Member Info for EricDraven

Lb, it’s a rubbish situation for shareholders. But only because we don’t know what’s really occurring. The plans have obviously changed, along now with the personnel.

I’m far from happy, as you know. But we can’t have Ulla sat there with nothing much to do, if it’s been decided there won’t be a push to lodge the environmental application this year. Or undertake the PFS. In her last news she did say “BEM has decided”.

So let’s see what occurs next.

Ok Tops. I respect your opinion.

Good luck with your other investments.

Ulla would have struggled beyond the permitting stage. So better to look for someone who has longevity with mining expertise. That’s how I see it.

But we still don’t know exactly what is going on. Although it seems like a hatchet job, it isn’t necessarily bad news today. In my view. It is however, highlighting perhaps previous mistakes in strategy.

Answers on a postcard.

It hasn’t all played out yet!

Stop trying to cause mischief Tops. Some of us are still invested.

Thanks.

Well, there we are. Interesting RNS. Thought it was unusual Ulla taking up that extra directorship at an uncertain time for BEM. She may have known Kurt’s departure meant the writing was on the wall for her.

Still no introduction from Ed then. Just this immediate hatchet job.

If only it were funny.

Hi Sooz. Good point, but I suppose then it’s also difficult to explain away a six month review and the cessation of work activity.

We don’t know why six months or the need for an additional NED. We are now obviously behind the originally planned schedule as well, so if 2026 is still a possibility for production it makes no sense to slow the work rate right down or even stop it for this year.

Much to ponder, as ever.

And we still have the Sami appeal case yet to be concluded.

It’s all a bit agonising. We had a much better sp while we were waiting for the concession decision.

Ffs.,

Aug, nice thought, but the PFS hasn’t even been done yet and we know the environmental application will not, we are told, now be completed by the end of the year. They aren’t even bothering to try for that target. And that’s only for the submission.

Of course, the exploitation licence is transferable, so perhaps the PFS and environmental stage can become someone else’s responsibility.

More guessology.

Suzy, yes, but we need the truth, not something resembling the truth. Let’s have the exact details. We need to know what’s going on.

Lb, you could be right, but surely if it were a case of dismissal for poor performance re Kurt it would not have then led to a ‘Compromise Agreement’ whereby he gained a zillion additional options for his contributions to BEM. The problem is we do not have all of the facts, particularly as to why Kurt departed suddenly. It may well have been for personal reasons or due to burnout. We just don’t know.

The whole situation now is totally bizarre though, it doesn’t look good, but we can only judge from the RNS news that we have, being inadequate, and form our own possible pictures/potential scenarios.

As we know, the content of the RNS releases cannot be relied upon overly either, but we have nothing else. Lol.

It’s a shambles for shareholders.

For what it’s worth, I do feel that Ulla mentioning “outsiders” is disrespectful to anyone who may have been involved here for years. It could be that the average Swede in the street has less idea about permitting processes than some of us do, and they are not outsiders, presumably. It does indicate a certain supposition on her part, which she would have been better keeping to herself. She could still have said there’s a need to be meticulous and left it at that.

Maybe news from Big Ted soon eh? Unless he’s got carried away playing Minecraft in the basement.

That news from Ulla was on 28 June, the same day Primrock had its EGM and elected her to the BoD. Lol. So it could be seen, and I hope I’m wrong, that she was trying to submit the environmental application as per Kurt’s plans, then someone at BEM, maybe Chris Davies and/or Röstin, decided to shelve the push for it this year, for whatever reason we don’t know, as Ulla herself said “we will adhere to that”, BEM’s decision. The point is, the concern for me, she’s then left twiddling her thumbs, so took up the other Directorship post to give her something to do. Let’s face it, she didn’t have to oversee the PFS, which did not occur by the end of Q2. So, other than meet with stakeholders earlier in the year, oversee environmental testing on water etc and investigate the railway issue, she’s had no real other work to arrange. Her involvement to push the permit application at pace being put on the backburner, not it seems by her, and it’s clear that the six month review has prevented the PFS and slowed down the environmental application. We know for certain it hasn’t speeded anything up or indeed kept with the same target Kurt aimed for. So I feel she’s actually at a loose end, hence no further news since telling us how meticulous everything needs to be. Sounds like more of an excuse really, apart from also being condescending, with her focus on delivering it this year thwarted by the parent company. She’s been directed what to do, and is masking the fact she’s now doing nothing while the review is underway, by saying how precise and time-consuming sorting the application is.

An application that she may not currently be working on. If she takes up yet another Directorship as a side role, then we’ll know for sure.

I personally only get the feeling that Rasmus is continuing to work on his project, not sure for how long, but the other two projects have ground to a standstill. That’s only how I feel, based on available news, and the time since the last meaningful update on each project.

This quote is from Ulla. Taken from the last entry of 28 June 2023 from the Jokkmokk Iron website, translated via Google:

“Beowulf has decided that an environmental permit application should not be submitted during the year and we will adhere to that. Our goal is to make use of new technical innovations and work proactively with the high environmental requirements. The application procedures according to Swedish environmental legislation take time and it can be difficult for outsiders to understand the value in our being so meticulous. Swedish environmental legislation is both clear and tough, just as it should be.”

Note she says Beowulf has decided and not “we” or “Jokkmokk Iron” has decided. Also the comment regarding “outsiders” finding it difficult to understand the need to be so meticulous. I wonder whether she actually meant Kurt didn’t realise how long the application should take, but it may be a reference to non-Swedish shareholders. I’m not really sure why she felt the need to mention “outsiders” at all though. Unless the translation just means those outside of the Company.

Dunno, but the comment was unusual, in my view. It bothered me, so thought I’d share.

Best wishes all.

Yes, so thankfully Sooz the Supreme Court is dealing with the appeal.

Notable for me and the difference between Grafintec and the other two projects are the tie-ups involving other companies/partners. Neither the Vardar project nor Kallak has a tie-up with another party, other than Kal using a company to undertake the PFS, which as we know has not yet occurred. But I mean a production/development partner or collaboration. Grafintec has that, albeit subject to change as the project requires. Perhaps why we are still receiving news from that project re the PFS. It is the project showing the most life at the moment.

Anyway, enough from me for now.

Good afternoon.

Continued:

“…. recycled graphite containing waste to assess whether it can be processed to suitable feedstock for anode materials production.

European Graphite Anode Market

The LIB market is predicted to grow exponentially, reaching a demand of more than 1,200 tonnes per annum of graphite anodes by 2031 in Europe only (Benchmark Mineral Intelligence July 2022). Currently there is no commercial production of graphite anodes in Europe and with all graphite anode materials imported from Asia, it puts a pressure on European LIB manufacturers and car industries to secure a sustainable supply-chain to enable the green transition. While a number of European graphite anode materials projects are under planning, it is clear that it will be a shortfall of local supply in years to come.”

Hope this helps.

Sooz, that’s true re the Company confidentiality and not knowing exactly what we’ll produce now with Grafintec. But here were the plans from back in January. And we have started those plans, with the PFS. Albeit no timescales and we don’t know if the initially planned work will stop, like it has done with Kal and Vardar, depending on this six month review. Anyway, taken from 9 January 2023 RNS re Anode Materials Plant:

“The PFS is a key part of Grafintec’s strategy to develop a Finnish value chain for anode materials production, aligned with the objectives of the funding received from Business Finland as part of the BATCircle2.0 (Finland-based Circular Ecosystem of Battery Metals) consortium. BATCircle2.0 is a key project in Business Finland's Smart Mobility and Batteries from Finland programmes.

Site Selection

Grafintec has received interest from and is progressing discussions with several industrial sites in Finland, including the GigaVaasa area. Grafintec is focusing on sites with access to 100 per cent renewable energy, well developed infrastructure, plot area with room for expansion, as well as possible synergies with other industries as part of a sustainable ecosystem.

Finnish Graphite Anode Value Chain

The development of downstream capabilities is a key part of Grafintec's strategy and following the announcement on 26 September 2022 on signing a Memorandum of Understanding ("MoU") with Qingdao Hensen Graphite Ltd ("Hensen"), the collaboration between the companies has proceeded with regards to establishing an anode materials hub in Finland.

To support a sustainable graphite anode value chain in Finland, Grafintec continues to focus on expanding its resource footprint; with recently announced encouraging results from its 100 per cent owned Rääpysjärvi natural flake graphite exploration project located just eight kilometres north-northwest of the Company's most advanced natural flake graphite project Aitolampi.

The Company will evaluate possible operational synergies for future development of the two sites, given their proximity, such as shared processing infrastructure. The aim is to provide a secure local and sustainably produced feed for downstream processing facilities, leveraging renewable power across and targeting Net Zero CO2 emissions ("Net Zero") across the supply chain.

While the development of primary raw materials supply takes more time to permit in Finland, the Company has other initiatives to secure supply, both natural flake graphite and recycled graphite, to feed downstream processing in the short term.

In May last year, Grafintec signed an MoU with Dominik Georg Luh Technografit GmbH ("Technografit"), establishing the basis for a commercial partnership for securing sustainable supply of natural flake graphite for Grafintec's planned graphite anode materials plant; samples are now being tested by Hensen and processed to anode material. Also, the Company has test work programmes on

Hi Sooz. It matters to me that the Government is confident of being successful. The Sami has been catered for with the 12 additional requirements built into the decision. Unprecedented, and the decision taken in consideration of Sami livelihoods and the environment. I found this letter interesting:

https://spcommreports.ohchr.org/TMResultsBase/DownLoadFile?gId=36876

Suzy, Pocko didn’t actually say that the Sami appeal isn’t a factor, it’s just not the only factor. Money was raised from shareholders on the back of plans for our Company’s development this year, while the appeal was ongoing, a known factor. Unfortunately, the Company has then failed to undertake most of the work for which those raised funds were earmarked. Even though not as much was raised as hoped for, but all we’ve done really is have news of Grafintec making gradual inroads, slightly behind schedule, but progress all the same. We’ve only completed the Scoping Study on Kal, prior to the fundraise, nothing since. Now the aim to submit the environmental application has been shelved for attempted submission this year. Again, the 12 additional points to cover prior to submission were known last year, before the fundraise at 2.06p.

No PFS for Kal commenced in Q2. No Spring drill has been undertaken by Vardar, so back in January they’ve had £250k to prepare for a campaign that hasn’t occurred. We’ve had no further clue if we are spinning Vardar out.

The Finland project is rolling along very slowly, and we have no dates for when we can commission a processing plant or news of a deal yet to import the product to get us started. We have yet to apply for an exploitation licence of our own.

So, Sami appeal aside, I’m sure it’s clear that the Company is failing shareholders on every project, not just with Kal. The monies at 2.06p also being raised at a whopping 40% discount to what was the prevailing sp, another reason for the demise since. This when Kurt had time last year to raise at 7p, prior to the concession award. Plenty of time.

The last point would be that we incurred a large penalty for not repaying the bridging loan in a timely fashion. The 2.06p fundraise was not organised soon enough to avoid that scenario. Simply dreadful to make such a basic mistake, and at a cost to shareholders.

So, compared to the BoD, present and previous, it seems the Sami folks are the least of our problems.

I’m looking to Ed and Mikael to turn this around. Time will tell, but as you know, I’m disappointed with Ed’s non-arrival, no RNS from a new CEO in the first week. Shocking, in my opinion.

All of the above and more, are reasons why confidence has evaporated, and the sp is woeful, not because we have a Sami appeal against the Government, which the Government is confident of winning.

I do feel it’s time you stopped making excuses for the poor managerial performance. Please have a think about what hasn’t occurred that should have, and what has occurred that could have been organised much better. There’s been a high level of incompetence on display, in my opinion, from the very people charged with representing our interests. The shareholders footing the bill.

Night.