Member Info for lbjj

Absolutely Eric!
To trumpet a mine by 2026 in 2023, without fixing the mileposts between now and then is so ludicrous and amateurish.
It is the absence of business strategy and planning allied to the clear and obvious omission of the “ how “ which will continue to depress the SP.

It is possible for most companies to do more than one thing at a time.
But not BEM.
Budge is in no rush, as he seriously has no plan. Just wait and see and hope something will turn up is the totality of his strategy.

You have to ask yourself why this fundraising is so difficult and opaque for U.K. investors?
Particularly when Budge appears he’ll bent on pretty much giving the shares away?
Rank amateurism?

Budge has cast existing UK investors adrift. Your long suffering loyalty means nothing to him.
With 1.25bn shares in issue, this share is for short term trading from now on.

ADF,
Really not too bright, are you.
I’ve been here 13 years.
Only since April 2018 have I been critical of Budge. I had his number from the moment he said he would “ wait and see “ in the run up to the 2018 election regarding the awarding of the exploitation concession.
No CEO should ever utter such a statement.
Back in 2018 my stance against Budge was pretty much a lone one. Now, everyone at least is disquieted by his performance, or, like myself, totally dismissive.
So my plugging away has woken up a few to the realities of this turgid situation.

Blind faith is all there is here, and even that is, in most cases, based on the fact that the investor is sitting on a significant and long standing paper loss.
For me, when a CEO presents, I have to believe what he says. With Budge , I don’t believe a word he says.
More crucially, from his abject performance, it is clear he doesn’t believe what he says either. It is always just going through the motions to keep the money coming in.
There should be a huge sign at Kallak pronouncing “ exciting potential “ as that is the stage Budge will ensure this project is stuck at.

Budge is a mining engineer and after well over 8 years in post, he is not mining.
The suite of skills required of any CEO islargely absent - PR, presentation skills, personal grooming ( it is important ), timing, reading the room......
I could go on.
Simple question Eric et al.
How will a mine at Kallak be in production in 3 years time?
This situation is in freefall, with zero forward momentum, or reliable timescale.
It is utterly shocking from a business point of view.
It would make a very good MBA case study, would it not?

Eric,
Sorry to pour cold water again, but Ulla is still in her honeymoon period.
Additionally, the timing of these presentations is deliberately to try and create a positive, confident outlook, as they need the funding to be successful.
There are no real, tangible grounds for any confidence in this project in mining terms, purely in the perpetuation of a very easy life for Budge, and now, Ulla.

Sorry Eric, Budge's credibility is zero for me.
The concession and the scoping study were billed as inflection points. Neither halted the downward spiral of the SP.
A mine in 2026?
No chance.

Eric,
Almost a year since the concession was granted. The plain fact is the concession on it’s own, whilst essential t9 the process, on it’s own it has no value. The SP proves that.
Budge talks of inflection points. They too have no value, although Budge still likes to say they do.
The only way the SP will show any sign of life is for the company to be sold or a partner for Kallak to pop up.
Selling is not an option, as Budge’s perpetual gravy train would hit the buffers, and he won’t find another job in mining.

The presentation was woeful. An absolute embarrassment.
Dressed like an off duty social worker with very dubious facial hair shows a total disrespect for his position, his audience ( such as it was ) and the process the company he is CEO of is currently involved in.
His communication skills are awful. He gives the clear impression of not being in command of his facts.

The question which must be asked is why are Vardar unable to raise capital themselves?
Without Budge’s largesse, there would be no Vardar, it seems?

State of the art.
One of those meaningless phrase calculated to convey confidence and professionalism, whilst saying nothing.

Eric,
You and I belong to a time when loyalty was a virtue to be valued.
Nowadays, loyalty is something to be ridiculed, abused and ignored, in favour of expediency and short term wins.

This is you not posting for a bit, is it Suzy2?

Eric,
He is only ever excited when on the point of incoming funds. No surprise, as he is the prime beneficiary.

Why would an environmental permit and a PFS add value when the exploitation concession, the single most significant derisking element of the process, has trashed the SP?

sj74,
I remember people saying exactly the same for the 3.16p placing, and that was before the concession was awarded.
Now, with the concession, the SP is again lower and the placing is 35% lower too.
So I am bound to seriously question your unfounded optimism.

When, as in Budge’s case, you’re getting £3k a week plus regular share bundles, would you care one jot about offer prices and number of shares in circulation?
Of course not.
It is literally money for nothing.

SP has already dropped close to offer price ha ha ha.
Budge is a liability