Open letter looking for clarity

Here’s a go at a letter to Simon seeking clarity in case BML monitors Hotcopper. Feel free to suggest amendments or send off one of your own.


Hi Simon

After a number of year’s of delays it’s starting to look like Sorby Hills is going to be a mine! I am willing to accept that the slow progress was not helped by Covid, resultant funding conditions, the low silver price, and perhaps even having a Chinese JV partner. You have done a good job of removing most of these obstacles over the last 12 months or so.

And the silver price has done its bit along with an improving lead price.

Sorby Hills is presented as low cost, highly economic, and its output high quality and attractive. BML has potentially bought out our JV partner, signed offtakes (including partial funding), bought and relocated accomodation, and most recently stated that you are confident of obtaining appropriate funding.

Now the capital raise is funding early works, pre-development costs and a refurbishment of the accomodation facility. Can shareholders reasonably expect therefore that funding will be obtained and development will happen? Otherwise this expenditure would seem premature surely?

Also, given that an objective stated last in December of obtaining further non-diluting financing in H1 of this year will not be achieved, do you have an update on when we might expect this funding to be finalised?

Best regards
Loyal longterm shareholder