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The most important thing that I took away from today's presentation is that no matter what happens this company is going to enjoy high prices for at least the next 2-3 years and likely healthy prices there after. Secondly, so long as VRFBs take a reasonable share of the energy storage market, and I do not mean the 25% stated in the scenarios, then this company will enjoy healthy prices for many years to come. But if VRFBs are as successful as expected then this company will enjoy substantial returns for many years to come. It is now abundantly clear that the drive to support VRFBs is key to ensuring the very best margins. But even if they aren't successful, then it is clear from slide 69 that when Vametco reaches 5,000 mtv production, it will be the cheapest producer of vanadium in the world, and that does not allow for further cost savings by employing Brits near surface ore. What more could I possibly ask for as an investor in a mining stock. As for brownfield opportunities it is significant that the following was included in the presentation ; "South Africa unused capacity linked to Highveld Steel & Vanadium and Vanchem Vanadium Products both of which do not have captive ore feedstock for processing following the auction of Mapochs Mine" Do not have. So Vanchem is not known to have a means to return to production, as it stands today. The very next slide states under 'Targeted Brownfield Opportunities' 1. Continued focus on enhancing value through targeting brownfield opportunities 2. Diversify product portfolio Note this heading is listed under the title 'Horizontal Growth' not 'Vertical Growth.' Therefore, one can't argue they mean electrolyte. The diversification of the product line therefore to me looks to be through a viable brownfield option. Both Highveld and Vanchem offer that option but I still lean heavily towards Vanchem. Given it still has no feedstock and employed the same **** that Vametco did, it is in my opinion the clear pick as the prime target for acquiring. To top it all off, FM in the the slightly less uncontrolled environment of the Q&As session said "ideally we would like to see all of our assets operating in a manner that is complimentary to each other" "the Mokopone project, the Vametco asset, as well as any other brownfield assets that we can bring into production" Note he said bring into production. It does not take very much effort to piece together what is planned here. Highveld cannot be written off entirely. As of today the business rescue practioner have stated in its latest report, that they continue to negotiate the sale of strategic assets. However, for me Vanchem is the true fit and deliver so much more than those remaining Highveld assets. Brownfield is coming and its likely going to double BMN's capacity essentially overnight.

I am currently out of office but made many notes and am around to debate these issues later. Needless to say though Wow!

1. Supply deficit through medium term at the very least. 2. Mokopone Mining right imminent and significant milestone. 3. Options for early cash flows at Mokopone 4. Additional brownfield is very much on the cards (Vanchem mentioned several times in slides). The incentive for which is now very clear to understand. 5. China has a major supply problem that isn’t going to get better. SP to double fit starters. Throw in Sojitz and that’s a very healthy start.

Afternoon all. I have bought back in here today, the stock looks far too cheap given the price of oil and it’s prospects for the coming year. A base of 7,000 bopd and oil at $60 per barrel is more than enough reason to begin with. But with 14 fully funded wells to go at, the percentage play says there is considerable upside to come. Particularly when I see that oil has been averaging nearly $68 for the year thus far, so plenty of float on that $60 base position. Yes the company has had its bad press but at these levels and with progress and potential on offer, I am more than willing to place that in the context of the bigger picture.

@Clarkgriswald Yes I do.

Interesting to see a drop here, makes for in my humble opinion, a very good entry point. This is looking like a really good prospect in 18 months or so. Its important to remember that just like BMN, Afritin had to guarantee that it had sufficient funds for the first 12 months after being admitted to AIM. With a plan to bring the Uis tin mine into pilot production during those 12 months, it is fully funded to at least pilot production stage. This is backed up by the Chiarman's words from the 18th Jan Directot Dealing RNS ; "As part of our strategy we have a clear path to early stage production with the key elements already well underway. The admission to AIM has allowed us to raise sufficient capital to achieve this strategy " So there won't be any working capital cash calls for the foreseeable future. The a quick look at the 17th Jan Operational Update and one can see this first stage production will be circa 780 tons of tin concentrate. That's sizeable given the concentrate grade are stated as being over 67%.On a very simple comparable basis that's over $10m in revenues. Then we have the latest operational update that states that they have found even more higher grade ore in V1 and V2. Let's remember this company has no mining rights to wait for because it already has them all, it does not need to wait for permits. as soon the pilot plant is re-fitted and the best areas of mining identified and they are off and running and producing revenues. A MC of �5.8m shows all of that little or no respect. Its undervalued and underappreciated in my opinon but that won't last long if tin prices stay as they are.

Having now had chance to look at the operational update and directo dealing RNSs more closely, the following quotes are for me most significant “ Operational Update 17 Jan “The Company has made good progress towards its objective of commercial production from the Uis mine later in the year.” “The equipment purchased represents the entire comminution circuit for the Phase 1 processing plant from which the company estimates production of approximately 780 tonnes of tin concentrate per annum.” Director Trading RNS 18th Jan Glen Parsons stayed : “As part of our strategy we have a clear path to early stage production with the key elements already well underway. The admission to AIM has allowed us to raise sufficient capital to achieve this strategy and work towards consistent cash flows,” So the company is fully capitalized to commence 780 tonnes of concentrate this year. Valuation £7m. That is cheap in my book.

Daylight robbery. I thought more of this BOD. LTHs have ridden out all the storms and waited a long-time for Stella, then just as it comes on line they sell it out from under everyone. Disgraceful.

It is most interesting to observe the shifting of power taking place here these last few weeks. It has not escaped my attention that Valentin Bovykin is the main contact for Basic Materials Ltd, the company that was recently announced as having paid their full transaction fee for their 20,000 hectare share of Meradell Inc, despite the fact $300,000 wasn't due until 30th June. The enclosed company profile is also of interest in that it states they are : "Developing processing and supplies of the following woods from forrestries in Mozambique: African Blackwood (African Grenadillo), Ebene (African Ebony), Afzelia (Doussie/chanfuta), Nipovera (Tanga-Tanga), Mahogany (Umbaua), Wenge (Panga-Panga), Muninga (Kiatt), Mucarala (Wild Syringa), Mugonha, Messassa (Mesasa). Own forest concessions. Long term licences." http://bmlwoods.en.ec21.com/company_info.jsp People talk about red flags but for me this is very much a green flag, despite his decision to slightly reduce his stake these last few days. For me the focus is what is driving the early payment and his decision to further commit to this stock with his 7.61% holding. When one adds in the additional investor Paul Dolan at 5% (likely Robert Questeds shares, one starts to wonder what is driving this interest. I know that our new Chairman is based in Hong Kong and the move to SETSqx is no doubt a means to drive both Far Eastern interest, as well as an attempt to introduce more surety of trade prices. However, when one considers what we are witnessing, one has to ask oneself, why such visibly keen investment for what the company is reporting to be $20.5m turnover in 4-5 years. The reason I believe lies in the statement byMiles Pelham in the strategy update when he said : "I acknowledge that the (turnover) guidance presented today is somewhat broad but is indicative of the potential we see for your business over the short to medium term with significant upside potential". "Significant upside potential" I feel that this coming 12-18 months are going to be very busy for this little company and for me £21m market cap is already, at the very least, 30% short of what it should be without that news unfolding.

Thanks a.k. I have wanted to get my teeth into OBT for some time but they just weren't demonstrating enough integrity to warrant it. I agree with you, this is a case of follow the money, with moves afoot and a clear sense that some serious money is moving in here. Money that will equally act to assist the growth here through connections to contracts etc This was what I expected 3 years ago but never materialized. It looks now like it is finally coming to fruition. I moved back in here back in early March after several communications with Kevin Milne. It was clear then changes were being instigated, though the extent of the turn around is even better than I expected. Like I say this will see double figures soon enough. As for BMN, it should now look after itself and see a very rosy future indeed.

For a company that's supposedly only going to be doing $20m revenues in 4-5 years, there is a check of a lot of activity going on. I expect this to be in double figures shortly, it's minimum £30m company just on what we have heard so far, absolute minimum. On those numbers, I have pondered further. The strategy update states $12.5m annual turnover in 4-5 years. Fine, but with 1,730 hectares to go at that's surely well short of the mark. If the bananas are anything to go by at $40,000 per hectare sales, then even if the company only managed to get say 1200 hectares up and running, and only achieved $20,000 per hectare sales, that's still $24m in annual turnover. Yes up to 50% may have to be sold locally due to quality standards, but then I am only counting 1,200 from 1,730 hectares, and in 4 years one would expect greater utilization than 65%. Plus on much of the farm they are talking about 4 crops per year. So for me the number s look conservative. That's twice what they are currently reporting they can achieve. And if the company can achieve that then a 1p a share dividend cannot be that far away, which at 20% of profits, would mean just £14m profit in 4 years. Very much achievable and right now roughly 11% yearly return.

New investor presentation available on the company website. Very solid and very pleasing set of events has unfolded here. The figures given for revenue expectations over the next 4-5 years are minimum end for me, but what they say is this company will be making circa £7m profits with approximately £700k coming back to shareholders. A good start but as I say clearly conservative. A new chairman will clearly set targets that he can comfortably achieve. On the timber alone I would expect that in 4 years time they would be somewhere close to the 23,580m3 cut levels employed in the timber valuation. Now whilst the sale price of 1,677m3 may be a little bold, one could at least expect 1,000m3, that's $23m in sales. If the production costs are to be believed (308m3), then that's $700 a m3 net revenue. Even if we halve it to $350m3, that's comfortably the $8m profit rather than the $8m annual turnover reported in the strategy update. But that's very conservative. For me the $700 is achievable, which doubles profits to $16m on the timber. That's what the partners are buying in for and the sort of numbers Mr Pelham and co will be aiming for. On the agriculture side, unjust taking the banana plantation as an example, the company reported in Nov that 150 hectares would be deducted to this agreement with yields of 40 ton plus per hectare, at $35,000 gross profit per hectare. That's circa $5.25m for 1no 150 hectare plantation, not turnover, and the latest strategy update indicates more than one plantation will be constructed. Evening at May 2016 planting, the first crop will be ready in just over 1 year of a 4-5 year plan. So even if they deliver only 2no plantations, that's still over $10min gross profits against a conservative $5m turnover reported. That's a lot of exponential growth the company can demonstrate in the years to come. So those 2 avenues alone should see profits comfortably north of $20m in circa 4 years. That a lot of growth and the reason I am a buyer because if they hit that then this is a £150m plus value dividend paying company, although I expect even more will be achieved. Whatever has gone before this company certainly deserves another look now.

Well I have said for sometime this business looks like it's finally turning itself around. The removal of FS was for me critical and orchestrated. He may be someone s cup of tea, but not mine. The failures of the last 3 years must sit somewhere and he was the commander in chief, on a very healthy pay packet too. Now two days later we get what for me finally is some realism, direction and honesty. I like the numbers, I believe they are conservative and at likely minimum 50% profitability, a sign of considerable undervalue as we stand. So it's finally a good buy.

Two supposed very large sells in 2 days and the price continues north unabated. Accumulation going on here

This is on a relentless march north. I have said before I think someone's taking a very large position in this business and their name is Ecotricity. Why else would their biggest rival buy 6% of the company.

@OrangMinyak I would suggest reading the RNSs from the start of 2016. BMN was until 2013 an iron play but with prices falling away this was sidelined. What the company discovered though is that they had a very high grade of vanadium just 2km from the iron ore strike. Since mid 2013 they have been developing this play and like many minors have been treated very harshly due to the downturn in commodities. However this has all now begun to come to fruitition. Like all young vanadium miners they are focusing on the VRFB energy storage market. The thing about BMN though is that they have by hook or by crook landed the highest grade resource in the world and they have 300m tons of the stuff. At the moment they are only running wioth the first 28m tons of probable reserve for their PFS. Secondly, they have one of the cheapest costs to produce in the world, they are based in S.A. on the world famous Bushceld complex, which given their desire to tackle the african VRFB market is very favourable. They have the advantage of a very favourable exchange rate as the rand has depreciated substantially, thus improving their PFS stated capex and opex further. All of which is as yet not included in the numbers stated. Their tie up with UET is a very strong one as UET have one of only 3 advanced VRFB technology licneses issued. The biggest near term boost however is the company's decision to try to acquire a brownfield processor in S.A. There are several that have gone out of business due to Evraz Highvelds demise. They have recently bought the license next to Evraz Vametco, which holds a bulk sampling permit. Vametco was supplied ore by Evraz Highveld but since Arpil 2015 it has been on care and maintenance. The company is staying very tight lipped but my feel and many other good researchers on BMN BB is that vametco is the play and will be fed with ore from Brits next door. Pull that off and the share price will move significantly. I could go on but its a very unique play on renewables and despite being invested a very long time and seeing a lot of depreciation in the share price, it is now and todays share price where the real value lies. There are many risks and one must DYOR but i am happy to blow their trumpet because the risk reward is very favourable indeed.

@OrangMinyak Yes I am very much renewables focused in my own investments these days. I very much like the potential here particualrly with their investment in the lagoon project. Its also fascinating that Ecotricty have taken a stake. Seeing as this bb is so quiet, I will mention another very interesting option for renewable focused investors, particularly if you are commodities orientated. I have been in Bushveld Minerals for 3 plus years and they are making their mark in the renewable energy vanadium battery market, through their vanadium asset. I won't do too much advertising and I will be clear i am a very much a bull for their stock, but well worth an individual look and appraisal because if anyone will make it on Vanadium Redox Batteries they will, becaus thye have the very best grade vanadium and have just tied up with UET. These batteries will be at the centre of wind and solar projects of the future.

Well having now had chance to review the RNS, I find it reassuring that the first crop of melons etc will be ready for delivery in early April. Given the list of broken promises these last 2-3 years, the company needs to build trust and this was the first hurdle for me. It would be nice to see some revenue figures on the melons but at the end of the day the most important thing is the farm is now generating revenues from the certification. What is also good to observe is that the trading partners efforts on both the farms and the timber concessions are beginning to gain traction and reap rewards. Whilst 2016 may remain a year of rebuilding, the subsequent years should be very profitable and for once the current valuation is beginning to look very cheap indeed.

@ yes it is a subject I have spent some time on these past few months, driven cunningly enough first and foremost by my investment in mining. I have a large position in a very exciting, relatively early stage vanadium miner, who have a huge resource. Vanadium being a base source for the most efficient flow batteries used for renewable energy sources such as wind and solar. I agree with you renewables for me are the next tech, much like internet start ups had their time, renewables have the potential to be the next world craze for investors. The potential for growth here is sizeable but I would encourage you to read into their new investor Ecotricity, who bought near on 7% of the company recently. As far as I can see they are their main rivals and it looks very much like the start of a takeover approach. Why else would Ecotricity buy in. They have sizeable expansion plans and have a large war chest from their refinancing deal on their wind turbine stock. Their intention is to add 30 Mw to their portfolio this year, well Green Energy would add 55Mw plus off the bat, and bring with it a share of the Swansea Tidal Project, which is an area Ecotricity are keen to expand upon. If they continue to up their holding further in the coming weeks we will know for certain.

This is the first BB I have visited where nobody has ever posted before. Well I will gladly be the first and see who else is out there. I have just bought in here today having followed the company for a while now. They have ambitious plans to grow their business over the next 5 years, and their investment in the Swansea Bay Tidal Lagoon is also very interesting too. But what really got my attention today was that Ecotricity Group today announced they have acquired 6% of the business on the open market. Ecotricity are not listed and are a competitor. So I ask myself what are their intentions?