AVZ says AGM underscores strong support for board, strategy

24th November 2023

By: Tasneem Bulbulia

Senior Contributing Editor Online


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Mineral exploration company AVZ Minerals says results from its annual general meeting (AGM), held on November 23, showcase both a strong vote of confidence for the board and its clear and considered strategy to advance the development of the Manono lithium and tin project in the Democratic Republic of Congo (DRC).

The resolutions for the re-election of Graeme Johnston and Dr John Clarke and the election of Dr Casta Tungaraza, Serge Ngandu and Her Excellency Salome Thaddaus Sijaona to the AVZ board were all carried.

AVZ received high shareholder participation across the resolutions relating to the election of directors to the board. About 70% of the share register by number of shares voted at the AGM.

With the endorsement from shareholders of this strategy, AVZ says it will continue to pursue the International Criminal Court and the International Centre for Settlement of Investment Disputes Proceedings until the company procures a negotiated resolution on reasonable terms.

The $20-million litigation funding term sheet signed with Locke Capital on November 17 provides a pathway to securing the necessary liquidity to pursue the company’s legal strategy, it adds.

“On behalf of the board and management of AVZ Minerals, thank you to our shareholders for your overwhelming vote to return the current board and thank you for your endorsement of our strategy,” MD Nigel Ferguson says.

“We have spoken with many of you. We understand your concerns and we share your desire to expedite the development of the globally significant Manono lithium and tin project and to reinstate AVZ securities for trading.

“We are working hard with the authorities in the DRC and with stakeholders from around the world to advance the Manono project and to secure diverse critical minerals supply chains for the benefit of our shareholders and most importantly the people of the DRC. We will continue to pursue our objectives with care while being sympathetic to the needs of our partners in-country,” he added.

All director nominees put forward by Fat Tail Holdings, being Peter Huljich, Michael Carrick and Ty Ludbrook, were “strongly” voted down by the company’s shareholders, AVZ states.

It avers that the shareholder support at the AGM is considered strong confirmation of the company’s position. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



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