Member Info for Pocko

And on that theme, Bowie, as with Budge, clearly don't have the expertise or connections to raise the finance required (Demonstrated by this latest cash call). Working in small grubby investment firms doesn't qualify either of them. Performance to date demonstrates that. What they're both good at, is rinsing small investors.

The CAPEX required when building the mine will not come from private investors. That is when we potentially get truly wiped out.

That doesn't mean to say the BOD shouldn't be working their nuts off to achieve shareholder value. But as I stated, there is no incentive when Bowie and his ilk are salaried. Pay them in equity alone, and watch the SP soar.

And EricDraven, both Vardar and Finland are liabilities... Not assets. For the company to describe either as such is untrue in business terms. Kallak, being our core business as an junior exploration company can be viewed through a different lense

Previous capital raises have aimed to raise around £6.5m... This one £8.5m. so I'm guessing, the 60% underwritten will probably get the board to where they actually need to be. Anymore and it's a bonus.

Other than what is now a slight discount to the market, and of course keeping the company afloat, they need to make a more compelling case to investors, given their prolificacy with our money in the last few years.

Any my cynicism is borne out of the very cynical way private investors have been treated to date by the company.

Bowie works for us, not the other way round. Though the arrogance he's demonstrated so far, suggests he thinks otherwise.

The game is quite simple EricDraven..

The company gets taken private.

Why would anyone pay top dollar for an asset when they don't need to?

BOD are often complicit, and benefit from positions in the new company.

And the money spent on Vardar to date, would have negated the last fundraise.

Quite frankly, Budge took his role in M&A to the extreme, given our very limited funds

Jus a thought.

Through no fault of the company...

But the deadline was February 2023... Extended to September 2023, and then followed by a number of extensions to the 27th February 2024. Standby for some other spurious reason to grant an extension...

Except they've issued another 52 million shares to give to the Vardar guys. Small beer compared to the extra billion they are issuing, albeit as A shares to operate in parallel to the existing shares.

And who would want Vardar?

A competent person can apply for exploration permits... Vardar has hardly corned the market.

£3.35m plus 52m shares for a couple of Nissan Patrols, portacabins and a drone.

Finland should be the cheapest and easiest project to get over the line.... But even battery technology is being surpassed by hydrogen.

If Bowie and his ilk were only renumerated in equity, just watch how quickly they'd get the SP rising.

There's a reason the Musks of this world pay themselves in equity. Bowie, like Budge can simply collect his salary regardless of performance. Who pays? You and I.

And name me one thing I've be wrong on? I called sub 1p. I called a share consolidation long before others started banding it about.

No-one wants this to succeed more than me, but the material facts speak for themselves.

The next 6-months really are make or break as a PLC.

The difficult task in hand has never been in doubt. And I've no doubt that Kallak will be mined. By whom is another matter.

Vardar has always sat uneasily with me. No accountability...

But never underestimate a person's greed. Rome continued to burn as Budge, at the behest of the board employed consultants to advise a pay rise. Just another example of poor management. It's not a good look.

And we still don't know Bowie's renumeration.

No you're not, and neither am I. I've just observed a slow train wreck sadly.

And as of tomorrow, should the resolutions been passed, Bowie will be able to issue even more equity sub 1p.

You can hardly blame the Vardar owners? One born every minute, and right on cue, Budge came along with a bag of our money to spank.

And the 6-month review announced by the lame duck chairman? That sent the SP spiralling too.

Quite what was reviewed is anyone's guess.

And perhaps read through today's posts to get a flavour...

Perhaps read the RNS first?

12-months is the maximum... Based on the company failing to achieve full subscription. We didn't last time, and I guarantee we won't this time.

Keeping the lights on is the bare minimum. I'd hardly call that a success.

And at least Budge had the brass neck to put his face on camera occasionally... Keeping up the pretence. Teddy is completely anonymous.

It keeps the lights on for a maximum of 12-months, as stated in the initial RNS. That is the only positive.

Taken private for a pittance...

I understand the owners of Baobab Resources in Mozambique are doing well.

Soak PI, and then take it private, stating "that's the best price we could achieve in challenging times..."

If you don't know the score by now, you really should'