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It sounds like JLP are getting ready to treat tailings from Kabwe to produce Zinc, they will also mix ore to this from third party providers. This certainly complicates the situation for BMR shareholders. How much ore goes in from Kabwe and how much Zinc is produced? Important questions because this will determine how much we are owed in Royalties.

It’s going to be very easy for them to mislead us on this. I have a feeling the same will happen with the Vanadium and Lead. They will start mixing in ore from all over Africa to produce 4 or 5 types of metals. The easiest way around this would be to pay us a fixed Royalty sum on everything that comes out of Sable. I can’t see that happening though, so perhaps shareholder action is appropriate.

I’ve been told on more than one occasion that JLP owes BMR money which relates to transactions going back around one year. The sum isn’t massive and certainly a drop in the ocean for JLP. The fact that they haven’t paid us after all this time tells us all we need to know - JLP’s interests are not aligned with BMR shareholders’.

Just wondering why you posted 4 weeks ago saying JLP had stopped building the Zinc circuit and they won’t be producing Zinc anytime soon – yet JLP’s update on 28th Jan stated “The Integrated Kabwe project is progressing well targeting the commissioning of the first zinc production line during Q2 2020”.

You weren’t posting false information to try and crash the JLP SP was you? That could get you into trouble.

Hi Merlin, it’s possible to call an EGM and put resolution forward to remove Directors. All it takes is 5% of the shares in issue. We are certainly sitting ducks whilst we wait perpetually for something to actually happen…

Apparently JLP owes BMR money – not a huge amount, but a decent amount to BMR, and this has been owed for a long period. JLP wouldn’t be withholding the money on purpose would they? Perhaps to put BMR out of business for good? Surly that’s not the type of man Colin Bird is…

I don’t really see BMR going into liquidation though, certainly not at this stage. I think if that were to happen now, it would cause a lot of problems for JLP/GLR because BMR owns all the licences, and still retains ownership of the tailings at Kabwe. I’m pretty sure it’s in their best interest to keep the lights on… for now.

Hi Oiltap, the 24.6m shares owned by BMR is an interesting subject. A few posters were saying BMR sold out last year, despite there being a 12 month lock-in on 75% of the shares, and a 6 month lock-in on the remainder. I pointed out that they would need to agree to lift the lock-in if BMR wanted to sell, and again this would be announced via RNS due to its sensitive nature. Another sign of BMR selling would have been a TR1 as they would have fallen below 4%, etc. I guess some like to post rubbish to fit their own agenda, rather than sticking to facts.

It's worth noting that 25% of the shares can now be sold, as the 6 month lock-in period has lapsed. Will be BMR be selling shortly? I wouldn't be surprised, but let's wait and see...

Looks like there will be a few issues holding this one back. They need a licence/permit to start mining from Star-Zinc, has this been applied for? How long will it take? Colin Bird stating that he’s applied for it to an investor at a shareholder event does not make it official. Even if he has applied, would it not have to be RNS’d due to being price sensitive information?

Star-Zinc’s large-scale exploration licence has not been transferred to GLR, this still remains in Enviro Processing Zambia Limited, which is owned by a BMR subsidiary, Enviro Processing Limited. There are also complications regarding the transfer of Ka****u – this can’t be finalised until JLP acquires EML from BMR.

GLR are still reliant upon JLP starting production of Zinc at Kabwe. Even if this starts around June, GLR has a good 5-6 month wait before they are trucking and selling ore from Star-Zinc. What’s the lead time for getting paid for the material/Zinc cathode? It could be a while before cash starts hitting the bank, therefore I think GLR will need at least one more placing before production begins. They will also need to pay taxes and transfer costs to the Zambian Government when the licence is eventually transferred over to GLR.

Maybe there will be a big fat RNS on Monday which states all of the above is sorted, but best to be cautious until further clarification is provided.

OMR, the SP didn't actually go up yesterday. Don't know if you noticed, but the spread was 0.3-0.34 and the final trade was an uncrossing trade at 0.34. That's why it was showing as up yesterday, and why the SP opened down this morning, but in actual fact it was flat from the previous day. Today, the bid was moved up to 0.31 , so we actually finished up slightly on yesterdays close. Although, the spread is still quite wide which is annoying...

For those who don't know what an uncrossing trade is, see below for a brief explanation:

UT: Uncrossing Trade - This is used for the single uncrossing trade detailing the total executed volume and uncrossing price as a result of a SETS auction.

https://twitter.com/VoxPodcast/status/1227226564531752960

Try this link instead.

Latest WRES Podcast...

****************************/articles/michael-masterman-of-w-resources-and-glen-goodman-on-bitcoin-and-coronavirus-43ac4ed/

Yep, you might be right. I was just going on figures from the June 2019 presentation. Max production for La Parrilla is 4,000 tpa, so it would be great if Regua could get us close to that figure during 2020.

Well 200 tonnes per month is supposed to net us US$3m per month. So 300 tonnes per month would be $4.5m pm or $54m pa?

The website has been updated... I like the sound of 3,800 tpa of Tungsten being hit this year, bolstered by Regua.

https://wresources.com/

Régua has a current Australasian Joint Ore Reserves Committee compliant mineral resource of 4.47 million tonnes (“mt”) at a grade of 0.27% tungsten trioxide (“WO3“), with an indicated resource of 3.74mt at a grade of 0.28% WO3.

The Mine is on-track targeting first ore in 2020. Régua will be a low-cost mine as W is able to utilise existing adits. This will increase W Resources tungsten production profile to over 3,800 tpa.

How long does it take to construct a Zinc circuit? …Apparently almost 2 years. There could be a difference between “recovery” and “refinery”, but either way it has taken forever...

JLP RNS 2nd July 2018:
“The construction of the zinc recovery circuit of the Kabwe project is progressing.”

JLP RNS 28th January 2020:
“The construction of the zinc refinery circuit has progressed well and is on track to produce the first zinc concentrate during Q2 2020.”

Well said, Bryn. Many of those who tell us to “move on” do not know the full story/history which led us to where we are now.

At the very least, it’s about time BMR/JLP provided us with some clarity on the Royalty. It’s concerning that JLP have said they will only produce 8k tonnes of Zinc annually from the Kabwe tailings. Also, they are not planning to produce Lead until 2021, and are now considering delaying the production of Vanadium. If we are to receive an 11% Royalty, based on metal production from the Kabwe tailings only – that means the Royalty would pay peanuts, and that’s before JLP have recovered their costs with interest.

What if we are being led to believe the Royalty is worth something, when in reality it is not? It seems the BMR board are more concerned about getting a listing, so they can continue to withdraw a salary. Meanwhile, BMR shareholders are left high and dry... Offer us a fair deal or be prepared to deal with the backlash.

I thought I’d drop in to help keep WRES the main topic for today…

I suspect we are waiting for 3 pieces of news that will see the SP move substantially higher;

1. A target date for production from Regua.
2. Receiving the 5.3m Euro grant from the Junta de Extremadura.
3. First quarter 2020 Tungsten and Tin production figures.

Number 1 and 2 should happen by end of March 2020. Number 3 is expected early April. I would like to think that Regua would be producing by March – now that would be exciting!

Merlin, no need to apologise. You are well within your rights to complain about our dire situation, and you are only echoing the thoughts of many other shareholders. The door is currently taking a beating, but BMR are more concerned about preparing for a listing which will no doubt see 90% of our value wiped out. Why anyone would support such a proposal is beyond me. Bear in mind most shareholders were probably already down by 50%+ before we were suspended.

I really don’t see how we will recover from those kind of losses with this listing. Is it just a way of diluting shareholders to death so they will move on and forget what happened? Meanwhile, the Directors continue to stay on board and are handsomely rewarded on the back of our loss.

I’m not sure why we would be interested really... They say the Kabwe Zinc circuit is progressing and they are already producing Copper. What does that mean for BMR shareholders? The RNS also mentions that Vanadium prices have “softened sharply” and they are reviewing the implementation schedule for the V circuit. I thought they had planned to implement this anyway, seeing as the V is a bi-product from the Kabwe tailings. They could separate the V and stockpile for selling when the price recovered. Is this a cost saving exercise? They now refer to the project as “Integrated Multi Metal Kabwe Operations”.

There’s no mention of their 29.01% in BMR, or more importantly, details of the Royalty. When will full details of the Royalty be released by JLP? What will the 11% entitle us to? If we only ever receive net profits from tailings at Kabwe, we will never get anything out of it. This is why it is important to get clarity on this, before BMR requests that we vote on the next lot of resolutions.

My immediate question is; why are JLP producing and selling Copper by utilising our mining licence, yet somehow we are not entitled to a Royalty from this? They might have bought and (semi) paid for the Sable plant and Copper tailings, but my point being, they would not be producing anything without our licence.

3card, since I got involved with BMR Watch we haven’t knowingly tried to contact any institutional holders. We can’t see anything obvious on the shareholder register, and even if there are any still left, I doubt they own much of a percentage anyway.

Although we welcome any new members, we don’t really require anymore at this stage. Even if we had 50% of the shares in BMR Watch, it doesn’t mean much on the face of it. The only time we would need a big percentage of shareholders is when it comes to voting on resolutions. Since this is something we can’t control, it makes little difference to BMR Watch how much we have in terms of percentage of shares.

We only require 5% to call a General Meeting (EGM as some call it) and this also allows you to write your own proposals/resolutions to go to a vote. Obviously they need to be realistic and achievable, otherwise they can be rejected by the board.

If these comments are true then JLP should release a statement this week, explaining why the Kabwe project has been delayed, and what they intend to do with BMR's Royalty. This is not fair on any of us shareholders.

Stuee, you must speak for Borrelli because you are brainwashed by him. He let the enemy in the front gate and now they have what they want, they couldn’t give a damn about BMR. In the meantime, Borrelli and co continue to take their salaries out of what little cash is left in BMR. Who’s the real winners in all of this? Not us.