AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (Company) is pleased to announce the results of the Company’s annual general meeting held on Thursday, 23 November 2023 (AGM).
The resolutions for the re-election of Mr Graeme Johnston and Dr John Clarke and the election of Dr Casta Tungaraza, Mr Serge Ngandu and Her Excellency Salome Thaddaus Sijaona to the AVZ board of directors (Board) were all carried.
The Company received high shareholder participation across the resolutions relating to the election of directors to the Board. Approximately 70% of the share register by number of shares voted at the AGM.
The Company considers this a strong vote of confidence of both the Board and its clear and considered strategy to advance the development the Manono Lithium and Tin Project (Manono Project) in the Democratic Republic of the Congo (DRC) for the benefit of Shareholders and most importantly, the people of Manono and the DRC.
With the endorsement from shareholders of this strategy, the Company will continue to pursue the ICC and ICSID proceedings until the Company procures a negotiated resolution on reasonable terms. The US$20m litigation funding term sheet signed with Locke Capital on 17 November 2023 provides a pathway to securing the necessary liquidity to pursue the Company’s legal strategy.
Managing Director Nigel Ferguson commented:
“On behalf of the board and management of AVZ Minerals Limited, thank you to our shareholders for your overwhelming vote to return the current board and thank you for your endorsement of our strategy.
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 Democratic Republic of Congo 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.”
All director nominees put forward by Fat Tail Holdings Pty Ltd, being Peter Huljich, Michael Carrick and Ty Ludbrook, were strongly voted down by the Company’s shareholders.
The shareholder support at the AGM is considered strong confirmation of the Company’s position. Your Board trusts that this resounding rejection by shareholders of Michael Carrick, Peter Huljich and Ty Ludbrook as potential AVZ directors ends any notion that these nominees or their strategies are welcomed by shareholders.
The Company remains committed to progressing its strategy to advance the development of the Manono Project and can now focus its full attention on the resolution of disputes outstanding relating to the Manono Project as previously disclosed.
