Below are my notes from the AGM, obviously minutes will be coming out later from MLS, I am not responsible for any misinterpretation I may have had during the meeting - as always DYOR.
As previously mentioned, feeling in the room was frustration from other shareholders. Personally I have a positive outlook on our resources and project focus, I believe Gino is capable of setting up the right investment to achieve our targets and for the benefit of the business and shareholder return.
Manindi
Geologist feedback
- Current tonnage is ~1Mt @ >= 6.5% Zn
- Aiming to prove up ~2Mt
- Objective is to increase Tonnage
- Cost $~1m (ballpark) for next drill campaign
- Selling Manidi not discussed as Zinc such a high $$$ right now
Quebec
- Rock is Volcanic mass sulphide similar to that found elsewhere
- Terrain is potty, meaning misses can be expected (as per recent results)
- Additional planning to test strike length, which is long
- Geologist was confident that proving 2Mt is feasible to achieve
- additional targeted planning underway to test strike length
- Testing currently only at shallow depth
- pods could continue further down below current targeted depths
- Investigating metallurgy extraction options
- Flotation
- Pre-Concentrate and then trucking
Graphite
- Favourable due to similarity of Canada to Australia
Lithium/Cobalt
- Early stage has been incredibly promising with high grade reconnaissance
- Bulk sample collected
- Further reconnaissance being planned as site access is favourable during winter
- Objective to ascertain grade width and if it is economical for extraction
- 1500-2000 diamond drill holes being planned
- Cost $~1-1.5m
- Currently at earlier stages
Funding
Background to request for additional 10% raising (above standard ASX listing rules 15%) and 500m + free 1c Options for shareholder approval (see AGM notice).
- Gino currently over east (for MLS business) to drive prospective investment into company
- Aim is to raise $~2-5m
- Targeted and quality spending on key projects
With share price currently being low
- need additional 10% to provide additional options to access to funding as stated above
- availability of 500m shares + options provides more attractive opportunity
- aiming for significant value-add investor(s)
Share Register
- Questioned by another long-term shareholder present – obviously concern over additional shares being issued and large register
- Feedback from Mr Majteles:-
- although large register valuation of company vs. Assets makes it currently undervalued (~$9m assets vs. $8m valuation)
- Obviously everyone would prefer a tighter register (and higher share price!) but we are where we are, aim at this stage is to continue proving up the resources we have and to do that we need funding
- Consolidation would be last resort and would have to be of benefit to business and shareholders (i.e. significantly large investment to warrant a consolidation)
- Forums
- ASX - By Stock
- MLS
- Ann: Chairman's Address to Shareholders
Ann: Chairman's Address to Shareholders, page-12
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Price($) | Vol. | No. |
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