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No probs, and fair comments. Yes those were his words about the Nomad which is why I asked why did we not get rid of them sooner. He told me nothing has changed from what has already been announced about the JV so I'll take his word on that. I think JLP are happy cracking on with the plant build for now. They are already making us pay more money for a bigger plant so what more can they expect? On the basis that nothing has changed I doubt very much that JLP have handed over any extra cash, certainly not the first million pounds. That is phase 2 of the JV agreement which then takes them up to 30% ownership of the Kabwe project. It would have to be released via RNS if the above happened, or any other material change in the JV.

It's likely that the 3 investors know more than we do about JLP's plans so they might have a rough idea on the cost (probably no more than a couple of million to us). If AB can convince them that we are able to fund that extra cost then I'm sure they will still be up for putting money in. Maybe the price will change, who knows. But as stated, we only have a short wait to find out our fate...

Agree NCK. We probably have 3 weeks from tomorrow to sign the new Nomad, and just over 4 weeks to get the placing away and resume trading. Should all happen by the end of this month in my opinion.

By resuming trading before we know JLP's full plans and revised plant budget, it might still create a little uncertainty, so I can't see the SP shooting to the moon just yet (that's when the trolls will turn up the heat). However, I think by end of August / early September, we will know the plans and I can see the SP doing very well from around Sept onward. I have a feeling many here will be feeling much happier by Xmas time...

Thanks for your research into the AIM rules.

Cheers Nat, sounds to me like the new Nomad is now close to being signed, and the request to resume trading has been submitted with a positive response received.

Also the 3 investors are looking to put their money in for the placing by the end of this month. It makes sense really, it's either that or sell our remaining JLP shares to raise money, which I'm sure JLP wouldn't be too happy about given their already distressed SP.

We must be running low on working capital now, so the way I see it the 3 investors need to put their money in or things will look very bleak. Don't listen to all these ridiculous comments about not getting a Nomad in time and not being able to raise money. They don't know what they are talking about, and they have certainly never been right in the past (mentioning no names lol).

I asked him if he's confident of getting the Nomad in place and relisting before the deadline, he said that's what we are working towards. I asked what the worst case scenario is if we fail to do that, he said worse case is we don't get a new Nomad, we don't raise money, and we don't get the licence conditions given back to us in a satisfactory way, then we would delist. I questioned him on the licence conditions, I mentioned that I thought the Blue Square payments were going to help those along, and asked how things are progressing. He said everything is progressing well, the last update was Monday so I can't really tell you anything else.

I mentioned the plan was to start producing by year end, has that changed at all? He said it depends what JLP are planning to do at the moment and referred me back to the announcement made on Monday…

He apologised that the information isn’t very helpful but they are all feeling positive. He said he had a very positive update from a lawyer by Email and wanted to read it to me but couldn’t find it (after 30 secs of looking) I asked him what it was regarding, he said it was to do with AIM letting us relist. Apparently the ultimate decision rests with AIM, and they don’t like mining companies but having spoken to the new Nomad it sounds very positive. I said surly they can’t stop us from relisting providing all rules and deadlines are met, he said yes that should be the case and I don’t think there will be anything to stop us.

One of the final comments he made sounded good to me – “It’s all pretty uncertain for shareholders but I know where we are and we’re all working towards the right end game”

He told me to give him a call next week and he would update me then. (Sounds good to me).

Sorry I haven't been posting, I've been a little busy. Alex called me earlier today but I was in a meeting so couldn't take his call. Anyway, I've not long got off the phone with him. Please see the highlights of the conversation below:

I told him that the last RNS didn't sound very good and asked him why the Nomad resigned. Apparently we've been discussing their resignation for about a year. They’ve not been very positive and they were part of the legacy issue with previous management. They signed off on £4m worth of copper assets at Kabwe that didn't exist. We've been in touch with the new Nomad for the past 3 months. I asked why we didn't get rid of them sooner rather than later, he said he would have liked to but he was told it’s not good practice to change the Nomads. Our new Nomad has already been in touch with AIM. I asked that means we have a new one then? He said yes but we haven't signed up yet otherwise they would have to announce it.

I mentioned the AIM rules regarding having to get a new Nomad and relist within 6 months (or face being struck off AIM). He confirmed that both events take place early August so he's working on getting everything signed up by end of July. I asked him if he's planning on extending the suspension, he said the intention is to get suspension lifted and back to trading. I said I'm amusing to do that we will need to raise money first, he said yep we announced we have some investors looking to invest. I asked if they were happy to put money in now as last time we spoke about the placing he said they wanted to know JLP's plans first, and wait for the go ahead from them. He just said they've changed to what he's announced!?

I mentioned that last time we spoke he'd told me that JLP had pretty much finalised plans for the plant, but now the latest announcement said we won't hear those until end of August - said "well that's in JLP's hands I'm afraid".

I asked him about terms and conditions of the JV surrounding JLP having rights over our assets if we failed to pay them back etc. He just said there's no danger of anything like that happening, if anything like that happened it would be announced. He just said nothing has changed from what was announced but I felt his answer was a little vague.

I can see us drifting back to 0.50p without news. I am potentially looking to top up towards the end of this month, so if it does it will suit me fine.

Hopefully we will get more news throughout July, August, and September in the run up to FY results.

At the moment JLP only owns 15% in the JV company. Phase 2 of the JV agreement is JLP providing £1m funding towards the plant build, which would then increase their JV stake to 30%.

The above has definitely not happened, an RNS would have been required to disclose such information.

Interesting comments from Leon. He mentions dividing the processes so that we have a separate circuit for each metal we are processing. He states that the Zinc circuit has been completed and test work continues on the Lead and Vanadium circuits. He said he is trying to make up for lost time so they can achieve this project set up within the next 12 months...

https://www.directorstalkinterviews.com/interview-jubilee-metals-group-kabwe-project-status-update/412753764

Interesting comments from Leon. He mentions dividing the processes so that we have a separate circuit for each metal we are processing. He states that the Zinc circuit has been completed and test work continues on the Lead and Vanadium circuits. He said he is trying to make up for lost time so they can achieve this project set up within the next 12 months...

https://www.directorstalkinterviews.com/interview-jubilee-metals-group-kabwe-project-status-update/412753764

moneyhawk, I'm sure somebody already pointed out that the security over the asset only applies once JLP have given BMR the £2m for the plant build?

All this talk about BMR going bust is nonsense at the moment. Especially considering JLP have a 29% stake in the company and are continuing to spend money building the plant. BMR will be back trading before 7th August, otherwise JLP risk losing their investment in BMR, and potentially the entire Kabwe project.

All we need is another Nomad and some cash in the bank to stay afloat.

I'm sure a Nomad won't be hard to find, there are some far worse companies other than BMR that are being represented by a Nomad. I bet AB can use his contacts and it states in the latest RNS that we are in advanced discussions with others.

As for money, we have a million quids worth of JLP shares to dispose of. We also have JLP that is a cornerstone investor in BMR and has a vested interest in the Kabwe project. So how do you reckon BMR will end up in the bin?

Barno, I suppose he's gotten us this far, if he was going to jump ship and leave us to sink he probably would have done so by now. Is he just hanging on for his next pay day or will he actually turn this **** situation around for us? I guess we'll find out in the next 4 weeks.

No, he's not returned my call as of yet. I will probably get to speak with him tomorrow. I will be asking for clarification surrounding WHI and what the next steps will be. Whether it makes any difference or not will remain to be seen.

Clearly AB has fed me information with one hand whilst withholding information behind his back with the other. I suppose he can't tell me everything without making me an insider. I am pretty pi55ed off with the situation as things seem to get worse with every RNS that comes our way.

Where is the assurance from JLP to their shareholders regarding the investment in BMR? Perhaps they don't care about their shareholders or maybe they know there's nothing to worry about where BMR is concerned?

sells @ 0.50? Somebody wanted out!

Let's hope he sorts this mess out and quickly. We need to resume trading by the 8th, and we need a new NOMAD in 4 weeks. JLP are saying their plans won't be completed until end of August, which seems suspicious to me. I doubt very much the 3 shareholders lined up for the placing will want to go ahead with it until they are satisfied with JLP's plans for the plant, and the full plans won't be out until end of August.

I'd say the only likely option we will have is get another NOMAD in place, sell all JLP shares for working capital, and then apply for trading resumption. That will still put us in an bit of a awkward situation, but at least we would be trading and have cash for the foreseeable, then we could easily get a placing sorted one way or another once JLP release the plans.

The success/failure of this company now rests in the hands of AB, and he has 4 short weeks to pull something out of the bag.

But I don't think we will be delisting. JLP own 29% of BMR and they won't be letting it go up in smoke. Perhaps another RNS will be realeased at a later date... after we get another broker of course.

Just called but no answer so I left a voicemail. Not sure why the Nomad/broker has resigned but probably not a good sign. When we last spoke AB told me that we can sell JLP shares for working capital if need be so not worried about going bust in a hurry... The only other worry is getting struck off AIM. I'll report back when I hear something.

Possibly, I'd have to look into it. If we can wait until JLP concludes the plans without being struck off AIM then I don't see any major issues. Early this year Leon was spouting that he'd have all the plans competed by Feb/March, but here we are in July and he's now saying end of August. It's not good for us as it's likely nobody will be willing to take up a placing until the work program has been finalised and ageed. We might just have to sell more JLP shares if we run low... Perhaps time to switch off for another 6 weeks?