Hi Emma, I just got back from the AGM. As you already know, all...

Hi Emma,

I just got back from the AGM.
As you already know, all resolutions have passed.
After the formal part concluded Mike made a 15min speech discussing our progress in Poland, divestment and Togo. After the speech we had an informal chat with the directors less Derek L who is in Poland.

Here's a summary of what was discussed:

Togo:
Basically the Co is fed up with all the delays, non stop meetings all over the world and other silly demands from the Togolese side. He did not say that the deal is dead but he made it quite clear that we jumped hoops for over 3 years, put together a VERY strong consortium, had the best and strongest submission and there's still no answer from Togo.
I feel that if we do get awarded the deal we will take it but we won't be chasing it any longer.
If it takes the Togo govt few years to just award an exploration licence, how many years will it take us to get the mining permit and start the production?
Togo is a great project but IMHO it's run by a very poorly run government.

Balkans:
The original $15M deal did not eventuate due to the buyers financing problems caused by the global downturn in the resource sector. Mike said that the management have done everything they could to help the buyer get the deal over the line but unfortunately the deal fell over.
Even before the deal fell over the management was working on an alternative deal which has now been completed.
Getting rid off the Balkans is a very good move for BMB as we won't have to spend $1.5M-$2M this year on those assets, will cut down our monthly expenditure and it will let us concentrate solely on our business in Poland.

Poland:
Everything is running very well. Drilling in NR is ongoing, they are in the process of recalculating the JORC for Mariola, the PFS has commenced and the facilities agreement with Siersza Power Station should be signed shortly and then they will start working on the off-take agreement.
One of the shareholders asked why aren't we signing the off-take agreement at the same time as the facility agreement. Mike's response was: "for strategic reasons".
Although he did not elaborate on this subject any further it is quite clear that signing the facility agreement first gives us an access to Siersza's facilities without being held at ransom on the price of the off-take.
Having access to these facilities saves us millions of dollars in CAPEX and whether we sign the deal with Siersza (Tauron) or not we will still benefit from the savings in CAPEX and we can supply whoever we want as there are many big power stations in the area. I can't see a reason why Siersza would give us access to their facilities and then not go ahead with the off-take which represents a major saving for them having Mariola just 2km away. Let's not forget that their own mine which is currently supplying Siersza is running out of coal.

The underlying message of this AGM was that the management is working their butts off even if the current SP does not reflect the progress made and value of our assets and that we are not alone in this very difficult market.
Mike said that just like all of us he hates dilution and his aim is to open our first mine (Mariola) within 2 years time with no more than 1b shares on issue.

He also asked for help from all "owners" (shareholders) of BMB (no matter how big or small) to stand behind their company through this very difficult time. He said that this downturn is cyclical and hopefully we've hit the bottom.

From memory that's pretty much it.
If I remember anything else I'll let you know.

Cheers.