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
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
Geologist feedback
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
Quebec
Favourable due to similarity of Canada to Australia
Graphite
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
Lithium/Cobalt
Currently at earlier stages
Funding
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
Background to request for additional 10% raising (above standard ASX listing rules 15%) and 500m + free 1c Options for shareholder approval (see AGM notice).
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)
MLS Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
