ECR Minerals PLC held its annual general meeting, where Chairman Nick Tulloch expressed gratitude to the former chairman and highlighted the company's progress since his appointment. The company's exploration plans in Australia were discussed, with a focus on projects in Queensland and Victoria. The upcoming trenching campaign at Lolworth aims to provide a better understanding of subsurface geology, while the Blue Mountain project in Queensland presents compelling opportunities for alluvial gold potential. In Victoria, the company is preparing to deploy its team at the Tambo project following the success of the recent drill campaign at Creswick.
The chairman emphasized the company's financial stability, having raised a total of £1.16 million during their tenure, with the most recent placement at a 71% premium to the first. The board's decision to accept shares in lieu of salary has provided the company with additional working capital and aligned the board with shareholders. The chairman expressed optimism about the upcoming developments and the potential in their projects.
In a Q&A session, Chairman Nick Tulloch provided an overview of the company's operations since September 2023, highlighting the acceleration in operations, implementation of financial controls, and cost-saving initiatives. The board's decision-making process regarding the recent share placement at 0.30p was addressed, emphasizing the robust support from the secondary market and positive strides made in a relatively short timeframe.
Overall, the AGM statement and Q&A with the chairman provided insights into ECR Minerals PLC's exploration plans, financial stability, and strategic decisions, reflecting a positive outlook for the company's future developments.