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.
If all the CEO has been appointed for is to secure the environmental permit, I’d be keen to ask the following:
1. A junior admin person could have been recruited to do this, since all the legwork has been done and dusted. A Swedish mining engineering graduate or similar. A CEO is a sledgehammer to crack a nut?
2. Budge knows all this process inside out, so, to be honest, he’s best placed to deal with the environmental permit himself?
3. Any “serious” JV partner or buyer will want to talk geology, tonnage, mine design and commissioning, manpower planning etc etc. She is not equipped for any such conversation.
4. Finance will be the big and vital piece of the jigsaw, and once again, she is out of her depth here too?
5. With a clear path to a productive mine in Budge’s head ( surely this has to be the case ) why on earth employ someone at CEO level who has no qualifications or experience to tackle the building blocks of such a plan.
Sorry, I just don’t get it.
Having had a few days to digest the personal background of the new CEO, I fail to see how she fits the next very practical stages of financing, building and operating a mine.
She is a public servant with an administrative background and a somewhat patchy CV.
The environmental permit work has already been done, so she’ll have minimal input with that.
She has no geological or engineering credentials. How can she talk the same language as any potential partner?
People are clearly stunned into silence by Budge’s appearance in the interview.
A cross between a goblin and a kid’s TV presenter!
And talking like he’s CEO of a global mining corporate with a workforce of thousands and all the kit he needs to build and run a mine.
The comoany’s finances might run to a wishing well in his garden.
Pie in the sky interview, and the washy washy interviewer never asked him about finance???
Suzy2,
You are indeed entitled to post anything you like which is relevant to your investment, and I abhor censorship of all kinds, as you well know.
However, a lot of your posts are rambling, irrelevant posts about your personal life, most of which are as dull as f***. Honestly, nobody cares that you are in the garden, or what you are doing in it.
More fundamentally, though is the matter of sycophancy over the CEO. He is no Demi-god, as you assert almost daily.
There are any number of at least equally competent and less passive than Budge.
Please use the considerable knowledge you have acquired on this company for the general good and education of those considering investing.
There is no place on this board for your schoolgirl crush.
It’ll be slow for a couple of years, minimum, in my opinion.
The “how” as always was absent from Budge’s update, with no mention of financing.
Bringing forward the building and commissioning of a mine at Kallak sounds good, but how is it going to be achieved and how is it to be paid for?
The company does not yet have the necessary environmental permit, which was glossed over.
Also the drilling campaign cancelled 2 years ago because of Covid ( which was nonsense ) has also not been timetabled.
Maybe he and Sven are nipping down to B & Q to buy a couple of shovels?
If Budge had presented what he said to a bank in order to justify a loan, he’d be laughed out of the office.
This project needs some serious technical and financial muscle, sadly lacking from Beowulf and it’s half a dozen employees.
And Budge will be needing lots of cash very soon.
The finances of the company between now and there being a productive mine at Kallak will determine investors fortunes.
It’s at this stage that any loyalty towards long term holders will quickly evaporate ( if it ever really existed )
However the building and management of the mine is financed, 5p or below, with inevitable and significant further dilution, will persist for years.
Anyone looking for a quick buck can only hope Budge sells Kallak at this stage, but the price will be fire sale level.
By the time Budge stands up to speak on Thursday, he will have had almost 2 months since the license was granted in top of 7.5 years of planning time with little else to occupy him.
Unless he announces a pun advanced and tangible set of plans on Thursday, he’s a dead man walking, in my opinion.
If he stands up and simply spouts the same intangible stuff he’s been coughing up these past 5 years, he may as well stay home.
I have lost all faith in the man.
He’s like Joe Root as England team captain. Fine playing his own game, but oh so weak when he needs to step up, bang heads and steer a clear path forward.
Good grief, Suzy2!??!!
What a load of convoluted and pointless waffle.
If you want unequivocal percentages, here’s some clarity.
Beowulf shipped tonnage as a percentage of anything you care to mention is zero, and will be zero for a minimum of five years from now.
Everything else is irrelevant right now. Beowulf is a non participant in supplying ore from anywhere to anywhere else.
Comprende?
The RNS is vague, and tangible actual progress is absent.
Budge is still talking about what he plans to do.
Who will pay for this activity, as the company doesn’t have the money.
I’m sorry, but this smacks of Budge feeling obliged to say something, but of course there is little substance.
And the markets agree. SP down 2.45% in Sweden.
Whatever he is or isn’t doing, the much vaunted shareholder value he holds so dear is tanking.
Having already lost 70% in a month, the Aktie has fallen a further 13.73% today, 8 million shares having been traded.
And you still trust this guy??
It’s always jam tomorrow from Budge, but he’s no idea how to make jam, or when tomorrow will be.
Meanwhile, there’s plenty of jam for him every day, regardless.
Not good enough by a country mile.....
Eric,
Good afternoon. If he hasn’t already had exploratory talks with a number of JV partners / buyers, he hasn’t been doing anything for 7.5 years. What possible excuse would he have for not having a thick, active ongoing file of contacts?
This guy gets cut so much slack by long termers. He is the CEO for chr8st’s sake!! Who else should be doing the legwork?