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And it's called kicking the can down the road EricDraven...

So my thoughts on Q2 were valid? What has been achieved to date?

I want this to succeed as much as anyone, but to date, performance this year has once again been pitiful.

Budge will no doubt cite a 'successful' fundraise...

September? My word... Still, it's only another 6-months.

So 'the market' is responsible for the pitiful SP? I assume we'll benefit when an upturn occurs? Very insightful... Lmfao.

Very impactful read...

https://www.di.se/ledare/gruvans-tid-ar-nu/#:~:text=jordartsmetaller%20hotas%20av-,l%C3%A5ngsamma,-tillst%C3%A5ndsprocesser.%20Det%20vore

We'll see in 18- months time, when following a a loan (Approximately 12-months), shareholders are subject to another round of fundraising. Because, like it or not, that's the pattern under Budge.

And to date, what suggests Budge can deliver any shareholder value given his previous performance?

Just as he did a deal with his mates at Vardar (I suggest a little research), it's not in his interests for the SP to rise. It wil be sold for a song, Budge will be rewarded with a plum job within the new ownership structure; and existing shareholders will be nursing losses at best.

And if a third party were to enter into JV, does anyone think that they'll put up £100s millions for a small percentage of the company?

A few are clearly suffering from Stockholm syndrome if you think 6-9p represents progress. Indoctrinated...

How's that for realism?

Wow... 6-9p this year?

Was it not higher than that pre-issuance of the exploitation licence?

It's the duty of the CEO to deliver shareholder value. To date Budge has failed.

6-9p? Speechless...

But as ever, how it translates into the real economy is anyone's guess.

https://www.theguardian.com/world/2023/mar/07/eu-sets-target-of-40-of-clean-tech-to-be-made-within-the-bloc-by-2030

It's there in the RNS EricDraven... It's not as simple as submitting the environmental application... One in turn leads to the other. And once submitted, it's at the mercy of the Swedish authorities - What evidence do you see that things will move quickly, given the treatment of our company historically?

So yes, it's clearly an inconvenient truth to some on this board.

As I've stated, Budge should publish a clear road map for investors ...

The process is clearly outlined in an RNS issued 6-weeks ago EricDraven. The timeframe remains unclear beyond the stated 2026, unless there is a work plan in place?

And until the outcome of the environmental permit is known, how can the applications for the other permits conform to any parameters set by the environmental permit?

Chicken and the egg...

From the RNS dated the 24thJanuary 2023... An inconvenient truth for those that care to read and digest it

"The Kallak North Exploitation Concession provides Jokkmokk Iron with exclusive mining rights in the defined areas for a period of 25 years; however, before operations can start three additional permits are required:

1. Environmental Permit (Swedish: Miljötillstånd) will be applied for following completion of an Environmental Social Impact Assessment ("ESIA") and associated stakeholder engagement process;

2. Land Designation Permit (Swedish: Markanvisning) will be required to define the industrial area associated with the mining operation (such as tailings, waste rock, processing plant) and also involves stakeholder engagement; and

3. Building Permit (Swedish: Byggnadstillstånd) will be required prior to construction."

2026?

The work plan may have changed... Who knows?

Fail to prepare, prepare to fail. Its an old adage that still rings true.

The permits will have an expiration date ... They can't just rock up and drill.

Good Hastyretreat... The more pictures I see of Budge cosying-up to Gina Rinehart and her ilk the better...

I want specific objectives that are measurable, and realistically achievable with the given timeframe. The company should set itself to succeed rather than fail with it's operational objectives.

Its not unrealistic to expect a consultancy providing services to BEM to do so within a realistic timeframe. Not a timeframe that creates time pressure, and opens up the company to failure, but a timeframe that's achievable. Vague references to Q2/3/4 are of little use to investors

There are always unknowns in business, but the management should be wholly focused on those aspects on which it can deliver.

Have the drilling permits been submitted for Vardar or KS? If not, why not, given their simplicity and in the knowledge that the funds for such activity are to be forthcoming?

Why are we waiting for Q2 for commencement of the PFS? Given that the fundraise was announced in December, and again, Budge would know that some funds would be forthcoming given that the fundraise was underwritten.

Investors and therefore the market, have no interest in what company 'could or will do', it wants to know what has been achieved, which to date is clearly insufficient to satisfy the market given the appalling SP.

How anyone could defend the current SP is beyond me.

Yes EricDraven, on the back of the lapsed MOU signed last year.

And so whilst we do have that 'progress', it's lagging behind where the project should have been is it not?

I'll stand corrected in July...

The notion that things will be different this time, simply doesn't wash.

The scoping study was late - what evidence suggests the environmental application wil be submitted on time?

Budge also managed to obtain a payrise... Slipped my mind.

Its 12-months since the licence was issued...

How has the Kallak' project been progressed beyond the scoping study?

And BEM will retain a stake in Vardar... And as such will likely be a majotity shareholder and participate in future fundraising for Vardar PLC - It's how it works.

Apologies...I'll rephrase it.

What has been achieved post issuance of the exploitation licence?

You seem to think a line has been drawn since the fundraise, which incidently, is not yet complete.

If as some believe, a mine is to be achieved in 2026, then every minute counts. There are many hurdles, planning permission amongst others.

Talk of things starting in Q2 etc is all well and good, but Budge is burning time and money. BEM do not have an abundance of either. Or do you know something I don't?