George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Someone has just bought 500000 shares for well 7nder a grand.
Let that sink with in.
But hey, it’s all so exciting and everything is on track and on time.
Enough!!
Either call this for what it is, or keep quiet. There is no talking this up with any credibility.
Eric,
It is not a huge hierarchy that Budge has to manage. Two or three individuals, who should be joined at the hip and updating each other on a very regular basis.
Re not running key tasks sequentially, isn’t that just obvious??
He’s got the budget, although, as I’ve said, he’ll soon be chucking more money at Kosovo.
It’s almost like Kallak is on the back burner, when that is the single area which could, if properly managed, bail you out of this junk share debacle.
You might conclude that Budge is being deliberately vague in order to avoid awkward questions when nothing happens.
Believe me, he is not that smart.
He simply can’t put a timeline together as he’s lost control.
And why must one task be completed before starting another. There is nothing stopping the company running tasks currently, in my view.
I thought that is why Ulla has been employed?
Aug59,
Anyone can deliver results?...
Are you crazy. After 8.5 years, Budge has failed to do so.
I am under no obligation to back up my criticism of his claims to be in substantive discussion with potential partners for Kallak. It is Budge who needs to produce hard, factual evidence of any partnership - finance, timescales, how the partnership will be structured. But as usual, you get nothing of the sort.
Reading your posts is as dispiriting as reading Suzy2’s vacuous claptrap.
I feel like I’m being sucked into the deepest pit of hell.
Oak tree,
Budge took over ( sic ) in October 2014, since which time he has earned approx £1.33m in salary plus shedloads of share options.
SP when he took over not much different from today.
Don’t forget, he didn’t even submit the application for the exploitation license, which was lodged 18 months before he landed.
Shares in issue were approx a quarter of today’s figure.
He was not expecting to receive the license, clearly, as he had nothing planned for the immediate aftermath.
He has, in the past 12 months asserted on more than one occasion, that he is in substantive discussions with significant partners for Kallak. I don’t believe that can be true.
He has squandered £3.5m on Kosovo, for what? A few mediocre drill results, which say so little.
Imagine what £3.5m could have done to further prove up Kallak, both north and south.
Budge made a huge PR error when trumpeting the scoping study waffle. He would not shut up about a 14 year mine life. Crass, naive and stupid. 14 years = nobody is interested.
Finland is a basket case. I am completely bewildered as to what, if anything, is happening on the ground. Who is paying to build the processing plant? Who is paying for the workforce? Who is paying for the raw materials? Why isn’t Budge progressing the exploitation license?
After 12 months in post ( daft salary plus shares ) Ulla hasn’t achieved anything tangible. Did the PFS require a full blown director for what is a clerical exercise? Not in my opinion.
I could go on, but I’ll sign off by reminding people that Budge’s weak and stuttering ( still ) presentations to fourth rate media companies and Swedish old folks homes are still the same presentations he was giving 3 or 4 years ago. Pathetic.
Smoke and mirrors doesn’t come close.
Still, Suzy, to day is the spring equinox, so tomorrow you’ll be 1 hour closer to the next shovelling of your dosh over to Kosovo.
Tinpot BS merchant, your mr Budge.
So you've dug deep to fork out for more junk shares at 2.06p to keep Budge in comfort. The shares are already worth less than 2p.
Talk about this coming good is a fantasy.
The appetite for green, high quality product would be nice, but the Sami, Thundersley et Al are running the show.
If the weather forecast says sunny, but you need an umbrella, it's raining, isn't it?
Please stop hoping for the best. It is groundless with this company.
Come on, Eric. Surely you know how this works by now?
Budge has his cash ( well, 73% of it ), so he feels no compunction to progress with any urgency any more.
Incidentally, the bridging loan was due to be repaid last month. No mention of that either.
I don't realistically expect anything for 6 months at least, other than more cash for Kosovo.
Is it any wonder that day after day, dozens of posts guessing what the company is doing / planning?
Because Budge doesn't know himself, is an awful communicator and only bothers to communicate at all when he needs more cash.
Endless conjecture is pointless when the bloke who is in charge is clueless.
Eric,
Absolutely! What you are talking about is a proper plan with activities plugged into a rigorous schedule with attendant responsibilities and costs - dealines even!!
In truth, Budge does not have what amounts to such a business plan - nowhere near.
As far as the delay in commencing work until the ‘new’ money appears, what about the £1.7m already in the coffers, or is that earmarked for another splurge open Kosovo?
A 73% uptake on a fundraising offering a 46% discount is such an abject failure.
The result is rather having £8m cash to use, the company has little more than 50% of that figure after taking into account the bridging loan repayment, which will be £2m ( 1.76m + expenses.
So even Budge’s woolly and unfocused ambitions will need to be significantly cut back.
He’ll be back for more within 12 months at an even more derisory level and asking people with minimal appetite for the risk.
BTW, Vardar is worth much less than the £3.5m already frittered away by BEM. The few survey results so far have not shown anywhere near a commercially viable mining opportunity. Plus it’s Kosovo, still like the Wild West.
Fire sale imminent in my view.
People expressing any hope this morning must be crazy, seriously.