6 questions lodged at 2025 Alkane Resources hybrid AGM

Q1. Thank you for offering a hybrid AGM but had anyone turned up in person for the 8am start? Also, thank you for disclosing the proxy votes early last night. What caused the 12.4% protest vote on this remuneration report and when disclosing the poll results, please voluntarily do what Computershare and many others now do at their AGM and disclose the head count data, revealing how many of our 10,347 shareholders voted for and against this item? This will encourage future retail shareholder voting and reveal how few retail shareholders bother to vote? Did even 2% vote by proxy?

Answer: The question wrangler said only 4 shareholders turned up at the Rialto in Melbourne. CEO Nic Earner provided a good summary of the proxy adviser concern about STI disclosure in the rem report which triggered the protest vote. Watch video of exchange via Twitter.

Q2. Having served on the board for 19 years, the last 8 years as chair, I'm puzzled why Ian Gandel is nominating again for another 3 year term? Is he expecting to serve a full 3 year term and could he recontest again in 2028? Also, what caused the 15% protest vote against Ian on the proxies. Did a proxy adviser recommend against Ian and, if so, what reasons did they give?

Answer: Ian Gandel didn't turn up to sing for his supper but chair Andrew Quinn was a full of praise for the Rich Lister and said the protest vote was partly about the lack of diversity on the all male board, although that was addressed with Denise McComish announcement the day before the AGM. Watch video of exchange via Twitter.

Q3. How many bids did we receive for the external audit gig and how many of them were from from Big Four firms? Are we expecting KPMG will be more expensive than their predecessor PwC and who will be their signing partner for the next 5 years? Under the engagement contract, have we promised KPMG a minimum number of years before we would potentially be open to tender the job again?

Answer: The chair Andrew Quinn explained that when Alkane and Mandalay merged to create a $1.27b gold miner, it was a shoot out between KPMG and PwC as to who retained the audit gig. A good explanation of the selection process. Watch video of exchange via Twitter.
Q4. Why did we only announce the appointment of new director Denise McComish last night, rather than put her up for election at today's AGM? Which recruitment firm did we we use to assist with the recruitment process and did any of our directors know Denise before the recruitment process commenced. Having taken a stand on governance and resigned from the Mineral Resources board in April, I'm pleased she has been able to join another ASX200 mining board.

Answer: The chair Andrew Quinn said they didn't use a recruitment and were delighted to land someone as well regarded as Denise to their board, but it was only finalised in recent days. She did 30 years as a KPMG audit partner, mainly in Perth. Watch video of exchange via Twitter.

Q5. After the Queensland Government introduced a progressive new coal royalties regime 3 years ago which peaks at 40% when the coal price tops $US300 a tonne, they pocketed more than $10 billion from the coal industry in the first full year of the new regime. Meanwhile in WA, the gold industry is enjoying boom times and there are no signs of any changes to the ridiculously low 2.5% gold royalty rate, after the first $12 million in gold sales at each WA mine, which are royalty free. How does the gold royalty regime on our Victorian and NSW operations compare with the amazingly generous WA system? Are the first 2500 ounces of production also royalty free like in WA?

Answer: The CEO Nic Earner provided a good summary of the NSW and Victorian royalty system which runs at around 4% and chair Andrew Quinn was very keen not to criticise the low WA regime. Watch video of exchange via Twitter.

Q6. Having driven the Newell 30+ times as a kid, am amazed to hear you're relocating it near Dubbo. How hard was it to get approval to do this, how will the disruption be managed and can you cite a bigger road relocation associated with a gold mine in Australian history?

Answer: The CEO Nic Earner gave a good summary. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

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