Axiom Mining Limited (ASX: AVQ) today responded to the query raised by the Australian Securities Exchange via a letter dated 10 April 2019.
The query relates to the company failing to report the change in the director’s interest within 5 business days of the date of a change, as required by the ASX listing guideline. On 10 April 2019, Axiom Mining stated that Mr Robert Barraket has retired as Chairman and Non–Executive Director of the company and accordingly lodged the Appendix 3Z on the same date, indicating that Mr Barraket ceased to be a director of AVQ on 29 March 2019.
On this, the ASX explained that Appendix 3Z should have been lodged with ASX by 5 April 2019 and as it was lodged on 10 April 2019, it appears that AVQ may have breached Listing Rules 3.19A and/or 3.19B.
The regulator, therefore, asked Axiom to explain why the Appendix 3Z was lodged late. To this, Axiom replied that the delay was due to an administrative oversight.
The company further stated that “it is aware of its obligations under ASX Listing Rules. Specific processes are in place to ensure that the company satisfies its obligations to disclose the notifiable interests of each director on their appointment to the Board, on any change in their notifiable interest, and their retirement from the Board.”
Axiom has also involved two additional personnel within its administrative departments to monitor and report on the Directors' notifiable interests in accordance with ASX Listing guidelines within a timely manner, as per the report.
Recently, the company provided an update on its Isabel Nickel project reporting the poor weather conditions impacting the barge availability and the shipment of ore. For San Jorge, the company told that a buyer for the first shipment of nickel is confirmed with subsequent bulk ore carrier ship scheduled for loading between 15 to 20 April 2019.
Operations on San Jorge mine are focused on mining, stockpiling and ore drying. There is high demand for the San Jorge product because of its consistent expected quality and nickel grades. Therefore, Axiom’s first shipment is reportedly not just about revenue, but proving the ability to deliver this consistent expected quality and grade of nickel ore.
Quality control is a significant concern to nickel ore consumers given that a lot of nickel laterite miners in the Asia Pacific region cannot guarantee the quality or the ore specifications of the product delivered onto a ship or to the customer. Therefore, with its higher standards of operation, preparation and customer service, the company aims to be able to achieve a premium price for the San Jorge product and maintain firm demand for the Axiom product from San Jorge.
AVQ stock price declined by 1.961% to last trade at $0.050 on 15 April 2019. Over the past 12 months, the stock has declined by 55.65% including a negative price change of 21.54% in the past three months.
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