Balkan Mining & Minerals Limited
3x LITHIUM ASSETS(5x Exploration Licences covering over 330km2) in SERBIA, EUROPE
Market Capitalisation: $9 mil
Cash Raised: $6.5 mil
Enterprise Value: $2.5 mil
Total Shares on Issue: 45 mil (12.5mil Escrowed for 2 Years)
Top 20 holds 80.42% (Approx 36mil out of 45mil SOI)
IPO Price: 20c
Expected trading commencement Wednesday, 14 July 2021 at 1pm (AEST)
Top 20 Shareholders(Top 20 holds 80.4% of total Shares on Issue), Some key names below;
No 2: Sandfire ResourcesSandfire (ASX:SFR) has cornerstoned 22% of the register. SFR is a $1.2b market cap company who were behind ASX:ADT which listed 3 years ago and has since risen 1,200%. BMM also has a Director and Founder from ADT joining the board which is a fantastic outcome.
No 4 & 6: Sufian & Bilal Ahmed from 62 CapitalThey have been involved in a few multibagger CR/IPOs from 2020-2021. CRR, CDX, PF1, EMD, IXR & BPH to name a few
No 5: JGM Property Investments Pty LtdHigh net worth and a highly successful property developer.
No 11: Valens International Pty LimitedEntity of a Malaysian billionaire family
No 13: Mr John Langley HancockA billionaire and successful early investor of Vulcan Energy Resources Ltd (ASX:VUL), invested at 20c and current share price is at $8.72.(He is also the son of mining magnate Gina Rinehart who is the richest person in Australia)
In summary, a very tight T20 with some very very special names to say the least, especially at this MC/EV.
High Calibre Board and Management with Local Expertise in Serbia/Europe;
Mr Sean Murray – Non-Executive DirectorSean has more than 40 years’ experience worldwide in the chemicals and mining industries, including non-ferrous metals and minerals and industrial minerals. His successful executive management career includes senior roles with Australian Mining and Smelting (CRA), Pasminco Europe and Pasminco Inc and Rio Tinto plc where he became Managing Director of Borax Europe and then Deputy Chief Executive, Rio Tinto Borax in the 1990s and early 2000s. BMMs borate lithium lease is very close to a borate lithium lease which Sean managed and operated for RIO.
Mr Milos Bosnjakovic – Non-Executive DirectorMr Milos has been involved in the resources industry in Australia and the Balkans for almost 20 years and has considerable corporate experience within the industry. Milos was co-founder of ASX-listed Adriatic Metals PLC (ASX: ADT) and his previous roles have also included acting as Non-Executive Director and Country Manager of Adriatic Metals PLC.
Sandfire(SFR), Adriatic(ADT) and Milos Bosnjakovic Connection:As alluded to earlier, Milos was a co-founder of Adriatic Metals, a company which was also cornerstoned by Sandfire at 20c just a few years ago which has run at high as 2.90 this year. Very interesting that SFR seem to have repeated this formula with BMM, taking a significant non-dilutive cornerstone position along with Milos joining the board. A bit early to say how far BMM will go in the coming months and years, but is a promising start nonetheless.
Also worthy of noting that Performance Rights are being issued to one of the Directors and the Company Secretary as a sign-on bonus and an incentive-based component of their remuneration. The vesting of performance rights is at 60c, $1.20 and $1.80. (IMO it is very unusual to see such a high vesting price of performance rights for an IPO. Class act from management, gives me confidence that they see this small co achieving big things, and will reap rewards along with shareholders)
BMM’s Lithium Borate Projects Overview
The Rekovac Project comprises three contiguous exploration licences – namely, the Rekovac, Ursule and Siokovac exploration licences. The Rekovac Project is located within the Pomoravlje district of Šumadija and Western Serbia. The licences cover an area of 273 km2 and are located about 20 km south-west of Jagodina, the administrative centre and 120 km south-southeast of the capital, Belgrade. The town of Rekovac is located in the centre of the Rekovac Project area.
The Dobrinja and Pranjani Projects each comprises a single exploration licence in the territories of Gornji Milanovac and Požega, respectively. The Dobrinja exploration licence covers an area of 37.5km2 and the Pranjani exploration license covers an area of 25.9km2 . These Projects are located within the Moravica district of Šumadija and Western Serbia. The village of Dobrinja is located within the Dobrinja exploration licence and the village of Pranjani within the Pranjanji exploration licence. The two licences are located about 15–20 km northwest of the city of Čačak.
As per the prospectus, BMM will aggressively pursue the strategy of exploring and developing its lithium borate assets and seek additional value accreditive projects in the Balkans. This, combined with a very tightly held share structure, a high calibre management team, a number of very high net worth investors/ companies as cornerstone, the red-hot lithium market, and a very low MC / EV compared to its peers sets this company up for a very bright future IMO.
All In My Opinion & As always please DYOR.
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