Member Info for Pocko

Borrowed £1.76m on or around the 4th July 2022, and repaid £2.13m - That finance cost £370k. That's going some.

Any detail in the RND is disappointing at best; and where substance is required, there simply isn't any.

And note that there is no reference to 2026...

That's an understatement...

14 months on from the issuance of the exploitation licence, the opportunity has clearly been missed.

What were Budge and his cronies actually doing?

Friday afternoon - A top time to bury bad news.

And this little pearl...

"The Company announced, on 8 July 2022, the implementation of a new Long-Term Incentive Plan ("LTIP") available to eligible employees, an important element of the Company's remuneration policies designed to retain and incentivise key employees. Moving forwards, the Company's remuneration policies will be developed on a systematic basis and matched to performance metrics, such as achieving important business milestones and ESG objectives."

Ironically no mention of the SP...

And ineptitude cost the company £80k

"Following the year end, it became apparent that due to the timing of the receipt of the funds from the Rights Issue the Company was not be in a position to pay back the bridging loan facility at its maturity. The outcome of this is that the holder of the loan enforced the penalty interest for entering another 30-day period, which was circa 1 million SEK (approximately £80,000). The loan principal and interest totalling £2.13m was repaid via a deduction to the gross proceeds from the Rights Issue."

As I stated, standby for another fundraise, at an even lower price.

"The Board continues to adopt the going concern basis to the preparation of the financial statements. The Group is dependent on further equity fundraising to operate as a going concern for at least twelve months from the date of approval of the financial statements, this conclusion has been reached following managements review of both cost and foreign exchange sensitivities and potential key hires required to advance projects"

"The net funds raised after the loan repayment and share issue transaction costs were £3.72 million."

Having destroyed shareholder value.

Justifying poor performance?

A sell at 0.0165

It's our money... Wake-up.

Johan Röston: Hi Henrik, I hear that you've got a supply issue for your new green steel project. We've got a shed load of iron ore if you are interested; And I believe that should we make announcement that a supply deal has been struck, that might get both projects over the line. What's your thoughts?

Henrik Henriksson: JIMAB AB? Beowulf Mining you say? Never heard of you!

Seriously, how hard could it possibly be?

And as I stated earlier, perhaps the nut nuts that post here should start buying? That would move the SP.

It hasn't worked so far...

And today's RNS has just been another vague regurgitation of previous RNS.

By reassessing progress, are they looking to accelerate or decelerate? Just vague nonsense.

£908,904.00 total loss after taxation for Q1 2023...

So based on cash held as of the 31st March 2023 (£4,337,137), I reckon we've 12-months maximum before another capital raise. And that's based on leaving it until the last minute which is unlikely.

That's also assuming that losses don't accelerate as a consequence of an increase in salaries arising due to a 'strengthening' of the board or heaven forbid some actual activity.

Where's the news to drive the SP?

And it's the 1st June tomorrow I believe... The year is running away from the perspective of investors.

JR gets paid in any event...

And for those espousing positive waves, break your piggy banks and buy some shares, in volume, and then you might see some movement.

Otherwise, actual results are the only thing that will move this upwards - Fact.

But please be reassured, things are happening in the background... Honest.

Specific targets? Actual timelines? Never...

Rewarding failure...

As for 2026, unless there is a radical change in performance from the board, and critically from the Government, which I feel is unlikely at this stage, that date is pure fantasy.

And as mentioned, Ukraine is at war, and Kosovo stands on the precipice of another civil war. Great places to invest our money.

And it's gone down well in Sweden - Literally and metaphorically.

Be as relaxed or calm as you want, but there won't be any value for early investors at this rate.

As for reassessment of timelines, what does that actually mean?

The board are truly in their own echo chamber.

"creates value for our shareholders.."

How's that working out?

Just empty words