Member Info for EricDraven

The fact is though I suppose, we are years away from production. H2 needs to get the ball rolling. Not sure why LKAB didn’t tie up the deal with H2, keeping things local. Maybe the Swedish Government is encouraging diversity. Lol.

Best not to jump the gun, but either Vale or Rio could buy Kallak and work from within Sweden. Ore from close by to H2 then instead of the cost to send it over for processing.

It’s madness to tie up import deals really when the ore at Kal is only down the road. But then there’s the Sami appeal. 😕

Thanks for posting.

Suzy, yes that’s a likelihood, the appeal affecting the sp, but also the perceived inner turmoil within BEM. Money raised, Budgie leaving abruptly, his plans for this year not happening now. A six month review without explanation. No details, communications from the BoD dire. Now they’ve felt it necessary to hire two staff members, albeit one NED, but why not replace one CEO with another and that’s that? Ulla taking on an extra directorship while Rome burns and the whole shebang moved to the local library. Top f’in quality!

So the appeal, yes, that’s one factor, lol, but I obviously agree that we need the Government to win the case, otherwise our time in Sweden will be over.

Holy crap.

Yes Pocko, we were only had the loose timescales, for example, a Kal PFS to commence before the end of Q2. Well that hasn’t occurred. We know the environmental application target was end of year for submission, then end of year/turn of next, and now definitely not trying for end of year, but they haven’t indicated whether or when else. Will it be next year? What quarter?

We don’t know, only that the PFS hasn’t happened, only the Scoping Study, which at least was achieved. But Röstin hasn’t mentioned why we are having a six month review, why that length of time, or why there’s no PFS.

And that’s only Kal. I harped on about this the other day, but we’ve not had a specific update re Vardar since we gave then £250k back in January. We’ve not heard that there’s been a Spring drill, only that there was talk of spinning out that project and that was while Budgie was still on his perch.

My God, I’m rambling, but yes, there hasn’t been any proper structure, only loose, what now appear to be fanciful targets. Or certainly ones that are currently under review, the PFS target already missed.

Finland looks ok, but we’ve no clue when the next stage will occur, if I’m correct.

Everything is blurring Pocko, lol, but we mustn’t forget what that last major fundraise was earmarked for, none of which is really happening according to even the loose plans that Kurt had. Those plans obviously deemed null and void by the current BoD.

So obviously I feel cheated, and I would say many of us do, those who took up the 2.06p offer.

Yes, looks like you were right, and even though the Sami appeal result is make or break in Sweden for us, that appeal was a known factor and consideration when Kurt raised the money. He still made plans for Kal for this year, in spite of the appeal being concurrent.

This has turned into a bit of a rant, but I’m winding myself up now, so will say goodnight.

We’ve been treated poorly, and it’s only costing us, nobody else.

I reckon he does care, but of course can do nothing much now, because he’s no longer involved beyond this month, after arranging to assist Bowie. Kurt’s plans have been curtailed for this year, by whom we don’t actually know, but those plans were at least progressive. Especially with Kallak.

It’s difficult to judge what is really going on, that’s the problem, and for shareholders, Röstin has so far been utterly useless.

Yes Pocko, that’s the point isn’t it. The sp suggests we are in a pickle, not transforming into a promising business.

Rick, Stockholm evacuated. 🙈

One worrying thing is that because we don’t know the state of things really, Mikael and Ed may have been drafted in to separate the wheat from the chaff, which could involve the writing down of certain assets. Vardar as an example. I’ve pondered this as well, if only because absolutely nothing has gone right either before or since the concession award. It’s only been problem after problem.

Kurt mentioned that last year was transformational for the Company, in receiving the concession award, but why then does it feel like the complete opposite? Am I living in a parallel universe?

It makes sense that they are Swedish, but I’m sick and tired of this now. Being honest. I thoroughly dislike our treatment and the ‘closed shop’ approach to information. The lack of supplying appropriate details to shareholders of course can also mask total ineptitude.

Sooz, shareholders are doing more work re BEM than the BoD!

The other thing is that Mikael Schauman actually arrived at BEM on 7 July (RNS on 10 July), so he’s had a month in post prior to Ed joining on Monday. I wonder what Mikey has been doing in that time.

Date taken from BEM’s Companies House info:

https://find-and-update.company-information.service.gov.uk/company/02330496/filing-history

I haven’t really looked at the other posts yet from today, as I’m troubled, so yes, trying to find out more info.

Thanks Sooz. It was a puzzle to me why we may have appointed a non-Swedish CEO. So looks like a fair reason why.

Looks like Chris could be quietly pulling the strings, while we never really hear from him. Amazingly, he’s survived all of the other resignations and/or possible dismissals.

Hi all. Just for info. I’ve been wondering who may have been involved in securing Ed’s services. It seems that Christopher Davies has worked with him previously at SAMAX Resources.

Taken from Chris’ LinkedIn page:

Exploration Manager

SAMAX Resources

1991 - 1998 7 yrs

Taken from Ed Bowie’s LinkedIn page:

Geologist

SAMAX Resources

1996 - 1997 1 yr

Lb, we don’t have to write it off, it’s slowly being written off for us by the BoD.

Bowie hasn’t started well in my eyes, but I’m willing to give him a chance while this investment currently remains shrouded in mystery. Slight chance that no news is good news. That’s being hopeful, against my better judgement.

Night.

Pocko, if you look at those accounts and note that Vardar is over a £million better off in 2022 than it was in 2021, we invested more than that amount there throughout 2022. It looks like the majority of the net assets could just be our cash! Then they’ve had £250k so far this year and no Spring drill has materialised.

I’m not sure how our percentages have been calculated on each occasion that we’ve increased our investment, but you’d surely expect a much higher figure for net assets than the one indicated in those accounts. Unless I’m missing something, but I’m not an expert in these matters by any means. Not sure why gross assets aren’t quoted, as it may further explain things.

Anyway, that’s plenty for tonight. Lol.

Night.

If anyone else is interested. Vardar info from Companies House:

https://find-and-update.company-information.service.gov.uk/company/10474687

Yes, I’ll take a look at it.

Re H2, yes, I saw the article on the BEO Facebook page. Importing the raw materials, when Kallak is on the doorstep. The only thing I take as any sort of positive is that Kallak may be earmarked for and by LKAB, although there is no evidence whatsoever to support that. It doesn’t feel like there is a ‘handshake’, although as usual with BEM, we can’t be certain.

Yes, we are purposefully being told nothing now that they’ve had our money this year. Well, the next fundraise doesn’t bear thinking about. On the face of it.

I’m pretty disgusted to say the least. Röstin’s radio silence, lack of explanation for the review, or for the cessation of much of the planned activity for the year, and with Budgie leaving, the combination of everything has done a great job of doing nothing to bring confidence in anything the Company may now decide to do.

And so we look to Ed, who hasn’t yet officially told shareholders that he’s even here.

Fantastic.