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RESULTS OF 2022 ANNUAL GENERAL MEETING

V.MMS

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Aug. 31, 2022 /CNW/ - Macarthur Minerals Limited (TSXV: MMS) (ASX: MIO) (OTCQB: MMSDF) (the Company or Macarthur), is pleased to announce that all resolutions were passed at the Annual General Meeting of the Company held today in Brisbane, Australia.

Macarthur Minerals Limited Logo (CNW Group/Macarthur Minerals Limited)

Resolution 7, Amendments to Constitution was a Special Resolution which passed with the requisite 75% majority.

The results in respect of each of the resolution put to shareholders at the Annual General Meeting are set out in Appendix 1.

On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman

Company profile

Macarthur is an iron ore development, and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). The Lake Giles Iron Project also contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves of 184.7Mt. Macarthur also holds 24 square kilometre tenement area iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.

Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Ore Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Appendix 1 - Macarthur Minerals 2022 Annual General Meeting – Voting Results

The following information is provided in accordance with section 251AA(2) of the Corporations Act 2001 (Cth) and ASX Listing Rule 3.13.2.

Resolution details

Instructions given to validly appointed proxies (as at proxy
close)

Number of votes cast on the poll (where
applicable)

Resolution
Result

Resolution

Resolution
Type

For

Against

Proxy's
Discretion

Abstain

For

Against

Abstain*

Carried / Not
Carried

1 - ADOPTION OF REMUNERATION REPORT

Ordinary

46,678,229

89.31%

3,101,500

5.93%

2,490,644

4.76%

242,375

49,178,457

94.03%

3,124,000

5.97%

242,375

Carried

2 - RE-ELECTION OF DIRECTOR - ANDREW SUCKLING

Ordinary

52,805,207

91.19%

2,609,870

4.51%

2,490,644

4.30%

217,000

55,318,351

95.49%

2,609,870

4.51%

226,584

Carried

3 - RE-ELECTION OF DIRECTOR - ALAN SPENCE PHILLIPS

Ordinary

52,292,732

90.36%

3,091,345

5.34%

2,490,644

4.30%

217,000

54,805,876

94.64%

3,100,929

5.36%

217,000

Carried

4 - RE-ELECTION OF DIRECTOR - CAMERON MCCALL

Ordinary

50,239,411

90.13%

3,011,345

5.40%

2,490,644

4.47%

979,500

52,752,555

94.58%

3,020,929

5.42%

979,500

Carried

5 - APPOINTMENT OF CANADIAN AUDITOR

Ordinary

57,626,290

95.45%

52,870

0.09%

2,690,644

4.46%

1,000

60,349,018

99.91%

52,870

0.09%

1,000

Carried

6 - APPROVAL OF FIXED 20% OMNIBUS INCENTIVE
PLAN, EMPLOYEE SHARE COMPENSATION PLAN AND
CONSULTANT PLAN

Ordinary

49,269,963

93.83%

748,970

1.43%

2,490,644

4.74%

3,171

51,770,191

98.53%

771,470

1.47%

3,171

Carried

7 - AMENDMENTS TO CONSTITUTION

Special

55,315,202

94.57%

685,375

1.17%

2,490,644

4.26%

81,500

57,837,930

98.83%

685,375

1.17%

81,500

Carried

8 - RATIFICATION OF PREVIOUS SECURITIES ISSUES

Ordinary

51,632,332

94.22%

717,370

1.31%

2,450,644

4.47%

32,375

54,115,060

98.69%

717,370

1.31%

32,375

Carried

*

Votes cast by a person who abstains on an item are not counted in calculating the required majority on a poll.



SOURCE Macarthur Minerals Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/31/c2157.html