AW1 (ASX) Ann: Notice of Annual General Meeting/Proxy Form

Originally posted by Met2020: ↑

Yes, I attended the AGM, all resolutions passed.

After the formalities, Dave went through the November Corporate Presentation and linked submitted shareholder questions into the conversation.

From my notes;

The ship illustrating the sea-lift capability from Somerset Island was talked about - from bringing in drilling equipment, consumables (salt, aviation fuel, building materials, etc), the stillness of the bay, the barge movements to the shore (all very simple and straight forward).
Dave talked about an uncontrolled expense of arctic drilling is the cost of paying for off-hire of drill equipment during the off-season.
AW1 has been in discussions with downstream customers to ensure correct DSO specification is achieved for DSO material, eg. particle size and quality or copper grade. No off-take agreement yet (too early in the development timeline to consider this)
Investor Relations revamp underway plus to save money as well. A person names Guy, I assume from Stock Head was present in the crowd, if it was Guy Le Page, he has written articles for AW1 in the past and is a professional with expertise spanning geology, stockbroking, and corporate finance. So, if they are engaging that organisation then a more professional reporting style is being targeted.
Dave said he likes doing webinars where viewers get to have Q&A's at the end of a presentation. Potentially more of this style is possible as their new way of marketing the Storm Copper Project.
Share price decay is concerning (raised by shareholders), Dave noted he is a major holder, but all junior explorers globally are suffering with difficulty in accessing money. A winning differential for AW1 request for money is the ability to produce a DSO product quickly. Investment funds can get a return in a shorter time frame than miners building larger CAPEX facilities.
Rocky Pray was present (VP Operations North America) - from the slide, Rocky is a senior mining professional with expertise in pre-feasibility and feasibility studies, Federal and State permitting, environmental management mine operations, project engineering and construction. So, is critical in the upcoming PFS work. Speaking to him after the meeting, pit wall angle geotechnical work is in progress.
Composition of the Board since Anderson's resignation - they are staying with the current skillset / number of directors to conserve cash, once further progress with development occurs then they will recruit for any missing skills.
Nunavut community engagement is excellent, it is a great jurisdiction to operate in, they employ via APEX Geoscience about 10-12 locals from the region. Also, referenced government officials visiting who are very supportive of the project and the high standards the exploration camp & drilling operate too.
This year Somerset Island experienced a colder winter, delayed kick-off of the season. However, the locals are keen to start as early as February if allowed. Working on snow cover is not a problem. Fog is an issue for aircrafts. Aircrafts can land using sleds (instead of wheels) to land on the snow early in the season.
Dan Lougher talked about the Nunavut locals love of the outdoors, are generally younger (30's), happy to work 6 weeks on and pro-mining mindset.
APEX Geoscience is a one stop shop of technical know-how, from geologists logging drill core to 3D modelling of orebodies. Very important to the project's success. High safety standard. The AW1 chief geologist (Geology Manager) was in attendance at the meeting, he was happy with the exploration work completed this year, well aligned with APEX Geoscience information flow, given the fieldwork and camp population is up at around 60 people.
No timing revealed on the release of the resource upgrade or whether it achieved the 400,000 cu metal tonnes, Dave was tight lipped on this market sensitive information.
Exploration for 2025 will start with completing the half-finished diamond drill hole (ST24-03) which encountered a large void / fractured ground and requires more drilling salt to finish the hole. This was an important EM target for the Cirrus - Gap prospect or South Graben Fault network.
In terms of mining, plenty of open-pit ore sources for early mine development.
The 110 km's of mineralisation is an ideal land package. Sedimentary copper deposits can end up being very large, with exploration, Storm could grow to over 100 million tonnes based on the discussion. There are plenty of fault's where copper mineralisation is found, just need to find the economic zones. The central graben has the same sedimentary layering as Cyclone deposit but is vertically shift down - Cyclone Deeps.

For the DSO plant, if the head grade is high (>3%Cu) could just have an ore sorter only circuit, no jigs. Therefore, cheaper staged development option, Phase 1 Ore Sorters (high grade ore) then Phase 2 add on the jigging circuit for longer term lower grade 1.5% Cu material.

I am sure there was more......

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Thank you for these notes, very informative post. Was the sentiment more positive in person than it is on here?

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(20min delay)
Last 3.5¢		Change 0.000(0.00%)		Mkt cap ! $26.06M

Open	High	Low	Value	Volume
3.5¢	3.5¢	3.4¢	$116.0K	3.315M

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