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   Gold/Mining/EnergyMinera IRL


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To: Alias63 who wrote (758)9/4/2021 3:36:31 PM
From: mark_ikn
1 Recommendation   of 798
 
I will shoot my third bullet today:

1) By definition, they all leave on the same coin. CEO Benavides has broken ethics, market rulebooks and the national law by hiring his three unqualified and inexperienced personal friends to high-paying executive positions. For this the rules are clear, he must be fired with cause. Therefore, if the board refuses to enact and move on its own statutes and company by-laws, they must also be removed.

2) We are whales and fish. I am liaising with individual owners, but also representatives of groups. To give a fair idea without going into the weeds, consider that five or six people control roughly 20m of the 30m votes represented.

3) We will invite third parties of all types to offer a proxy slate, be they brokerage-backed, company-backed or whatever. If a slate is forthcoming, it's out with the old and in with the new at the same moment.

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To: mark_ikn who wrote (759)9/4/2021 3:45:15 PM
From: Alias63
1 Recommendation   of 798
 
That is the Q&A sort of discussion i was hoping for. Thank U!

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To: Alias63 who wrote (760)9/4/2021 11:38:15 PM
From: wrkoutmn50
2 Recommendations   of 798
 
Thanks guys count me in!

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To: mark_ikn who wrote (759)9/5/2021 8:32:31 AM
From: DaveAu
1 Recommendation   of 798
 
I think this can only work if an alternate slate is found. Only one third of directors come up for vote at an AGM (so 2 of current 5. Reference: see excerpt below from last year's MIC on Sedar).

The Company’s Articles of Association provide that at every annual general meeting, one-third of the directors shall retire from office or, if their number is not three or a multiple of three, the number nearest to one-third shall retire from office; but if any director has at the start of the annual general meeting been in office for more than three years since their appointment or reappointment, they shall retire; and if there is only one director who is subject to retirement by rotation, he shall retire. Accordingly, Michael Iannacone and Santiago Valverde will retire from the Board of Directors at the Meeting.

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To: wrkoutmn50 who wrote (761)9/7/2021 8:46:22 AM
From: platreef
2 Recommendations   of 798
 
Count me in tha CS group also!
Kick off curruption out of MIRL!
Looking forward voting out Diego and his gang.

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From: mark_ikn9/7/2021 11:49:55 AM
3 Recommendations   of 798
 
Agreed that an alternative slate is the best way forward. However, we should consider alternative scenarios, as there are a suite of potential objectives, any one of which justifies our CS status and action. Examples include the removal of CEO Benavides with cause saves to company $1.5m in parachute payments. Also, replacing the utterly ineffective new executives with people worthy of their salaries, in order to move MIRL on correctly.

Once again, our principle weapon is to focus on the clear and blatant ethics and rules violations committed by CEO Benavides on hiring his unqualified and inexperienced friends into executive positions. The violation is clear as day, the punishments are clearly set out, the evidence is overwhelming and their defense is non-existent. We demand justification of these executive positions via examination of CVs. If they do not come up to standard (and we know they don't), they are all fired. This can happen concurrently with the entry of a new board, via proxy slate. It can also happen as a separate issue, part of the Scorched Earth policy.

Of course they are lesser objectives and better thought of as considered stages of achievement, rather than the goal. However, they alone justify shareholder rebellion actions, they are also wholly indicative of the problems faced by this company, with a management team ignoring its shareholders and doing whatever they feel like doing.

Regarding a formal CS news release on MIRL: This is a necessary step, we need to publish a NR with the outline of our position, easily referenced by any interested third party. We can organize its contents this week, with a view publication by mid-September. I'm happy about organizing this, but I (me) require input from you (other CS people). Your thoughts welcome on this bullboard, or write me a mail.

In other news, Paul Harris of Mining Journal has mailed this desk, asking to hear the story either on or off record. I propose to the CS group that we only speak ON record with MJ or any other media,with a view to getting publication of our issues (or not at all), happy to hear criticism of that. I have also started mailing certain fund managers and a couple of companies that. I believe, may be a fit to take control of MIRL. However, these are very early stage, any developments will get a mention here.

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To: DaveAu who wrote (762)9/7/2021 11:52:42 AM
From: mark_ikn
1 Recommendation   of 798
 
Iannacone is the person to target here, even as he retires from the board. He is a CFA professional working in Canada and has blindly signed off on no end of paperwork, in order to allow CEO Benavides' largesse.

Iannacone should be in a lot of trouble with Canadian authorities in 2022, it's our job to make it so.

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To: mark_ikn who wrote (765)9/7/2021 1:37:24 PM
From: wrkoutmn50
1 Recommendation   of 798
 
Take no prisoners and never surrender!Thanks Mark

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To: mark_ikn who wrote (764)9/7/2021 4:04:06 PM
From: Alias63
1 Recommendation   of 798
 
Good next steps, thank U!

Just to be clear: even if DB is able to prove everything he has done was perfecty legal the CSs can still vote him off? Any proof of wrongdoings will save money but is not a necessary condition for the anti-vote?

NR: sounds reasonable. I like the short summary from this board: that might be a start. I will do my best to write sth together. Any idea regarding length?

Press: sure yes, the story needs attention. No need to hide as we can perfectly explain why we are doing this.

Have u received any reaction from MIRL since the beginning of the CSs? Are u aware of any in-house actions?

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From: platreef9/9/2021 1:29:33 PM
2 Recommendations   of 798
 

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