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Spin it all you want - The RNS does not contain any good news

ADF... Up in Sweden? Yes... 0.64% Hilarious

And theres gold in them there hills...

But it's no good if you don't have the expertise to moneterise it.

Which has had the sum total of what effect EricDraven?

There were 136m shares in issue when I first invested. Where's the value for investors?

Hasty, maybe you could tap-up KB for a loan. He does mates rates apparently...

Or you could get that consultancy company that reviewed the directors renumeration to have a word with your boss? It did wonders for KB and Ula

And so, in brief, Grafintec has a graphene measured resource, and first refusal on a building plot.

We are £3.1m in the hole for 2750m of drilling in 4-years that we've owned Vardar.

And Kallak is at least 2-years away from the issuance of the environmental permit.

And the loan needs to be repaid in February 2023.

You couldn't make it up.

And with that, the funding from Epsilon for that part of the Grafintec project disappears too.

And once again, it's Kallak or bust.

And as if by magic. . Puff... The JV disappears.

Deary me Suzy2... Think before typing.

KB is himself a shareholder, which somewhat dispels your post.

With significant investment, a private investor could request or force a position on the board as a non-executive Director.

Your very tone suggests we shouldn't be asking questions of the board? If that's the case, why post here?

Capital investment will come from a JV for all projects. Dilution will occur for day to day expenditure, but the amounts required for Kallak will need outside investment - Epsilon being the prime example.

Which leads to the next point...

Epsilon have stated that they will be investing £350m across several projects in Europe, of which Grafintec will be a beneficiary. The MOU states a 49/51% split in their favour.

The big play appears to be Grafintec at the moment. But who knows?

It's an unknown 3card, £3.1m has clearly not been spent on 2750m of drilling since 2018?

But it's not stated anywhere is it?

Drilling costs money... So I'll ask again. Where do you think it will come from?
The MOU was signed in December 2021. The option was on land with a view to developing a facility. Not an option on a facility. Two very different things. That option might have expired? Who knows? It certainly hasn't been mentioned in any RNS.

And the appeal is quite possibly a dampener. Maybe the objector will be granted another extension in September? How long until the appeal is heard and a ruling given?

No doubt the environmental ruling can be appealed too? When it's finally submitted in Q4 of 2023

Blind optimism is all well, good, and noble, but here's a reality check.

In February 2023 the loan needs to be repaid in full or shares will be issued at a 15% discount to the market, which will be sold into the market for profit. More funding will be required.

Vardar will require more funds for drilling - Clearly signposted in the last RNS.

Grafintec, as EricDraven stated, is now an unknown entity given the last actual update was in January.

So where do you actually see the good news Suzy2? The sort that will lift the SP. Value can be interpreted many ways, but I'm fairly sure that most investors would equate that to market value - In other words, the SP

Exactly EricDraven...

It's time to deliver... But time to deliver what?

" The Company has many opportunities to grow, each business area displaying strong prospects, with near-term and longer-term value-inflection points."

I'd love to know what the 'near-term value inflection point' is, because there is nothing on the horizon for Kallak, Vardar is years behind Kallak, and as for Grafintec, who knows?

But then some must have a sense of humour...

£3.1m for a stake in a limited company that only has a few exploration licences.

Limited companies can be created for next to nothing, and exploration permits purchased for a nominal fee. Who's the joke on?

I'm all for diversification, but come on...

Humour is clearly lost on some...