Member Info for BringMyReward

Sammymac, sounds like Barclays have robbed you… I wonder who bought the 22m shares?

Current SP is 0.19 mid-price – bid is 0.18 / ask is 0.20 – 11.1% spread (5.6% up). Can currently sell @ 0.181 and buy around 0.189 (for large quantities).

That 0.15 support level I mentioned has held very well. Looks like we could push back into the 0.20’s before we get the Q2 production figures.

Just had an in-depth look at today’s holdings RNS... Pirola owned over 347m shares or 5.18% of WRES. Today they dropped by 0.73% or 2.5m shares. That was just what they declared this morning, it’s possible they might have sold more in the afternoon. With over 340m shares, I hope they aren’t planning on selling anymore!

Morning Scottie, a contract must exist and I doubt we will get to see it. We were told by Borrelli that a circular was created to ask shareholders to vote on de-listing from AIM and disposing of Kabwe for the Royalty. We asked to see that document and he declined. In my opinion, there was no such document.

They used the AIM rules to their advantage and de-listed without the need to consult shareholders. It was no doubt planned months in advance, yet Borelli was telling me he had plans to ask for an extension on suspension and was trying to sign up a new NOMAD for resumption of trading – all lies if you ask me.

Well said Scottie/Plumbus,

In my opinion, all 3 Companies played their part in stripping BMR of its assets, but Borrelli is mainly culpable. If Borrelli doesn’t pull off the deal of the century for us shareholders, he should be legally investigated and struck off from all the Companies where he holds Directorship status. This is a multi-million pound scandal, not just a few quid.

I’m beginning to think the Royalty deal Borrelli signed with JLP is a dud. JLP are more focused on Copper in Zambia, and they have little intention to start up the Lead, Zinc, and Vanadium production anytime soon. Again, if more details on the Royalty and future plans for BMR do not come forward shortly, there will be consequences for the Directors of BMR - all in my opinion of course.

Your post from yesterday has been removed. My reply was removed along with it.

Let me reiterate what was said – BMR Watch will not be giving up and we have enough voting power to call an AGM at any time. By law, the Directors must adhere to any future requests we put forward. We will take action if and when we feel it appropriate to do so.

So you want us to direct criticisms and concerns at Bird, but you think he’s not interested in talking with us anyway? What’s the point then? If Bird wants the Royalty he will get it, simple as that – so why did BMR propose a listing with the Royalty getting heavily diluted? Obliviously Bird can’t want the Royalty that badly if he was willing to let it get diluted. Most of your statements just contradict themselves.

BMR Watch didn’t vote the proposal of a listing down, Borrelli and Bird decided to halt things and adjourned the meeting – You wouldn’t know because you wasn’t there. Exactly 9 months later and BMR still haven’t come up with a solution for shareholders, are we supposed to believe Covid-19 is the cause of the delay? Now that is a joke.

I can’t speak on behalf of the Committee, but I think some would like to see a listing so we can get some money back, as would many shareholders. I would like to be able to sell my shares at some point too. The problem is, I really don’t believe it’s worth listing – what would the SP be? 0.5p or less? How much is your holding going to be worth if and when it gets diluted?

You have to be realistic and ask why Directors want a listing. It’s because they want to continue to take thousands of pounds a year in salaries, yet shareholders will continue to lose thousands. Who are the real winners here? Not shareholders, and yet you would rather side with Directors.

It’s also worth noting that BMR Watch have tried to reach out to Colin Bird to establish some communication. He is always copied in on any Emails we send to BMR, and he also has my personal mobile number. Apparently he did agree to meet with us, but wanted us to travel to South Africa to meet at a mining convention. He’s welcome to call me or any Committee member of BMR Watch so we can discuss a way forward for the Company.

“As long as there is division between shareholders colin bird will do nothing and wait for our demise” – Do you really believe this is happening? BMR Watch doesn’t need to say we support anything. The role of the Directors is to create shareholder value, if they are sitting on their hands doing nothing, they are not fulfilling their fiduciary responsibilities – therefore, this would open them up for class actions against them, and would give shareholders good reason to vote Directors off the Board.

In the Company’s history, I strongly believe fiduciary responsibilities have been grossly neglected by the Board, and that’s why we are in a mess with shareholders burdened with heavy losses.

Borrelli’s recent Tweet said: “BMR is currently pursuing certain exploration opportunities with a view to establishing a re-listing.” – So I believe deals are being looked at, and Directors need to come up with a solution for shareholders, otherwise they will be held to account. Nothing BMR Watch says or does should sway their actions, because ultimately it’s their duty to serve us as shareholders of the Company. To somehow suggest the Directors are going to sit on their hands because of BMR Watch is a ridiculous statement. We will however continue to assess the situation and take appropriate action where we deem it necessary.

If you think Borrelli is incapable of finding a deal for a listing, what makes you think it will happen? BMR Watch have not specifically stated that we don’t support a listing. We might be interested if the deal for shareholders is right. Unfortunately they are not willing to share any details with shareholders, so we are forced to go on past performance.

Personally, I’d be willing to let Borrelli propose a deal for a listing. However, if the deal appears to be poor, it will be time for Borrelli to revert back to the original plan of hiving down the Royalty, sticking the Company into a dormant state, wait for the value of Royalty to kick in, sell it for millions and return that money to shareholders.

I see many people post on here saying “I’ve written my investment off”. The fact is, this Company is nowhere near finished. We could liquidate our holding in GLR today and receive circa £250k. That kind of money would last several years, by which time you would expect the Kabwe project to be generating a lot of money through BMR’s 11% Royalty interest.

Shareholders need to put pressure on the Board and demand answers to questions. I’ve posted contact details below - Instead of coming on here saying you have lost your money, take 10 mins to draft an Email or pick up the phone - Ask questions and express your concerns.

If you don’t take action, the Directors will think they can get away with anything. Remember, it’s their job to create shareholder value and keep us informed. A few Tweets from BMR every 8 months is unacceptable. We need more details from the Directors, otherwise it’s time to take drastic action and remove Board members.

I agree, individual shareholders should contact the BOD and ask for an update.

Please contact:

Alex Borrelli: 07747 020600 / alex.borrelli@bmrplc.com

Colin Bird: colin.bird@bmrplc.com

Tony Gardner-Hillman: tony@gardner-hillman.je

I believe it was the plan to dispose of the Kabwe assets and its licences in exchange for the Royalty. The transactions are now almost complete, subject to Zambian approvals. It means we should soon have the Royalty in place. We don’t know what the terms will be or when we will actually receive anything from it. According to previous RNS’s we were supposed to get an initial 5% Royalty payment when production at Kabwe begins, and then it goes up to the full 11% once costs for the project are recovered.

There’s now a big question mark over when the Zinc/Lead/Vanadium production will begin at Kabwe. The project has been delayed by JLP, most likely to the end of 2020 now. GLR was supposed to supply ore from Star-Zinc, again, this might be delayed to coincide with production commencing at Kabwe. It sounds like GLR plan to do some exploration work at Kash itu and they have just entered an agreement to purchase a Copper asset. All this will need money throwing at it so I expect a placing for them is likely needed in the near term.

As for BMR, I really don’t see how the Directors could justify liquidating the Co. We still have some cash in the bank and we also hold 24.6m shares in GLR which are currently worth circa £197k. I suspect these will be sold soon if we are to look for a new asset and listing. I don’t think we are going to get a decent asset, unless the Royalty is somehow used as leverage in the deal. The focus should be on returning as much value for shareholders as possible. Really they should cut all costs and keep the Co. dormant, sell GLR shares at the right time, and wait for the Royalty to start paying out. Whatever plan they have to re-list will not be worth it. We will face mass dilution and no doubt the Royalty will be diluted along with it.

I’m fully aware that the gold project is a long term play. However, back in June last year, SRK consulting were finalising the increased resource estimate, which was due to be completed no later than July. The JORC for increase in reserves of gold never got released, why? Shareholders have funded this Company and funded the drilling at São Martinho, so it’s only fair that we should be given answers…

At the São Martinho gold project in central Portugal the trial mine application submitted in September 2018 is progressing through the regulatory process.

SRK Consulting (UK) Ltd ("SRK") continues to evaluate the project with a view to finalising the increased resource estimate which the Company expects to be completed in July. In initial estimates, there is a large increase in the modelled volumes, but differences exist in geological opinion as to whether the deposit is flat lying as in the Golder Associates Pty Ltd and W Resources assessment or deeply dipping as in the current SRK interpretation. These differences are partly due to the combination of structural complexity and multistage mineralising events.

Michael Masterman, Chairman of W Resources commented: "With a very firm focus on ramp-up at La Parrilla, H2 is looking very exciting as we finalise the last few areas of the plant in order to transition to the full ramp-up of this world class tungsten project.

Whilst slow progress in finalising the updated JORC estimate for São Martinho has been extremely frustrating for both the management of W Resources and investors alike, the potential size of the deposit is encouraging and we have firmly requested that SRK address the issues our Qualified Persons have raised and finalise the report.”

It mentioned in the last RNS that the grant was anticipated to be delayed, whilst the government focuses on the issues surrounding Covid-19. You would have thought the grant would be expedited, seeing as it would actually help us as a business...

As for the gold, even I've given up all hope of an update anytime soon. It will just be a nice bonus as and when it comes. I think the SP will fall another 15-20% at least over the next week or so. No point watching it too closely.

FY results are due out end of next week, I don't think it will do much for the SP. I sold a few trading shares last week as I expected a pull back, still got my core holding which I will look to build on. I see 0.15/0.16 being support, anything below is a bargain as this will recover once more financing is in place. It should also do well on the back of the Q2 production update in July, as production numbers should be up significantly after the all work that's recently been carried out to improve output.

This from JLP’s RNS today: “Jubilee's Zambian Kabwe Operation continues to operate its copper refinery with all other project related work on-hold during this time.”

It’s quite convenient for them really, as I believe the Zinc / Vanadium project is well behind schedule anyway. And given the recent announcement by GLR, it sounds like they are also behind with their Star-Zinc project, which is planned to supplement JLP’s Zinc production from Kabwe. I can see the Zinc production being pushed back to end of year/possibly into early 2021.

Getting back to BMR… So it’s likely we won’t see a penny from the Royalty until 2021. Meanwhile, the Company must be running on fumes whilst the Board, who have little experience in the way of mining, continues to search for an exploration play for a listing. Let’s bear in mind that the Revelo deal didn’t turn out too well, so we have very little hope of a deal even reaching conclusion. How much time and money has the Board wasted looking at opportunities that lead to nothing?

What a great performance from AB, by the way. We wait 8 months for an update and 3 Tweets come along. His first Tweet predicted the GLR RNS hours before it was even released. You could have bought into GLR for a quick 50% profit based on that Tweet, jolly good show!

A few good points from the RNS, I’ve chucked in the negatives for balance…

-- Mining operations continued at low-strip ratios (waste:ore) averaging 1.07 to 1 during the quarter, well below budget levels and the mine is delivering the required grade to the plant.

-- Tin production was a highlight with higher grades delivered from the mine and high metal recoveries through the process plant and 12.1t of contained tin metal produced up from 3.9t in the prior quarter.

-- Market prices for European ammonium paratungstate ("APT") remained at 240-245 USD/mtu throughout the quarter.

-- Supply disruptions appear to have reduced Chinese exports of APT to Europe and the US providing some solid support to prices.

-- LME tin prices decreased from 16,850 USD/t to 14,591 USD/t during the quarter.

-- Plant design and procurement activities are near completion in advance of construction activities which have been rescheduled to later in the year after the COVID-19 crisis has hopefully passed. (Régua)

0.2's here we come!

Agreed, very good update and a great price to start buying some if you're not already in, or to average down. It's a hold for me!

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