Boadicea Resources Ltd (ASX:BOA) has set the scene for an interesting yet rewarding journey with the recent conditional agreement with IGO Ltd (ASX:IGO) providing strong momentum at the start of the new road.
This agreement with IGO Newsearch Ltd will see the premier Fraser Range producer explore nine of the company’s tenements on the range at no cost to Boadicea for up to five years.
In his first report to shareholders within the company’s Annual Report ended June 30, 2020, managing director Jon Reynolds reflects on the year that was, but more importantly on the new Boadicea journey ahead.
He said: “Friday, September 4, 2020, was a momentous day for Boadicea Resources and the culmination of many years dedicated work initiated by former CEO Clarke Dudley who died suddenly in April. The conditional agreement with the IGO Newsearch Ltd, may yet provide even more value to shareholders.
“Solid to the Boadicea values as the new board sets about diligently working on its future endeavours is the concern for shareholders, which is one of the hallmark values of the company.
“This is a legacy that Clarke Dudley leaves with the company and is the foundation of the new board and management who are committed to continue to drive shareholder value.”
Clarke Dudley’s legacy
Reynolds described the 2020 financial year as one where solid groundwork laid over many years resulted in some exciting post balance date news for loyal and much-appreciated shareholders.
“On April 16, 2020, the company’s founder, managing director and executive chairman, Clarke Dudley, died after an almost five-year battle with cancer,” he said.
“Given Clarke’s positive outlook and courageous approach to life, no doubt many of you were not aware Clarke had been ill and his sudden departure in the end was a great shock to all.
“The board is dedicated to carrying on Clarke’s determination to look after shareholders and deliver shareholder value.
“The event announced on September 4 was the culmination of many years dedicated work initiated by Clarke and the remaining Fraser Range tenements not subject to the IGO agreement, also provide potential for exploration discovery. Additional Fraser Range tenements will also be considered, as opportunities arise.”
The MD said that in June 2020, the company provided some initial insight that the board was determined to pursue new opportunities to provide shareholder return.
“The Paterson Province provides one of the most exciting exploration opportunities in Australia, and there is a lot of interest from big companies in the area, providing potential for achieving another great outcome for shareholders as we pursue exploration within our means as a junior explorer.
“The board will be pursuing other exploration opportunities to enhance the attractiveness of the company as an investment. In particular, we shall continue to investigate further opportunities for gold exploration.
“It is also intended to increase the share market awareness of the investment attractiveness of the company, and we have made initial progress with a new website. Investor presentations and media will receive greater attention going forward, so that future and existing shareholders understand the attractions of investment in the company.”
“Solid financial position”
He said: “To be a successful junior mining exploration company, the board understands that the introduction of new shareholders will assist the company in becoming a more attractive investment opportunity, with increased liquidity in shares available on-market.
“The company will continue to strive to maintain an attractive capital structure where exploration success and business development is likely to be reflected in an increase in the share price.”
Reynolds concluded: “Despite the difficult year that 2020 has proven to be, including COVID-19, funding challenges and the untimely death of Clarke Dudley, the company has emerged in a solid financial position and ready for the new challenges that lay ahead.
“Concern for shareholders is one of the hallmark values of the company and this concern as many of you would be aware from your interactions with Clarke, is genuine. The board and management shall continue to work for you, the shareholders.”