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Open Letter: FCA asked to drop a line Down Under about Pirate Pete’s war gold salvage caper

The FCA now has two reasons to call its colleagues Down Under, at the Australian Securities & Investment Commission (ASIC). First it might like to suggest that perhaps the Australian Women’s cricket team should represent the country in the next Ashes series. Based on recent form, they will certainly offer a greater challenge than their male compatriots. Second, after we pointed out the odd issue or two in Black Mountain Resources’ (BMZ) planned involvement in a so-called subsea salvage operation to retrieve >$1billion worth of lost war gold, perhaps the FCA might like to find out how serious the Australian authorities are in policing their small cap market and protecting British Private investors.

BMZ

Ask the Australian Securities & Investments Commission to investigate Pirate Pete’s fantastical treasure hunt claims.

Outwardly, the Australian Securities & Investments Commission (ASIC) appears far more rigorous in dealing with wrongdoing on the ASX than our dear old AIM Regulation Team is on AIM. ASIC has a form you can fill in. British shareholders in Black Mountain Resources (BMZ) might wish to drop ASIC a line about the latest moonshine Pirate Pete is flogging. Details below.

BMZ

Pete “The Pirate” Landau and the incredible quest for $1billion worth of war gold, lost to German U-boats

Of all the escapades we’ve covered over the years from Pete “The Pirate” Landau, his latest caper with Australian-listed Black Mountain Resources (BMZ) is off the scale on the guff-ometer. Pirate Pete and his motley Black Mountain crew claim to have secured the right to a 20% stake in an undersea salvage operation to recover a supposed >$1billion worth of gold from two wrecks, torpedoed during the First World War. Regular readers will not be stunned to learn that Landau now plans to raise AU$6.87million in pursuit of this fool’s errand.

BMZ

Black Mountain Resources; New Departure... Never Ending more like...

Almost exactly two years to the day since Black Mountain Resources (BMZ) listed on AIM and this morning we got yet another RNS from the company with sampling results from its New Departure Silver “Mine”. Although Black Mountain boasts that some of these results include “grades never before seen with historical results”, in practical terms this announcement means very little. In its original Admission to AIM statement, on July 25th 2012, Black Mountain claimed its objective was “to rapidly recommence low cost silver production at Conjecture and New Departure Projects in Q4 2012”. Now in Q3 2014 and the company’s failure to deliver on its operational goals looks like an increasingly bad joke.

BMZ

Broke Black Mountain!

English is a beautiful language, a precise language and a definitive language. So when a company repeatedly tells you in its most recent quarterly report that it has “secured” a round of funding and that the “successful completion” of this funding was a “significant development” during the period, you’d be forgiven for thinking that this company actually has received the money. The directors of Black Mountain Resources (BMZ) appear to disagree...

BMZ

A Christmas cracker from Black Mountain Resources Part 1

It is always amusing to see which companies try and sneak out unpalatable RNS announcements on Christmas Eve. This year it was the turn of Black Mountain Resources (BMZ). Over the coming days I plan to write a few pieces analysing what Black Mountain had to say, as it had a few little Christmas crackers for existing shareholders.

BMZ

Black Mountain Resource : Buy at 7.6p with a 12p target

Black Mountain Resource (BMZ) is an AIM listed silver mining company with three projects in the United States, Its Conjecture mine is in Idaho, the New Departure and Taboor projects in Montana. All are well positioned and historic data indicates they sit on potentially huge resources. That is not discounted in the share price today.

BMZ

Black Mountain Resources; Ho Ho Ho!!!!

In the latest of a series of headline grabbing announcements there was plenty for investors to get excited about as the company reported it was “extremely encouraged by further multiple high grade silver samples of up to 3,452g/t”.   The more you read on the better it sounded.   

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Recent Comments

TOYIN
TOYIN10 Nov 2026
P&G does not publicly disclose a definitive total number of Senior Vice-Presidents (SVPs) across the entire organisation.However, there is an important distinction:Corporate leadership: P&G's published global leadership team lists around 35 senior executives, many with CEO, President or Chief Officer titles. Wider organisation: P&G operates globally across numerous business units and regions, with additional SVPs below the corporate leadership team. Independent organisational data identifies hundreds of executives across P&G, but doesn't provide a reliable, complete SVP count. For Gill Whitty-Collins, the more important point is that she wasn't just one of hundreds of middle-ranking SVPs. She held a very senior global role in P&G Beauty, with responsibility for major international brands.That is a meaningful distinction when assessing her appointment to SBTX.
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
TOM
TOM10 Nov 2026
no she is either desperate enough to accept any gig or not very good at doing DD. Either is in my view a red flag but you know better as you have all the way down
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
DUCKnDIVE
DUCKnDIVE10 Nov 2026
I get it now. She's dodgy because she didn't read your articles. On the upside, she probably still isn't reading them.
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
TOYIN
TOYIN10 Nov 2026
I agree Cellular Goods is a fair point to raise but you are throwing the baby out with the bath water, poor judgement, yes, bad NED, not necessarily. We all make mistakes, she deserves a chance before you throw her under the bus, her experience in the sector says so.As for group think, I would not be happy with that on the BOD but again you are just speculating, wait for proof.
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
DUCKnDIVE
DUCKnDIVE10 Nov 2026
Clutching at straws. She clearly has over 25 years of relevant experience with a blue chip company and has been appointed for her commercial nous. She has sat on several boards and she is will be an asset on mine.
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
TOM
TOM10 Nov 2026
The record of Cellular Goods and of Bixby/Edwards was flagged up on thus website well before Gill joined and as such joining shows a spectacular lack of judgement /desparation and that is pertinent. How many SCPs foes P&G have BTW?You may be happy with GroupThink on a board but as BP showed that is a recipe for disaster. I am throwing back at those who have demanded diversity a demand for diversity!
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
TOYIN
TOYIN10 Nov 2026
I think this article does the new NED a considerable disservice and confuses political and demographic diversity with commercial competence and diversity of thought.The Cellular Goods connection is a fair point to raise, and her contribution there deserves scrutiny. However, suggesting that simply accepting a NED position at a company that subsequently failed means she has "no standards" is an extraordinary leap. Where is the evidence that she was responsible for, or failed to challenge, the decisions behind its problems?Why ignore her other 26 years at Procter & Gamble? As a Senior Vice-President, she had responsibility for major international brands including Olay, Pantene and Always. That is substantial experience in brand building, marketing and commercial execution.Surely that's exactly the sort of experience SBTX needs, particularly given my concerns about AxisBiotix and the company's wider commercial performance?I also disagree that a predominantly female Board automatically lacks diversity of thought. Different professional backgrounds, experience and the willingness to challenge assumptions matter far more than someone's sex, skin colour or political beliefs.Ultimately, I don't care where the directors went to university or what their politics are. I care whether they can deliver.Can Rachel improve performance, can Gill help unlock the commercial potential of the business, and can Alyson restore confidence in governance? Gill's appointment guarantees nothing, but based on her career I think SBTX has made a very good appointment.Let's judge the Board on results, not demographics or presumed political beliefs.
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
TOM
TOM10 Nov 2026
Really, this woman has sat on 1 plc board and it was a bixby edwards con and you berate me for flagging that up?
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink
DUCKnDIVE
DUCKnDIVE10 Nov 2026
Scraping the bottom of the barrel now… "'Tis but a scratch" springs to mind. Each positive Skins RNS cuts off another of your limbs. Only when you are just a torso will you give up and call for a draw.
Skins NED appointment – not very diverse & comes with a Bixby Edwards stink

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