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Steady on EricDraven, we assume that money will be spanked on Vardar for example, perhaps even the oft promised drilling on KS, but the reality is, we don't actually know.

Maybe Budge will put the cash into a Share ISA and frivolously invest it in Small caps?

Q2 commences on Saturday, so allowing for a lazy weekend, expect a veritable flurry of news from Monday onwards.

Time to take stock of progress in Q1...

The RNS when taken as individual pieces can look impressive, but to the well-informed, they lack continuity and are full of holes and inconsistencies. Why would the website be any different?

And this share is essentially illiquid in the UK, held by a very small number of investors. Collectively, we won't dig this out of a hole, that said, with positive newsflow, we know that it can move.

When Budge comes to raise cash again, and he will, without newsflow, this share will continue to languish. So at what rate would he raise? Based on previous discounts the current SP, it would be sub 1p.

A share consolidation which I have mentioned several times creates a death spiral for current private investors, and institutional investors don't invest in small caps like this. That said, BEM PlC could be bought for a song if someone really wished.

Just a few musings...

I also suspect that Budge now exists in an echo chamber of his own making. What does he and his colleagues actually do to effect progress on a daily basis?

As it stands, things such as the PFS and environmental permit application are in his hands and not with the government.

And what has been achieved since the huge fundraise in 2020?

Yes the exploitation licence, but that was perpetually in the pipeline.

The fact is, BEM is a small player and should have remained solely focused on Kallak. Grafintec looks hugely promising, with news allegedly due in July (Mid year is the phrase used) that could transform it's prospects.

But if there was ever a company stretched too thin, we are now it.

The same excuse was being wheeled-out a few weeks after the exploitation licence was issued.

The fact is, any plans in the pipeline should have been budgeted and the go-ahead given. Investors should not be waiting for Q2 for example.

It's fine being an ideas man, but to get things over the line is another matter.

And a successful fundraise... For whom?

It will be consolidated down the lane, but that too is a slippery slope for investors unfortunately.

Actual results are our only hope.

News flow and momentum.

aug59... If he has a masterplan, he's doing a poor job of communicating it to those that count - Shareholders.

12-months on from the issuance of the exploitation licence.

And a dose of our current reality in Sweden...

SEK 0,257 -1.15%

Below the issue price

Tangibles aug59...

It's a results business.

Companies going to hell in a handcart... But hey...

Apologies for typing quickly EricDraven... Ffs

Chance? Investment shouldn't be about 'chance' or luck...

I don't leave my business to chance... Nor my investments.

Did Budge leave his renumeration to chance? No, by paying a company to review his renumeration, he hedged his bet.

Oaktree, I've filtered all the nutjobs that talk about gardening, the universe and the summer solstice... and about owning share certificats, widows, hope, beliefs, owning ticker machines and finding certificates under floorboards - This used to be a serious discussion board about a company with aspiration.

And the irony of a successful fundraise? It fell short of expectations, there will be another raise in 12-months, likely a bridging loan, then equity. And to mild amusement, some here didn't even get issued shares on time.

As I've stated previously, this fundraise doesn't draw a line in the sand, from which we move on and all is well.

Some here don't seem to understand that Budge can issue equity in perpetuity, issue billions of shares, share consolidate, and then start again.

Shock horror, he could even change the name of the company.

Other than that disaster in Kosovo, when have the drill bits really turned under his stewardship?

It's a results business. Q2 is upon us...

And the board paid for their participation in the rights issue with... their actually cash payrise.

The price when that RNS was issued? 5.25p...

I reckon a few would chew their arm off for that price today.

Talk about rewarding failure.

From the 8th July 2022...

"Long Term Incentive Plan and Grant of Options

Beowulf (AIM: BEM; Spotlight: BEO) announces that the Board has approved the implementation of a new long-term incentive plan available to eligible employees of the Company ("LTIP" or the "Plan").'

How's that working out?

It's only money... Daffodils are blooming and the summer solstice will soon be upon us. What's few more years?

And effective news delivery could start immediately... But you need some form of progress to report.

So where is the progress in Q1?