Member Info for BenAlder

With a credit facility they can limp on, but its all deferred debt added to its other obligations. Sooner or later it will all catch up with them.

There are signs that things are reversing. Lots of orders being generated. eg Arms Manufacturers have the fattest order books they have seen for years. British Steel won a big order from Egypt for rail tracks. Baltimore needs a new bridge, cities need rebuilding. It will all slowly build up demand for steel. But will it happen soon enough to save BMN?

RNS 11 September 2023 -

SPR will provide a medium-term trade finance working capital facility to the Company, totaling ~US$25-30 million.

What about SPR's credit facility?

Next is the post-coital RNS. "Thanks for the money!"

@ enuffRMbs - Sounds like a parody of 'The Producers' by Mel Brooks. lol.

Well done Tiger, up a couple of grand already. Does your AI say 'sell' yet?

My Autistic Instinct isn't working.

Cant see a reason to buy at this time and you'll probably get them for less than a penny next week anyway. Best wait for the V price to start moving up first.

I'm off to buy lottery tickets with my remaining HZM share money. ATB!

Its an excel spreadsheet.

"The termination as of 28 January 2024 of the employment of Mr. Joshua Hughes, Vice President of Exploration, due to gross misconduct. Following an investigation, the Company found that Mr. Hughes had set up a competing business intended to operate in Greenland and, in breach of his employment contract, found that he had (i) misused Company confidential and proprietary information in securing exploration licenses surrounding the Company's Dundas Titanium project, and (ii) sought to conceal certain of these actions from the Company."

Mr Hughes actions suggest there is some value in the project, but IMO no one outside of JAY is going to trust any historic Dundas results now without further drilling.

Time they started extracting value from their existing acquisitions instead of spending on more opportunities in Greenland.

I'm expecting another placing this year (soon!), so that they can drill something, esp if Kobold dont drill Disko. They cant/wont sit on their hands waiting for an asset sale. which could take years.

If the BOD was to be challenged on the two points Ailean rumoured, and they denied it now. Would you be able to sue them if it transpired later that it was true? I would like to hear them deny it ASAP, because I can believe it after that free award, no strings attached, move today.

Unless they have news, its hot air. The price is falling because the BOD is failing. The Market is reacting. No confidence/trust/belief.

They will run of of time and rope eventually unless they start earning. No sign of that, no orders. Only that or news of a real offer will raised this share.

They have been raising cash easily enough over the last few years from insiders, so not worried about administration just yet. IMO, think they were always hoping for a quick sale rather than actually operating it.

Added costs to transport to coast for shipping not helping to overcome lack of interest more locally. Think the Chinese have that sown up, as no orders after all this time.

3 months in and we are stil clueless.

From 20 December 2023 RNS - Michael Hutchinson, Non-Executive Chairman of Bluejay Mining, commented:

"In due course, the new Board will update shareholders regarding the implementation of a new strategy that will focus solely around developing the Disko magmatic massive sulphide project in Greenland."

I interpret this as: "As we are skint and cant afford to do squat this year until we have an asset sale and come up with some ideas or luck, so we are wholly reliant on Kobold to drill in 2024 as agreed in the joint venture."

Would he have stated that if they were still unsure of Kobold's commitment to drill this year or based on naive expectation or AIM directors habit of telling us any old bull for now?

Not a lot of reason to buy or average down at the moment.

There is still a smell over Dundas that needs to be cleared. New boy is going to have to work hard to earn my trust or money.

What have you been up to C.C.? Are we treading water, sinking or swimming?

SP needs some good news soon otherwise the consistent selling will drag this under a penny eventually.

Dont worry. SPR will advance BMN the credit it needs, at least for another year, when it will assume the whole of Vanchem in exchange for the debt. Assuming they have the financial backing and credibility to offer the credit facility as promised.

Vametco on its own could survive nicely but profits very limited compared to the dreams of old. At least BMN now own 100% of it and have a mini grid after all this time and money.

Meanwhile, I'd wager Orion have started an orderly sale of its shares. Do you think the BEE consortium will continue to hold theirs?

Sad news. I'll remember him as the man that did not suffer fools lightly and a great fighting spirit, on here and in life against his cancer. A great loss to his friends and family, condolences. RIP Pdub.

@CC - No, and No. Suggest you re-read thou I suspect you understood fine. I've come to terms with my losses thanks.

Actually I was very well informed here. It doesn't help when these CEOs either lie to you or omit to tell you what is actually going on. Ended up being another typical AIM company. I wrongly assumed FM was a man manager , able to cover his gap in knowledge/experience. I started to bail, although not quickly enough, when Les Ford appeared on scene and we started taking 3rd party ore.

I like Craig, and it starts a new chapter for the company. But questions remain on the company's ability to hang on until V prices get back into the $40's and what Craig is actually achieving here.

I expected a recovery to 3p with the first Orion RNS accepting the deal, but the Market is not ready to price it there yet. Need new news. Cash from a sale on top of higher production numbers. SPR splashing out to build kiln 1 this year. Couldn't pay on time! I do not trust these guys, but assume a buy out would happen later and at a higher price anyway.

I hope I'm wrong, but honestly see a slow year here. Anything can happen on AIM so you never know, I 'd take 3p for my last tranche, so the sooner the better. I ramble on, so TTFN!

Its not bitterness George, and its not to put the boot in either, it is a reaction to your armature and incessant baseless ramping aimed at the ignorant punter I presume. The Goat is watching you!

This has had two attempts now on the back of Orion's deal announcement to break out. Both times it rose and then was heavily sold into, and it never looked like it was going to 3p. You saying third time lucky?

SPR's reputation as the Man with the readies is in question and exposed BMN's financial weakness even further. News of getting the delayed rescue funds in will not be enough to lift the SP while the future is still very uncertain. Its going to take a stream of good news to restore confidence. I think it will be a slow recovery. Who knows?

Clark I take it you disagree. Opinions make the market. Will you be buying on the funding news than? I'll get off my rubbish now, what ever that means.

Why should it take off? Maybe next year if a dramatic increase of V prices.

Current V price means loss making and more debt accruing.

Orion with 124M shares to unload over the year soaking up any rises, as they did before.

SPR's future investment not clear and not contractorialy obliged to do so in any time frame. A vulture waiting to pick the carcass if it fails and a Shylock if it needs cash?

Barely out of the frying pan at the moment.

FAR is having a mare today.

https://www.lse.co.uk/rns/FAR/trading-update-764njirw0c7fhrm.html