George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
BMR has scheduled an AGM on 4th Feb at 10am – see link below to access a copy of proxy form and details of the 10 resolutions.
https://drive.google.com/drive/folders/1egtGtau4AE_xNA-r0ZHboHhlxMbeR8gb?usp=sharing
Copy of Annual Report as at 29/12/19 only received by me yesterday 12/1/21 with Notice of AGM. Notice only printed on 11th Jan. so should be in the post. AGM will be 4 Feb but physical attendance not allowed because of covid.
Thanks 3CB. Will do.
No mention of the royalty in the resolutions.
Agreement to all resolutions will mean that the new management will choose what happens to the royalty, Bird has said at the last AGM and on phone calls that he would look into separating this to ensure pre delisting shareholders get some benefit. I take its omittance as a sign that the Royalty will not be separated. The only way a current shareholder was ever going to make a return is via The Royalty, sure it would take time but surely everyone is used to waiting. Instead it looks like a potential +80-90% drop in SP, massive dilution and unlikely (understatement) the closing SP (equivalent) will be seen.
We’ve been robbed as shareholders, for a second time. Instead of feigning Alzheimer’s the clown squad are going to enrich themselves further at our expense.
If we all do, yes. I have 300k with a chunky average and there are lots of others who hold many more than that
3CB. Agree about the dilution but will completing the proxy form negatively make much difference? Only invested £500 in this many many years ago and gave up a long time back.
Resolution 5 will dilute us to hell and back. The other resolutions will enrich the board at our expense and allow the paying of vast amounts of shares for dubious and costly services rendered in lieu of cash
. If anyone wants my shares at the last price of 1.9p give me a shout.
Just received mine. Most of those resolutions seem to have only one purpose. Pushing the broom handle even further up our butts.
Have these people no shame? Why is Borrellii still here. Why is he allowed to remain a director of our company?
That each of the issued ordinary shares of £0.01 each in capital of the Company be and is hereby re-designated and sub-divided into one new ordinary share of £0.00001 each and one differed share of £0.00999 each in capital of the company.
AGM
10am Thursday 4th February
Venue
7/8 Kendrick Mews, London SW7 3HG
Nobody allowed to attend due to C-19 restrictions.
Although I wasn't keen on previous poster Vinegere, I couldn't fault his logic on piling into JLP to make up losses. I bought over a few trades, a total of 300k to match my BMR shareholding. Bumpy ride initially and was losing money but averaged down to 2.6p in the last big dip. Sold one third at under 6p but now over £20k up and not far from covering my BMR losses and outlay on JLP.
I really feel this still has legs with projects, earnings and profit growing exponentially (IMHO).
I don't for one minute think Colin has BMR shareholders' interests at heart and like you I feel there is an appalling conflict of interests for us.
Nonetheless he is doing a great job at JLP and Galileo ( GLR) and I have also recently taken a modest 250k share stake in GLR on which I have more than doubled my money. Hoping this will be a 10 bagger.
Not ramping nor recommending. Just my experience out of the mess that is BMR.
My300k certificate is framed on the wall in my study . Hoping one day I can replace with a photocopy and add to my ISA. LOL. GOOD LUCK.
No, regrettably. Looks like it’s going to take off in a big way.
I can appreciate they’re ruthless and if I was a JLP shareholder I would be delighted with the actions of the board.
Being on the other side I have to question how Borrelli acted in shareholders interests and still has a role in the co. and also how Bird doesn’t/hasn’t had a conflict of interest throughout.
If JLP do well with KOL then we should potentially get something back here, maybe.
Did you hedge your bets into jlp?
If I said what I felt towards him I would be in trouble. I’m hoping karma is a lot less kind than you suggest.
Klue. I'm a great believer in karma. I hope he gets alopecia and loses that stupid barnet
Comforting to know Alex Borrelli is still at BMR Group. Don’t know how we could have survived without him fighting our corner every step of the way.
Back of a fag packet calculations, the JORC recoverable dollar value are huge(2b). Even if you take a very conservative cost of sale %, say 70%, then apportion the 11% royalty, the amount is still good for BMR, not to be sniffed at.
The devil is in the detail on the royalty agreement calculation which we dont have visibility on. That said, the profits could be huge and hard to manipulate to avoid payout.
My ideal would be to write off royalty for shares in Jubilee, BMR must be a thorn in their side, Its a easy and more simplistic transaction , as long as price is right of course.
It is confirmed that Borelli is now the Secretary of the Company on the first page of the accounts. As long as Colin Bird has the Jubilee Board behind him, which is probably almost a given, and the fact he may well be propping up the company at present with directors loans, not surprisingly he will be completely running the show. He has bought another 3 months to come up with the future strategy which will presumably include an exploration asset.
The accounts appear to have been rushed out almost to meet the end of year deadline. I could easily be wrong here so what follows is a bit of speculation. It looks to me as though there was some quite late discussion/ negotiation going on with Jubilee about the inclusion of the (copper) 3rd party ore within the Kabwe project in exchange for getting the royalty reduced to 11%. This is perhaps why the accounts have been structured in the way they have been, which allows a complete impairment on all of the holdings in the investment companies( including Kabwe Operations Ltd-the company managing the Kabwe Project) whilst at the same time allows the value of the royalty not to be included. It should be noted simplified BMR accounts ( as at 30 June 2020) allowing for BMRs share of the Kabwe project are included in Jubilee's own full year accounts (up to 30 June 2020), which would have been used to value Jubilee's 29% shareholding in BMR. But that would be Jubilee's own valuation model and assumptions, and anyway the metal prices have increased substantially since then, and hopefully the zinc circuit is now being built ready to be commissioned during Q2 2021 moving the first production date much closer.
There are a number of questions that need to be asked o management about how the Kabwe Project will operate. For example my best guess is that all 3rd party ore designated for the Kabwe Project will be bought from the miner by Kabwe Operations Ltd.(KOL). KOL will have an agreement with the Sable Refinery for its processing. The most important question is what type of processing agreement is it? Hopefully a toll processing one on fixed terms. This agreement will determine how the profit margin that can be made on the 3rd party ore after being bought by KOL is allocated between the Sable refinery and KOL itself. Only that part of the margin coming to KOL after the Sable Refinery's cut or charges will form the earnings for the Kabwe Project and the royalty for BMR shareholders. All of the margin retained by the Sable Refinery would be Jubilee's exclusively.
AB is registered as "Secretary" with Companies House. The accounts indicate he has 2.4 million shares. Note 15 (accounts) suggest any "options" have lapsed or been cancelled, although I stand to be corrected. CB has 500k. Not a lot compared with JLP who hold 97.3 million.
Charlie. I seem to recall the tweet about Borrelli merely said he was stepping down as a director. I'm assuming he's still got millions of share options so perhaps he wants to cling on rather than lose them if he leaves
How come AB is still a Director registered on companies house,
What a shambles, how rotten this company has been. They have not submitted accounts to companies house, what a joke and how stupid we have been to dragged a long on this Sxxx show
Wow. Thanks Jammer. Seems Colin is very much in the same vein as the grand tu.rd Borrelli when it comes to keeping loyal shareholders informed. I guess he's done the minimum required though.
Are you posting on JLP?
At no one watching time, on 23 December 2020, the 2019 accounts up to 31 December 2019 for the company were posted on the company's website. Note it was not the group's accounts and the reason given is weak. However, by the middle of 2020 the BMR group ceased to exist in effect when the Enviro subsidiary companies became subsidiaries of Jubilee Metals, who then sorted out the renewal of the small scale mining licence for 10 years. Shareholders will see in black and white what they really knew in their hearts. The devastated financial state of their company is set out starkly. In fact it appears it is being propped up as a going concern by a director, almost certainly Colin Bird, until some source of revenue starts to materialise. But there is hope of eventually something coming back to the shareholders but it will not be riches. More about the company's future is to be set out in Q1 2021.
For the first time there is a better explanation of exactly what the Kabwe Project includes and the 3 phases Jubilee is going through to monetise it. There is also confirmation that the royalty has now been reduced to 11%. The good news is the project includes earnings from 3rd party copper rich material up to a target of 3000 tonnes of copper cathode a year, and I believe earnings from such source(s) should now be underway. It also appears to include future earnings from local 3rd party zinc rich material, which presumably will come from Star Zinc and eventually Ka.hitu, should Galileo prove it to be commercially minable. This will be on top of the earnings from the Kabwe tailings. But of course Jubilee's significant capital expenditure, and the interest on capital supplied to get everything going, has to be paid off first from the Kabwe Project earnings, so it will be a while yet before any payments come to BMR through the royalty. But at least the unknown copper part of the project should bring forward that day considerably.
Wishing a happy Christmas and prosperous new year to all holders. This time next year we'll all be millionaires.
Hi Eric, thank you.