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The irony of a non cash generative business funding... Another non cash generative business.

At least we are starting to shine a light on Vardar.

Why did existing investors not stump up the cash, if Vardar was such a good thing?

Having multiple directorships is not uncommon, nor interests in multiple companies. My main issue has always been how the valuation of Vardar was derived, and as you say, the cosy relationships between Budge and the Vardar guys.

And yes, all very opaque - For which there are usually good reasons.

And it's difficult to go into any detail as I'm working from my phone today. Flip flop Friday...

And put this way - BEM own 61.1% of Vardar Minerals. We don't know the actual ownership structure, but it's safe to assume that Luke Bryan and Adam Wooldridge own the rest between themselves.

So if it's correct that the company has £3m net assets, then if the company were to be dissolved, our share net of liabilities would be £1.8m. That means Bryan and Wooldridge have been very well rewarded for selling nothing more than a shell company to BEM. £1.2m between them in fact.

They started the company on the 11th November 2016, and it limped along until BEM became involved.

Just a thought.

Start looking at the structures EricDraven... It's a bit of a web.

Christopher Davies was appointed director in 2022. Röstin was appointed in May 2023 so you'd think they would have a handle on what's currently occurring at Vardar.

Luke Bryan is director and Weaver Financial act as conpany secretary. Luke Bryan also happens to own... Weaver Financial. Nothing out of the ordinary, but it starts to become a web of intrigue.

Take a look... It's easy to find.

Vardar submitted it's 2022 Accounts on the 8th August 2023.

Unaudited micro accounts, so it's near impossible to decipher. Needless to say, it states that the company held £2.9m in net assets, capital and reserves at the end of the accounting period. How those assets are constituted is not clear. It could be cash and a valuation of assets, one or the other or both.

And that's up to the 31st December 2022 - A lot can happen in 8-months.

Take a look at companies House.

And EricDraven, there is no handshake. No secret agreement between third parties and BEM.

If the Swedish government, and let's face it, we've seen a few, really wanted Kallak, it would be a mine by now. The fact is, there is now appetite for it.

And as I've stated previously, H2 Green Steel do not care where they get their ore, as evidenced by recent deals in the US and Brazil. They simply want to make money.

Leadership that had run its course, possibly with a difference of opinion, evidenced by the hasty departure of Budge.

A company stretched far too thinly, with three projects showing little if at all progress. - Project drift.

Grafintec now looks the most promising of the the projects, but we received mixed signals from the company, given the review and then subsequent RNS from Grafintec.

Kallak always looked a tall order, but given the optimism expressed in the RNS, how were investors to truly know? It all looked too good to be true.

Vardar? That just looks like outright abuse of company funds. And it's for the company to demonstrate otherwise.

The silence from the company is unforgivable.

And Roller, the lines between truth and negativity are blurred to some - But not to me.

Shareholders should be critical friends of the company.

I've previously raised the point with Röstin that renumeration should be directly linked to the performance of the SP - This does of course carry some risk in itself.

But at this juncture, they get paid regardless. Budge had 375k reasons last year, I'm sure that Teddy will have a similar amount of reasons to continue this farce.

Quite simply, we have a board that is completely unaccountable. And it really should be our job to take them to task. If people are happy with performance, and there appears to be a few, then it's no wonder that the malaise is allowed to continue.

Given the fact that his appointment was made public on tue 28th June, I would expect him to have had a good knowledge of his brief already?

If he can have time for directorships in other companies, then he could surely have started some form of preparatory work for us prior to his official start date?

As I've stated, 6-montha for a review or to get a handle on things is utter nonsense.

I don't really care how he connects with shareholders, but he does need to do it.

And to be fair EricDraven, there appears to be plenty that don't even read the RNS!!!

My point EricDraven, served only to highlight that there are low cost options when communicating with shareholders.

And I agree, not everyone has access to social media.

As for unsavoury posts, I have a sea of green, and therefore are oblivious. It's a personal thing, but I'm only interested in conversing with people that post interesting and sensible stuff - Whether I agree with them or not is largely irrelevant.

RNS cost money... But as long as there's nothing market sensitive disclosed, he could always embrace social media?

And fair points EricDraven... It's now August. Vardar appears to be nice work if you can get it.

Get a few exploration permits, punt yourself around mining conventions, look for your mark (Someone like Budge will do... Other people's money to burn), get them to sign up as a 'partner', and then, Voila! Easy street...

Vardar Limited will be useful as a tax write-off... That's about the sum total of it's worth.

Again, I'll pose the question. What are the directors there doing on a daily basis?

This is a small and nimble business... It should be easy to operate on a day-to-day basis. It's not Rio or Lkab... Experts have been contracted to do the work required for the exploitation licence and environmental work.

The management team are there to oversee this work and are ultimately the public face of BEM.

It's not difficult.

If these people have enough time to have secondary employment and other directorships, then Teddy should have had the time to put together some sort of interview prior to the 7th August.

In my opinion the directors, chairman and CEO have had a very easy ride from shareholders historically - That needs to change.

Of anything was actually occuring that was market sensitive, and therefore subject to an RNS, Budge could not legally have been given options, as it would be a closed period.

They are accountable to shareholders.

Maybe he doesn't feel that he needs that connect or rapport with investors? At this moment in time, he doesn't need anything from us does he?

Communication from Budge used to ramp-up considerably when he needed finance.