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If that's true then it sounds like the Kabwe project is a complete flop. What do BMR shareholders have left then? Are we really going to accept a new listing with a few billion shares in issue, which will wipe out most of the value left in our shares? Sounds like we've already lost everything... is there any point in continuing? I've got a feeling I'll get more money back by taking legal action against the board.

Yeah, that makes perfect sense. Leave all the Lead, Zinc, and Vanadium where it is and focus on Copper. Sounds like a brilliant business plan to me. Real diversification lol.

If it’s JLP’s intention to use BMR to raise money for exploration drilling in Chile, you can count me out. They should put a fair deal in place for BMR shareholders, or they can stand up in court next to Borrelli.

Stuee, you have lost the plot. If BMR goes into administration it will be AB’s decision, not ours. We just want an update from BMR/JLP. We can’t be held responsible for what the Directors do. Try taking legal action against the Board and you might actually get some where.

So basically this new Company is being set up to serve the needs of JLP? Any Copper that’s found will be shipped to JLP’s processing plant in Kabwe. Leon will be CEO, Colin is on the board of the licence holder Company, Revelo.

If they don’t find Copper, the Co. will go bust and whatever Royalty or percentage share we hold in Kabwe will be gone forever. Isn’t it safer to keep BMR private and reap the benefits from the Royalty over the longer term?

That’s quite a bold statement to make... Not only will they find Copper in Chile, they will ship it over 6 thousand miles across the world to be processed in Zambia? Who’s going to be the new CEO of this Company? Is it Leon Coetzer by any chance?

As for legal threats – there is a queue of shareholders waiting to take legal action against Borrelli. If he liquidates BMR he will find himself in court.

BMR Watch have made a perfectly reasonable request of the BMR board. If AB can’t update shareholders after 6 months of silence, clearly something isn’t right. On top of that, we start receiving threats and demands from other BMR shareholders. Are we not all on the same side here? We all have a common goal, we want to get some/all of our money back from our investment in BMR. AB got us into this mess and it’s his job to get us out. Try directing some of your anger towards the person responsible for your losses in BMR.

So BMR have decided to stop updating BMR Watch, which seems suspicious at this stage. We represent over 20% of the shares in issue so we should be taken seriously by the board.

We recently arranged our third shareholder meeting with BMR. A date was set, but was subsequently cancelled at short notice on the basis of their new policy. The policy being that going forward, they will only update all shareholders at appropriate times.

The last half decent update we had was around the time of the AGM in August. That was almost 6 months ago and they have not released a single public statement/update since, which is both totally unacceptable and disrespectful towards its shareholders.

The question we have to ask ourselves is, have BMR got an update in the pipeline or not? I’m expecting an update from JLP within the next two weeks, so this might include an update on Kabwe and hopefully BMR. Seeing as JLP hold all the keys to the project, I would expect them to update first, followed by a statement from BMR.

If they fail to provide an update to all shareholders, action must be taken against the board by BMR Watch. https://twitter.com/BmrWatch/status/1220734060013801475

Michael Masterman, Chairman of W Resources, commented: "We are pleased to have produced nearly 30 tonnes of tungsten and tin concentrate (combined) and sold and banked proceeds from our first tungsten shipment from the new concentrator plant. Highlights include reaching target product specifications early in ramp-up and a higher proportion (28%) of tin in the product mix relative to the 10% in the August 2017 Final Investment Decision ("FID") report. Mining and grade control is broadly in line with 2017 FID with higher tin grades currently driving higher than expected tin production."

Note this part of the above: "Mining and grade control is broadly in line with 2017 FID with higher tin grades currently driving higher than expected tin production." - Sounds like there are no issues with the Tungsten grades and they are bound to fluctuate a little as we ramp up to full capacity, it's a new plant after-all.

by almost $1,000 per tonne since the start of the year. Could it hit $22k a tonne this year? That's roughly the 5 year high.

Makes little difference to me, either way. It was only a £13k trade and the SP hasn't budged. You have to wonder why anyone would want to sell at these lows, given that we have just entered a growth phase. I fully expect to see production tonnage to rise considerably over the next 6 months.

I did a dummy sell of 4m shares a few minutes after that 4.5m buy popped up. I was quoted 0.2826 and my broker always gets a good price. Just had the same quote a minute ago too. That 4.5m looks like a buy to me.

https://twitter.com/proactive_UK/status/1218123559920459776

Yeah, predicted 5 weeks early and I sold out 5 days later... To be honest, a placing had been on the cards for a while. I think all the debt had to be repaid this year, so it was likely they would need to raise cash for this, or possibly an acquisition.

I didn’t see the SP going anywhere in a hurry and with a potential placing looming I decided to sell. One of the main reasons for selling though was wanting to buy more shares in another company, which I think will grow nicely over the next 6 months.

Reading from the RNS, the placing is likely to be at a 20% discount to the closing price. Minimum dilution will be circa 100% with a maximum of 165%. This is quite a lot, hence they also want to consolidate the shares which could possibly help attract institutional buyers in the future.

I’ve not got any plans to re-invest in the immediate future, but if they get the placing and consolidation done, I might look to buy some when the SP has settled. It should do well over the longer term, but this could mean holding 3-5 years for a decent return. Hope it all works out for those still in.

I’m beginning to think this gold update is buried deeper than the gold itself… Come on Michael, release the update already!

In all seriousness, it sounded as though he was hinting at an imminent update on Sao Martinho and Regua in his interview yesterday...

Why the drop in SP? Surely it can’t be people selling to buy ORM. Perhaps it’s made a few investors nervous following the ORM news…

I do feel sorry for ORM shareholders. Even if they sell their 30% project stake, they will likely have to de-list from AIM if they haven’t got any other assets. Personally I wouldn’t touch it.

I think WRES is a relatively safe bet now. Yes, we need to confirm that the plant is working as it should, and it is capable of design capacity. However, I can’t see BlackRock lending us more money if they were not confident.

I know some have been invested here for a very long time, I’ve only been in just over a year. But I’m happy to wait a few more weeks to get some Q4 2019 production figures. I’m also confident that ramp up is happening and will continue as we venture further into 2020. It will happen, just a case of waiting a little longer…

Ah yes, sorry. I meant 0.2949! Seems to be a steady stream of buys coming through now. I can't sell many with a dummy quote though.

The 6 mil was deffo a buy. Early doors it was 0.2906 to sell and 0.2975 to buy. After the ask was dropped I made a purchase of 306515 at 0.249 and it showed as a sell.

Thought I might as well top up whilst it's below 0.3. Seems cheap considering the news flow to come in Q1 2020!

Bodg, it could be complicated (see below extracts from historic RNS’s) the terms of the JV between BMR and JLP were changed a fair bit. As far as I’m aware, we still own EML, which owns the Kabwe project, licence, land, and tailings. If BMR was put into Administration, all assets would be up for sale. Have JLP got all bases covered in that event? Or could the assets be put up for auction to the highest bidder?

They wouldn’t be able to complete the Kabwe project without BMR’s licence or tailings. It makes me wonder how they are able to produce Sulphuric Acid and Copper by utilising our licence, when they don’t officially own it?

Just a theory, but I think BMR going into Admin would be bad for JLP. Also, it would be an end to AB drawing his £80k salary, ABH's £42k, and CB's £21k – are they really prepared to walk away and liquidate BMR?

-- BMR would retain 100% ownership of the Kabwe Large Scale Mining Licence, tailings and infrastructure (the "Kabwe Assets"), and a minimum of 60% of the economic interest in the long term post-tax profits of Kabwe operation

-- A shareholders agreement between (i) Kabwe Operations Limited ("KOL") (referred to as the joint venture company in the Announcement and to be owned as to 85% by BMR and 15% by Jubilee), (ii) BMR and (iii) Jubilee; and

-- An operating agreement between (i) KOL, (ii) Enviro Processing Limited ("EPL", a wholly owned subsidiary of BMR), (iii) BMR and (iv) Jubilee.

Jubilee gains full control of the Kabwe Project increasing its interest to 87,5%
-- Option to acquire 100% of the Kabwe Project while BMR retains a maximum of 12,5% of generated earnings

-- Jubilee retains its 29,01% shareholding in BMR and therefore a total effective beneficial interest of approximate 91,5% in the Kabwe Project

We have been able to ensure that the success of the Kabwe Project remains independent of the financial position of BMR with the option to acquire 100% of the Kabwe Project.

The current shareholders' and operating agreements for the Project have been updated ("Updated Agreements") to better align with Jubilee's role to deliver a successful project. The Updated Agreements will place Jubilee in full control of the execution methodology and funding requirements to bring the project to account. In return Jubilee will hold a minimum of 87,5% shareholding in Kabwe Operations Limited, a company incorporated as a Joint Venture Company ("Kabwe Operations") assigned with all intellectual property developed for the execution of the Project as well as the right to fund and execute the Project

Jubilee will hold a further option, at its sole election, to acquire 100% of the issued shares of Enviro Mining Limited ("EML"), a subsidiary of BMR and the company that owns the Project through BMR's Zambian based Enviro Processing Limited ("EPL"). BMR will hold either the remaining 12,5% shareholding in Kabwe Operations or should Jubilee acquire EML outright a 12,5% share of earnings generated by the

comeonvog / aim-sickness, cheers guys. Thanks for the support and hope you have a good Xmas, despite the horrid time we've had with this investment... I'm confident we will get some money back, if not through BMR, it will be via legal action through the courts.

2020 is the year we take back control!

Just ignore this idiot fellowship. He’s trying to discredit BMR Watch and anyone that opposes their agenda.

BMR Watch has many loyal members who have remained supportive of the Committees’ actions. Our members have been a great help to us and they know we have worked hard to fight for shareholders, even though we have limited resources.

I was at the AGM and as far as I’m aware nobody was “sozzled”. Members of the Committee had one small drink each, about half an hour before the meeting convened. After we stopped shareholders and the Royalty from being diluted to kingdom come, that’s when we celebrated by getting sozzled!