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From the RNS:

"This funding will be used to start preparations for the 2023 exploration programme"

Drilling and preparations for drilling are two very different things.

Standby in 3-4 months for more Vardar funding...

Its Agricola all over again...

Its a gravy train that's for sure. And that is why full accounts should be published and open to scrutiny.

How did the board arrive at it's valuation of Vardar, given that it consisted of a mate from university, a few exploration permits, a porta cabin and a few clapped our 4x4'?

Its called project drift.

SMART - A useful tool for any project. Google it if unfamiliar.

Do any of the RNS or our projects as whole match this acronym?

EricDraven, je can't get the scoping study over the line and we are presumably paying for that service?

The 12 month mark from the date the licence was issued is fast approaching. What progress has been made?

Re-read all of the RNS issued in the last few years and they are just a rehash of the last.

4-years of ownership, a total of 3,100m drilled, no measured resource and it's cost investors £3.35m.

Its time that Budge published full accounts across all businesses to establish a degree of accountability.

As I stated yesterday, it's easy to spend other people's money.

2-years after a huge fundraise to get Kallak over the line, and here we are again spanking money on Vardar, and on the cusp of another fundraise to get... Kallak over the line.

People can chat bubbles all they want, but the SP and fundraise speak for themselves. 12 years of very little progress. Still, there's the summer solstice to look forward to. Lmfao...

Just because it's not made public, doesn't mean the decision (price) hasn't been taken.

I take no joy in stating anywhere between 0.0275 and 0.03 based on a discount and the current market SP. I hope I'm wrong

The GM on the 17th is purely procedural and is a foregone conclusion. And if KB had announced the price, the SP would have plunged even further, putting the agreement with the II in jeopardy.

Its certainly easier to spend other people's money, and even easier to spend it on the wrong things, particularly if there is little or no accountability.

And the reason that KB has little difficulty raising funds, is that institutional Investors don't need to 'believe' in the project - Their stock will be slowly fed into the market having been purchased at a significant discount.

Its all about ROI

KB should have invested into a developed mine requiring a capital injection. We would at least be cash generative. Just a thought...

That's true sj74... But the stark reality is that our investment could be worthless by the time that occurs.

And a planning application needs to be submitted after that. Quite frankly, 2026 is optimistic at best.

Notwithstanding the fact that the exploitation application was submitted well before the arrival of KB. The business was in a mess, and whilst he might have delivered the concession permit, and 'transformed the business', what else has been achieved during his tenure?

Millions spent on Vardar, another CEO to pay, and significant shareholder dilution.

Talk of interest in Kallak by third parties at this stage is truly fanciful. If LKAB wanted Kalllak, they would have been in early.

Its time something was actually delivered to add value.

I certainly don't want a lower price EricDraven, but the history of BEM gives a good indication of what's to occur in the next few weeks.

The mother of all fundraises in 2020 was to do just as intended with this fundraise, namely to get Kallak over the line.

And again, I anticipate money being spanked on Vardar in 2023 with little to show for it to date. I'd personally like to know what the MD has been paid for his shares in Vardar? Likewise salaries etc.

The II will do well out of this, private investors less so unless they invest big money.

The markets are littered with companies that care little for investors.

The scoping study is, to our knowledge, late. What hope that the environmental application can be fast tracked? Money usually solves these problems?

The price of the rights issue will already be agreed and in place...

The RNS is placatory and gives away very little. Grafintec aspire to be a miner do they not? There is no mention of getting anything out of the ground.

News of the scoping study will not shift the SP one jot, likewise submission of the environmental application, which is anything up to 12-months away.

After the rights issue, I anticipate a gentle manipulated rise from the offer price of between 1-2p allowing the institutional Investor to sell into the rise for profit, followed by a steady decline to around the offer price.

Someone chatting bubbles again? Use the filter button...

The £8.8m raised, before costs, represents circa 250m new shares based on a issue price of 0.0325p which is optimistic at best.

For a junior explorer like BEM, with a billion plus shares in issue, it starts to look like a basket case in all honesty. No doubt there will be a share consolidation at some point?

And given the fact that the scoping study due Q4 2022 is now late, what hope is there throwing money at the environmental permit in order to fastrack it? Also due Q4 2023 - Standby

Its a slippery slope with what will be a billion plus shares in issue come the rights issue in February. But don't worry, there's plenty of financial shenanigans to rectify that little problem.

Its also time that the accounts are published in full so that investors can see exactly where our money goes.

My bet was between 0.0275 and 0.03p for the rights issue.

Watch this space.