other samples from other companies. Furthermore, the assays will be processed in batches, there's not point releasing to market 6 or 7 assays that could potentially mean nothing if they are scattered results. AP wants a clear picture presented to market and I totally agree with this strategy.
* Questioned about the 200 plus assays plus 6 dd holes to be reported on....these will all be released before Christmas AP suggested.
AP was questioned as to how they will be released?.... as one hit or in 50 lot assays for example, his response was the same, when they have a clear picture and explanation of what their interpreting will release to market those results whether good or bad.
Any other HC members that were there, please add additional comments if iv'e missed something out or mis-interpreted information.
Personal commentary from me...
Body language = Was positive and confident without any slouching or face touching.
Presentation = Very informative, concise and to the point. AP elaborated on each point in a language that was easy to understand.
Interpersonal skills = the board was very positive and informative and AP did address the room with respect and attention to Mum and Dad investors and answered questions like it was the most important thing in the room without rushing an answer.
AP himself = was very approachable and was happy to discuss with me a couple of other questions I had after the meeting.
How do I feel now after the meeting?
I'm holding onto my ROX with both hands and feet.
cheers fish
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