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There’s the Indian market update and so suspect that they were waiting for clarity on this before publishing results.

Looks like good news on the surface but needs a bit more digging to understand timelines and requirements for regulatory approval. It is unfortunately another delay and little visibility on whether H2 2026 timeline will actually be delivered. Nice to see addressable market value estimate provided. Really great if they can secure this over the next 24 months but still too many uncertainties for any meaningful share price response

The delay in results is a bit odd as management must have had a good line of sight on timings when they indicated end of May. The announcement from last week is a Reach RNS and so I don’t think had any bearing on results timing. Something else is going on good or bad. But I do agree with you ctw that this company is way off the radar at the moment. However with a high gross margin and reasonably low and fixed operating cost base any meaningful pick up in sales would drive a strong uplift in earnings which even on a modest multiple would result in a share price much higher than now. As always we live in hope (and maybe we can hope that things in the ME are finally going to settle down now which might provide a boost to sales in this region).

Do we think this mornings RNS effectively answers the question on whether BMIN are going to drill the initial targets themselves? Or maybe the non exec appointment signals progress on negotiations with mining majors on farm out terms. Either way they look to be getting on with things!

Looks like it won’t be May results announcement afterall. Always living in hope so let’s hope that the reason for results slipping into June is because of some good news they want to include in the post balance sheet date part of it. Onwards…

Agree VR that Board can recommend a take over a 0.3p but largest shareholders will reject at that price I suspect. 3p a share is just over £165m mkt cap I think which for me feels unlikely in any short to medium term outcome. At 2p which is a bit more feasible Lars stands to make over £1.5m so while it would be good to see him load up on shares some more to signal strong confidence in the outlook, he also stands to make a good chunk of money which at his age with his salary and pension makes him very well off. If he has no one to leave any wealth to when he dies then why would he take the extra risk? (I have no idea if he does or not though). Personally I’d be thrilled with anything over 1p!

This looks like great progress from BMIN. Very meaningful new information and a healthy dose of dressing up the prospect with analogies through to massive world class deposits (expected behaviour from a mining junior).

I’m working on around 12 months to get to agreed drill targets once all field work is processed. The field work will soak up a lot of the available cash from the recent raise so if BMIN are going to drill targets themselves in 2027 then another decent sized raise is coming to fund that.

Question in my mind is would BMIN board be happy to JV earlier for smaller % of future revenues to avoid near term cash raise need or try to fund themselves and prove up resources to access a larger share of any future JV?

Any insights from the team close to James C on this question greatly appreciated

6 more trading days for results announcement. I’d still live in hope that they will provide some further good news in the forward looking statement with results but it’s probably unlikely. I really would like to know what’s going on with this Indian certification. More detail on that from management would be nice

The appointment reads as a deliberate preparation for a more material capital raise to fund drilling. BMIN has the exploration narrative (copper, AI-driven targeting, critical minerals), a freshly rebranded identity, and early-stage results — but converting anomalies to drill results requires cash. VSA brings mining-specialist broking, alternative funding sources, and Asian network reach that First Equity alone may not provide. Watch for a fundraising announcement in the coming months.

Which bit of news specifically are you thinking might be leaking ctw?

Worth keeping in mind that SYMs update for q1 is ebitda positive - so generating enough cash to cover operating cash costs and net profit expected by end h1. Cash raise will be required if they repay the outstanding convertible loans or have a growth capex requirement. Otherwise they’re washing their face and with continued sales growth through 2026 there should be surplus cash to cover operating costs, interest and tax due.

Nice to see the share price up but looks to be a seller around (unless those larger trades that look like sells are actually just accumulated buys over last few days but booked out today). Who knows. A very positive RNS wouldn’t go amiss.

Yes, a little bit of life in the share price. Seems to be some buyers returning. As we’ve all been aware, there is potentially quite a bit of good news flagged previously for around now. So maybe this is insiders adding? Can’t see why any new investors would be jumping in now with Saudi economy and oil related markets under pressure bit you never know.

Let’s hope for d2p contracts landing and Indian reg approval for d2w.

Despite the compelling argument set out in this Reach we still don’t have Indian reg approval for d2w and the EU will never change its stance because it doesn’t want to lose face.

High time for some significant progress on revenues and profit to be announced.

Just a seller in the market and no buyers. I’d like to hear from the company why the impact of the disruption in ME region is for SYM. Plastic production in Saudi itself shouldn’t be too badly affected short term if at all and much more tied to economic activity rather than oil tanker movements. Likely that economic impacts will be felt if this conflict isn’t resolved soon though. Maybe also increased security of sippy issues for oil and gas might push up demand for nbr ? Makes sense that this happens but common sense in short supply right now it seems. We have several potential updates imminent on near term commercial opportunities which I think should progress regardless of what’s happening in Iran and region right now but inevitably economic uncertainty usually puts the brakes on new product orders to some degree.

SYM not due to update on trading do a few months so I guess we might be in the dark unless the team feel the need to clarify where they are at right now.

Near-term nature

• This is demand activation rather than technology risk.

• Investment in regional sales infrastructure underway now.

Crystallisation window

👉 Ongoing conversion — incremental revenue visible through 2025 and into Q1-2026.

1) d2p ai (natural insecticide) — commercial phase imminent

what the interim said

• large share of d2p revenues already generated from d2p ai.

• a european trial nearing completion with indications it will enter the commercial phase “in the short term.”

• food-packaging trials ongoing with “good efficacy.” 

why this is near-term / q1-2026 relevant

• “short term commercial phase” after trial completion → implies conversion shortly after trial close.

• this is the clearest explicit pipeline item moving from trial → revenue.

crystallisation window implied

👉 late-2025 → early-2026 revenue ramp (post-trial commercialisation).

⸻

2) d2p am (antimicrobial / bread packaging) — commercial trials converting

interim statements

• fda-approved technology being marketed in ≥8 territories.

• ongoing commercial trials showing strong performance extending shelf life. 

why near-term

• already approved + commercial trials (not early r&d).

• expansion across multiple territories implies incremental orders rather than binary regulatory risk.

crystallisation window

👉 progressive conversion through 2025 with incremental revenue visible into q1-2026.

⸻

3) d2p flame ******ant (fr) — certification milestones within months

interim detail

• first product: first small commercial order placed ahead of final certification expected october (2025).

• second product: trial completion expected “in the coming weeks”; certification expected within ~2 months. 

why this is explicitly near-term

• certification timeline measured in weeks/months.

• first commercial order already placed.

crystallisation window

👉 certification late-2025 → revenue scaling late-2025 / early-2026 (direct q1-2026 relevance).

⸻

4) d2p ai regulatory approvals (us epa / mexico) — gating event for sales

interim

• us epa registration application ongoing.

• mexico permission also being pursued. 

near-term logic

• not guaranteed timing, but framed as expected update soon and tied to existing sales use cases (irrigation pipes).

• regulatory approval is a clear step-change revenue trigger.

crystallisation window

👉 event-driven; could unlock sales acceleration immediately post-approval → potential q1-2026 upside.

⸻

5) nbr (natural biodegradable resin) — moving from trials to market launch

(from latest results commentary surrounding the interim pipeline)

• nbr trials expected to complete in h1 with potential for “materially valuable” sales if successful.

• early orders already referenced in recent company commentary (canada / uae / saudi). 

near-term character

• late-trial → first orders phase (classic commercialisation transition).

crystallisation window

👉 late-2025 → early-2026 ramp.

⸻

6) geographic growth: middle east enforcement-driven demand (d2w / portfolio)

latest commentary linked to current trading outlook:

• middle east markets expected to increase due to improving enforcement.

Strangely almost cryptic RNS this morning. More consultants to help drive sales. Products definitely not selling themselves quite yet. Most interesting thing is that options price is 20p. Another investor anticipating share price north of this level in the coming months and years then. What are they seeing that we can’t?

Backward looking part of the results to end Dec agreed will be disappointing in terms of revenues and profit but we already know this as you say. It’s the what’s happened close to and since year end bit that I’m interested in. Much promised for several commercial opportunities getting over the line in this period and so SYM really have to demonstrate commercial traction now on this.

Reflecting on ML turning 76. I guess that he wouldn’t still be working if he thought it was a lost cause. He’ll have a great pension and plenty of savings. Suspect he would have retired by now to enjoy these. More likely that he really does think that the company is very close to scaling and that this is his life’s work. He wants to see this over line. It’s personally very important to him to do this hence why he is still going at 76.

Interesting point you highlight re ages of board there Hounddog. I’d been wondering about ML recently but hadn’t checked (probably because I didn’t want to face the reality). Question i have…is there a succession plan? And has MLs occupation of the CEO role held the company back or been a master stroke of marketing and spin to keep a very nice salary coming in for the last three decades when there has always been very little prospect of consistent profitability.

Next set of result are more crucial than ever.

Interims previously stated clearly that a number of commercial opportunities were to be realised in H2 or shortly thereafter. Ie now.

One more roll of the dice

We’re not obliged to accept it though