Member Info for EricDraven

Prof, I’m definitely old enough but never seem to make the right decisions. Lol.

Hi FF. Thanks for your thoughts on this. Yes, you could well be correct. We don’t know yet.

Best wishes.

Lb, your points are well made. We don’t know why there wasn’t a PFS beginning in Q2 either, considering Ulla was still in post. As mad as it sounds, it’s the irksome details that I don’t know which are keeping me here. Plus the credentials of the new NED and experience that Ed has. A different approach to that taken by Kurt perhaps. I’m willing to see what can be done. The Sami appeal hearing concludes in three weeks, although, as Andy points out, a verdict/decision may not come for months. Nevertheless, the Supreme Court has the final say and I’m also willing to wait for that decision Lb.

Why the six month review and why they’ve told us very little is open to debate, and obviously it’s difficult to draw any conclusions without the answers to the points you have made. The share price is not lying at the moment, confidence is low, but with three projects, two of them with proven assets, one of which is super high grade, why would you bet against things improving, with different personnel and the appeal hearing soon to be over and done with?

It’s a massive risk that I suppose I’ve been willing to take for thirteen years Lb. We are undoubtedly going through a very rough patch with much uncertainty. I would say that I’m neutral as to how things might go, in view of the broken plans for this year, and with Kurt and Ulla leaving, but neutral means it could go either way, so I won’t be selling until at least we’ve been supplied with some of that missing information.

Cheers Lb.

Lb, well, we’ve been told via RNS that a review is underway and will take approximately six months to complete. It’s difficult to see how that really means there isn’t a review at all. They should currently be formulating ideas, one would trust. Worse case scenario is, after six months (approximately four left since we were first informed) Ed decides to wind it all up. We do not know why though, it is six months, not three or less. There must be a reason. Why bring more staff in? I don’t believe it’s just for six months of free money for them at our expense.

Keeping an open mind. Time will tell if having this personnel change will be better for us.

the negative comments are warranted, in my opinion. just as the positive comments will be, if and when something good occurs for us. today’s rns was to be expected, because we know kurt had left but with a ‘compromise agreement’ and bem to pay any legal costs. consultants? it’s doubtful he left and then two months later struck an agreement. we’ve paid heavily on the wage bill, but we must trust that it won’t be like this every six months and that ed will do his best to bring about a positive change. only words so far, but he has visited each project site and will be putting together his own strategy.

this year has been total ****** for shareholders so far, but ulla and kurt having departed, it’s surely time to write that off and look ahead. as fed up and drained as some of us are. we should though, retain that critical eye, because we still don’t know why a review should take six months approximately, if ed has visited all projects within his first three weeks.

good luck to us.

Sooz, it’ll be interesting to see whether Ed was as blown away by the operation at Vardar as Kurt was.

Just musing. No news since January from there you see, not sure why. It’s a long time to report nothing. Lol.

Anyway, waiting is I.

Thanks TFE. I thought I’ve been pessimistic of late, but blimey. Lol. My straw clutch is that Aug is correct re a background deal, and of course the market doesn’t believe until it actually occurs officially. I do feel we shareholders need to see something good happen this year, something which will add value via sp, bearing in mind the work that was originally planned. We appeared to be finally going places. Anyway, Finland progress and the Sami appeal being concluded should help. But it’s if, when and maybe.

Surely we haven’t waited nine years to gain a concession and then finish our journey at 1.5p though, so I do believe we’ll see gains again, even if some of us did miss out on the opportunity to sell around the time the concession was granted.

Thanks for your comments anyway. I appreciate that things do look grim at present, they are, but we have a new CEO and NED, and will hopefully get the right person in to run Jokkmokk Iron.

Time will tell what the new plans will be. We should know in approximately four months or less.

Cheers TFE.

It would be nice to have something positive to talk about Sooz. But there hasn’t been a lot of that of late. I’m pleased that Ulla has gone, if she wasn’t the right fit, but at the same time disappointed, if you know what I mean.

Anyway, maybe we’ll have news from Rasmus again before long. A shining light.

Andy, I see. At least the hearing will be behind us. So things are moving along.

I guess we shall find out in about three weeks Sooz.

Lol. Kurt is on a sabbatical and Ulla has completely vanished. The library might be closed now too, all post redirected to a Swedish PO Box.

Nice.

Ulla is still not on LinkedIn. Her profile has completely gone. Weird.

Hi SJ. Yeah, we should find out what the conclusion of the review is before the year ends. We can always hope for something fantastic to emerge from one or more of the three projects. That the reality is purposefully being hidden for now. And it’s very good not very bad. Lol.

Of course, I’m sure we’d rather know what was going on.

Let’s trust that Big Ted isn’t Bungle. 😂

Just checking LinkedIn for BEM news. No further news on BEM page, or on Ed Bowie’s profile, but Ulla’s has disappeared, currently unavailable. It’ll be of interest perhaps to see if it does reappear and if there are any further roles taken up, apart from the latest NED role which was arranged the same day we had news of Ed joining.

I’m only looking for information, while we wait for the next RNS. If there are things happening at Vardar, then not to update us on that project since January is an absolute disgrace.

We only really know that Grafintec is still on the go, or at least it was according to the last update. I would say it is all a bit concerning, but interesting what Ed’s findings will be and what shape his plans then take.

We should find out more about the Sami situation in about three weeks. Not too long to wait. A drop in the ocean for most of us.

Anyway, I encourage everyone to please keep digging for info and posting your thoughts, good, bad or indifferent.

Best of luck to us.

Röstin also says it will take “approximately” six months, so it could be shorter or longer. Lol.

Hi SJ. We don’t actually know when the review commenced, but we do know that it’s now two months since we were informed that the review would take six months. Worse case then is that it will take another four months max, if the review only commenced on the day we were told about it. Which was 28 June, when the RNS confirmed Ed’s appointment. However we were told that the review was currently underway, which indicates it commenced prior to 28 June. But when, we don’t know.

Taken from that RNS:

Johan Röstin, Chairman of Beowulf, said:

"I am delighted that Ed has agreed to join the Company. His expertise and experience are perfectly suited for the stage in which Beowulf currently finds itself.

"This experience will be critically important in the strategic review of our assets that is currently underway. We have identified several potential ways to optimise the development and ultimate value of our assets and need to ensure we study and incorporate the findings into our development plans. This strategic review will take approximately six months to complete, and we then look forward to updating the market on our revised development plans and timetable including the environmental permitting process and application which is no longer expected to be filed this year."

Roller, I feel Kurt is a straight-shooter, but that doesn’t mean everyone else is.

Hi. Hasty. I’m pleased that Ed has visited all of our project sites now, to give himself the overall picture for each one. He’ll know how much we’ve invested in Vardar prior to his arrival and have been able to judge whether the amount invested was justifiable, for example. We don’t feel that it has been, but he should have access to the accounts to see the costings/asset breakdown in better detail and hopefully how our percentages were determined. Although I won’t hold my breath on that last bit.

After all of these site visits I’m trusting that we’ll have an RNS update before too long. Not just a very brief post on LinkedIn.

It also seems odd to me that we’d invest so much and increase our percentage holding to around 61%, only to then spin the company out. Why bother doing all of that, when we could have perhaps invested in a different company that was already producing or had discovered a commercially viable asset.

Anyway, just mulling things over somewhat, in the absence of news. Worse case scenario is that the Vardar lads saw Kurt coming and took advantage, really sold it to him, because the reality is there is still no proven top-notch asset.

Prof, thanks. I’ve been pondering about Vardar, insofar as the use of ‘state-of-the-art’ technology. That must have cost quite a bit, and it seems that it was there in place before we began funding Vardar in return for percentages each time. So I was wondering who funded the purchase of the technology and why does it feel that we’ve been the only company bankrolling Vardar since we started investing. Their last posted accounts revealing an increase in asset value coinciding roughly with the money we invested during that period.

I’m not sure who else might be funding them, or why that looks to have stopped. Bearing in mind we haven’t heard of a Spring drill being undertaken, and BEM allocating no further funds to Vardar since January.

Would it fold if we still retained our percentage but completely stopped funding it, I suppose is the question.