Member Info for Bolgas

Nick

You are getting confused, the cost of increasing production to 5,000 is on hold at a cost of $15 million. Sounds like those costs have increased or they are looking into why production hasn’t increased following the already spent $3 million. We don’t know as it’s genray covered up with spin to be honest.

The BE update I quoted earlier speaks for itself, sample of those cost is here:-

“The detailed process design within the facility will follow the process flows created through the aforementioned test work. The capital expenditure required to build the electrolyte plant is approximately $10 million.”

Take a read and educate yourself.

As stated in the BE update 29/11/18:-

“Implementation of these five activities will continue to follow principles of strategic partnerships and implementation only where value can be created. Implementation of many of these activities will be done in collaboration with external parties, including development agencies, funders, renewable energy developers and energy storage component providers. By design, all activities will rely to a significant degree on capital from outside of Bushveld Minerals.”

$10 million plus by sounds of things.

Look at the Vanadium price, it’s tanking.

www.vanadiumprice.com

To be fair this company has good potential if things work out, but what we are seeing is unrealistic valuations based on spiked vanadium prices. Expansion to 5.000 mt isn’t going to come to fruition this year or next.

It’s far from a dead feet, they need concentrate on production, they have so far failed miserably at increasing it which would make me think twice if it’s realistic. Moreso when V prices age sub $10.

If there was a deficit why are producers chucking it out so cheap today, cheaper everyday.

Hi Alpha

Mastermines is saying vanadium bubble has burst, he also expects V to be plentiful from Chinese suppliers for VRB. Think about it, V prices stay stupidly high then more mines come online, China is more then capable of keeping supply for what’s needed today. What we have seen is analysts creating a storm to pump up prices that are now crashing back down to reality. Look at V prices over the years, they have always come crashing down and we are seeing that today.

No matter what the cost in Europe or USA, they will all fall inline soon enough, it is therefore only reasonable to value an asset on what the realistic revenues. Here we have good income from the V mining side but then huge aspirations that will need funding on VRB side plus whatever else they want blow a few quid on.

You can quote EBITDA all day long, it’s what cash they have in bank that counts, by my calcs you folks are miles off reality, cash call soon enough IMO. If they do a cash fund then do a divi that really will be priceless.

Take a read:-

https://mobile.twitter.com/JohnSCoppins/status/1079315922157006848

Rich ken

The only thing that’s ‘unconventional’ here is alpha’s trading summary.

Good luck by the way, hope it goes to a £1 plus for you.

Vanadium sliding away still, even mastermines has concluded VRB requirement for V will be easily catered for by the Chinese suppliers. Work out the profits and future expenditures on a V price of $6 or $8 and come to your own conslusions on valuation, it’s not a billion plus is a good starter.

From June 2018 presentation:-

Three-phase capacity expansion underway:
o Phase I: completed in Q3CY17, raised production capacity to
3,035 mtV, through a self-funded capex of US$0.5m
o Phase II: will take capacity to 3,750 mtV by June CY18, through a self-funded capex of US$2.5m
o Phase III: to increase capacity to 5,000 mtV by the end of CY19, through a self funded capex of ~US$15m

From November update RNS:-

Multi-phased expansion project

· In 2017, Vametco commenced a three-phased expansion project with the aim of increasing annualised production capacity to more than 5,000 mtV. As part of the operational improvement initiative, designed to enhance Vametco's productivity, the Company is reviewing the timing and required investment to expand production capacity to 5,000 mtV.

————-

Can we conclude the costs for expansion to 5000 is much higher then the estimated $15 million? It’s unlikely to be cheaper and for it to be postponed, or reviewed with costs required says there is little hope of production hitting 5000 during 2019.

Even after phase two implemented production has decreased, hardly good news if they’ve spent some $3 million and gone backwards.

That would be great business, add some £7 million admin to those books.

More funding!

Nick you are talking utter tosh, the last update in November confirms production increase is delayed pending investigation into costs.

You need read and understand what’s written mate, there’s a clear problem. Also those auditors took book value of assets from sale agreement which would of been book value on purchase. Try again pal!!

Show me that in writing in RNS nick?

Read them all nick, you appear not want discuss depreciation imo.

As for production, it’s clear as day, they are not forecasting 5000 for next year, in fact appears it’s declining and they need millions to address that issue. Drilling results are not published, the mine is in decline just like its equipment.

We both know if that equipment was worth that money they’d of flogged it and closed mine, not sold it for a thumping loss. There’s more here then meets the buyers eye as I always said.

Nick you plank, they have delayed the last production increase, they will do it again as they can’t keep production at previous levels, that’s in those rns releases, not your fantasy forecasts.

Production ‘forecast’ for next year is? This years has been missed by a long shot, hasn’t it.

There’s more:

In 2017, Vametco commenced a three-phased expansion project with the aim of increasing annualised production capacity to more than 5,000 mtV. As part of the operational improvement initiative, designed to enhance Vametco's productivity, the Company is reviewing the timing and required investment to expand production capacity to 5,000 mtV.

So it’s not happening, wonder if grades is an issue? End of mine life impacting those aspirations?

Rns 22/01/18

We have since commenced the second phase of the expansion project which will increase production to 3,750 mtV per annum by June 2018 and to over 5,000 mtV by 2019. As we anticipate an even stronger year ahead, our projection for Vametco's 2018 calendar year production is 3,680 mtV.

Rns 09/11/18
As a result of the industrial action and an unplanned seven day kiln maintenance exercise, Vametco's 2018 production guidance has been reduced downwards from 2,850 mtV to 3,000 mtV to between 2,600 mtV and 2,650 mtV.

And

The Company continues to progress the operational improvement initiatives to enhance Vametco's productivity and achieve maximum throughput

Cough cough, production was to be 3750 mid year, not declining because of industrial action, or unplanned maintenance, something says all is not as it appears, imo. Little chance of 5000 next year as its already in decline.

I’d say those Russians sold a mine in decline, luckily V prices have patched a few holes for now.

Out of interest, who do you think BE will be selling VRB’s too if Escom decide to go with another provider? They are restricted to Africa in thier reseller agreement, as these units are larger then some other providers can you outline the business case should Eskom not come up trumps.

Can recommend some great places in jersey and grernsey if you want mate? Can get some vip passes for the main nightclub over jersey harbour if you’d like. Once had any and dec there. Good evening entertainment that was.

Hi alpha!

For the record I didn’t say they are needing funds now, I said at a later stage to MOD but during 2019 imo. There is no immediate funding requirements and in the meantime there’s much important news due, such as that from T3 and also I expect assay result from much better targets then have been drilled to date. That will mean a much higher share price if all goes to plan, specially from exploration as MTR are much more weighted in that regard, not only with MOD but also KML.

I think some took what I wrote out of context, I do stand by the fact they will need raise funds at some point in 2019, unless the trading arm comes up trumps, but I expect it at amkucb higher price then what we see today. Hence me saying I’d invest in new year at 2p if needs be.

Good luck, no more posting from me until I’m back in.

I haven’t confirmed anything OF. Besides DLG was not banned for ramping over on the other forum, stop making up lies and pretending it’s the truth.

You have a good rise today, good luck to you.

Delayed £13k sell at end of play, got well over bid for such a quiet day would lead me to thinking there’s a buy order still outstanding that needs filling.

Still don’t understand anyone parting with these shares, but then most people like join a rising share for some unknown reason. Lock and load imo.

Sold to Scott for nothing in January this year:

redT also confirms the divestment of the Company's holding in its legacy Camco Africa investment advisory business, Camco Africa Limited ("CAL"). redT has entered into a share purchase agreement with CAL, through which CAL will acquire the Company's entire holding of 850 ordinary shares (representing 85 per cent of CAL's issued share capital) for nominal consideration of €0.01 per share in cash (the "Share Buy-Back"). CAL, through its subsidiary Camco Management Ltd, has a contract until 2020 to act as manager of the Renewable Energy Performance Platform ("REPP"), which aims to support African renewable energy projects smaller than 25MW through the provision of project development funding, results based finance and technical and financial assistance.Â

Looks to me they are doing rather well, also Camco sold the only unit sales into Africa, does not make any commercial sense to me or shareholder value now it’s sold, having its funding increased to £148 million.

https://mobile.twitter.com/repp_energy/status/1072880428812566529

Something smells quite funny about that deal to me, realise it’s past business now but was it really in the interest of shareholders? I doubt it very much, they haven’t achieved any shareholder value since either. Besides why sell of your only producing sales team and retain those who have achieved nothing, he’d be sacked if he worked in my business, Scott that is. McKenna also, both fired.

For the record accounts showed £1.2 million of which £200k produced from redT OF, read those accounts properly.

Final point, trading volumes are so small, there’s not a big exchange of shares going on, as we witnessed a few trading days ago, a little volume it will jump fast.

I’d be more concerned if there was big trading volume but that’s not happening. If there is large players surpressing share price they aren’t doing it for big bucks, I’d say it’s small PI’s moving to pastures new in hope of a few more bucks before next round of news here.

Needs MOD to get that drill turning or our other JV getting a few targets ready to hit to entice a few traders in, that will create a sentiment run back up as we witnessed from 2p to 2.8p or so. Hopefully a better return this time around from!these lows, who knows.