Member Info for EricDraven

Hi Pocko. I’ve been pondering why Johan gave you that answer re the valuation of Vardar, considering his comments about Kurt from the Board Change RNS of 3 May. Comments herewith:

"Kurt has a deep understanding of the industry and market trends, and has been able to develop and execute effective strategies to meet the Company's objectives. His presence has been pivotal to the Company, especially in achieving the successful delivery of the Exploitation Concession for Kallak North. Additionally, over his tenure, Kurt has helped build three successful businesses which can all operate independently to provide future value to Beowulf and its stakeholders. We want to thank Kurt for his many years of service and wish him all the best in his future endeavours.”

It’s the first sentence really, where he mentions Kurt having a deep understanding of the industry and market trends. So my puzzle is why Johan is seemingly only now checking Kurt’s valuation of Vardar, considering he has been with BEM since the time of at least the last and latest valuation and cash injection into Vardar that we made back in January. If Kurt indeed has a deep understanding of the industry then that surely includes valuations, considering his experience is also with mergers and acquisitions.

I’m unsure as to why the valuation is being reviewed now and why it wasn’t done each time we flung the cash at Vardar in return for varying portions of that company.

So I feel the answer to your answer question from Johan was not only inadequate but concerning.

My hope is that Kurt has undervalued Vardar, if anything, lol, but otherwise I feel we must trust it is spot on.

Only my thoughts. Also, we don’t know who has instigated the strategic review now currently underway. Whether it was at the request of another company perhaps.

Atb.

Looks that way Roller, and apologies, it was you who said we now have another mouth to feed, not Lb, although he did comment along similar lines. More feet under the table but who’s pulling the strings and what is really occurring?

Dunno.

All we really know is that the effort has ceased to try and lodge the environmental application for the end of this year. As Lb also said earlier, we now have another mouth to feed. Will the two new guys be able to get the sp up? That’s perhaps the burning question.

SJ, not sure why this Swedish chap couldn’t have just also been the new CEO. If you zoom in closely on Ed B’s LinkedIn profile photo then you’ll see that he looks completely insane.

Wots, is that for the big metally thing in the ground we’ve been protecting from sabotage for a decade?

Hi all. Until we are actually told what this next phase is, what it involves and why, then we can’t judge whether these appointments are actually appropriate. Lol.

This line from the 28 June (Ed’s appointment) RNS has bothered me, although it may just be because of something lost in translation. Johan’s comment:

“"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.”

I don’t like the “….stage in which Beowulf currently finds itself.” As if this stage was not planned. Like an unfortunate situation we are in. Rather than it say “…stage of development we are now at..” Something along those lines.

It may be the Swedish/English thing, but anyway, the wording bothered me.

Just sharing my thoughts on it.

Exactly Roller. That appointment RNS was possibly one of the worst we’ve ever had to endure. If the strategic review is still underway, how do they already know to definitely ditch the effort to try and complete the environmental application before year end? Why? We’ve been through this, but we are largely in the dark, apart from with the Finland project, where we are behind schedule but making progress. Towards what specifically this year, we don’t quite know. Mid-year was when Kurt expected value to come from that project, but we are mid-year now and with more weeks to wait before any decent news it seems. Which may or may not increase the sp.

Never mind. At least we can try and support each other through this tough period.

Good afternoon.

Hi Roller. Well, the problem is we don’t know when the six months commenced. We were told by Johan in the RNS of Ed’s appointment that the strategic review is currently underway, but that Ed isn’t joining us until 7 August, which is six weeks (minus a day) from now. We have to make our own minds up as to whether the stated six months for conclusion of the review includes the six weeks before Ed joins us, yet we still don’t know how long the review has already been underway, or if it will take six months from when Ed joins us, in which case it won’t have really taken six months at all, at least seven and a half months and that’s only if the review began on the date of the RNS of Ed’s appointment. Lol.

Unless I’m wrong, shareholders have no idea then, just when this six month review will conclude. Which is poor communication from management.

Yes Pocko. I realised I’d been filtered by you, but it took me a while. So anyway, I don’t see how anybody would have found yesterday’s RNS acceptable, not least for the contempt shown for shareholders within it. Suzy feels the same, if you are interested.

Atb.

Hi Pocko. I think we’ve been pi55ed about far too long as shareholders, so we should consider selling to the highest bidder. Our company’s treatment by the Swedes has been appalling, so we don’t owe them anything. Not after waiting nine years for a decision on a concession permit.

I do like Rasmus, but he’s running behind schedule and should have said so. Lol.

Wow, yes, looks like I’m unfiltered Sooz. I’m pleased because we should be working together on this.

Sounds reasonable SJ. I’m still disappointed that any effort to submit the environmental application for this year has been ditched, not increased. We now have no target date for that, not even a loose one, and we don’t know why either, so perhaps you are right, we are looking to flog Kal. I hope Ed isn’t going to be a complete turd, another concern, which is possibly unfair, before the poor chap has even arrived. But if Johan has appointed him then he could well be.

I’m unhappy that the work done by Kurt and the money invested by shareholders based on that original planned work mainly for Kallak for this year and beyond is now an investment based on a Kal mystery. It doesn’t seem we are doing a PFS on Kal now or in fact bothering with the environmental application. Although I may be wrong. But because Johan has not told us when a revised timescale is for the environmental submission and why that may be, he’s said f’ all of any use.

Bye for now. Time for a Scooby snack.

Aye Sooz.

Hi all. Quite a detailed RNS, which I’m pleased about, but although things are said to be progressing well, the PFS is actually running behind schedule, if we read back from the RNS of 21 February. Completion for this was targeted for ‘during’ H1 2023:

“Pre-Feasibility Study

On 9 January 2023, Grafintec announced the award of a PFS contract to RB Plant to assess the technical, economic, statutory, regulatory, and commercial options for a natural flake graphite micronisation, spheronisation, purification, and coating plant in Finland.

The study will investigate the Best Available Technology ("BAT") with consideration for environmental, operational, and financial factors and performance, for transforming a high-grade natural flake graphite concentrate to graphite anode material suitable for the European LIB market opportunities and is targeted for completion during H1 2023.

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.”

Only a point. So to say it’s progressing well, isn’t the case, in terms of timescale only.

In my view, but probably still soured by our last RNS.

Thanks for sharing Andy, good stuff that.

Best wishes Roller. Have a decent evening.

Cider it is then. Let the haze commence.

Ok Pocko, thanks. Makes sense.

Yes, it was a real stretch Sooz. Now of course we just feel completely let down, and rightly so. To put it mildly.