Member Info for EricDraven

I know Pocko. You’ve always mentioned the lack of accountability with Vardar, because it isn’t a publicly listed company. Fair point. I’ve no idea how these (what are now tiny) percentage stakes are worked out either in return for massive amounts of cash. They seem to vary each time. Yet we still haven’t made a commercial discovery in Kosovo.

Gravy train indeed. Carrot dangle.

Is it purposeful? I often wonder.

Fair point re the Scoping Study. I agree.

Yes, I know about the SMART analysis model. I have studied it, albeit briefly. Yes, our projects are all over the shop. Scoping Study late and we don’t know why, and we only really have a loose timescale for submission of the environmental application, hoping that it will be sooner than Q4.

Two months to go to mark the anniversary of our concession award.

Pocko, yes, obviously Kurt did not anticipate the Government taking as long over the concession decision when he tried to get Kallak over the line the last time he raised big money. Nothing he could have done to get Kallak over the line without the Government playing ball though. As we know, the Gov had no process in place for over three years to move our application along. Perhaps we should have sued them on the back of those KU findings, but that would have then made our position in Sweden untenable.

Swings and roundabouts, but shareholders always bearing the brunt nonetheless. However, perhaps now we do have the concession finally, Kurt can actually get Kallak over the line. Although it depends just exactly what over the line means. Good thing is that our environmental licence app will not be stuck on a Government desk for three years.

It’ll be stuck on the Court desk instead. Lol.

Lb, just a point. You don’t know that the subscription price will be 2.5p, but it may be a good guess. I’m naturally hoping for higher. As light a kick in the gonads as possible.

Atb.

Wow, thought you’d gone!

We’ve certainly shelled out massively on Vardar, and continue to do so. Something needs to show for us this year. In my humble.

You haven’t missed much really Lb. Only a very disappointing sp.

RNS should show up here soon. Re throwing another considerable amount of cash at Vardar and a reminder that the team is still using state-of-the-art exploration methodologies. Lol. Another tiny percentage increase in our Vardar stake though. Makes it all worthwhile, according to Kurt.

Time will tell. Fingers crossed.

No dates for any of it though Sooz. It is interesting but would be more so with a definite timeline, or even an indication of when the next stages are likely.

Good luck to you. x

Oaktree, yes, we should have sold some or all just before or shortly after the concession was announced. I hate myself for remaining so loyal and keeping my entire holding. It isn’t greed though, in my view, it’s more of a case of thinking the wrong thing, that the sp would hold after such a monumental event as being granted the award.

I don’t feel we should wholly blame ourselves. Just learn from the experience. Lol.

Not happy with this fundraise while the sp is on its ar5e, but looking beyond it, now that we do have the concession. I’m also so far down on my investment here that it isn’t worth selling at these levels. I owe it to myself to see what the concession brings, other than what we are currently seeing, or have seen since the award.

It could be a long year though. Kurt’s inflection points appear to have been nonsense. So was his talk of a potential rerate. He would have been better off saying nothing.

Cheers Oaktree.

Just a point Oaktree. Even if nobody is interested in taking up the offer, which I’m sure isn’t the case, the fundraise to come is underwritten to the tune of around 70% of the total aimed for in the Rights Issue. 70% being £4.7 million. It’s in the cash call RNS.

So Kurt does have that guarantee, albeit at a cost.

Carry on venting, it’ll do you good. Lol.

Best regards.

Ok. Fair points. I’m just generally f’ed off with it all, as are many shareholders. Hoping that the sp quickly recovers once the funding is completed. That’s obviously my hope. We probably need fantastic news soon after.

I’m going now. Enough for today.

Taken from the fundraise RNS:

“The subscription price in the Capital Raise will be determined by the Board of Directors in consultation with its advisors in accordance with relevant market conditions and is planned to be based upon a discount customary in the Swedish market to the average daily weighted average price for the SDRs and the Ordinary Shares during a trading period of maximum 15 days prior to the resolution by the Board of Directors.”

Some quite large sells today, disappointing.

Pocko, if you are of the opinion that the offer price has already been set, I can’t disagree with you. Perhaps Kurt telling us what price was planned may have seen more of us voting against the proposals at the OGM. If it isn’t a large discounted price then surely he would have mentioned what it is before the meeting. Lol.

Just musing.

Maybe right re LKAB, but that would seem a little too rigid.

Kosovo is getting on my nips. We just keep getting told that Vardar is using state-of-the-art technology while gobbling up millions of quid. Lol.

Finland, zzzzzzzzzz.

So we must keep going!

I agree. The Kosovo and Finland projects have so far returned nothing, over many years. The dilution has been significant under Kurt’s tenure. He can’t seem to raise funds when the sp is doing well.

Makes a difference to our existing holdings.

LKAB are possibly waiting for us to collapse.

Yes, anything below the 3.16p last offer deal will leave a bad taste with me, considering we have the mining concession and the fact that there were many occasions where the sp has been much higher over the last year. Anyway, not sure if we were told why the scoping study is late, but we don’t get told much by way of Kurt linking the finer details together. He doesn’t explain the why very well, if at all.

Everything then appears haphazard. Lol.

Pocko. I’m trying to be optimistic, although I expect existing holders to get shafted with whatever the subscription price will be. Of course, some holders will relish a low price so they can load up. For the remainder of us though it’s really just more significant dilution to stomach.

Fed up with it.

Yes SJ, and I’d really like it if the news came before the placing price was struck, to hopefully drive the sp a little more. I don’t want to see a deal that is a mockery of the 3.16p deal.

Wonder if we’ll have another RNS tomorrow. Budgie is trying to get the sp up I reckon, although the mms are simply widening the spread by a ridiculous percentage at the mo.

Boo!