Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Showing as massive green bar on the volume profile (last time volume was that high we re-rated hard).
Could be both a sell and a buy … but with an exact same total - it is imo more likely to be a transfer. .
Or is it more likely a transfer between accounts?
Orange Trust, BVI or Acacia must be selling as those two sales total more shares then Orion own. I don't think SPR would be selling, unless they have achieved their aim and are bailing. Should get a TR-1 tomorrow or Monday.
That is one sizeable rollover, for a company apparently on it's last legs. Why risk 350 grand if the shares are soon going to be worth nothing?
Somebody, other than me, must still have faith.
Mustang Energy PLC Application for Admission of New Securities
Source: RNS Regulatory News
RNS Number : 2753T
Mustang Energy PLC
20 June 2024
As referred to in the announcement dated 20 November 2023, MUST issued an aggregate of 1,880,366 ordinary shares to Bushveld Minerals Limited ("BMN"), comprised of Backstop Shares and Facility Shares (such capitalised terms being as defined in the aforesaid announcement and together being the "BMN Settlement Shares"), pursuant to which certain obligations of the Company then owing to BMN were satisfied.
The BMN Settlement Shares were issued and allotted to BMN on 16 November 2023, and an entry was made in the Company's register of members confirming BMN as the holder of the BMN Settlement Shares.
The announcement stated that application would be made for the BMN Settlement Shares to be admitted to the Official List. It has come to the Company's attention that the application was not made. The Company has therefore today applied to the Financial Conduct Authority requesting that the BMN Settlement Shares be admitted to the Official List. It is expected that admission will become effective at 8.00am on or around 25 June 2024, but the shares will remain suspended.
The ‘market’ seems to have an alternative view. Knives out for RSA miners this week, despite pitiful trading action.
Terrible place to invest they said, far too risky they said:
https://www.news24.com/fin24/markets/jpmorgan-double-upgrades-sa-to-overweight-as-jse-rand-rally-on-post-election-optimism-20240618
It was openly admitted many years ago by MN that the Nitrovan premium is negligible and would be continued at the same rate of the prior agreements levied by the sellers.
It was something BMN took on board when they bought the site and agreed to also appoint them as their agents. That arrangement is supposed to end and SPR are due to takeover all aspects of agency when the current contract finally expires.
As for V prices … imo. …. $35 is the break even point after all in costs - and there needs to be at least an upsurge to $40 with a clearly defined ongoing certainty that it will keep going up from that price point - $45 is a price I believe will be required before the company can start to believe it has a realistic chance of not only surviving, but starting to have the wherewithal to start paying down the debt and progressing to much safer level stand alone on its own 2 feet position than it is currently.
Fair enough Paul, I thought the most recent US update had it just above $28/kgV and Europe $27.5/kgV, something like that but I'm not following so closely anymore so might be wrong.
Still think it's probably close to that price though.
Https://www.investing.com/commodities/ferro-vanadium-80-min-united-states-futures-historical-data
Nitrovan carries a premium to that (not a big premium mind)
Please enlighten us how they are getting 28$ ? Their main product nitrated vanadium is selling at a discount to the market price which is 28$ at best in the USA. Not to speak of any fees to their agent.
'@HarChris - I'd say it needs to be much higher at +$35 just to tread water.'
I did say ~20% higher than it is now just to tread water. Currently I'd imagine BMN's average selling price is about $28/kgV so that comes out close to that $35 and then about $45/kgV to see a recovery of sorts.
No, that would be incredibly stupid when you look at the facts/odds here. But I do hold some for some insanely perverse reason I cannot fully justify except perhaps to keep an interest here. I might swop them for lottery tickets. Better odds of a return.
@BenAlder - do you have much skin in the game here out of interest?
@HarChris - I'd say it needs to be much higher at +$35 just to tread water. BMN now has a smaller output to service the large debt burden. I dont see Craig persisting in a loss making environment for too long before he pulls the plug on it all.
@BMT - They are still no where near sorting out the electricity problem and now the ANC does not have a majority, nothing will get done except arguing. Years away from being an attractive place for business imo.
The V price has always been volatile but right now there is a clear reason for it - the Chinese real estate slump. If anything, the effects of that are getting worse, so I really don't see where a significant turnaround in prices is coming from. Best hope for V producers is that competitors go bust, but BMN is first in the queue due to Mojapelo's amateur management.
I believe that Mr Coltman has positioned the company to `tough it out'. The V price is going to increase for sure (looks like it is bottoming out just now) but we just don't know when the required surge will come. There are only two primary producers in the world, and the rest are a long way from viable production, so to an extent this is a strategic asset. Our time will come.
Well V price has bottomed now IMO, so we are just awaiting a catalyst for the price to increase. I heard that Chinese rebar standards we're supposed to be strengthening so there's a higher quantity of V in the steel - isnt that set for the first half of '25 sometime.... ? I know they are clamping down on emission's over there right now.
Well selling Vanchem was a necessary evil to keep BMN in operation. To survive the next few years now doesn’t require a massive increase in V, it requires a small increase of ~20% back above $30/kgV but it would merely be surviving, meeting debt repayments with minimal capex directed to Vametco.
To actually get back on track somewhat requires a massive change in V price, ~ 50% from current prices and ideally a spike much higher along the way.
Lindon: what do you think the ‘massive’ change in V price would be?
Agreed
Yeah … but the single most realistically important obstacle and issue isn’t the lack of a Business friendly economy attracting more investors - it’s the plain fact that whatever the volume of sales are. - and no-matter how many containers are reported as landing in the USA - the whole operation is loss making, Not profit making.
No-matter how friendly the business economy gets. - THAT is not going to attract new investors. Only a massive change in the price of V is going to help save BMN. CC has done all he can and now has probably gone as far as he possibly can go to provide the right conditions to capitalise on an upsurge in V prices - if that does not happen soon - BMN is lost, imo.
The company is loss making and has been for a very long time.
Unless the market price of V changes very radically - a business friendly economy isn’t going o be of much help.
Well it's happening, whether BMN can capitalise is another matter.
Errr … and how long before you expect this revolutionary South African Business friendly economy to spring into existence and rescue BMN from going down the toilet?