5 questions lodged at 2026 Lode Resources (LDR) virtual EGM
July 30, 2026
Below is the text of the 5 written questions submitted at the 27 minute Lode Resources (LDR) 4pm AEST virtual EGM via Automic on July 29, 2026. The company aspires to get a new silver-antimony mine up on Tasmania's west coast. See notice of meeting detailing 9 capital raising resolutions, although the last 4 incentive resolutions were withdrawn the day before the meeting. Market cap $16.4m on EGM day. The proxies were not disclosed early in the formal addresses and the only major protest was 21.4% against resolution 5, which was related to incentive grants. The last balance sheet shows retained earnings of $3m and net assets of $18m so investors are close to break even.
Q1. In terms of who actually buys the shares, I've never liked the standard "or his nominee" provision which the lawyers routinely slip into these director placement resolutions. Could our executive chair Andrew van Heyst comment on whether he is going to personally take up the placement in his own name, or will the stock be going into some corporate vehicle or a relative's name? Could the other director placement recipients also clarify their intentions on this matter?
Answer: The chair Andrew van Heyst said his shareholding was spread across a super fund and a corporate entity but he controlled both and was the 100% beneficiary. Another director, I think it was Keith Mayes, piped up that his placement would be taken up his family trust and he is the executor. Watch video of exchange via Twitter, plus this additional video taking in the response.
Q2. Resolution 3: "Notwithstanding the halving of the share price from 15.5c to 8c since the $4.5m placement was announced in April, why didn't the board even propose that your 900-plus retail shareholder be given an opportunity to participate in this capital raising through a share purchase plan on the same terms as the 13c placement to the big end of town investors? How many times in the past have we done a standalone placement with no SPP and what is our history of doing SPPs? Have we ever done one?"
Answer: The chair said they'd never done an SPP but would look to do one, or a rights issue, when it comes to raising capital next time. Just goes to show, if you don't ask, you don't get! Watch video of exchange via Twitter.
Q3. Why are you holding this EGM as a virtual meeting with no physical component whereas the previous AGM was a dinosaur physical meeting in Sydney with no online access? Also that previous AGM on Friday, November 28, 2025, was the last possible day legally to hold the AGM and almost 200 other ASX-listed companies did the same thing, making it impossible for shareholders to hold the directors to account. Will you undertake to hold best practice hybrid AGMs going forward, before the last working day in November, in order to maximise the ability for your nearly 1000 shareholders to participate?
Answer: The chair Andrew van Heyst called this a good question and then promised to deliver hybrid AGMs going forward earlier than the last possible day. From a last day dinosaur physical EGM to best practice hybrids!. Just goes to show, if you don't ask, you don't get! Watch video of exchange via Twitter.
Q4. Why did we announce yesterday that resolutions 6, 7, 8 and 9 were not being put to the meeting? Did it become apparent after the proxy voting deadline passed at 4pm on Monday that they were going to be defeated? If so, what concerns were communicated to the company about what was proposed? Having asked us a vote on these 4 resolutions, will you at least disclose the proxy position to the ASX along with the poll results on the other 5 resolutions. It's our voting data and it shouldn't be hidden from shareholders.
Answer: This one went on for 6 minutes as they explained that yes, they were headed for defeat because shareholders were concerned about the lack of transparency in the KPI metrics. Watch video of question being read out via Twitter, part 2 explaining the issues and this video wrapping the debate. This was breaking news folks as yesterday's ASX announcement gave no explanation whatsoever.
Q5. Is this meeting being recorded and will a copy of the webcast be made available on your website for the benefit of the 900-plus shareholders who were unable to tune in live?
Answer: The out-sourced company secretary Guy Robertson, who did well clearly reading out all 5 questions, simply said "yes". Excellent. Well done Guy and Lode! Watch video of exchange via Twitter.
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