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"Prices remain flat with Europe at $32.2/kgV and US $38.8/kgV. "
Actually, it's 31.75 EU and 34.55 US according to Investing.com. If you can prove these numbers are incorrect, then do so, otherwise stop deliberately deceiving people.
Three-month downtrend is not flat.
What's the difference between a positive or negative opinion? Should people not discuss things that are painful to hear or negative for that reason alone, or is healthier for these views to be aired?
Who is more deceptive, someone that overeggs the investment thesis and tells barefaced lies to try to convince investors to buy or someone who points out their anomalies/deception and offers a more realistic view? I am not suggesting certain posters are out to deceive deliberately, it may be subliminal, but I would say exactly the same about people that hold a negative view. Being negative does not necessarily mean you want the SP to crash and burn.
Why would positive views be prominent when the SP is in such a state and the CEO has shown zero willingness to do anything about it? He needs to be pressurised to explain himself and perform better, or get out. At the very least. Mojapelo should no longer be fronting the company - BMN needs a new ambitious voice that is transparent and communicative.
Deramping implies I want the SP to go down or I am actively shorting. I am doing neither and don't believe anything said on here has any effect on the SP so it would be pointless "deramping" anyway. Ultimately, that's what you meatheads are too stupid to understand.
For me, Mojapelo came close to defaulting on the Orion loan and his appalling disinterest in the SP makes him unfit to run BMN. He is overpaid and negligent. Presumably, you think otherwise but you're entitled to think that.
It's very odd how the obvious frustrations here are directed at shareholders like me rather than the man in the top seat whose decisions, or non-decisions, are really affecting the SP.
Remember when I said 8,000 mtv is a pipe dream that's five years away (or more). BNP Paribas tend to agree:
"Our production forecast for 2023 is at the bottom-end of management guidance and we do not forecast production reaching the bottom-end of the anticipated 5,000-5,400 mt V pa sustainable run-rate until 2026."
So according to them, 2026 before we even reach the bottom end of 5,400 mtV let alone 8,000 mtV. Take your time Fortune.
Hoisted by his own petard.
HarChris, you said it yourself "It would be a genuinely serious situation now" had the loan not been refinanced. Perhaps you could tell us what you believe gave FM the confidence that V prices would be high enough to pay off the loan he had to renegotiate.
As HarChris has now admitted, Mojapelo threw the dice and gambled with the very existence of BMN. Without 'luck', i.e. the Ukraine war elevating V prices, BMN would have most likely defaulted on its loan. Reckless management.
"It would be a genuinely serious situation now if he hadn’t pulled off the recent refinancing"
So finally you agree with me then. The first loan was such a reckless deal that it almost plunged BMN into crises - and that's with elevated V prices for most of last year.
Get a grip Codejunkie. Take your frustrations out on Fortune Mojapelo, he's the one standing idle while BMN's SP burns to the ground.
I'd like to apologise to all shareholders. I was under the impression that the current catastrophic freefall towards 2p is somehow linked to the business decisions made by the CEO, when in fact it's all my fault.
What transformation? He's borrowed a massive amount of money to refurbish some kilns in a very favourable price environment and still couldn't afford to pay off the loan.
He's lucky that global events disconnected to usual V price dynamics created such high prices, otherwise BMN would be in seriously deep sh*t.
Thankfully, that's been averted - at more cost to shareholders, but Orion is just a lender at the end of the day. If they believed in the model then why can't FM get any other IIs on board?
"The loan was a painful necessity to get where we are today"
Where are we today - a six-year SP low? FM's decision is only a good decision if VRFB uptake is reflected in V prices long-term. Personally, I'm not in the habit of congratulating people until they deliver meaningful results.
Unlike others, I don't blame you for that or the likes of HarChris and I certainly don't blame people who come here to vent, mythical "shorters" or "paid trolls" - I blame Fortune Mojapelo for his poor decision making and cowardly hiding from investors.
I came in when I heard from other people about the investment thesis - a thesis that I still believe in. BMN is one of the few vanadium producers I could invest in, so I did.
Mojapelo has done nothing to assist us on that course. Quite the opposite. He took on a massive loan the company could not pay back despite favourable vanadium prices and destroyed sentiment for 12 months while we all hung around waiting to find out what he was going to do about it. Then he doubled down and destroyed sentiment further by telling everyone that BE split from BMN and leaving it hanging in the air for another year.
Almost every II has bailed our and he's incapable of bring new money into the business to support his supposed thesis.
Hence, sentiment totally destroyed by his amateur deal with Orion, inability to keep the market updated and lack of consideration for shareholders. That's why the SP is where it is.
Yes HarChris. The investor gamble is on global VRFB demand being so formidable that vanadium prices will be sustainable within the $50-$60 range in the long term. Fortune Mojapelo doesn't have to gamble. He enriches himself by gambling with other people's money.
If we're wrong, we lose our investment while he joins the pantheon of failed AIM CEOs that took investors for mugs and ran off with the loot.
If we're right, I won't thank him because he didn't introduce me to the business case, other people did. Mojapelo and his mate Nikomarov have driven the SP into the ground and don't care about shareholders. Meanwhile, we waiti for the VRFB market to do what we hope it will.
Just be thankful BMN is not selling its commodity into South Africa itself. Reading extracts from former CEO Andre de Ruyter's book describing his reign at Eskom it is clear that the country is institutionally corrupt from top to bottom and has no future in its current incarnation.
BMN's success is solely predicated on global demand for vanadium driven by the steel sector and VRFB uptake. Talk of mini-grids and selling batteries to local producers is going to be a complete and utter waste of time. If Mojapelo is naive enough to explore that route, even more reason to get him out.
Yes brasi, I am and LSE are evidently delighted to have me.
Hopefully I'll still be here when the SP recovers, even if that means Fortune Mojapelo is gone. I have no trust in him whatsoever.
Fact remains, vanadium price goes up, share price goes up. FM seems incapable of influencing the price in any other way and is totally disinterested in SP performance.
No CEO should be able to list a company and make himself rich whilst overseeing a total SP collapse. BMN shareholders are very weak and need to send him a firm signal at the AGM that his future as CEO is in jeopardy.
"But what happens when a company like BMN with a talented, determined and honest CEO actually delivers a growth company with revenue and ultimately profit."
An honest CEO doesn't tell investors that the broker he pays for to give ludicrous share price predictions is an accurate predictor of future share price performance. That's a patronising and dishonest CEO.
There is no evidence FM is talented, quite the reverse. He's completely uninspiring. What's he done exactly? Borrowed a sh*t ton of money that he's struggled to pay back, missed almost every target he's ever given and overseen a horrendous share price collapse. All his fault? No. But the missed forecasts, lack or comms - verging on cowardice, and appalling sentiment certainly is.
The company has a future if VRFBs take off as predicted, not sure he should be a part of that future.
"Chances are" is not a very convincing investment thesis. Pretty much says it all.
BMN has huge debts and income is not great at the moment. Until the company can prove it is able to deal with the debt in a convincing way it's not going to be an attractive investment. AIM doesn't give a stuff about 'the future' at the best of times, let alone in this harsh economic environment.
When communications are this dire and shareholders are forced to guess the future, what do you expect?