The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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It's gone up because Sweden has gone up 17% or whatever on the vardar conclusion. Hardly great news unless they divest it now to pay for kal and Finland.
Does seem strange they would rather spend the limited amount of cash on Vardar which has nothing over 2 PFSs on project that might add value and strangely the SP has gone up 11% on 2 sells ??
Thanks, straight from the horses mouth then. As a result of the low fundraise they won't be able to complete both PFS. However there are other funding options.. JV in either project. Interesting to see how that works. It'd have to be relatively soon too considering both are progressing.
Https://beowulfmining.com/beowulf-mining-plc-company-update-following-capital-raise/
Olly, why are you suddenly hanging about here like a bad fart?
Some lovely little sales going through today. Anyne else thinks this share stinks of rotten cheese?
Thanks for the reminder Suzy
"We need more mines to reduce Sweden's and the EU's dependence on raw materials from third countries. A secure and sustainable supply of minerals and metals is necessary to enable green social construction, strengthen competitiveness and electrify Sweden. This proposal is a cornerstone in the government's work to streamline and make permit processes more predictable," says Energy and Industry Minister Ebba Busch .
New regulations concerning applications in Natura 2000 areas but that doesn't apply to us because we're not in one.
https://www.affarsvarlden.se/artikel/regeringen-gar-vidare-med-proposition-kring-andringar-i-minerallagen
Thanks GortdonElGecko Placera Forum
RNS 22 Jan 2024
Here it is:
"The Company understands that the Court will consider the Government's submission alongside that of the applicant and is expected to reach a decision during the first half of 2024. Further updates will be provided as appropriate."
Hi Wots...We got a big boost at the end of January when the Government gave their response to the Court, which was a ringing endorsement of the decision made by the previous Government when they said Yes to this mine. It was short lived however because of the recent fund raise being imminent and so seemingly desperate. But of course we are desperate and who wouldn't be after waiting eleven years for the go ahead. Let's hope that leap up to the heady hights of 2.5p was coming events casting their shadow before.
Hi Suzy, I meant 3 months from the end of the last appeal (Sami v Sweden) which I believe was December..
I will have to track back the RNS's to get the last best guess at when the court should rule. But after 11 years how can this be so difficult.........I guess they just like to keep the courts spinning and wigs employed.
Evening Sooz. Yep, I see. Hope you enjoyed yourself at the party. Good on you. Court decision, well, it seems a positive outcome in favour of the Government is the only thing that will improve things for us at present. Ed surely also needs to find a way of cutting costs while we wait, in my view.
At least we appear to be funded for maybe another 12 months, if we only spend as absolutely necessary.
Evie. x
3 months Wots, where are you counting from? The Appeal began early December 2022 after two extensions taking up six months which makes it 2 years on the 22nd of last month month since the Government granted the Company's Application to Mine. And that's eleven years on 25th of this month since the Application was sent to the Government....I remember the photograph of Jan Ole Larssen posting it. We thought it would take about 1 year which is what it says in the Mining Strategy Document. Anyway, no point crying over spilt milk...were still subject to that decision but Dmytro Siergieiev has got some cash now to get on with it... of course pending the result.
Seems the Swedes are doing it again. Now 3 months into making a decision which should be a slam dunk.
Does anyone there decide anything.....even with the EU pushing they still procrastinate.
Perhaps waiting till xmas when all the Reindeer are busy :-)
PS At pace. :-)
Afty x
Sorry I didn't reply yesterday, had a party to go to..it was just a comment supposing the 100% ownership was already settled. So now we've scraped together a bit of cash were just waiting again for that Court decision...which no doubt will affect our ability to get more investment...and hoping the BODs are getting on with it.
Lb, I feel your statement about being ‘fooled’ into parting with our money again is incorrect. I’m sure we are all aware of the risk involved. We know how serious this situation is and Bowie hasn’t buttered us up, that’s for sure.
Quite the opposite.
Lb, lol, Billy Smart. Yes, we do seem to have had a few organ grinder’s monkeys working for us. Maybe still have.
Not great is it Pocko? Admin costs are ridiculously high, so they need to shrink, and, maybe, as you mention, mothball Vardar and then see also how Finland goes. The latter has been an excruciatingly slow project, in spite of the efforts of Rasmus. I do like him though. He’s probably as frustrated as we are with the money thrown into Vardar and not directed his way, in addition to the Government funding for Bat Circle.
We should be hearing from the Court soon. Two years is plenty long enough.
It is not in the interests of Bowie and his pals to complete anything. Simply kicking the can further and further down the road allows them to speak endlessly of 'progress' , 'exciting prospects', 'aims', 'ambitions', 'plans', 'expectations' blah blah blah.
It's all cobblers. An EIA or completed PFS is of no use to this two bit outfit.
All they want is a cushy, well paid position in a company which dupes investors with empty promises.
I am amazed anyone has been fooled into parting with money for the umpteenth time, when the value continues to fall.
Billy Smart would do a better job.
Vardar has been an issue for me for some time, particularly as Budge disclosed that Vardar was essentially about generating news for investors given the malaise in respect of Kallak at that particular time.
And why spend money on exploration, when the business would be years away from applying for an exploration permit and we simply can't afford the investment. It needs to be mothballed.
And I suppose the wording of today's RNS reflects a new reality. Either way, it only funds the company for maximum of 12-months given the cash burn of the last year
Pocko, evening. Well spotted. It’s a change from the definite to the indefinite, before and then after the fundraise. We need a positive outcome on the Sami Court Appeal or we could be totally knackered. I’m not sure why any money, all things considered, would still be handed to Vardar for further exploration, considering it’s an unnecessary spend.
Anyway, we are still afloat and the plans may be similar if not the same, albeit, “completion”, we now don’t know if this is still meant.
It’s bothersome.
Ahhh, well that's certainly a change. Maybe extra funding will be required, which is why they explicitly mention attracting interest to fund at asset and corporate level. He wants to wait because he doesn't want to give the company away cheaply (apparently) though hard to tell really. The company may have no option with the lack of interest at retail level.
Anyone spot the subtle difference...
16th February
The main purpose of the Rights Issue will be to finance the continued development of Kallak, including completion of the ongoing Pre-Feasibility Study ("PFS") and environmental studies in preparation for the Environmental Impact Assessment ("EIA") and subsequent application for the environmental permit for Kallak, and the completion of the ongoing PFS and EIA for the GAMP.
3rd April
The main purpose of the Capital Raise is to finance the continued development of the Kallak Iron Ore Project ("Kallak") and the Graphite Anode Materials Plant ("GAMP"), advancing the Pre-feasibility Studies ("PFSs") and Environmental Impact Assessments ("EIAs") for both. Net proceeds from the Capital Raise will also be used to repay the SEK 10 million bridge loan financing, fund the advancement of Vardar Minerals and for general corporate and working capital purposes. The Company will continue to explore funding opportunities at both asset and corporate levels.
"Advancing" or "completion"? I know which I'd prefer.
Perhaps if they played with a straight bat, the fundraise might have been more successful?