AGM meetingGood day all, here is some initial feedback. As you know I don't post much, so I am first in here.
This was the 5th AGM and we broke the attendance previous record of 3 at any of the past 4 AGM's. I did not perform an actual head count, but would say that there were 40 to 50 in the room including SA people. We were will treated by our SA hosts at the Royal York and food & beverage was available at all times as appropriate.
The business meeting was fast, with all motions carried and no contrary votes. The board retired and returned with announcements of changes in the Executive. Michael Andrews is appointed as President, and Cyrus Driver is again the CFO. There will be a news release on these changes, and I hope that I have it right as I did not take notes and all is based on memory.
Others, please feel free to correct me on anything not accurate. above or below.
The just announced Newcrest JV was only finalized in the early morning hours of Friday morning. The property will be developed with the best case scenario being 21.25% equity stake of an elephant, or the property returned to SA if the elephant is not big enough to interest Newcrest, or worst case scenario it is rejected along the way by Newcrest. Either way, the property is moving ahead without cost or share dilution to SA. This is also true with Vale and Sabalong / Elang but with the 25% equity stake.
This leaves Lombok, the gem, and SA has a 6.4 million budget plan for next 12 months, for Pelangan, Mencanggah and Selodong. This is subject to funding and JP addressed this although no definitive decisions have been made yet. They remain flexible to their options on this point. They can raise their own new capital, they can JV, or direct acquisition by a third party.
We were given a summary of the completed Steps and Steps Outstanding, as the administration process is dragging through to completion and field activity is being geared up with the required infrastructure building.
The forestry issues were addressed and presented with details on the forest types and where the MOF permits are required.
Mike Andrews spoke and was quite clear on the chances of finding an elephant deposit as well as finding and exploiting a "bonanza" style ore grade shoot. He estimated a shoot can be mined for a 15m expenditure with 70m of ore per year as a mine.
The above is a skim overview and others will comments soon, at least you have something to chew on.
Exciting times ahead.
For me, the last 2 years has allowed me to increase my position in SA and enjoying the ride and reading everyone's comments.
Guess I need a disclaimer - do your own DD
GLTA
SC