Member Info for BringMyReward

I appreciate the help from aim-sickenss and would encourage other shareholders to support. Any suggestions are welcome.

I’ve got a couple of other projects on the go that are going to keep me busy, one of which is a legal case (at this rate I’ll have two legal cases on my hands).

Just a few topic suggestions from me;

1. We don’t want a listing that involves heavy dilution with promises of riches by digging all over Africa for various metals - been there done that and look where we are.
2. We don’t want to sell the Royalty, unless the offer is extremely generous and all shareholders are happy to accept it.
3. We want to know the full details of the Royalty e.g. how is it structured? When do we start benefitting from it? It needs to be retained IF it is valuable over time.
4. Failing the above, we want to negotiate a deal whereby the Royalty is cancelled, and BMR shareholders received JLP shares in exchange.

Thanks again for your help and support.

Cheers aim-sickness. I'll try and assist where I can... I think the letter(s) should go to the new office address. Perhaps a copy could go to JLP too.

The Royalty deal either needs to be scrapped or renegotiated. When it was first mentioned, JLP were talking about producing all 3 metals from the Kabwe tailings. Now they have started producing Copper, and are talking about moving ore from Star-Zinc to treat at Kabwe.

How can you judge on a fair basis what the Royalty would entitle us to in terms of the 11%? The whole deal stinks, and it was probably just put in place to keep stringing us shareholders along whilst we were slowly robbed of our assets.

Now JLP are talking about ‘negotiating’ their exit from BMR. That to me says they don’t want anything to do with BMR, so will look to exit their equity position and buyout the Royalty. As a final kick in the teeth, they will probably offer a pittance and Borrelli will advise shareholders to accept it.

If that happens, Borrelli has a lot to answer for in terms of the legalities of his fiduciary duties.

fellowship. I've sat opposite Borrelli and he told us the Royalty has a lot of value. JLP were estimating $300m EBITDA from Kabwe over 10 years.

Back then, he was talking about hiving the Royalty down and still having a listing to sit alongside the Royalty Co. He said he sees 3p-8p of value in the Co.

If the Royalty is purportedly worth in excess of $30m over its lifetime - selling it for a few hundred thousand would be a fu**ing crime!

In today’s market, somebody would probably pay £3m-£5m for all of the tailings as a whole. However, we are talking about a Royalty that entitles us to 11% of all earnings from the tailings – so arguably, it’s worth much more over a 15-20 year period.

I think the Royalty should be cancelled, in exchange of JLP shares. One JLP share for every BMR share you own. At least that way we stand a chance of getting our money back.

In the above event, JLP would have to issue 335,710,864 shares – of which they would retain 29.9%. If they believe their SP is going to increase significantly over the years, they could hold the 29.9% in treasury and sell them at a higher price, netting a nice profit.

Borrelli should step aside and let shareholders do the negotiating. He’s always done a bad job it would seem.

Following on from my post below - I’ve always had a feeling that JLP wouldn’t want to pay out on the Royalty, so will likely make an offer to buy it.

I think we’ve been lied to in terms of the plans from the beginning. I believe Borrelli is planning to sell the Royalty, probably at a low price, then use the money to buy exploration assets/licences and look to establish a listing. How else would we be able to afford to take on any assets? We can’t even use the Royalty as leverage for a deal because on paper it doesn’t even exist. Further, it won’t generate any cash for us, probably until early 2021.

The above scenario cannot be allowed to happen. I would be in favour of selling the Royalty at a sensible price and returning cash to shareholders. I will not support a listing with Bird or Borrelli involved, and I will certainly not support a lowball offer for the Royalty.

I am in discussions with a professional shareholder activism outfit, and I’m looking to take the story of BMR public. What has happened here is nothing short of legalised robbery. Borrelli has a chance here to do the right thing by shareholders (for once) if he doesn’t - he risks facing removal from the Board of BMR for starters.

Sorry, posted on wrong board.

As per Jammer1’s post on the JLP board, there were a number of points from the presentation regarding Kabwe and BMR. I’ll bullet point these below;

> JLP have already nominated to take 100% ownership of EML (this will activate the 11% Royalty agreement for BMR).
> JLP will own the subsidiary which holds the assets and licences.
> The small scale licence is due for renewal shortly, and according to Leon, this has been renewed and will be issued at the end of July.
> Once the transfer of BMR assets to JLP takes place, JLP will still retain their 29.9% in BMR - they will then look to negotiate a complete exit from BMR.

As per Jammer1’s post on the JLP board, there were a number of points from the presentation regarding Kabwe and BMR. I’ll bullet point these below;

> JLP have already nominated to take 100% ownership of EML (this will activate the 11% Royalty agreement for BMR).
> JLP will own the subsidiary which holds the assets and licences.
> The small scale licence is due for renewal shortly, and according to Leon, this has been renewed and will be issued at the end of July.
> Once the transfer of BMR assets to JLP takes place, JLP will still retain their 29.9% in BMR - they will then look to negotiate a complete exit from BMR.

There was a MineProphets (ShareProhets) presentation on JLP this morning. Leon was presenting and chatting. I have some information regarding Kabwe and their plans for BMR. I will post some details here tomorrow and more detail on BMR Watch. Briefly, it sounds like JLP are looking to exit from their position in BMR. I’m thinking a possible offer/buyout of the Royalty. The Royalty should become active in the coming weeks, so we should hear more details soon. If no details surface, or an offer is unsatisfactory for BMR shareholders – appropriate action will be taken against the Board of BMR.

Same Eric, I spoke to AIM and didn’t get any info, then decided to talk to WHI. They were fairly tight lipped, but they told me one of the reasons they resigned as NOMAD was due to lack of comms from BMR to them. I think they were alluding to the licence being revoked, and the fact that BMR did not make it public knowledge that they had received a warning letter over the licence potentially being revoked.

Regarding a GM, if one is called, he has two choices; EITHER he turns up and faces the music OR he resigns. I don’t think he will resign, let’s put it that way.

That’s right, BMR Watch are no longer in regular contact with BMR. This is why the story will start to become more public the longer this drags on. We need some clarification as to what’s going on.

In just over 3 weeks, it will be 2 years since JLP took full control of the Kabwe project. As per below, they need to make a decision on acquiring 100% of EML. Will this get pushed back? If it's written in a contract, they should be making a decision before that date.

RNS dated 06/08/2020
“In terms of the Updated Agreements Jubilee is further granted, for a period of 24 months from the effective date of the Updated Agreements, an irrevocable free option to acquire 100% of the issued Shares in EML (the "Acquisition"). Following the Acquisition Jubilee's equity interest in Kabwe Operations and EML will increase to 100%.
The implementation of the Acquisition following such option being exercised by Jubilee will be subject to the following key conditions:

(a) receipt of all regulatory consents required in Zambia for the change of control of the Project;
(b) payment by Jubilee of all relevant taxes in Zambia in relation to the Acquisition.

In the event that the Acquisition is implemented, BMR will be granted a 12.5% Royalty interest in the distributable earnings generated by the Project, but only after Jubilee has secured at minimum a 20% return on its investment into the Project and all costs, taxes, liabilities and depreciation of the Project have been accounted for, save that the aforementioned Royalty shall be reduced to 11% of earnings in the event that Jubilee's capital investment into the Project exceeds US$ 15 million.

Apart from an agreed initial 5% Royalty on distributable earnings, BMR will only be entitled to a Royalty payment once:

(a) the Project is fully operational and has generated distributable earnings;
(b) Jubilee (or its nominee) has been repaid in full its capital investment and its agreed capital rate of return of 30% on the first GBP 2,3 million invested and 20% on any further capital invested.”

Indeed Fireball! it's about time AIM and the regulators clamped down on these lifestyle CEO's that deliver nothing but shareholder destruction, whilst lining their pockets with shareholder money.

There will come a time when Directors can be held to account with ease. At present they will continue to hide behind regulation. Changes are coming, and I hope to play a part in that, even if it's a small part.

More talk of “Integrated Kabwe Operations” and no solid date of when construction of the Zinc circuit will recommence, let alone a completion date of the project.

I’ve seen other projects continue without delay around the world. I see this as a very convenient excuses for JLP. Yes, price of Zinc is still low looking back over the previous 3 years, but it’s creeping back up towards the $2,500 mark, which is the average price range over that period.

How did Borrelli allow JLP to use our Kabwe project as an entry into Zambia, and then set about trying to build a Copper empire to the detriment of BMR shareholders? Some might call it business, others would call it deception.

I think it might be time for shareholders to be informed of the full terms and conditions of the deal with JLP. We need to see a copy of the contract, because I’m sure JLP are in breach. The contract should be voided, tailings returned to BMR, and sold off to the highest bidder. It’s obvious JLP are not interested in spending the capital required to see the project through to completion.

We intend to call a General Meeting at the earliest convenience, where Borrelli will face shareholders and be questioned on past events. I wonder if Borrelli will discuss the Royalty details in more depth. Perhaps we should have a legal team look over the documents. Something isn’t right, I’m going to continue to make enquiries...

“During the period Jubilee placed the zinc refinery construction on hold due to the restrictions on the supply of cross border services and uncertainty in market fundamentals. Jubilee will continue to review its decision and provide further updates to shareholders if the situation changes.”

Alex, I know you read these boards and we have an Email from you to prove it. It’s time you put a statement out to shareholders to confirm or deny that my suspicions are correct. We’re willing to post that proof on Twitter - can you prove that you have acted/and are acting in the best interest of shareholders? After the mess you have created for BMR shareholders which you are yet to rectify, do you believe you should still hold Directorship status at BMR, and indeed, any other Company for that matter?

In your opinion, what good is the Kabwe Royalty deal if JLP are not planning to touch the Kabwe tailings for years to come? JLP have publicly stated several dates for the Kabwe project to commence, yet they have missed every deadline. What are the implications for BMR if JLP decide not to do anything with the tailings at Kabwe? There’s nothing stopping you from giving more details on the above, it’s all been publicised by JLP.

How do you plan to create shareholder value from here, when BMR appears to be in a weakened position, and it seems we can’t use the Royalty to leverage against any deal? You have told several shareholders that BMR has never been in a better position, yet 2 years after de-listing, you have failed to come up with a solution for shareholders. Further, statistically, private companies are more likely to go bust than publicly traded ones – what precautions are you putting in place to prevent BMR going into administration?

Oh yes, he’s gaining alright. The Directors are still paying themselves handsomely. Apparently they are looking to do a deal for shareholders and get a premium listing. I’d like to see some evidence of this or Borrelli should be walking, considering he’s the one to blame for all of this.

We’re now approaching 2 years since we were de-listed from AIM. In that time he’s managed to come up with one very disappointing proposal, and that disappointment was voiced at the AGM by shareholders. They have made so many promises and failed to deliver time and time again. The biggest Joke of all was Colin Bird telling us he would come up with a proposal to pay us dividends from the Royalty.

I’m wondering if BMR are just being kept solvent until the mining licences are transferred from BMR to JLP, at which point they will look to liquidate the Company (job done). Directors will get their salaries of course, and there will be nothing left for shareholders. Either that or JLP have deceived BMR over the Royalty deal – these are my suspicions.

It seems JLP have gone completely against the plans for Kabwe. They told their shareholders that Kabwe would be producing Zinc by mid-2020 – they have conveniently used Covid-19 as an excuse for delays. If they were actually on target to bring the project online, they would already have all the equipment onsite, and they would have begun commissioning of the plant. How do these Directors get away with telling shareholders one thing and doing the opposite?

Can you believe BMR have also used the Covid-19 excuse? I’m pretty certain all their meetings happen remotely anyway, so there should be no excuses for deals not being discussed and worked on. As you also know, we have tried to requisition a GM with BMR and it was shrugged off by them. They are evading accountability, but it will catch up with them if they don’t do right by shareholders.

As per plumbus’ post - According to the WHI broker note published 8th July, they don’t expect the Zinc and Vanadium circuit to be producing until Q3 2021 - the Lead circuit will be Q1 2022.

Obviously this is well past the “mid-2020” date that JLP had given. It looks like we’ve been completely had over this Kabwe Royalty. Borrelli gave the assets away for nothing by the looks of it.

“Zinc and vanadium recovery – recovery via a sequenced precipitation process to remove impurities to produce a zinc oxide (ZnO – 70% Zn) for commercial sale in Zambia or abroad. The process to produce vanadium is proprietary to Jubilee with recovery on resin. Timing – Q3 2021 for zinc. Price dependent for vanadium

Lead Circuit Releaching – alkali leach of the zinc circuit residue to put lead into solution Lead recovery – recovery to a lead sulphide (PbS – 70% Pb) which can be sold commercially. Timing – Q1 2022.”

https://jubileemetalsgroup.com/wp-content/uploads/2020/07/FN-JLP-080720.pdf

BMR changed office from 35 Piccadilly to Salisbury House. This is where the AGM was held last August, and where the supposedly new Company “Callisto Resources” had been registered.

Note that there has been a voluntary strike-off notice for Callisto which is available in 5 days (14th July). From what I can see, this has been done to dissolve the Company. I wonder why? We know this Company was registered for the Revelo deal, which has now been taken off the table… So, has Borrelli come up with a new deal?

Callisto
https://beta.companieshouse.gov.uk/company/12084209/filing-history

BMR
https://beta.companieshouse.gov.uk/company/02401127/filing-history

Spent some time in the sun this afternoon and was happy to come back to see WRES 17% up. It’s long overdue that we started to move back to a sensible level.

Now imagine Regua starting up around September, and by year end were producing 250+ Tungsten and loads of Tin. Then imagine the Q4 2020 production results with Tungsten and Tin prices hitting new yearly highs. That would be a great scenario. I can’t imagine what the SP would be…

0.21 to buy 1m now. Something going off here...