Indago Resources Ltd's largest shareholder plans to review all the junior mineral explorer's projects and high-cost structure if it is successful in ousting the incumbent board.
Indago was formerly known as Western Metals Ltd, which was recapitalised in 2005 after being placed in voluntary administration in 2003.
Investment firm GoldLink IncomePlus Ltd, which has a stake of about 13 per cent in Indago, last month announced a conditional proportional takeover offer for 10 per cent of Indago shares that it did not own.
GoldLink upped the ante on Monday, requesting a general meeting of Indago shareholders, seeking the removal of its directors and election of three Goldlink nominees including former Kimberley Diamond Company chairman Miles Kennedy.
GoldLink said in a statement on Tuesday that the nominees believed Indago's Nyanzaga gold project in Tanzania "has potential and needs experienced gold people to extract full value".
It also said it did not believe Indago's board were the best people to run the company.
"The number of acquisitions and divestments in the past two years and change of focus concerns GoldLink, together with the significant administration expenses incurred by Indago," it said.
As Western Metals, the explorer previously sought tin, lead, zinc and silver in Africa, the Americas and Australia.
Investment vehicle Emerald Capital Ltd secured control of GoldLink earlier this year after the latter party lost millions of dollars in gold hedges.
GoldLink also plans to call a meeting of its shareholders, seeking to change its name to Blue Capital Ltd.
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