Dear Shareholders,
I am pleased to report that despite lack of funds and difficult market conditions, your company is still functioning and recently completed a preliminary geological report on concessions secured 12 months ago, namely UCM 1 and UCM 2. Based on these results and on earlier results from our other concession AMP1, your company has over 2000 Ha of solid exploration concessions with some initial very promising results, with a focus on Copper-Silver.
Lack of capital is hindering further exploration and development of the concessions and I, as Chairman and principal shareholder, have been funding ongoing costs for the past 12 months, including a current trip to Peru where I will soon meet parties about :
- Securing seed capital to undertake some drilling then list CML later this year
- Negotiate a farm-in agreement to a currently listed Canadian or Australian company
- Negotiate a lease of the concessions for 2 years with a purchase option to a local Peruvian businessman able to begin small scale exploitation within 3-6 months.
Currently the company will owe me about A$145,000 after the costs of this trip are accounted for. We are seeking an auditor now to audit the 2022 and 2023 accounts and hope to have that work complete shortly, again funded by me.
I wish I had more positive news to share with you all and can only hope that my efforts in Peru will bear fruit. I will organize an Annual general Meeting upon my return and welcome suggestions from non-executive shareholders and nominations for Directorship positions.
Yours faithfully
Mark Newton