Happy days will have to wait and see
Firstly Congrats and well done to ASIC for making these guys more accountable turning the prospectus from a 48page document into a 108 page document well done
The first thing I would be doing as a holder would be to ask for Stratmins financials that they are making available to those whom request them
That is a massive admin cost turn it into dollars
Revenue = 445,000 GBP = $ 763,000 AU
Expenses = 1762,000 GBP = $ 3,000,000,
Admin = 1085,000 GBP I would be wanting to know just exactly what that admin related to says non related production, it must have been Stratmin business related or it could not be claimed so what was that admin cost for
Everyone one is clapping their hands only producing graphite play on the asx
Maybe so but did you read an included sentence in the new prospectus
( below )
However it is recognised the current revenue generated from graphite sales alone is not able to sustain the Graphmada Group,s operations as they currently stand
So BSM now own a mine,the only producing Graphite miner on the ASX that at this moment in time is not actually paying its way and running at a loss as declared not by me but by BSMs own admittance, and one would assume pressure from ASIC to highlight this fact
Again well done ASIC its about time they started trying to protect the investors out there
Has anyone noted the cumulative tonnes mined at ( Loharano ) from the day it opened it has not managed to mine over 5 cumulative tonnes per month ?
Question needs answering.
Good that they had to break down and give further insight to the use of their funds
So their costs work out to $4.72mil leaving $2,98mil from the $7.7mil total they have
But from that $2.98mil they have an unpaid loan of $500,000 from the last qtr they got from somewhere leaving $2.48 of which $2.2 mil of that predicted cash is not yet @ bank it is in the form of two unpaid debts
So I think it goes without saying that the other $1.5mil referred to by joint lead managers will most definitely be required. And drawn down
Out of that $2.2 mil which as yet they do not have they will also pay ongoing costs for their Tasmanian assets.
Yes I understand that the mine is going to be upgraded but now they have broken expenses down you can now see the list
Has anyone bothered to ask about down time mine shutdown admin and site costs whilst mine is not producing during these up grades.
How long to get this stuff shipped or made, it would appear things are pretty primitive over their
How long are they expecting to run at a loss before all upgrades are carried out?
I have seen nor read any comments with regards the hattingh report they say it is to Jorc compliance 2004 and has not been upgraded because nothing has changed, but something has changed the Jorc code has changed
It would appear that no diamond drill has been put into the ground and that it had been scheduled for the future ( WHEN IN THE FUTURE )
They include Jorc compliant assessment and reporting in their expenses when will this be updated to the present Jorc code.
Hattingh makes comment on the ground it would appear anything dug much below 5mts is susceptible to flooding because of the water table
So yes this mine may well have potential and it may well go BUNTA as someone makes comment
but like I have said this document has turned from a 42 page into a 108 page document
This has been done because ASIC believe in the last prospectus there were unknowns that the shareholders should have been made aware of
If you are a holder I would suggest you take advantage of the insight that ASIC have given you get those stratmin financials and take a long hard look
I will finish by saying once more
Well done ASIC I commend you
These people in any company not just Bsm SHOULD BE made to disclose valuable information upfront and not down the track when its all to late and the investor is left wondering why.
On a side note supermajor I did say it could well touch 1c and bounce back
Enjoy your wk/end
