One of the interesting things about this Gen Mtg is the fact it's seeking to get shareholder's approval on a number of Resolutions, one of which involves a Related Party wrt share issuance on Tranche 2 of the recently announced fund raising, plus the grant of free Incentive Options to directors.
What needs to be considered by all shareholders is that currently we have the company undertaking 2 holes on its Rapla ground in Ireland, seeking to establish the potential for Lisheen lookalike base metals projects.That drilling commenced on 29 April 2022, and is very likely to be at or near to target depths for both of the holes at present. A third hole is also planned for this initial investigation. It is most likely that drilling of the first 2 holes will be completed well before the Gen Mtg date of 30 June, but most unlikely that assays will have been received by the company for that drilling. The company has not provided any update since the announcement of a second drill rig being brought to site for drilling of the second hole. It is relevant to note that zinc/lead mineralisation, which is expected with any Lisheen lookalike deposit would be visually very evident in drillcore, with the likely economic minerals of sphalerite and galena being quite distinct visually.
Therefore the company would be most likely to be aware of whether core logging has established the extent of sphalerite and galena in the target zones of interest. The company therefore is in a position to decide whether it will announce those visuals of core before the General Meeting resolutions are voted on. IMO the company should make the announcement if indeed such visual evidence of sphalerite and galena being present, and the extent of that mineralisation. If the company doesn't make such announcement then effectively shareholders are being expected to vote on Resolutions without knowledge of what is potentially "company making" eg. The evidence of significant mineralisation in these holes could move the share price appreciably higher, and thus the Resolutions potentially being granted without full disclosure!
ZMI Price at posting:
5.7¢ Sentiment: Hold Disclosure: Held
