Member Info for Blubay

Those are the Form 2 permits applied for. The applications are still pending approval on the web portal (search Las Animas county). Might update later today.

https://ecmc.state.co.us/permits.html

What is this obsession with a placing Colin? They’ve only just done a placing and haven’t started spending a dollar of the money raised yet. All of the planned operations in this phase are fully funded. Why would they need another placement?

I wouldn’t be surprised if HE1 end up taking over BNL, or at least their US business

We can disagree but I think a deal with HE1 would look a lot more attractive to BNL than a deal with vulture capital.

Largely because BNL are over a barrel with no possible means to raise capital to develop the project themselves. 50% of revenue with minimal risk is better than 100% of bankruptcy for them. It’s a relatively small project initially but being revenue generating would be a game changer for HE1, including ability to raise finance in the US market.

Not obvious at all. It was always a possibility but they have actually expanded the area in Southern Rukwa retained for mining licence retention, beyond Itumbula/Tai. If they had retained the minimum two plots I’d be more equivocal but they’ve gone for six while hanging back all the others. That suggests planned development of a wider field, which also fits with the change of plan from an initial six wells to 20-30 wells now. I agree that it looks more challenging and longer term to commercialise, and I think that very well explains why a short term smaller scale project is needed to get them into first revenue. It would have been very difficult to go through 12-18 months with none and needing major financing. I think they’ve played the situation very well and have enough funds to get them to next base, but we’ll have to wait and see.

Process not prices

Hard to say without reading the text but I think there may be a confusion/conflation here. I think this refers only to the text governing the agreement (exclusivity, prices, including any deferment etc). I suspect what it means is that the terms of the Heads agreement remain in place if the farm in agreement hasn’t been concluded by the deadline. I may be wrong.

Sure, it could be later but ASX market announcement hours are between 7:30am and 8:30pm, viewable 20 minutes after release. First two announcements yesterday were certainly at 7:30am on the dot, last one was 8:29pm

AEST is 2:32am now, ASX news feed starts at 7:30am, five hours from now

9.30pm I mean

ASX news starts from about 8.30pm UK time but not sure you'll get any before the weekend

I've had shares in this on and off since March 2021 before the Tai drill, so I'm fully aware of the ups and downs. I agree I'm lucky to be at least even at a this opportunity point. I'm still confused though why you have such a negative view on where we go from here, in the immediate future, putting the past behind us for now. Very decent chance of significant movement. What are you so worried about?

That's nonsense. All depends when you buy in or sell and what your investment timescale is and your view on whether the company is at a commercial inflection point. I haven't bought or sold any shares since the 0.25p capital raise December/January and I'm very happy holding at this price and time. Each to their own. Fine to have a genuine opinion on share prospects but never tell anyone what to do with their money, immediate red flag.

How many are in the queue?

So you keep say over and over again. If you think the SP is going down then why on earth are you still holding £70k worth of shares?

Yes there is, in the column titled ‘Status date’ (23 October), should be updated weekly today I think

Agree, becoming a revenue generating producer comoany on any scale would be a complete game changer

List of pending Form 2 applications, select Las Animas county (BNL submitted 10 October) and List of approved Form 2 applications (last updated 23 October)

https://ecmc.state.co.us/permits.html

There should be an Austrian market announcement from BNL on the same trading day, so you’d expect to see that first I think, either tonight or before Monday