re BMG, the company still has a half million ounce gold project...

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sydney6791

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11/05/24

11:03

Post #: 73775711
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Originally posted by SammyDubya: ↑

I will attempt to address your concerns without irreversably diminishing your publicly perceived IQ

1. BMG I would speculate relinquished the option due to their balance sheet problems at the time of release they did not undertake capital raise to clear the first milestone payment to vendor - this IMO was a mistake, although caveat I am unqualified to comment on their views on geological DD.

Exclusive option period: 55 days (i.e. expires on 1 April 2024) - Cash and cash equivalents at end of quarter being 31st March 2024 $295kThe Board of BMG were in no financial positon to deal on the asset, hence letting it lapse.

Be interested to hear the views of BMG shareholders who may hold other contradictary views on boards decsion to let option lapse given WA1 added $600m to its market capitalisation from siging of option to today's close at $1.2b market cap and $20 share price.

2. As for the previous board and management to which you have your publicised grievences - I'd suggest they they were removed/resigned by the major shareholders for their incompetence (hint I was one of them to take that action)...perthaps take a look at the Sipa quarterly activities for how the ex MD is going

This is an entirely new board in place (who were already large shareholders in their own right having supported the rights issue late last year) and subscribing into this placement at $0.018c for $184k...

3. As to a Board selling shares - I will just leave that one alone but suggest some weekend reading up on ASX directors disclosures including black out periods.

4. Capital Raise after Capital Raise and voluntary admin company unlike BMG failed attempt is well funded post deal of $2.5-2.6m post settlement and in position to settle all obligations and is clean of any debt.

$1,030,000 at Completion; and the following deferred milestone payments:
▪ the sum of $500,000 on the earlier of 10 business days from the date of grant of E80/5872 and the date that is 12 months after the date of Completion;
▪ the sum of $500,000 on the earlier of 10 business days from the date of grant of E80/5896 and the date that is 12 months after the date of Completion;
▪ the sum of $100,000 on the earlier of 10 business days from the date of grant of E80/5915 and the date that is 12 months after the date of Completion;

The Caprice deal (option paid and exercised with full settlement) $2.16m cash and $200k of geophysics exploration commitment... $2.36m

Perhaps should those 3c Jan 2027 expiring options trade steeply in the money they may become a viable financing mechansim for future working capital and exploration plans - or raise more capital...

I hope that helps with addressing some of your long held concerns, naivety, misconceptions and obscuring and ommission of some fairly material detail.

Perhaps leave the keyboard alone over the weekend do a little reading, take a few deep breaths and let all the hate out.

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re BMG, the company still has a half million ounce gold project for sale and a promising lithium project to drill.

obviously, lack of funding is the main reason, but it really not urgent to gamble $2m cash for huge uncertainties, as 3 applications are not guaranteed. but other exploration companies may desperately need a big concept to survive.

Bit tricky there, existing companies in the region are all with deep pockets now, but looks like they are all not interested about the 4 tenements. Anyway, good luck!

CRS Price at posting: 3.3¢ Sentiment: None Disclosure: Not Held
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re BMG, the company still has a half million ounce gold project...

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re BMG, the company still has a half million ounce gold project...

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