Member Info for EricDraven

Sooz, you didn’t expect the sp to be this low though eh?

We shouldn’t be attempting to bring this into production without a partner. What discount will have to be given on the next fundraise?

Kurt is actually making it much tougher than it should be, but you may not agree. I’m not at all pleased with his performance and if he reads this I will be open to him giving me a call.

Pocko, yes, we are currently in a pickle.

Sooz, it does appear that we are trying to develop a mine on our own, hence the problem. A year has passed since the concession award, so where is the partner? The extra support we need.

Sooz, thanks for confirming. x

Yes SJ, LKAB is just an example, whether they are supposedly the natural owner or not.

Sooz, do you mean we are developing a mine? Not sure, but I think FF’s point is that we are not in any position to do so because we are a tiny outfit. So a deal with LKAB, for example, should have been signed long ago, before we reached this difficult situation with the sp. We have the mining concession, but as has been seen from the discount given on the fundraise, we are not bargaining from a strong position, even though we should be.

So I feel a deal with a partner should have been sorted long before the concession was granted. Pending a positive result.

Only my thoughts.

It’s rubbish matey isn’t it? 1:24am still awake. I’ve walked nine miles today as well.

Sorry, yesterday now. Lol.

Fed up to the man nips with BEM, more chance of KEN going up I reckon.

Have to see Troaj.

Maddog, I’m not happy with myself for holding through thick and thin, but the result does show the reality of the state of affairs here. The sp is sub-2p on the back of a rarely awarded mining concession, and only those long-termers who have tried trading have had the chance to make any profit on their investment.

I’m more unhappy of course with the performance of the management team, particularly since mention by Kurt of the concession award being a potential re-rating event. Well, if losing 90% of value since this peaked last year upon the award is a re-rating event, then perhaps I got the wrong end of the stick.

Night.

Maddog, in that case, where are they this time? It would, however, explain the lack of a drop below the 3.16p offer price on the fundraise last time.

The obvious concern is that Kurt was unable to raise at a similar, if not higher level this time, and in fact there was little UK uptake even with an eye-watering 46% discount.

It has to be said, since we gained the concession a year ago, and prior to that even, when Kurt had the chance to raise monies while this was consistently in the 5-7p zone and yet didn't, he has failed woefully to manage shareholder expectations and propel the business onto the next level. If we were at the next level, as he suggests, with the concession supposedly being "transformational", then this would be reflected in the sp now, if both progress and the news relating thereto had been competently managed. But we continue to face the vague. The fact that we haven't seen anything transformational at all reflected via the sp, certainly is neither a failing of the market nor of BEM's shareholders, the latter collective backing Kurt over many years of what is seeming more and more like managerial mediocrity at best.

I'll give him this year. Of course, we should really have an apology from him too, in my opinion, least of all for the latest fundraise debacle, and most certainly we should not have had the news last year of a remuneration consultancy deciding that the management team should be rewarded further. How disrespectful to shareholders, when the landing of the concession award simply caught Kurt out. It's clear there was no plan in place to hit the ground running following such great news.

At some point, even I am bound to become wholly hacked off, and it takes a lot.

Come on Budge, get your finger out, budge!

Holy f

I wish I didn’t like metal. Lol

Pocko, yes, I think Kurt mentioned mid-year for Finland. We need the Kal PFS to commence early in Q2 though, that would help. We still don’t really know why it couldn’t have been arranged for Q1, but we may have been awaiting the financial outcome from the fundraise.

Or the delivery of a pork pie and pickles.

Who knows? Howl.

Hi Maddog, aye, but as mentioned, I also took up the 3.16p offer and the sp didn’t drop below that level. I guess it’s swings and roundabouts, but you were correct this time. Good that you are managing to buy a few now then matey.

Sorry, just seen your post re topping up. Just a point though. When we had the last large fundraise at 3.16p, I don’t remember the sp dropping below that, and I did partake in that fundraise, so this particular time at the 2.06p it’s a bit different. However, one notable difference, is that with the earlier fundraise we were still awaiting the award of the concession, so shareholders were more driven to continue to hold perhaps.

Anyway, best of luck to you.

Maddog, are you topping up now then? Best of luck if you are.

I can’t afford to, and seeing the sp slowly continue to drop below the offer price is making for terrible viewing. We need decent news now.

Good film that.

Lol. You could have won a speedboat and small pony, but I’m sure you are happy with a tankard.

Pocko, ah, but we do have the first inflection point of the Kal PFS, this coming quarter. That’s good at least. Plus, we know that a company has been assigned the task of completing a PFS for our Finland project. Two concurrent PFS jobs is possible.

Ka-POW!

Pocko, I’m sure, considering the state of the sp and Vardar still being the least advanced project, that any money being shipped over to them will be seen as money which could have been saved and used to advance Kal operations this year or even Finland. Both with the same target date for production of 2026, albeit Finland only anode production, not mining from our own deposits.

I guess the Vardar project is proving to be far too costly for the results received. Fine if we are cash generative, we could explore all places there shiny and new, but we aren’t. Mothballing it may be a good idea. They’ve had a decent run at our expense. Yes, it simply 5hits me to tears.

Lb, more like 9-10 months, if we tip into January 2024. To be fair, it was only stated as Q4. We now know that it looks like the very end of Q4. According to the Jokkmokk Iron website.

Optimist in me of course does not rule out Ulla submitting the application early, sooner in Q4. Lol.