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Don't look at the website often, but just did out of curiosity.
Nothing new posted for 3 months. Paucity of any real detail on current activity. Mostly archive information or generic projects ongoing.
It really looks like the website of a dormant company.
What is the new Kallak CEO achieving BTW?
Hi Eric,
Sorry to be critical, but assuming Budge reads this board, you are giving him the message that sitting and waiting and accepting a news vacuum when he constantly promises exciting times and enhanced shareholder value, is good enough, so he needs do no more.
It isn’t good enough, in my opinion. He has admitted his own shortcomings regarding communication, yet done nothing to rectify them.
What is not complicated is that communication is always vague and non specific and never timely.
A drill campaign is very straightforward, and results will be assessed batch by batch as the drilling progresses.
CSP gave several interim results during the course of Kallak drilling.
The Kosovo operation needs strong supervision and direction, not just wedges of cash. Budge is letting them away with a slapdash performance, instead of cracking the whip.
As majority shareholders, you are entitled to see Budge earning his spurs in Kosovo, for which you have generously provided finance.
The Kosovan situation is a joke.
Budge has chucked the best part of £3m at an unlisted company, which demonstrates minimal accountability.
Budge has been mugged, in my opinion. If they can’t even complete a small drill programme, what are investors paying all this cash for?
51% ownership of FA is FA
I would not be surprised if the Kosovan board absconded with the cash. Kosovo is still an unregulated territory and who are the individuals on the Kosovan board?
Good morning Eric,
I have the utmost respect for your staunch and loyal defence of your investment here, always being the reasonable voice and calming and thoughtful posts, you, above all others have steered a steady path, always believing Budge has your best interests at the forefront of his actions.
Coming up to 8 years since his appointment, I can’t subscribe to your benevolent view of the man.
He appears stubborn and selfish, keen to ensure his own fortunes first and foremost.
I can easily foresee regular and significant dilution over the period leading up to the commissioning of a mine at Kallak. Should Finland and Kosovo show any tangible progress towards generating revenues, that dilution will multiply.
You may well find yourself owning shares in the greenest mine in the world, producing the highest quality ore for a hungry world. And yet the SP may have barely moved from today’s level.
Rickmeister,
There can be no other interpretation for the timing of today’s RNS.
The loan announced earlier this week is just a buy now pay later, or deferred dilution deal, which, again, strangely investors are applauding.
I must sincerely apologise for my previous comments questioning how Budge fills his day. He has been very busy ensuring his own personal gravy train remains on track despite the woeful SP.
He has also used investors cash to pay consultants to legitimise this crass award. How do you feel about that?
And even the new girl gets a handsome golden hello before lifting a finger.
This is reprehensible.
Pocket,
I can only apologise and bow to your superior knowledge.
As you are well versed in the process, it would be fascinating to read your realistic timeline on the mine development and commissioning.
Is Budge's bold statement anything like realistic in your experienced and professional opinion?
Pocko,
That's a sloppy response.
DYOR. Plenty of info on the net regarding new mine construction, Infrastructure, finance, timeliness, regulations etc etc
And I'll say again, the remote location ******s every element of the process....
...and then there's the Sami.
Too many dreamers on here. Look at the SP. It does not lie.
For a productive mine to exist at Kallak in 3 - 4 years from March 2022, groundwork would already have had to commenced. And that is a long way off.
Additionally, the remote location means a much slower build.
And that is assuming all other components are in place - finance, manpower, transport, reliable local energy supply, infrastructure build etc etc.
None of these issues are off the ground yet.
People still posting on here that the concession unlocks everything else is way off the mark.
Kurt too busy to communicate progress to shareholders??!?
Ludicrous....
He has delegated progress on Kallak to a new CEO.
Progress in Kosovo is physical ground work, being carried out by contractors.
In Finland, again, if there is any progress, it's being done by Finns on the ground.
I really do not know how Budge fills his time, and clearly he is not telling investors.
What the absence of communication clearly tells everyone is that the promised progress has not been achieved.
Like the promise in 2021 of a busy and exciting year, it is just nonsense.
The amount of cash squandered on Kosovo without any tangible result is a disgrace.
Did nobody ask about this at the AGM?
Suzy2,
There will be no progress which will positively affect the SP by the year end.
I predict Ulla will have no impact on proceedings
If by progress you mean another cash call, then you may be correct.
Budge's " a mine in 3-4 years " is just crazy talk. Did nobody challenge this at the AGM, or were the questions vetted / censored.
I honestly believe Budge has completely lost the plot and has appointed Ulla to take the blame.