Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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No Spring drill because we haven’t given them any more cash since the handy £250k back in January.
It says they are viewing “ongoing activities” at Vardar. Perhaps they can ask why there hasn’t been a Spring drill. That we know of!
Röstin, Big Ted and Chris D have visited Vardar. Taken from the BEM LinkedIn page, they posted it eight hours or so ago:
https://www.linkedin.com/company/9131878
Good points. We know we haven’t had the Spring drill at Vardar, and have no commercial grade assets proven there, so what is the point to holding it? We can’t afford to keep spooning money into it as things stand. There was mention from Kurt of spinning it out, but no news or progress on the ground since. The lack of the drill makes it more than likely that will be the one for the chop. Maybe even Kallak. No explanation as to why we didn’t complete the PFS on KN, unless they’ve put it on hold pending the Sami appeal outcome.
No real news to go at on two projects, I feel the most helpful news recently was from Rasmus.
Unfortunately, if you're standing still, you're essentially going backwards. A business like this needs progress, news and regular updates.
A masterplan will be forthcoming at some point, no doubt with more funding required. It's currently just a vehicle to pay salaries.
But to reiterate, I expect a learner and smaller company to emerge.
We’ve had no updates on it, only from ADF, from memory. Not too long to wait now then Pocko. It’ll be nearly a year and a half then since we received the concession.
From memory, I don't think that the company has ever directly referred to the appeal by the Sami. But my guess is that we will get a steer on things when the outcome is known from the Supreme Court hearing on the 19/20 September.
At a guess as to who is pulling the strings, maybe Chris Davies. He’s been involved with BEM a long time, we never hear from him, he has minimal shares and has worked with Ed Bowie earlier in Ed’s career.
Maybe Chris is the equivalent of Blofeld. Lol.
Yeah I find it all very peculiar. Why can't they communicate with us? What is going on in the background as clearly something is! Who is pulling the strings here.
The odd thing is that we are being told nothing, and Ed has yet to make any progress comment to shareholders. Nothing yet apart from updating us on Ulla’s departure.
Yes SJ. He looks good.
The new NED seems the most competent high calibre member of the board looking at his CV.
Pocko, maybe that’s the case, along with the new NED. Either that or employed them with a specific task in mind, that we have yet to learn about. Ed mentions developing the assets, but that doesn’t necessarily mean keeping them, or doing it all on our own. The six month review time is a puzzle.
Do we think Röston and the board of directors will have employed someone (Bowie) more competent than themselves?
Just a thought.
She failed to start the PFS on schedule, for sure, no news of it since either, but we don’t know why BEM changed the target date (and we haven’t had a revised date via RNS) for the environmental submission. There were obviously differences of opinion and Ulla has gone, but yes, it’s another poor outcome in terms of progress so far this year for shareholders. The new CEO will hopefully be sorting through things and making changes. Starting with her.
I’m pleased if it means we have a chance of better.
Eric,
Her brief was simple, tight and specific and she did not deliver. All conjecture beyond that is pointless. Any wages and options afforded to her were wasted, as was a lot more cash on Vardar, late payment fines, continuing to pay Budge etc etc.
The new CEO needs to account to investors for all this waste and directors abject performances.
Lb, we don’t have the exact reasons for her leaving, but we do know that she did not adhere to Kurt’s plans re the PFS to commence in Q2. One point though, is that Ulla mentioned on the Jokkmokk Iron website, that it was BEM’s decision not to now try and submit the environmental application for the end of the year. She made it clear that the decision wasn’t made by Jokkmokk Iron.
But again, we don’t know why the target has changed, or the need for a six month review.
Ulla was clearly not fully engaged with the process of preparing the EIA application.
Working on it for over a year should have put the company in the position of having documentation ready for submission, and not to put it in the bottom drawer!!?!
And what is this utter rubbish about her creativity being stifled?
She had one task, and it was all about facts and figures, accuracy and compliance. Creativity is not required.
Having seen and heard her, in my opinion, she is unhinged.
Prof, SJ, nighty night.
In Ed we trust………….
I’ve no idea what that means, other than so suppose because it is a listed company she can’t divulge anything that hasn’t yet been announced to shareholders. But that’s a guess. Another guess is she doesn’t like abiding by the rules of a listed company, as it hampers her creative process. Lol.
I haven’t a Scooby what is going on, or why a six month review is needed for a non-operational business with a handful of employees. Bizarre.
I'd love to know what this means, that the company can't tell shareholders either....
- I cannot go into the conditions. Partly it is a listed company, partly there are other reasons, but unfortunately I have to stop there, she says to Dagens Nyheter.
Yeah this is the only junior I still own..
This review is an absolute joke. They either carry on with the previous plan as that is the route towards production or we sell or spin off. What is their to review!!
I’ve always wondered what if any csp still holds here. He had so many options. Same with Jan and Fred. I went to an agm in London once and they were so positive. Funnily enough, I had a private conversation with one of the other directors whose name escapes me, and he was pretty pessimistic about the outlook for juniors. I should have listened to him!
It would be great to turn back the clock so we could sell at 57p!