5 questions lodged at 2025 Aspire Minerals virtual AGM
May 29, 2025
Below is the text of the 5 written questions submitted at the 21 minute Aspire Minerals (AKM) virtual AGM via this Zoom link at 2pm on May 29, 2025. See notice of meeting. Market cap $137m. Brisbane-based aspiring miner in Mongolia. Accumulated losses of $55.4m and net assets of $42m so investors around $40m in front. No early disclosure of the proxies in these formal slides which the CEO raced through in 10 minutes after the formals had been deal with over the first 11 minutes with no questions.
Q1. Best practice is to disclose the proxy position to the ASX along with the formal addresses before the debate commences. Will you commit to do this at next year's AGM and also undertake to publish a full archive of the AGM webcast on your website as less than 5% of your 2,251 shareholders will be watching live. Is the meeting even being recorded as there's no sign of past AGM webcasts on your website?
Answer: The chair Michael Avery and question wrangler "Emily" conspired for this not to be dealt with at the 21 minute meeting, but Mr Avery promised a phone call later. Watch how he finished the meeting via Twitter.
Q2. I'm a relatively new shareholder still getting to know the company and would like to better understand our corporate control situation. Could the chair and senior executive director please detail the history of their relationship with our controlling shareholder, Mr Tserendambra, and his history with the assets and the Mongolian Government. Also, who is behind our other substantial shareholder, Talaxis Ltd, which is listed in the annual report as owning 13%? Finally, why do so few of our directors and executives own ordinary shares in the company?
Answer: The chair Michael Avery and question wrangler "Emily" conspired for this not to be dealt with at the 21 minute meeting, but Mr Avery promised a phone call later. Watch how he finished the meeting via Twitter. The CEO provided some details on the controlling shareholder during his presentation, presumably after seeing this question.
Q3. As chair of the company, could Michael Avery please detail how he runs the board in terms of whether board meetings are held in Australia, Mongolia or online. Also, do we have an annual multi-day board retreat to plan our strategy and how is strategic planning executed at board level under his leadership?
Answer: The chair Michael Avery had explicitly said general questions would be dealt with at the end but resolutions specific to certain items of business could be lodged. This one specifically identified resolution 2, but still question wrangler "Emily" declared there were no questions. Watch how this one unfolded via Twitter.
Q4. What policies and procedures do we have in place in terms of our dealings with key Mongolian public officials and the broader Mongolian government and political system? Do we make any political contributions to assist with engagement and access to key decision-makers and do our policies apply to our controlling shareholder acting in a personal capacity?
Answer: The chair Michael Avery and question wrangler "Emily" conspired for this not to be dealt with at the 21 minute meeting, but Mr Avery promised a phone call later. Watch how he finished the meeting via Twitter.
Q5. I'm against this request for additional placement capacity. Why not raise capital pro rata?
Answer: The chair Michael Avery didn't even ask question wrangler "Emily" if there was a question on this item and Emily failed to intervene and say there was one. Watch how they ignored the question on this resolution.
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