I attended the meeting on Monday in Perth.
It was a phone conference with Robin Armstrong and Terence Clee on the phone.
I was the only shareholder present.
Also present was a representative from Computershare, Sarah Smith, and two others from Mirador Corporate.
I asked a few questions that they could not answer directly, so I have written the following letter, which has been e mailed and posted
For the attention of Mr. Terence A Clee
Executive Director of Hardey Resources
& Mr. Robin Armstrong Non Executive Director of Hardey Resources
Board of Hardey Resources
After attending the General Meeting on the 30
th of April, at Quest, 54 Kings Park Road, I cannot fully express my disappointment, in the low knowledge level, concerning core company projects, of the directors present.
Perhaps it was just the shock of having a retail shareholder present?
Mr. Armstrong! You have acted as a director for EYM, as recently as 2016, and you cannot provide basic information about the Burraga Project, extemporaneously?
A project that EYM/HDY, has an ongoing interest in, after acquiring from BCL in 2012. A project that Mr. Clee; would have shareholders believe, has the board’s undivided attention?
Add to this, the constant rehash of the same information, in various releases, from the board to the market, and my confidence in the board, producing a return from invested shareholder capital, is rapidly diminishing.
Shareholders contemplations; may even begin to entertain hypothesis, as to whether the board is keeping the market completely informed?
If shareholders cannot obtain basic ongoing information from the board, they may have no choice, other than to forward these queries to a higher authority, in order to protect their capital.
As such, if written responses on my queries are not forthcoming, within seven business days, of the Board or Company Secretary, receiving this correspondence, I will direct my queries directly to ASX, ASIC and the Shareholders Association
Please allow me to refresh your collective memories, with a few poignant examples, of information rehash.
Burraga Copper
Page 5 Quarterly 2018
Core from historical (2015) drilling at the Lloyds prospect continues to undergo sampling for further analysis. Meanwhile the planning of further drilling at the Lloyds Copper Mine extension project continues.
When will this analysis be completed?
Industry standard for this process is four to a maximum of six weeks for the metres drilled.
Excerpt from page 8 of the half yearly 31st December 2017
Cutting and sampling of core from the 2015 exploration drilling south of the Lloyds continued this quarter with submittal and subsequent lab analysis results expected in the
next period.
Excerpt from page 5 of ASX announcement released 14th September 2017
Core from historical (2015) drilling at the Lloyds prospect is undergoing sampling for further analysis,
with results to be available by year’s end.
Excerpt from ASX announcement 24th February 2015 https://www.asx.com.au/asxpdf/20150224/pdf/42wtcb97g4fyfm.pdf
Page 1
19 holes drilled for a total of 1501m.
Excerpt from ASX announcement 7th January 2015 https://www.asx.com.au/asxpdf/20150107/pdf/42vwd20xmphnqj.pdf
Page 1
770m of RC to complete Lloyds resource development drilling.
240m of diamond drilling into high potential targets near historic Lloyds Mine.
Bulk sample dispatched for metallurgical field work.
Have the results from the historical core been released yet?
Are we expected to believe that it takes over 6 months to process the latest drilling, and three years to process the 2015 samples?
Page 4 Quarterly 2018
During the quarter, the Company completed the rehabilitation of 7 drill holes from the Phase 1 and Phase 2 drilling programs undertaken in 2017. The location of the collars is shown in Figure 1. Details of the drilling can be found in ASX announcements 7th August 2017 and 14th September 2017 respectively.
So the collars were stuffed after 6 months?
Current Industry standard is to cover over Drill Collars with capping steel pipe sections, to protect wildlife, recreational access (i.e. bush walkers, prospectors, horse riding etc) as well as the drill holes.
Pilbara Conglomerate Gold Projects:
During the March Quarter 2018 the field work was restricted due to severe weather events with multiple cyclones passing through the area. Such weather events restricted road access throughout the project and delayed heritage surveys taking place.
The weather did not stop any of our neighbors exploring
I.e. MZN, CDT, Nova, DEG, ARV
What percentage of the “Grace Lease” heritage survey has been completed?
If he survey has not commenced, what is the proposed commencement date?
When will exploration of the Bellary area restart?
Are there any ongoing discussions with Horseshoe Lights?
Events after the Company Name change from EYM to HDY
The company exploration manager “Tom Langley” has dumped a large holding of his shares on market, and crushed the share price.
Director Mathew Bowles was awarded with a nice payday for a 4 to 5 month re-tenure, by rehashing information that was already publically available. Nice work if you can get it.
James Ellingford suddenly resigns his Director’s position, immediately after a less than flattering article, in the Australian Financial Review, concerning the alleged method of his appointment, as a Company Director with Manalto.
Our current Executive Director, Terence A Clee alleged involvement, and subsequent ASX ongoing queries, mentioned in the same article.
1/
Does the Board believe that these events,, are building market confidence in the HDY company brand?
2/
Does the Board believe that these events will generate retail shareholder interest and reinvestment in development of current HDY projects?
3/
Does the Board believe that these events will assist the Company, concerning larger capital raises in the future?
I would say “NO”, to the three questions directly above.