Member Info for EricDraven

Sooz, because we are still here, I reckon I’ll choose ‘Oh Come All Ye Faithful’. Lol.

Very true Cardo.

Merry Christmas to you, to one and all.

Best wishes.

Best wishes all. x

Thanks Aug. I appreciate your opinion. My point wasn’t that he is on £3k a week though, more that someone on said amount should be able to raise necessary funding. It is not something to marvel at.

As for the concession fiasco, we’ve explored much of that, but yes, I agree that Kurt has been spotless in his approach. Maybe not ruthless at times, but we both know it’s a very fine line between success and failure, and I would say he’s had to tread on eggshells all the while, when dealing with this unpredictable and potentially corrupt governmental system.

Best regards.

Same to you Alan. Look after yourself and have a good time.

Best wishes.

Aug, Kurt is only doing his job, and he gets £3k a week, which I feel to most people is an eye-watering amount, so it isn’t a wondrous thing he does, raising funds to keep us going. In fact, he has never raised when the sp has been particularly buoyant. In my view, he was also caught out when the concession award came, and, arguably, should have been raising these funds when the sp was in the double digit zone, prior to the award. Even around January time we were trading at around 7p per share. He has had the opportunity to act sooner and sort this large fundraise out.

Just a point. Only my view.

Progress on the projects has seemingly been very decent, but I’m always left frustrated by his timing when it comes to the funding. Then we are almost over a barrel because of a raise at a low sp.

Some may say that’s ok, because existing holders can take advantage by adding more shares at low prices, but that always costs us more every time, and all we are doing really is keeping the dilution of our own holdings to a minimum by adding more. If we can’t afford to do so, we are just being diluted year upon year.

Politics and appeals, done nothing for us but kill us slowly.

We need a change in fortune. Next year. Currently there is no indication that Kallak is hot, or that there is a suitor or suitors.

Cheers Aug.

Nick, yes, I feel sorry for anyone who bought in the day this was listed. The sp has since only dropped markedly to this new level of dross.

Yep Troaj. Would have been easier surely to have just dissolved BMR. Now we’ve had to endure similar rubbish with this.

Sooz, taken from the funding RNS of 20/12:

“In the event that the Capital Raise is fully subscribed, the Board of Directors assesses that the working capital will cover the Company's operations for at least 18 months.”

I can’t see that a PFS is mentioned though. Priority being the environmental application. Pity if we raise so much and don’t fund a PFS on Kal, drilling KS, as we were informed that a PFS would follow the Scoping Study in one of Kurt’s videos.

What has changed though perhaps, is that we now have these additional licence targets at KS to explore first.

Off the top of my noggin.

Night. x

Yes, it will hopefully bring more confidence, as it did the last time we had the 3.16p offer. Drilling KS will also hopefully mean a PFS, once the Scoping Study is completed. Will it add sp value? Should do, but hey. Lol.

I do trust we’ll have a PFS next year. Not sure why the Scoping Study is a bit late being done, but not long to go before it’s finished. Another thing out of the way.

Hmm. x

Hi Sooz. Yes, I had to think about that as well, but felt Pocko meant the institutional investor will want and be more able to command a decent price for offloading a large amount of shares. Or large blocks of shares.

The opposite of what would occur if we tried to offload our shares all at once. The mms would surely try and offer us below the quoted sell price.

Weird it all is. I can’t see a rise, but Pock may be correct. Have to see eh?

Night Sooz. x

Pocko, let’s see then. You may be right re the institutional offloading at a higher sp.

SJ mentioned the fundraising. Kurt does always seem to miss the boat on raising at a higher sp. To be fair to him this time though, if we can be, is that the sp has really been in the doldrums since March and nothing by way of news has shifted it to sustain it higher.

A tricky year, but actual progress has been good, in my view. We need the Sami appeal to be dealt with, that’s the problem. Surely it’s straightforward.

Anyway. Lol.

Sooz, aye, you made the right choice around the concession time. I’m glad one of us did. Obviously we have the concession now, but it really does pay to take a profit when you can. I am still naive, but I suppose many of us couldn’t have envisaged an sp retreat to these levels. Kurt himself mentioning the concession being potentially a re-rating event. I’m sure he didn’t mean re-rating downwards. Lol.

It’s the Sami appeal. For us and the markets, very unappealing.

I do feel that the sp will struggle next year as well, unless Ulla can bring the environmental application forward to mid-year.

Only my thoughts. If Kurt is bothered about his existing shareholders, then the discount price will be 3p plus. If the sp remains the same as now.

Good luck to us all Sooz. x

Pocko, if they take the current mid-price as a guide, just as an example, then the discount offer price could still be 3p or higher. As for it being a no brainer to take up the offer if we have funds, well, possibly not. Unless we sell on any rises and don’t hold onto them.

For info, I’ve held onto all of my 3.16p shares and look at where we are now. It was the wrong thing to have done.

Not happy, but looking to next year for better things. Again.

Cheers Pocko.

Sounds alright. Something again to work on next year.

Hi Reece. Yep, still here with all of my original shares and more added when we had the last offer at 3.16p. Can’t afford to partake this next time though.

Hope you are doing ok. Good to hear from you.

Hi Roller. True. The only difference being, and a very major one, is that we now do have the concession, after waiting nine years for it. We’ve achieved a significant milestone and it’s key.

Night.

Hi Sooz. Yes, there is obvious caution surrounding the concession, until this appeal is out of the way. Then hoping for a bit of a boost via sp. It’s been a very poor year in terms of that, so we must look to a better one next year. Not sure how long the Sami can drag out the timescale with the appeal, but as it’s a beef with the Government re the concession and not with BEM, doubtful Kurt can have any say over dragging of feet. Meanwhile though, we are directly impacted by it.

A ridiculous and expensive situation for us. Ceiling on the sp and now we need to raise a large sum of money again. Disgusting.

Hi SJ. Yep, raising money when we don’t need it would always be better, in my view. Taking advantage of any higher sp and raising it then. But we are where we are. I’m trusting it will be easier to raise funds now that we have secured the concession though, as it’s something of absolute relevance, opening up the project to it now being at least capable of reaching the production stage. Just a pity about the low sp still. Other than that, ok. If we are raising a large sum again, then no reason why we can’t focus on submission of our environmental application well in advance of Q4 next year. We need a commercial discovery at Kosovo next year too I feel, as I can’t bear more sizeable outlay for nothing of note in reality, while continually being reminded the Vardar team is using state-of-the-art technology. Whereas we know Kallak is already a proven top class resource. I’d rather us spend everything on that. But only my choice.

Cheers SJ.

I see the sp is disappearing up its own ar5ehole.