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Exactly… which is why counter any argument that suggests a buying frenzy in Sweden, and that somehow they are loading up in anticipation of news - It’s currently -24% on the day

Comments on a rising SP never age well. It’s currently down 14% in Sweden, following on from the losses on Friday.

So why are investors keen to sell before any announcement?

And of course the work conducted by the consortium will be used by BEM for Kallak moving forward.

So again, to quote Gruv, who whether inadvertently or not, is misleading…

“ If so, it would be because the new grant of SEK 11,000,000 is being awarded to the company. This would in turn make it easier to wait for a decision on the Vardar deal.”

The grant is specifically for a project… it is not funding for work conducted by BEM for Kallak.

We currently do not have funding in place for our work streams.

EIA to be submitted by the end of the year?

The NordicPipline project is a 2-year process.

I’d say the funding for the project, that includes multiple partners, is very distinct from our own funding.

And how can we submit the EIA if it’s subject to the work of the pipline project?

It simply doesn’t work both ways - Do your own DD

“If so, it would be because the new grant of SEK 11,000,000 is being awarded to the company. This would in turn make it easier to wait for a decision on the Vardar deal.” This is for the NordicPipe project and has nothing to do directly with the Kallak financing.

And the company has explicitly stated that further short term financing will be required by the end if Q1 if Vardar is not sold. The other financial avenues for Grafintec, namely the sale of equity which has yet to be realised, and the grant/loan has been rebuffed. So the idea that a further loan, and potentially further dilution through conversion of the said loan will not occur, is at best a guess, or is simply not true.

And the volatility in Stockholm just demonstrates the irrational behaviour of investors in Sweden - Demonstrated on many previous occasions.

I love your optimism - But this down 65% in the last 12-months, not including the share consolidation.

The pipeline is surely an integral part of the EIA? What with if being used instead of vehicles for environmental purposes?

It’s all smoke and mirrors. Where’s the finance when we need it?

So completing the study before submission of the EIA - That’s what you imply? You can’t include the pipeline solution in the EIA if it hasn’t been subject of a thorough review. Either way, it’s 3-5 years away at best. And if this company does anything well, it’s project drift.

Time they issued an update in respect of Grafintec and Vardar - If not, come clean about the latest short-term loan.

You could ask AI?

And, it’s only going to take 2-years to “ advance technical and environmental knowledge”. Then we can get on with planning and actually building it.

The fact that this process will take 2-years ought to give a truer indication of when we might actually start to mine?

Any news on funding I wonder?

And Gruv gets his answers from AI…

Absolutely Suzy, it won’t affect the building of the mine - Because that is years away. The EIA will take at least 1.5 years from submission, which given the lack of funding, we are yet to complete. Then

there will be a planning application.

It’s nice to agree for a change.

There’s another loan incoming soon…

And as for the sale of Vardar? It doesn’t currently have any key exploitation permits. Who’s going to buy it as it stands?

Running out cash, 0.007 to sell, significant capital required to finance the EIA and further dilutive short-term finance incoming.

I’d say the facts speak for themselves.

Persistance? I suspect we would all persist if rewarded as handsomely as CSP, Budge and a Bowie - To date, they have been rewarded for delivery failure.

And the £3.25m spent on Vardar is testimony to poor decision making, as a starter. And assuming any sale actually occurs, by the time you factor costs including advisors, it will be coat neutral at best.

As stated, planned works all rest on the sale of Vardar, and a sale of equity in Grafintec, which will only occur if BEM have their own collateral in the form of the loan from the Finnish government. Those are the facts.

You seem to take greater offence when someone highlights the facts, than the actual failings of the management.

£25m and counting…

Unfortunately Gruv, AI also works on probability, and nor does it take onto account the historical and human failings of this company.

All current spending ‘plans’ are based on the sale of Vardar, or a partial sale of Grafintec, which from a buyers perspective will also rest on the issuance of the loan by the Finnish government. That’s how precarious the situation is.

It’s the financial implications that are the issue.

The ‘promise’, a carrot (also known as jam tomorrow) routinely dangled in front of investors in the form of RNS, has never been in doubt.

And playing devils advocate - How much equity do you think an investor would want in Grafintec for £5m given that the parent company only has a market value of £5m?

Since the submission of the exploitation licence application, and subsequent issuance of the licence, what piece of work has actually been taken over the line and finished?

The lack of results for the £25m (and still rising) spent in the last 10-years is astonishing.

And the work streams are all dependent upon either sale of Vardar (Kallak) or the largesse of the Finnish state, which has been declined. Meaning further delays. So it’s critical…

“Grafintec has been informed that its application to Business Finland for a Research, Development and Piloting loan scheme for a loan of €7 million has not been successful on this occasion, primarily due to failing one of the eligibility criteria.”

And you have to admire Bowie - Trying to flog Vardar when it currently has no actual exploration licences!

But the team still found time to award itself share options.

Another loan and therefore more share dilution to follow, contrary to what he stated about shareholder dilution in a previous RNS.