4 questions lodged at 2025 Kingsgate Consolidated hybrid AGM
November 30, 2025
Below is the text of the 4 written questions submitted at the 90 minute Kingsgate Consolidated (KCN) 2pm hybrid in Sydney and via Link/MUFG platform on November 27, 2025. Market cap $1.05 billion on AGM day after boomer year for the Thailand's biggest gold miner. See 5 questions asked at 2024 AGM. See notice of meeting and voting results. The proxies were not disclosed early in the formal addresses and only protest was 22% against re-election of former CFO Peter Warren. Emailed requesting access to webcast archive on November 30, 2025.
Q1. A question on the accounts and for the auditor: "Could PwC's current signing partner Craig Thomason please comment as to why we are still carrying negative equity of $121.4m & accumulated losses of $859m. This doesn't bare much resemblance to the market's assessment that our equity is today worth $1.05b. Does the audit process take into account this disparity between book value and market value and is there anything we can do to make our accounts more accurate? What impact will a big buyback have on these inaccurate accounts?"
Answer: Whoops, botched this question by quoting from the 2024 accounts, not the much better 2025 accounts which moved to net assets of $319.3m after slashing accumulated losses down to $508m. The auditor said the inconsistency arose from historical cost accounting. The buyback component wasn't asked. Watch video of exchange via Twitter.
Q2. Which broker are we likely to choose to conduct any on-market buyback that we launch and will the decision be influenced by the price-target the firm has on our stock, such as Canaccord's current $7.70 prediction and Moelis with its price target of almost $6. Will we conduct a competitive tender for this broking work and base the decision on cost or will the broker appointment be determined by other factors such as analyst price targets?
Answer: The chair... Watch video of exchange via Twitter.
Q3. Which of the proxy advisers covered us this year and did any recommend a vote against any of today's resolutions, including Peter Warren's re-election? If so, what reasons did they give and did this translate into any material protest votes? Also, please disclose the proxies earlier to the ASX along with the formal addresses ahead of next year's as many other companies now do. This will avoid having to ask questions like this one and provide more timely disclosure to the market.
Answer: Not sure why the fast talking Kingsgate Consolidated CEO Jamie Gibson took this question on proxy adviser recommendations. A good clear answer but he should have gone on to say why ISS recommended against the re-election of former CFO Peter Warren, causing a 24.3% against vote. Watch video of exchange via Twitter.
Q4. We disclosed the proxy position early ahead of last year's AGM and it showed we nearly suffered a remuneration first strike with 22.1% of voted stock voting against. What caused last year's remuneration protest vote and have we made enough changes to win stronger support this year? Also, when disclosing the outcome of the poll this year, please include the head count data so we can how many or our 8,342 shareholders voted for and against. Many other companies including ASX, Myer, Suncorp, Qantas and NAB do this.
Answer: The chair... Watch video of exchange via Twitter.
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