Sorry for the duplication PS - i meant to put this in your AGM...

Sorry for the duplication PS - i meant to put this in your AGM notes thread, but it went into Chairman's address.......


The below is simply my opinion on the board meeting, and is open to challenge. Please don't take it as fact.

There were pros and cons from yesterday’s meeting. We got to vent, and rightly so, about the lack of transparency, lack of progress, and lack of positive (in fact, lack of any) messaging.

Unfortunately, due to the way the meeting was conducted, and lack of address from McA, as mentioned, the opportunity to pressure test actual progress was lost.

Watching Mr W speak, was akin to watching a heavily outclassed boxer. That isn't a slight against him personally, I'm sure he's a very competent chap. It was more the overwhelming flurry of questions and comments, all perfectly justified and in sync with each other, to which he didn't, indeed couldn't, have any credible response. Where a referee would have stepped in and given him an eight count, he simply opted for the verbal equivalent "I'll take that on board".

All other Directors, and FMS technical staff, may as well not even attended. When our new Director, Ms Coates, a 20+ year experienced lawyer, was asked about the MOU between FMS and BBIG ( last year Mr W and co claimed they had no relationship with BBIG, and then in the next breath, mentioned an MOU that was in place as Stakeholder Services had been sub contracted to BBIG), she was like a rabbit in the headlights, not only unaware of what was covered in the MOU, but seemingly, unaware of its existence. Luckily, like some sort of vaudeville ventriloquist McA was able to produce words, as Ms Coates' lips moved, and speak on her behalf. He managed to step in and save her with what was in keeping with the FMS line all day - completely vanilla and ineffectual information. Another question unanswered. Somebody did comment that he may have put his hand on her shoulder as a token of support whilst he spoke on her behalf, others speculated he might have been making her head, lips and eyebrows move.

So in summary, other than a rightful and absolute shellacking from everyone non- Todd affiliated, and in response offering not one credible answer, FMS' total output at that meeting was to read from a cut and paste announcement (no information therein, and all previously in the public domain), pass three neither here nor there votes, remove the one important vote as it was overwhelmingly laughed out of the room before the meeting began, and repeatedly attempted to shut questions down. In fact, THE single most uttered words were "I can only take one more question, but would be happy to discuss over a coffee afterwards (when not official or recorded as part of the AGM).

My observations then would be, and these are only my opinion,

We have gained another journeyperson professional board seat warmer (who freely admitted no technical knowledge of the company's core business - so is in decent company one might assume). Other than a couple of defensive comments, Mr McA said nothing. Ms Coates did well to tow the company line (vanilla) when questioned directly, and from memory, Mr Davies did not utter a syllable (although I stand to be corrected on that).

We received NO update of any type regarding progression to market, either on our asset, or the transport solution. I am not talking results here, which would of course go through ASX announcements, I am talking information, of any type, about plans, ideas, aspirations, NOTHING.

The one person who cannot hide behind the company line of "we are not BBIG, we cannot speak for them, we have no knowledge" (even though there is an MOU in place with said BBIG), the one man that sits on both FMS and BBIG's boards - Michael Wolley, DID NOT EVEN MAKE THE MEETING. Is anyone surprised? Mixed report from our Directors, on whether he missed his flight, or it was cancelled - that doesn't matter. If you were in his position, and had missed the last meeting, SURELY, like all the shareholders and I suspect some of the other Directors present, you would have organised your life sufficiently to have travelled the night before? There is only one AGM per year after all. I did take the liberty of checking flight tracker for cancelled flights yesterday. Perth Airport reported NONE, but, I'm not suggesting Flight Tracker is 100% accurate, so let's just give Mr Wolley the benefit of the doubt, and accept it was just bad planning.

When the famous "presentation that disappeared after three hours on HC" was mentioned, Mr McA did mention he follows HC closely, and so was in a position to take it down- thanks HC!

But, with all of the nothingness that went on yesterday, it was clear that ALL minority shareholders present and represented, are of the same mind. No-one is selling out cheaply. No-one will be worn down. Luckily, Iron Ore has no sell by date. So be it lack of ability, lack of motivation, or a war of attrition, we'll all play the long game here....The fact is there is Ore in the ground at PIOPP, and nobody can mess THAT up.

As a side note, does anybody know what Jimmy Wilson is doing these days? Or if Twiggy is looking for other board positions? If you're going to parachute people in to sit on aboard, wouldn't it be great to have somebody with a track record of delivering in this field? Just saying........