Member Info for EricDraven

Sooz, but Kurt is killing us by giving our company away so cheaply. A 46% discount to 2.06p! The problem is that if he keeps it up, yes, we’ll continue along but will be awash with shares, our holdings taking a beating. It will be more difficult to achieve a higher sp with a zillion shares in issue. The longer we go, the more we will share Sooz, not less, with the new investors who are buying the offer shares. We are being significantly diluted, more so this time due to the low offer price.

Or am I missing the point?

Sooz, you’ve just boasted about doing so well. Lol.

Yes. Seems like it. We have very little to show so far for what has already been a considerable investment in V.

Afternoon SJ.

I guess that’s the point though, I know. We should have the transparency, which we’d get with Vardar listing on AIM or the like. We could view the accounts.

Yes, I see. Unfortunately we can’t though, due to lack of disclosure from Kurt re Vardar. What can we do about it? Nothing. So we have to trust it’s all above board.

Afternoon Pocko. What do you mean by the lack of financial oversight by investors?

Jonny, I might be clutching at straws, it is difficult to remain positive I know, particularly when looking at our grim sp, which does nothing for confidence. I’ve braced myself for the potential drop again too though, once the new shares add to the total, but I’m trying to look ahead. To the PFS, and, as Andy mentioned, to the Sami having their appeal quashed.

Or even if nobody came in, Bozzer out.

Jonny, I appreciate what your thoughts are on this. We do have chance of a partner coming on board though, and we have a revenue target of 2026. Kosovo will need to show something this year or I’d like to see it mothballed, along with Finland. You may be correct if we see a rise on the Sami case being rejected, but of course there is also the chance that our mindset may change with a healthier sp, and more tempting perhaps to any potential partner with the Sami not hampering progress, concession final. I do hold the same concern as you with funds going forward, more dilution, and how horrific or not we just don’t yet know, but we do know that we should have 18 months or so on this latest cash call. Will the inflection points come to be?

I know that many of us are struggling with this right now, I’m completely dissatisfied, but we can only see how this year unfolds. Funded at least.

Yes, and that could also be really good for the sp. A boost in confidence levels when not if the appeal is rejected.

Andy, very good point. That would be great.

Lol.

I hope it does finish blue. You had a good day yesterday at least.

Lb, I see. You mentioned this earlier, but mining by 2026 could be achieved with a partner, and perhaps without. Why on earth would Ulla and Kurt publicly announce a 2026 timeline if it was impossible to achieve? The point here also is that because Kurt is a geologist and has a mining background, he is more likely to know what is actually required than either you or I.

Only a point, but I’m far from happy with his negotiating abilities. This 46% discount with a floundering sp has really taken the biscuit, in my view. We shouldn’t be in this position, and no, since the award of the concession, Kurt has yet to find a way of unlocking value. Kosovo and Finland both not weighing in, to date.

But I am still here, now waiting for the PFS.

Cheers Lb.

Owl, it’s ‘Velociraptor’.

I’m not sure Lb, I’d agree she is still in her honeymoon period, hence the unknown element. Too early to say, but she seems to have started well. Kurt is very well paid, too well paid in my opinion, but I know some shareholders disagree. I do agree with you about the presentations, but trying to garner more interest is a good thing, although as I’ve mentioned recently, we should be targeting larger audiences, upscaling it. As for confidence in the project in mining terms, I’m not sure what you mean really. We have a top quality, abundant quantity of iron ore, and Kurt is a geologist. We also have Rasmus. There is also a need for the product going forward. Perhaps you could clarify what you mean though Lb.

Regards.

Lb, the Scoping Study didn’t raise the sp because we already knew of the fundraise to come at the 2.06p. A dampener.

In a presentation Kurt did mention the concession award as being a potential re-rate for us, but he obviously meant a re-rate downwards. Lol.

No, I can see why you don’t have faith, but you don’t need any because you aren’t invested. You are lucky in that respect.

The unknown equation here is Ulla. We don’t yet know how well she will perform, but it appears that she’s got off to a very busy start. She seemed confident in the latest presentation, that 2026 was a realistic timeline for KN.

Time will tell.

If value is not reflected via our sp following the PFS, and we don’t see an upwards trend, then Kurt really should perhaps not mention inflection points ever again. In my opinion.

Morning Lb. Taken from the 25 Jan funding RNS:

“ Major value inflection points for Kallak North is the delivery of a Pre-feasibility Study, planned to commence in Q2 2023, and an application for the environmental permit due to be submitted in Q4 2023. While for Kallak South, further drilling could see the conversion of the current Exploration Target to Mineral Resources. A future agreement with a green steel producer is another possible value driver.”

So Kurt has told us what he believes the major value inflection points will be, and other potential value drivers. If the first two prove not to be the case, then some level of trust in him will begin to evaporate. If it hasn’t already.

So we shall see if the sp reacts positively once the PFS is completed, the first major value inflection point.

I really hope so Lb, obviously.