Member Info for BringMyReward

I think the plants operational time has already been calculated in to the figures that Leon mentions. The plant will run on an average of 20 hours per day. The 80% recovery rates are probably about right but I would expect them to be slightly higher with them pre-processing the tailings.

Production tonnage per annum would be around:

26,400 Zinc - 15,600 Lead - 2,040 Vanadium

That’s well over $200m of revenue once the plant is at max capacity, even at conservative metal prices. This might reduce depending at what stage they sell the metals as concentrate form would command a lower price.

Just take off 5% to BMR (through the Royalty) and it probably won’t be long before the plant is profitable, especially if they adapt the existing refinery as It will save them a lot of time and money.

Well done adJshare and Vig on the letters. Nice to see some shareholders taking action.

As some of you will be aware I written a letter myself which was sent early November from BMR Watch. We hope to pick this up with the Directors and arrange another meeting with them early next year.

Ok I would also send it to alex.borrelli@bmrplc.com, tony@gardner-hillman.je, colin.bird@bmrplc, normanlott@live.co.uk

Which Email address did you send it to? If it's just the generic BMR address it might not get picked up.

Hi Mick, sorry to hear you can't get on BMR Watch.

I'm also happy to see this board come back alive. Hopefully the company will be brought back with a new lease of life too.

The police won’t do anything, it would need to be reported to a government body like the SFO (Serious Fraud Office). I would strongly advise not to though as it could lead to us losing everything we have left. Like it or not, Blue Square helped with the return of the licence and the ‘relaxation’ of the licence conditions. The payments have helped ‘grease the wheels’. I believe the final payment of $50k is due to BS this month.

Regarding the Royalty, I don’t think we are in any immediate danger of it being sold. It’s not really worth much at the moment considering the Kabwe project isn’t generating any money yet, and still needs a working plant to be built/adapted. Selling the Royalty in a few years’ time might be a good option, for the right price, but I think we need to hang on to it for the foreseeable.

Alex Borrelli said that the money they recently received from an on-going litigation case (circa £300k) was to be used on due diligence for an acquisition. Not sure how he plans on funding the acquisition but it will probably involve buying an asset or distressed company via dilution to BMR shareholders. I wouldn’t be surprised if an acquisition is now close to being concluded.

Fire away...

07747 020600

Cheers Vig, keep calling and writing to him. Apply a bit of pressure.

I'm a member of the BMR Watch Committee and there are certain subjects and strategies that I'd rather not discuss on here. Is that too difficult for you to understand?

Hi Vig, I don't want to say too much on here but the acquisition doesn't require shareholder approval and they won't disclose details of the proposed acquisition until it has been concluded. If we were still listed something like this would require a shareholder vote. It's possible that the deal could involve a reverse takeover of a company that is already listed, and shareholders of that company might need to vote it through...

Obviously AB believes that an acquisition is the way forward but like others, I feel it could be a little too early for it. If we wait until we are benefiting financially from the Royalty, we would then be in a better position to make an acquisition. If JLP do manage to achieve production by April/May, we wouldn't have to wait long.

I will post answers to those questions on the BMR Watch website. Too many prying eyes here...

AdJshare,

Regarding the Royalty, here's my understanding of it.... It states that we get 12.5% once JLP recover all their costs, apart from an initial 5% payment. However, the 12.5% gets reduced to 11% if they spend more than $15m on the project. It's hard to say how much they will spend but I can't see it being anywhere near $15m if they are using the existing refinery plant. There are two ways they can fund the project, either by debt funding or from cash in staged developments. If they do it from cash it would be better for us as it won't be long before they recover their costs and have to pay us the full 12.5%.

The Royalty will come from cash that's generated by Kabwe and not JLP as a whole company. From what BMRW have been told, we are supposed to be getting the money from revenues and not profits. This might seem like JLP are having to give BMR more money but it will be cost efficient for them, as the Royalty payment will go down as part of their OPEX so they will pay less tax.

I’m kinda in favour of remaining a private company with low overheads (as we are now apparently). If we remain a private company I don’t think we need any more than two staff and could get away with not having an office which would save a bit. Once we get the full benefit from the Royalty we could then pay that amount (minus overheads) to all shareholders as a dividend. That way we will get our money back over time through annual/bi annual payments. That would be the safe approach.

The other approach is to make an acquisition of an asset and use that to enable us to re-list on AIM. I don’t necessarily like this idea as we could end up with another exploration asset which needs a lot of money throwing at it for exploration drills etc. Also we are likely to be heavily diluted under this proposal. The best kind of acquisition would be something that is already cash generative, and that could at least pay the bills whilst we await Royalties from Kabwe. It would add immediate value to the company but I see this as an unlikely outcome.

I think JLP are happy to keep BMR at arm’s length, they were only ever interested in Kabwe and they got what they wanted, by any means necessary. Not sure it’s wise to put all our eggs in one basket, even if JLP looks like a safe bet.

Adjshares, I have just watched the webcast and I don't think Colin was talking about BMR when he mentions the value disconnect. He was talking about BMR then all of a sudden drifted into talking about JLP's lack of value.

He mentioned that "Mr. Borrelli" is anxious to restore shareholder value and to get the shares listed back to market. I'm hoping that the acquisition will be good for us and means we can re-list on AIM, we will have to see.

With a decent acquisition and 12.5% from Kabwe, we should be back in business, so to speak. JLP are looking to be producing in April/May next year and this should see some nice income for BMR in 2019. If JLP can achieve a 40tph plant, you're looking at $200m plus revenues, based on current metal prices. Do the maths on what that could mean for BMR...

"0.51 close on Friday, unless I buy more this week, then it will close on 0.64 :D"

Closing price of 0.52 and I didn't buy more so my first prediction of 0.51 should count. Anyone guess closer than me?

WRES is looking tasty. It might hit my prediction of 0.63 close on Friday, but.... I haven't topped up yet!!

"W Resources: Northland Capital Markets reiterates buy with a target price of 1.2p."

Jaf is wrong - The RNS says 306,122,449 shares being issued, he said 300,000,000 lol

Hi CharlieGeorge, this should help to give an idea of where we are at…

We currently own a 12.5% interest in the Kabwe project, BMR are not required to provide any funding for this. Either way, once a plant is operational and JLP have recovered their costs, we will receive 12.5% of the proceeds.

We also own approx. 3.5% in JLP via shares (46.5m) and we will soon own 15m shares in GLR.

BMR is currently looking for an acquisition so that we can re-list on the market. The timescale given is Q1 2019 for an acquisition and re-listing to take place.

Let me know if you want any further information.

Cheers,
Bring

0.51 close on Friday, unless I buy more this week, then it will close on 0.64 :D