5 questions lodged at 2026 ABX Group (ABX) virtual AGM
May 26, 2026
Below is the text of the 5 written questions submitted at the 58 minute ABX Group (ABX) virtual AGM held via Zoom at noon Melbourne time on May 26, 2026. See notice of meeting detailing 9 items of business including appointment and removal of auditor. Market cap $21.3m on AGM day. The latest balance sheet showed $25.9m in accumulated losses and $11.2m in claimed net assets. See text of 5 written questions asked in 2025 when there were no protest votes. The proxies were not disclosed early in the formal addresses and CEO Dr Mark Cooksey gave a good presentation after the formals had been dealt with. The biggest protest was 22.8% against the extra placement capacity and 17% against director Ian Levy's options grant.
Q1. At last year's AGM, the CEO said that we have 8 FTEs. What is the number now and where are they all based seeing as we don't seem to have a head office? What do they all do?
Answer: The CEO Dr Mark Cooksey said they were up to 11 with all the growth coming in its Launceston office as they pursue their rare earths and bauxite dreams. Watch video of exchange via Twitter.
Q2. How many audit firms responded to our tender and did any external parties assist with conducting the tender given that we are such a small operation?
Answer: ABX Group runs a fully out-sourced corporate model so it was company secretary Mathew Watkins from Vistra who ran the audit tender with 3 groups pitching. Mathew has many talents as he also did a good job as question wrangler, reading out all questions in full without any editing. I was the only shareholder asking questions. Watch video of exchange via Twitter.
Q3. Why is the proxy discretion vote so large on these resolutions? Who is in the room with undirected proxies and who is protesting against these options grants?
Answer: Chair Joycelyn Morton declined to explain what was going on with the circa 20% in undirected proxies on all items. Sounds like it was friendly and from someone the brass knew. She offered no insight on the protest votes. Watch video of exchange via Twitter.
Q4. If we do a placement after receiving this extra 10% placement capacity, will we offer retail shareholders an SPP?
Answer: chair Joycelyn Morton went very close to promising retail shareholders an SPP if they use the extra 10% placement capacity and do a big end of town selective placement. Watch video of exchange via Twitter.
Q5. Is the extra 10% placement capacity going to be defeated? It looks close on the proxies. Will you undertake not to ask for this capacity next year?
Answer: Despite a 25% proxy protest vote, ABX Group Chair Joycelyn Morton was confident they would sneak over the line and receive the necessary 75% super majority mandate required for the extra 10% placement capacity. Turns out she was was right as it passed with 22.8% support. She rejected my request to stop asking for this. Watch video of exchange via Twitter.
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