I attended the 2018 FMS AGM and during the latter part of the Nov.20th 2018 meeting Mr McAdam stated that “Ournext most excitingannouncement is controlled by the JORC and the ASX and we haveto check a number of boxes before I can tell you what it is”.
Mr McAdam’s statement followed these points of achievements madeduring the previous 12 months ;
· Established that PIOP has a Detritalore that is a valuable product which canbe mined with known technology that can add to the viability of thebusiness which effectively changes the cut off point from 50% to close to 40%.”
· Increased the resource with asubstantial impact on the viability,
· Reduced the amount of cover whichincreased the viability of the mine byreducing the cost of the mining operation,
· Sorted out the water program andis not an issue now, adding significantvalue to the whole operation,
· Increased the amount of Vanadium,
· Started a gold program which isnot a bad product in the market, and
· Disposed of some of the tenementsthat are not productive for FMS.
On the other hand during theformal part of the FMS AGM Mr. Warburton made numerous statements including “webasically have an isolated iron ore deposit and it is low grade” and “we have astranded asset”. These statements were faithfully recorded in the 21/11/2018 edition of The West Australian (Page 70) as “Flinders, which holds the big but low-grade Pilbara iron ore project” and “We have a low-grade, isolated deposit”.
The FMS ASX Announcement about the Appointment of CompanySecretary the day after the 2018 FMS AGM, included the statement “FlindersMines Limited is an ASX-listed exploration and development company focused on the commercialization of itslarge, high quality hematite resource – the Pilbara Iron Ore Project (PIOP).”
In my opinion this could be one of the reasons why this de-listingis being pursued before this “MostExciting Announcement” is made.
