Member Info for Pocko

Opinions will obviously differ on the investments in Kosovo and Finland, and investors are free to make their own judgements - And that includes changing your opinion (Mine continual evolves as do the facts) For me, Beowulf is Kallak. However, diversification helps news flow, which in turn keeps Beowulf Mining relevant to investors. And just imagine when they all come online?

And a useful link to a presentation on Fennoscandian Resources, which is wholly owned by Beowulf a Mining.

https://assets.website-files.com/5ce641a422f44f0ea5ee424c/5d88d611a39a488a546e5ebd_BATCircle%20Seminar_Pori_Fennoscandian_Resources.pdf

Worth a visit for research purposes, for those that haven't done so already. We’ve a significant stake in its future, so maybe it’s time to get behind our CEO.

www.vardarminerals.com

And right on cue...

And more to the point, why would any investor be surprised? What with the Swedish authorities being absolutely pulled out with it...

Provenance?

I think we’ve demonstrated plenty... lol

Thankyou... So we’ve been waiting at least since the the 8th October 2019.

I honestly don’t know either...

A strategy specifically in relation to the issuance of the exploitation licence. And yes, it’s not long until June. However, it’s an unknown. We have no idea if it will be published, exactly what it will recommend, and if it will even apply to our application? (application of new rules to our submission would seem incredibly unjust).

I think it’s time that Budge outlined his strategy to investors as to how he plans to get this home. It’s all well and good writing to Ministers and doing soft interviews with Brr media... Maybe the review will give investors a steer, unless of course it’s delayed?

Destruction of shareholder value as opposed to being ‘fleeced’...

And by extension, the fleecing of investors. It’s been a death by a thousand cuts. Thought we’d lost you EricDraven? Just about to start a vigil for you...

Investors bear the risks... Not Budge. The SGU discovered Kallak. Beowulf took the economic risk by drilling to prove that it was economically viable to mine Kallak. From then on, it should be a simple matter of following procedures outlined by the Swedish authorities. It’s that simple. Budge is paid to deliver Kallak based on those national mining laws.

Each fund raise results in diminishing returns...

The number of shares in issue is incredibly important. I’m not invested for any other reason than capital growth...

Clearly, I/we would all want a significantly higher SP than that... but the more shares in issue, the more unrealistic that becomes. As for the review? What odds on it being delayed due to Covid-19? Even though Sweden has the most relaxed containment measures in Europe...

And yes, I hope the review is published and offers a way forward. But again, that's another 6-8 weeks away.

As a business, I have to account for, and justify every penny that I spend. It's that simple. Accounting standards on AIM are very poor, and many companies play fast and loose with the rules and investors money (I am in no way suggesting that this is the case with Budge - Although I do not agree with the other investments). Limited liability companies, such as Vardar Minerals Ltd have even lower accounting requirements than those on AIM. So with that in mind, What exactly was achieved by going to Toronto on our coin? Is it was just to go to a conference, then why? What exactly was achieved? If he ambushed Baylan for want of a better phrase, and it was that easy, why not do it in Sweden? If he had a meeting with Baylan, then why not say so; And why not do it closer to home. The point being that every krona, Pound or Euro spent, represents another pound to eventually be raised through a rights issue. In respect of limited companies, and specifically Vardar, if they were to go out of business tomorrow, we (Beowulf) would have no financial recourse. (I seem to be the only poster that remembers Agricola Resources and the 'investment/loan' made by CSP!!!). We know operational costs for Beowulf (And Vardar - Because you and I are paying for them), but what we do not know are the breakdown of expenses that BUDGE, and those at Vardar personally generate. If Budge were to raise funds tomorrow, it would be at a discount to the current SP - And whilst it might be a few months before he does, it will no doubt be at discounted to the currently very low SP. You would hope that the issuance of exploitation licence would have a huge impact on the SP, but could you honestly see this being £1, £0.50 or even £0.20 when there could be close to 1Billion shares in issue if we continue at this rate? That's my point... Where is the shareholder value?

With a couple of notable anti-mining posters, whose intentions are clear and evident, I’m not suggesting that you or indeed any other posters here are anything other than frustrated with the situation. Although we all might differ on the best course of action moving forward. And I/we have to accept that Budge is hopefully in possession of more facts than we are. And yes, legal action could be fraught with difficulties. However, there is a clear abuse of process by the CAB and other interested parties. If we were to proceed legally, that would be for legal experts. However, I cannot accept that the best course of action is continue along the current course. Unless someone can tell me different, it has to date achieved nothing tangible? Other than a significant dilution of shares and and increase in costs. Cash burn is an issue, and whist accept that Budge is very professional, there is a lack of corporate governance with regards to expenditure. Flights to Toronto... ‘investments’ in Ltd companies that have even less governance than Beowulf on AIM, are all a concern in my opinion. Budge is paid to deliver, and I do not doubt his frustration, but investors pay the bills, and we are being short-changed.