Member Info for BenAlder

I'm wondering whether the side-step is actually a move away from mining altogether...? Lets face it, they have no intention of being vertically integrated with hydrogen. First, they have to find it, quantify it, extract it and transport it. Any one like to put probabilities and time-scales on this?

They have mainly bought a bio-oil business. The hydrogen looks like it will be used in the production of the aviation fuel planned for the future. The acquisition RNS describes their hydrogen plant as a 'green' hydrogen plant - 7 times. eg "80 Mile, Greenswitch and Hydrogen Valley are actively exploring green hydrogen integration into their SAF and biofuels production processes."

But I've just lived through a bubble in the form of BMN - Vanadium mines and plants acquired for the anticipated rush for battery energy storage. All these glorious projections! Well, still waiting for the latter, but the company is now bust. High maintenance/running costs being a factor against low vanadium prices, and no demand for electrolyte from a plant they built in anticipation.

Is 80M going down a similar route with the bio-oil/fuel? Rod thinks he is ahead of the curve, getting in on the green bandwagon at a bargain price. Is he? Or similar story to BMN.

80M is holding a lot of cards at the moment. Too many for a business with no income. Everyone imagines a smooth transition into production and tend to disregard costs and delays. 80M BOD have no experience in what they have just undertaken. They think they can just run it independently at arms length, and just reap the rewards to re-invest in the mining. We'll see.

Be ironic if they sold off Disko to keep the lights on!

I do not think they can sell any of their asset base at the moment and if there are offers out there, they are probably very low. You have to remember that none of these great prospects have ever been properly drilled. Just surface and historical data.

The geographical location is still an issue with regards to climate and infrastructure leading to increased costs. The one thing I know is that money/cost is the major driver in the world we live in. I believe that there will be prospecting in Greenland but very little extraction for years. The big boys will let the little guys do the work and buy it and bank it for later, if its big enough.

Anyway, money is the issue here, always has and will be. 80M is I am sure trying everything at the moment. Look at the last year! All bases covered but no actual advancement in any direction but more liability incurred. Running a plant is not going to be cheap so I'm dubious as to if the actual profits generated are going to fund much more than the directors, soon to be inflated wages (I imagine, based on the free shares they award themselves so freely), and fund a serious drill campaign anywhere soon.

They could not sit around waiting for a sale or partner to appear, I suppose, and Kobold's meeting may have led to this direction. But its drastic and they would not, do not, have a clue as to what they just bought imo. I hope they have hired the right man to run it (they wouldnt know). As for grants. Would you bet your house on them getting one soon and whats $10M going to produce spent downstream of the mines?

Would the money have been better spent on one hole at either Disko or our new property Jamison? I think the only place that BJay ever drilled was Dundas and they f@ked that up.

Chirpy - A lot was made on here previously about potential hydrogen resources 80M may have eg Jamison and Hammashalti. They just bought a plant that can handle green hydrogen.

They have divested down a path that I believe to be a Betamax moment. I'm not sure just yet on the bio-fuels, but I suspect that they too will never really take off as society is not prepared to pay the increased cost. Most would rather burn coal and oil. eg Trump. He could turn this whole CO2 crisis around by ignoring it like China is. Did you know they increased their coal burning CO2 output by the same amount that GB emits. And they are still building more year on year. India too. It is futile for us to even try to reduce our footprint never mind the cost. They need to find another way.

So I fear they have been suckered into buying a plant that will be redundant when the bubble bursts. Plus, I am not happy about the side-step from mining. Also, I do not think Disko (or any other prospect) will have any significant work on it this year. ie drilling. All they have is lots of land and a titanium mine no one wants, lots of bills to pay and no income for another year or so.

Too risky to be a holder imo. Best to wait for a more favorable horizon. I was never going to be a LTH and was hoping to exit on the Disko hype, which I now think is now not going to happen. I should really quit now but Ashton says we are drilling!

ATB whatever your position.

Https://www.youtube.com/watch?v=awN2w3sGj1w

Now I can start to understand the big discrepancy of the purchase price v assets and the expected income of the business they just bought.

I'm out on the next Disko news - good or bad.

Next you'll be telling me that Trump will be buying Greenland!

More chance of Rob buying a soya farm in Brazil.

No Burton you should re-read the RNS.

The stake is the same at 144660370 shares. As the RNS clearly states, they hold 3.686% down from 5.465%, because of the recent share issue.

These chancers are even more arrogantly stupid than I thought. From White Flame to white elephant. These geologists think they can suddenly become businessmen. Next they will be growing soyabeans as part of this vertical integration! Can't believe this move! Bet there is hardly any profit to fund Robs dreams out of this new venture. More risk and cost though. I expect another raise within 3-6 months and lacklustre news on Disko. These are not moves that would be made if they knew Kobold were drilling next year. Struggling to find a reason to hold. Surprised sp didn't drop more today.

You were very confident that there will be drilling at Disko next year, now its 'fieldwork'? That at least has been promised by 80M in a RNS already but no mention of drilling. The fact that they have had their meeting but not stated any intent is a bit worrying imo .Kobold may need the monies raised recently to advance their major project and delay on actually drilling Disko for years. I suspect no drilling anywhere next year for 80M, but hoping for some positive news never the less.

KS's credibility is shot like his investment.

Don't think Acacia have paid up for the last placing and probably decided a while ago that they wouldn't throw any more good money after bad.

SPR or some of its investors can make a cheap bid for this once the administrators start auctioning off bits and pieces. Vametco debt free could probably survive at B/E at current US prices until the good times return. So no point in further bailouts. They already have their prize in Vanchem and Mokopane. That was cheap and the remainder, mines and all, will be even cheaper.

Orion will want the company to continue so it can earn its royalty on production, but has no real concern about who that is.

So much for Craig coming to the rescue. All monies have been used to keep the necessary creditors sweet and improve the plants for the next owners. He crippled the company with that deal to SPR who withheld the money to keep it weak. Even if the V price had some miracle rerate, this would still have been taken out for a song before shareholders got back to their average sp.

Rach - You assume the arrangement hasn't changed.

Kobold overspent in the first year and decided not to spend $11M on drilling this year, forfeiting control back to Bulejay and an obligation to share future costs. I am guessing things will have changed in that last meeting. Kobold have got off very cheaply in the deal that was originally struck, even J Edwards said so in an interview after taking over. So I suspect Kobold may commit to a summer of drilling at its expense and a take back control again. 80M certainly cant raise enough in a placing to pay its share.

Yes the reality is 80M is skint, but that is why they have to play this waiting game and court bigger players to get involved with one of the assets. We argued the toss about when a placing would happen already, and I doubt it will be anything other than to keep the lights on, pay for a couple of field trip jollies and to keep on pumping the company propaganda for another year until something happens.

Rob would, in my mind, not have bought more shares recently if they were going to do a large placing in the short term. I'm optimistic that a positive news event will happen in the next month or two, and it might not be Disko, then followed by the small placing early next year.

Who knows? ATB!

I hope so too but am less confident than you two. It all depends on Kobold. Why is it still a secret after the recent meeting with them. Rob could be accused of insider trading if they do intend to drill, as he has bought post that meeting but prior to any announcement. Could be they just announce a new agreement to drill later.

Ashton says they are preparing to drill Disko next year. Sure its not just the flyover surveys they said they would do in one of the earlier RNS's or is it another project perhaps? I remember his post regarding no asset purchase, maybe Bo's fault? Anyway, hope you are right this time.

80M is constrained to ticking over until a third party arrives on scene interested in one of the assets and throws the cash. All brilliant assets, potentially, but all requiring drilling. Some have more pressing license timetables, so would not be surprised if they are pursued first. Afterall they have stated a new company direction and bought the rights to these assets recently.

If we are drilling next year, I hope they are not announcing a placing at the same time!

"They are clearly going to do an equity raise here IMO, what other option do they realistically have?"

Your £5M raise example is an extra 2 billion shares not 2 million.

Any raise will effectively wipe out most shareholders as at current SP that represents two thirds of the Mcap. £5M is only going to keep the lights on for a while longer before the situation is repeated. Not an attractive gamble for most people, so the other option is to put it up for sale, prior to administration.

Craig said a few times that BMN would be fine until next year and then declares shortly after that there is an issue with the ability to pay its creditors/suppliers (again), and now with his action of reducing current production, the cash flow will be worse. Seems Craig is pushing things to a crisis point here. This has been set up for a take over in exchange for current liabilities. Another token $100 sale coming up imo.

What are the prices now?

Tiger your AI still not working?

Debt is too big to carry for long and its not Craig's style to seek more funds. Protect the creditors and suppliers is. No, he will wind this up next summer due to not being able to service the ever growing debt level and operating and maintenance costs. Sell it off for a song like Vanchem, Mokopane, Lemur etc. and retire.

A quick look at the economies around the world suggest no sharp up turn yet and 2026 is too far away for BMN. America's steel production is currently high and with low production in Europe and China, V will not be in short supply, and lowish pricing will continue. Only a miracle (or WW3) can save it now.

You are becoming obsessive.

Give it up the pair of you and gives us all peace!

Rach - I pretty much agree with your sentiment about these rouges leading this company. Management is No 1 to me and these guys have earned the red flags you are throwing. I wouldn't trust them either. However I think that they are experienced enough to keep this company alive eg Bluejay. They must have raised loads of money over the years. That is what is needed now.

I suspect shortcuts were taken at Dundas for a quick sale that backfired on them. I always believed that these guys are explorers and not developers, using shareholders to fund as much exploration as possible before concentrating on developing a resource to sell off that they can retire on. Hence Rod's buying of stock in his companies.

Dilution is a given for any explorer but you take a punt hoping that they will get that big find with the next hole and you get rich quick on the back of that.

Bluejay was overpriced for years imo and I only bought in when JE trashed the price below 0.80p last year. I believe that they can repeat that (brief) success again with one of their other assets. That is what I'm here for. It is a traders share to me, not a long term hold unless it take a while. I'm playing the market reaction to future news. I was wrong with my original entry and expectations of a bounce, but thanks to RM and his surprise helium news I got my stake back. Now I'm back in at around current price which is fair imo for the assets they hold.

Chirpy - Interesting. Reminds me that RM said that he thought he'd get an approach for a partnership from someone in the future in relation to WF assets. I take what they say with a pinch of salt, but there may be a grain of truth and hence hope.

Tom - With the potential that Disko alone has, although probably years from ever finding out, it is arguably worth buying at this price and sticking it in the bottom drawer. You could also argue that this is a new company with a fresh start run by 'experienced' leadership and, with great assets that have been compared with some of the best discoveries in the world. LOL! - ATB!

I think it will be Jan/Feb 2025 and for a similar amount as last time, just enough for running costs for 2025. I cannot see them raising enough for a drill campaign on their own. That level of dilution wouldn't go down well. Looking for a partnership for that. Meanwhile they will continue with the current PR based on historical info and incidental findings from the current planned activities to keep the SP firm.

Was it Rob that attracted Rio and Kobold previously? If so it is possible that he can do it again. I feel that they are waiting for Kobold to decide to stay or leave. If they stay that will be the focus, if not they will concentrate more on their gas prospects, although as I said before it looks like they are fishing in every direction at the moment to stay alive.

Its hard to see past the WFE deal as anything other than as a bailout for its shareholders, but Rob has kept ownership of it, so perhaps it has some potential and just needs money thrown at it.

We are a new company (lol) starting at rock bottom. Not a unique position for a junior miner or our leaders. RM and ES are either ambitious and learning from mistakes, or are living the life pretending they have shareholders interests at heart. At least we know they have good skin in the game, so that is a plus. They are making the right moves/sounds given the current circumstances imo.

Its a waiting game now and unfortunately AIM doesn't like waiting, so 0.25p could be right. However when news arrives this could easily bag from here, as seen recently, which is a good return. A find could even see some LTH breakeven.

Worth a punt but perhaps also worth waiting for some 'real' news first. Its tough being a junior explorer.

Tomhuk - This was what they have planned for the recent placing monies:-

· Preparation for Disko 2025 fieldwork as well as stakeholder engagement;

· Preparation for White Flame Jameson Environmental Impact Assessment and drilling consultation;

· Resampling and partner engagement at the Company's Outokumpu industrial gas asset in Finland;

· Site surveys and regional sampling at the Company's Thule Copper project;

· Continued maintenance and engagement on Hammaslahti a historical state owned copper mine in Finland; and

· General corporate and working capital purposes.

So expect news linked to that or a surprise partnership or asset sale/purchase. Kobold saying something about Disko would be nice as I fear more delays there.

As you can see there is very little planned activity that's actually going to change the company's position, at best it can only lead to more speculation, hopefully a SP spike, but fundamentally without some kind of drilling to prove it, nothing is going to change. No money to drill anything. This is the company's top issue. Lots of possibilities but its all hype until drilled. So, where is the money coming from? That will be the big news.

Thank you both for keeping it civil. Good points raised by both.

Its fair that RachT2 adds balance to the wild ramping and I tend to agree with what has been said.

Can the BOD turn it round? Yes in the short term. Rod is very good at playing the game. Note the well timed news flow to allow the placing and get the shares absorbed without too much impact on the SP. I'll buy some more if it drops under .30p

But these guys have demonstrated their talents over the years with this company. Its the same guys, so that is a red flag to me. eg Dundas is a shambles and without a re-drill it's unsaleable as no one is going to trust their data after JE declared a down-rated MRE, that is then reversed and increased upon the re-entry of the old squad. Rio did a runner. Kolbold looks like it may be doing one too. Is that the reason that they bought an asset we don't need at this time of financial hardship? Why when we have helium and hydrogen on or own patch in Finland to investigate? Stinks!

They can only proceed with partnerships from here. 50%ish is better than 100% of nothing. Looks like they are still fishing in every direction at the moment. Helium is in vouge so try that for a while. I will too. Rod having major skin in the game helps. I like that he is gambling with his own money, but this is not an investment imo.

Cost of manufacture is about the same as the sale price at the moment. Stopping production would only save on energy costs unless you lay off staff. You are not going to do that as you have to pay some redundancy costs and than have a problem of recruiting trained people latter or train them, which is all going to take time. They would still have all the other costs of the business to pay plus some caretaking maintenance. Staying in production is about the same loss but they have their staff and an operational business. CC is looking at staffing levels with an eye to reduce costs further, but the sands are running unless the V price rises to a high enough level to make a profit and service the growing debt.