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Really appreciated wfoster. Cheers

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Petertkd

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16/11/17

16:36

Post #: 28861940
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Originally posted by wfoster232 ↑

Below are my notes from the AGM, obviously minutes will be coming out later from MLS, I am not responsible for any misinterpretation I may have had during the meeting - as always DYOR.

As previously mentioned, feeling in the room was frustration from other shareholders. Personally I have a positive outlook on our resources and project focus, I believe Gino is capable of setting up the right investment to achieve our targets and for the benefit of the business and shareholder return.

Manindi

Current tonnage is ~1Mt @ >= 6.5% Zn

Aiming to prove up ~2Mt

Objective is to increase Tonnage

Cost $~1m (ballpark) for next drill campaign

Selling Manidi not discussed as Zinc such a high $$$ right now

Geologist feedback

Rock is Volcanic mass sulphide similar to that found elsewhere

Terrain is potty, meaning misses can be expected (as per recent results)

Additional planning to test strike length, which is long

Geologist was confident that proving 2Mt is feasible to achieve

additional targeted planning underway to test strike length

Testing currently only at shallow depth

pods could continue further down below current targeted depths

Investigating metallurgy extraction options

Flotation

Pre-Concentrate and then trucking

Quebec

Favourable due to similarity of Canada to Australia

Graphite

Early stage has been incredibly promising with high grade reconnaissance

Bulk sample collected

Further reconnaissance being planned as site access is favourable during winter

Objective to ascertain grade width and if it is economical for extraction

1500-2000 diamond drill holes being planned

Cost $~1-1.5m

Lithium/Cobalt

Currently at earlier stages

Funding

Gino currently over east (for MLS business) to drive prospective investment into company

Aim is to raise $~2-5m

Targeted and quality spending on key projects

Background to request for additional 10% raising (above standard ASX listing rules 15%) and 500m + free 1c Options for shareholder approval (see AGM notice).

With share price currently being low

need additional 10% to provide additional options to access to funding as stated above

availability of 500m shares + options provides more attractive opportunity

aiming for significant value-add investor(s)

Share Register

Questioned by another long-term shareholder present – obviously concern over additional shares being issued and large register

Feedback from Mr Majteles:-

although large register valuation of company vs. Assets makes it currently undervalued (~$9m assets vs. $8m valuation)

Obviously everyone would prefer a tighter register (and higher share price!) but we are where we are, aim at this stage is to continue proving up the resources we have and to do that we need funding

Consolidation would be last resort and would have to be of benefit to business and shareholders (i.e. significantly large investment to warrant a consolidation)

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Really appreciated wfoster.

Cheers
MLS Price at posting: 0.5¢ Sentiment: Buy Disclosure: Held
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Really appreciated wfoster. Cheers

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