RE: Budge29 Apr 2025 13:28
Afternoon Sooz. Hope you are doing ok. Just seen that you’ve asked me about Ed’s Presentation video.
I watched it all in one sitting and was impressed with his delivery during the presentation itself, he seemed confident and relaxed. Everything leaning towards a very good opportunity, considering what is planned and the use of the pipeline as a more efficient and environmentally safer method of moving the product. Him mentioning also that it was the very first time we’ve managed to attract institutional investment for the project, albeit at a low sp. Nonetheless, it’s a question of the stage we are now at, and with more drilling to prove up the resource to a higher level of recognised certification, my feeling is that this will obviously derisk us further in the eyes of additional institutional investors. Those who may only participate once a company has proven itself to be in no doubt, a gilt-edged opportunity.
Unfortunately, we are in a Catch 22 situation with our progress, as, in order for us to forge ahead with the drilling and complete the Kal PFS, we’ll need this investment now, and so it does depend on, as Ed says, this current fundraise. How much we get from the Offer will determine how quickly we progress. And if we don’t raise enough funding, then achieving what we want to will be largely on hold, progress slow again, until unfortunately the next fundraise comes along.
I can feel his frustrations in the question section of the video. Notably also, that he was nervous and not as assured as he was during the presentation itself. My personal opinion Sooz, is that he hasn’t been able to, or has neglected to concentrate his efforts on selling our company to the market, and we are still performing terribly poorly.
During the questions he does mention that he needs to work on improving our market status, the woeful sp, but he can only do so, in my view, if we can progress at a more rapid pace to drill and upgrade the resource and complete the PFS. So the catch is the money. I’m not sure how else he can awaken the market as to our potential, as so far he either hasn’t focused on this, or has failed to do so, barring this further progress that will hopefully be made on the ground.
I’m uncertain as to whether he’s up to the task, although we know the asset is fantastic, at Kallak alone, with the Grafintec project looking good too. Again though, remarkably slow progress, followed by many low sp fundraises.
I feel that branching out into Kosovo has almost destroyed us. Only my thoughts on that though, but we are still alive!
I noted in the questions that Ed did touch on the baseline studies done previously, so under Budgie, were not quite comprehensive enough, so it seems that Ed may be sharper in his field. But what we don’t know yet, and a massive question mark, is enough about the pipeline idea. There is no further information on costings, only that it should really assist with our environmenta
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