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An important message from today's update ;

"With the ore sorter being tested during this first quarter, we expect the first quarter’s gold production to be at similar levels to 2019, with the enhanced production impact being realised from the second quarter onwards. With this in mind, we anticipate 2020 production guidance of 45,000-46,000 ounces."

In the BRR interview, Mike Hodgson is clear that the ore sorter should deliver a couple of thousand extra oz per quarter from Q2 onwards. In addition, Q1 numbers may well "get a little benefit" from the ore sorter. That feels conservative to me given that the sorter is being tested with material in a couple of weeks time.

So the +45k oz for 2020 is for me a solid number upon which to base cash flow figures, which combined with the higher gold price, will be highly supportive for the remaining Coringa costs.

Sprott not Sprint

Sorry but that conclusion simply does not add up.

SRB requires approx $40m to satisfy all of its debt, Coringa payment, and CAPEX for Coringa.

They will have $15m in the bank at end of year. They then have all the earning potential for 2020, in order to bolster their coffers, which will include the new ore sorter, which should help push production healthily above the 40-41,000 tons expected this year.

With gold prices holding firm in the high $1,400 range, the company should be able to drive minimum another $8m in capex from ongoing production.

So they are down to $17m and that figure assumes the $6m in debt needs to be paid off, when to date it has merely been pushed to a later date.

My view is they will extend it again and/or raise further funds from Sprint or another. If they can pin $6-8m against Palito at much lower gold prices, then they can at least equal it for Coringa.

So for me $12m of that remaining $17m is heading for debt. At least. That leaves circa $5m to find.

To play safe I will increase this to $7m. That’s £5.4m perhaps required in new shares. So circa 13-14% dilution.

If they need to dilute by that amount to secure a path to 80,000 is production, in this sort of gold price climate, then I welcome that with open arms.

The figures do not point to a big raise being necessary, which means it is certainly not a strong sell.

One other key point to digest, the 1st phase of the Eskom BESS Project is for 200MW of battery storage to contribute towards "optimal use of 300 MW of Variable Renewable Energy (VRE) from the Renewable Energy Independent Power Producers (REIPP) program."

The solar plant has always been in phase 2 because it requires a ministerial determination to be made (see item 38, page 10).

Again this is supportive of the argument that the phase 1 200MW battery storage project does not need to wait for the solar plant in any way, be it approvals or funding.

Correction "page 3 item 2"

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It may well be that Eskom feel they require the full funding before proceeding, but there is no reference to this in the World bank restructuring paper, or indeed in the Eskom tender webinar published in Sept of this year.

So until further evidence comes to light, the only thing preventing that tender from being launched, is the approvals, which include the one from the Public Enterprises Minister.

Given eskoms problems of late, I feel strongly that this sign off is coming very soon. Even this ANC government can no longer ignore, the severity of the situation at Eskom, and the battery project offers very valuable front end PR.

In my opinion. . .

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Hello everyone,

Whilst I very much appreciate the content of the NDB press release, it is important not to lose sight of the key document from the World Bank (see below). This is the same document that I employed heavily in those 3, now fairly dated, pieces that were published on the Bushveld perspective.

The key section is on page 2 item 2, where it say ;

"The estimated allocation from all financing sources for the original scope of Component 2 (Kiwano CSP) amounted
to US$1.197 billion to deliver 100 MW generation capacity and 525 GWh of clean energy per annum. The estimated
joint financing mobilized for BSP is US$661 million – of which US$195 million from IBRD and US$273 million from
CTF - for delivery of at least 525 GWh (1440 MWh storage per day) of energy through at least 360 MW of storage
capacity -- 60 MW of cumulative new solar PV capacity (Eskom-owned) and enabling optimal use of 300 MW of
Variable Renewable Energy (VRE) from the Renewable Energy Independent Power Producers (REIPP) program. Of
this amount, at least US$468 million will be for battery storage and the balance for Eskom-owned solar PV plants
and technical assistance, financed by Eskom and the African Development Bank (AfDB)."

Note that the battery storage element is stated as being at least $468m.

If we add up the contribution from the IBRD (International Bank for Reconstruction and Development ) US$195m and the World Bank led CFT - US$273m, then we see that the total is the same, $468m.

To me that clearly says that the actual cost of the batteries themselves, were always covered by these development funds.

The last line of the above statement is key ;

"the balance for Eskom-owned solar PV plants and technical assistance, financed by Eskom and the African Development Bank (AfDB)"

The AfDB funding is stated (see page 3 once more) as being $210m.

The total cost of the phase 2 element of the project is $1.197m (remember it was previously a CSP project, not battery storage).

That means that we need to subtract the $468m and the $210m from the total $1.197m, which gives us $519m.

The loan from the NDB is for R6bn, which is stated as equating to around $400m. Therefore giving Eskom the majority of the remaining funds for the project, to cover said "Eskom-owned solar PV plants and technical assistance."

The NDB article states the loan is for "setting up Battery Energy Storage System comprising 360 MW of distributed battery storage sites across four provinces of South Africa" but that includes the 60MW solar power plant and associated storage.

What it is not associated with is the other 300MW of stand alone battery storage, designed to support the Eskom network of renewables and the 100MW Sere pilot wind farm.

http://documents.worldbank.org/curated/en/390371543618515176/pdf/Disclosable-Restructuring-Paper-South-Africa-Eskom-Renewables-Support-Project-P122329.pdf

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What that means is that when this vanadium pricing cycle comes to an end (and that is what it is, vanadium didn't suddenly get taken off the menu), then BMN is going to be bigger, leaner and likely a lot meaner, on the other side, and that's before we start talking about energy storage and its ability to uncouple that very vanadium pricing cycle.

Now all of that may take time. However much progress BMN makes with its plants, it cannot control demand and supply.

What it can do is keep moving its plans forward and get ready for the next upturn.

That alone for me is a very desirable investment because in my view the wait will be worth it, and I can afford to wait. Others may be wearing different shoes.

However, running parallel to this expanding vanadium business, is the energy storage arm. Again, it is still going to take time to see it come fruition, be it that larger scale projects could well have greater shorter term influence on things. The contracts to acquire/buy into the likes of Enerox, Redt and Avalon, will need time to come to fruition. What those businesses need first and foremost, is stability, and their clients assurances, that they can and will fulfill their contracts.

That said, I really do still feel that 2020 will be a game changing year for BMN, as energy storage contracts and supply into them, become a steady part of the BMN story. The market needs to understand that the advertised size of the market, is accessible, and that BMN can get at it. Once they have that, then its tango time.

I, like a great many here, believe wholeheartedly that no other vanadium related company in the world, has a better chance of making VRFBs a staple part of the energy storage market. For me they will go on to demonstrate the exact model that was needed, in order to carve out sufficient market share in that space,. Given enough time, the accolades for what is being put together now, today, will be won.

We aren't there yet but we are well on the way and current vanadium prices don't interrupt it, they actually contribute to its success. The plans are in place, they are real, and not fantasy. They simply need enough time to be completed, developed, and actioned.

That means patience for us all.

It is very difficult for the average junior market investor to stay still, to do nothing. Frustration and impatience, are the greatest threats to our investment accounts.

BMN requires more patience. The vanadium market requires more patience. The energy storage market requires more patience. The wider market's willingness to understand and appreciate, requires the utmost patience.

BMN is no longer about can it be done, it is now about getting it done, and that really should never be forgotten, which is why reminding oneself, over and over again, may just pay in the end.

In my opinion. . .

Merry Christmas everyone.

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Morning all,

In my opinion. . . .

It is often difficult for amateur investors to maintain consistency with their thoughts, particularly when it feels like an investment simply cannot make positive headway, no matter what it delivers.

That is why it is important to keep reminding oneself not only why the investment was made in the first place, but why one remains invested.

In terms of being an AIM listed stock, BMN is actually in about as good a position as one could wish for right now. The problem is that vanadium prices have descended to a level that places profitability under pressure. That BMN is still profitable is for me clear but to the wider market that does not, will not look too deep into things, the gap is perhaps too small, or the bottom not known, and so the decision is very much wait and see, which isn't unfair when being realistic.

However much we all may wish to sing the praises of the achievements that BMN have made this year, the cold hard truth is that very few of them are measurable at this time, or indeed able to influence the valuation of the company. That will change. FM himself has talked about 2019 being the year that the blocks were put in place but that does not means that the value automatically or immediately, comes with it.

The one clear development that affects the bottom line is Vanchem but really until the company can offer some detail on its profitability and/or its development, it remains more of a question at these vanadium pricing levels.

Those that have done their research properly will know that the Vanchem/Vametco combination, offers additional lines of production, which should see both operations revenues strengthened by their tie up. However, to date no details have been released on this and so we shouldn't expect too much of a price reaction.

Bushveld Energy has made some very strong strides in 2019 but again, none of the deals have been finalised or enough opportunity had, to give the market an opportunity to value the proposition properly. Again, this is the frustration that is born out of being heavily invested in something that itself, drives very detailed analysis and research, such that the path and outcomes are clear, but remain out of reach of the wider market's appreciation. But that isn't something that bothers me personally, be it that like all others, I would happily witness better times for the SP, earlier. That's impatience.

The current vanadium price is hitting all vanadium related businesses but what it is also doing, is creating an opportunity. As i said earlier, BMN is in a very good place right now. They have cash in the bank, they have a very ample $25m credit facility, and they have very willing partners.

Therefore, whilst the share price may well continue to be dampened by vanadium prices, BMN will still be able to expand its plants. Even lower vanadium prices won't prevent that.

What I like about SRB most right now is just how quiet it all is. They are about to complete a significant milestone in the development of the company. The quietness thus far tells me there is a very solid plan in place to achieve it.

I do not expect a full cash payment to be made because the coffers would be left too low but an amended agreement with Sprott plus say a circa $8m cash payment, would certainly work well.

As a medium to long term hold, i really like SRB and the quietness that comes with it.

My humble view having being a buyer of stock these last few days and having found it difficult to buy, is that someone or something is soaking up the sells here. The bid and ask have also been very misleading.

Previous distastes and disappointments aside, the 'early' completion of the 50mmscf output is a significant update and will in time demand better value than is currently being allowed for. Hence why I am prepared to add.

I don't need any apologies. This BB is not about me its about I3E and the ideas and research that contributors here are prepared to share with one another.

However great the odds and fairness of AIM, are stacked against amateur investors, those amateur investors are going to keep investing in AIM, because juts like me, they want a better life.

Rightly or wrongly, I tried to share everything that I have found and explain in a manner that everyone can understand. I know what it was like to be that guy that did not have a clue but wanted to play anyway. Having survived that phase and been rewarded by this market, I simply want to give something back and do my bit to even up the playing field a little.

I never share an opinion if I can help it, without providing links to the facts that I have employed. But it is always up to the individual to read those links and decide for themselves. Anyone thinking that I sold I3E to the people needs to re-read everything that I have written and then make that statement.

Like I say this BB is about I3E and its future prospects, not about me. With all due respect Ophidian (and it is appreciated), I don't want to be the focal point and I don't want any apologies. These are testing times here and things get said, which perhaps shouldn't be. I am a big boy and 8 years on AIM has thickened my skin somewhat.

I will leave it there. Please get back to talking about I3E and not me. When more news is delivered I will without fear or favour, comment as I see fit. I wish you all well in the meantime.

Wow how hard we work to build our reputations and how easily they are taken away from us.

In future I will think twice before sharing what I spent so much time trying to find out about companies.

I trust Emptyvessel will put the record straight but then would you want to believe him/her anyway? Probably not.

@gggg21 Really? Is that what all of my research and effort has come down to? Am I to be accused of having double accounts now?

Over the years I have been called an MM, a company employee, even the CEO himself, but double accounts and fraudulent behavior is a new low and I don't deserve that.

@fairdealer20 I made it very clear last night that I do not intend 'abandoning' anyone. The fact that I have defended the investment case here throughout this whole campaign because logically it was the right thing to do, does not automatically mean that any news is ok. That any news is acceptable and should be held through.

Prior to this drill, I3E always had a back up plan. Right now in my view, they unfortunately do not, unless the results of the well are better than they are thus far indicated to be.

Everything was set up for a clear and reportedly very good chance of hitting their target at A2 and I supported that fully. The result does not lend itself to the result that was expected.

I need more information before I am prepared to hold further. I believe my hard work here has earned me the right to make that decision for myself.

When we have a better understanding of what this drill result is and what it means for the future of the company, I may well buy back in. What I won't do and have never done in my investing life, is tried to undermine other investors positions, in order to gain a better position. If you believe my intentions to be otherwise, the I cannot and do not need to change that, nor make any apologies.

@Hereshopin I take on board your point about lingering and I will bear it very much in mind.

Look the last thing shareholders need now is to be told that things don't look great. But what they also do not need is to be told, is that this stock is worth many multiples of its current price when there are clear obstacles in their way.

I have pointed out a concern regarding the placing at 35p. I simply do not understand why the placing shares were stated as effectively being issued post A2 drill. Why not issue them immediately? It may be that it is pure coincidence but it is a valid concern that is worthy of debate.

One things I do not do on these BBs is shy away from saying something because it might not be popular. Anyone who just wants to hear it will all be ok, in my view is kidding themselves and perhaps needs to take a good hard look at why they invest and on what basis.

If I3E can jump through the number of hurdles that I now see before them, then great because it will be very profitable for them and their shareholders, of which I will gladly be one again, if they could just give me enough assurances about Liberator, their debt and their finance.

For those that say I am simply looking for a lower entry point, I say this. You have failed to understand what I am truly about. If I wanted to achieve that then I have had plenty of chances to swing that bat previously and never had. I have always given my opinion here as I saw it. Up until this result and the way it has come out, the company had my 100% backing. The wording of that preliminary result, rushed or not, and its delivery, has currently taken that away, because as far as I can see, the fundamentals have potentially changed to a point that the risk outweighs the potential benefits. Having put so much energy into defending this stock, when it was right to do so, I certainly don't like it, but it is what it is.

I have stayed behind stocks that have dropped far further than this, with limited concern about the share price, because despite the noise, the fundamentals had never changed. I can't say that about I3E right now, however much I would like to.

When further updates comes our way i will comment as I see fit, but I respect the views of the BB and will act accordingly and would never wish to be a burden to any discussion.

@MikG Like I said earlier, I have taken some tiem to have a really good think about the overall picture, post the initial A2 result.

What I do not like is the fact that a good many other parties have gained access to the information well before we have, and that means any further bad news will likely go the same way.

The 20ft TVDSS at the L1 position is for me plausible in terms of being commercial but it is likely bottom end and because of its length (horizontal wells remember), it is more expensive to finance. That is why L2 and L4 were the preferred positions for the first 2 production wells. Right now I do not believe that a 20ft measured depth set of sands with oil shows, is going to be sufficient to determine a production well in that area. I may well be wrong but given the hit I have already taken here, why would I feel the need to take the further risk?

As I have already stated, the £5m for the 4th drill is at a price well above where we currently find ourselves and it has not been issued yet. If they have not hit a suitable commercial zone at A2 and the model is brought into question once again, the why would ByBrook sanction that raise?

If not, then I3E are in a position where they either do not have a phase 1 development or they have a reduced scheme. That in turn brings into question the strategic relationship with Dolphin and the deferred debt, a sum we do not currently have a grasp on.

Without a phase 1 Liberator, Serenity becomes about raising finance to appraise it. I3E have excellent deal making skills but with £22m already on the books and the Dolphin debt, plus thew BGHE warrants, which are now some way out of the money, how and in what manner are I3E going to be able to raise cash for appraising Serenity?

I have backed them all the way through their plans and the re-arrangement of those plans, because what they did and how they answered the problems to date, has been very well put together. However, everything was set up fro them to hit what was a very high chance of success drill at A2 which would then deliver rewards, that deemed the risk worthwhile. The fact that they have hit such thin sands and likely a thinner oil column than the L1 location, means for me, that the risk reward balance, has been pushed too far towards the risk side of things.

If A2 is not commercial, and/or there is a very good explanation as to why they have missed the peak, then the SP will fall. It won't matter about the valuie in Serenity at that stage, because it will be all about the cash needed to pay the debt and a path to appraising Serenity/Lib West.

This management team is capable of pulling something out of the fire but having taken such a hit in such an illegal manner, I am not prepared to back them that one step further. I will gladly step back in when the plans are more concrete. If that means making less profit, then so be it. That's my opinion, tolerated or not.

@JAdam Would you have me continue to contribute here under the guise that I am still invested, when I am not?

Would you have me say that I believe that the prospects are good when everything is telling me that they are not?

I have take a sizeable hit here and I am not prepared to take any more until I feel that my chances of a better outcome are more assured. Right now I do not feel that way and lying about it, wouldn't help anyone, however much negative press it may drive my way.

@Kabaa I did not just naff off because I appreciate fully how much a part I have played in this BB these last few months. Nor do I intend leaving the BB, just because I am not currently invested. I3E is staying on my watch list and the moment I see more security in the plans, I will gladly step back in because I really do like the assets and the infrastructure they have access to.

Given my very active participation here these last few months, I did not feel it appropriate to simply go quiet, just because I could. You are entitled to judge my decision, my previous actions and anything else I continue to offer, anyway you see fit. It will not prevent me taking part in the debate, any less than it should for you or anyone else.

The simple fact for me here, is that I see this drill result, be it preliminary, as another miss at Liberator, and that has the potential for repercussions for I3E, their funding and their debts. I truly wish I felt otherwise but I currently do not, and that's before I add in the inside trading.

These BBs are of little use if all opinions are not given and debated as is seen fit by all parties that wish to take part.

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We also need to better understand the volumes now left in the phase 1 area. This high spot was part of a revised 46mmbbl STOIIP, of which I believe A2 was a smaller part but still an important part. However, the 46mmbbl for me is now under threat and the A2 area was supposed to demonstrate a thickening of the sands to the West (be it closely positioned to the discovery), but it hasn't, it has shown that the captain sands are thinner. So again, I would want to understand that better before investing.

I still do have much faith in the management team and their ability to move these assets forward but I do not trust the integrity of the ship they steer, nor do I now fully trust the model they are employing to determine Liberator. It won't affect Liberator West in the long run nor I trust Serenity, but as an investor I would be better protecting myself, by gaining greater knowledge of the investment case as a whole, rather than simply staying on board and hoping for the best.

It may well be that they downsize the Liberator phase 1 development to L1, as per the original CPR but until this miss is better explained, I am not prepared to stay invested.

I can forgive the I3E team for missing the Liberator channel once, especially when they did such a fine job with Serenity and all the troubles it took to get to that result, but they have now missed twice and that will surely bring into question trust related to supporting further drilling At Liberator phase 1

I also struggle greatly with the uneven playing field and the fact that no one from the BOD has stuck their head above the parapet to recognise the titanic hole in the security of their data. I appreciate that this may still come with the next operational update but the damage is already well and truly done.

I don't share these thoughts lightly but I would be doing myself and this BB an injustice, if I spent so long talking about all the positives but failed to share my concerns when they arise. Right now I have too many concerns about I3E and so I choose to protect my capital by exiting. There's nothing wrong with taking a big hit if it is the right thing to do for one's self. Pride doesn't make much money, that's for sure.

I trust I3E will eventually come good but after this result, there are a good many hurdles to jump through before they do.

To those who see this more positively and decide to stay the course, i salute you and I wish you the very best of good fortunes with your decision.