Member Info for Daisan

"The future trend depends on the market supply-demand."

No kidding. You can see why they earn big money.

They aren't all the same price - some of the pairs differ in price. But if they are all sells, why paired?

Another 50k trade pair. Hmmm

Anyone want to own up to the 50k repeated paired trades? They look like Bed & ISAs/SIPPs but difficult to say for sure.

It was reversed and entered again. All at the same price as far as I can see so no idea what the issue was. But 600k sell still went through. I am pretty sure that there was another one in the afternoon. and it looks to me like there is probably another one this morning apart from the smaller PI trades.

I doubt that is the only delayed sell. It was done and dusted early and the price came under pressure in the afternoon.

Based on trading so far I suspect that there is at least one seller still active so I expect at least one other sizeable delayed sell to be reported.

I confess that I don't see this happening. The thing about a tech company is that it has significant margins and ownership of IP. When it comes to BE, the IP is held by a partner and the margins on this aspect of the project will be low as a reseller. The value for BE is from the electrolyte (ultimately, the Vanadium) where the margins should be better. Whilst there is an opportunity for significant overall revenues and margins from the electrolyte, I see no reason why this should attract tech style valuations.

I am happy to be proved wrong!

I tend to agree with the sentiment expressed here. In general, people invest in gold because it is considered a store of value and, potentially, contra-cyclical (although this is not as true as people tend to think). As such, you invest in gold and miners for exposure to that. Buying into what is a classically cyclical metal tends to undermine that thesis.

It is not as if HUM has not got more immediate opportunities to spend excess cash so why not focus on those? This is a poor move.

Auction.

Given the Volkswagen fiasco, this seems to be endemic worldwide. It wouldn't surprise me if a number of other manufacturers sheepishly raise their hands on this one as there was clearly a great deal of pressure on them to suggest 'greener than thou' credentials.

I find this sort of story appalling. These people have put corporate profitability over people's lives and are only sorry because they have been found out. Good to see that there are prosecutions likely from this. If any deaths can be attributed to their behaviour then corporate manslaughter should be added to the list if it is a criminal offence in the jurisdiction.

Off topic, considering the meanings, it is interesting that 'slaughter' and 'laughter' are separated by a mere character. Perhaps the maniacal nature of the former was associated with the latter.

In the past I have found that these things are pre-sold. There is no risk in going short in this way as the short can be covered by the warrants. But who can be sure (other than the seller) before it is all complete?

OK DaveD7504, I will respond if you can explain to me how somebody who wrote this on the 27th June 2018:

"Was there ever a more perfect example of the indirectly-proportional relationship between quality and quantity."

Wrote this on 19th July 2018:

"Please can some one makes the investment basis to me for this company. I has read of this company on an other page that this is good investment. Please can some nice person tell me good points and bad points to this company?"

I would consider the first an example of an educated person using English as a first language. I am not sure what I think of the latter given the existence of the former.

Not quite sure I agree with that BBN. I would take a Mokopane mining licence combined with a fast path to production any day over inclusion of battery storage within the IRP.

These results are not going to be sufficient to offset the lower gold price so I agree that we are likely to bounce around somewhat. The increase in working capital (largely caused by the increase in inventory) is indeed the reason but a significant amount of this was ROM stockpiling. Whilst this will have an impact gradually over the next few months it was never meant for processing in the current quarter. From my perspective this is a rather 'technical' reason whereas the gold dore (roughly 1000oz) is much more directly relevant. We produced 1000oz more gold than we sold in the quarter. This is not unusual and tends to even out over time. What is more unusual is that we produced 700oz more last quarter and 1000oz more the quarter before that. I can't find another period when we have produced more than sold three quarters running. Interesting.

My expectation was that this quarter would have seen a clear reversal of fortunes. This now looks to be delayed by a quarter. There is some reason for optimism as the underground ore mined has reached record levels. If that continues to be the case then we could see much higher levels of gold produced and sold. The previous high as far as I recall is Q4 2015 and I don't see us achieving that level given the fact that the grade was unexpectedly high in that quarter. Given the stockpiles I do, however, see 22-23k oz as achievable in the next couple of quarters. This, combined with the programme to reduce costs and the standing down of the open pit mining, should enable significant cash generation in the second half of the year provided gold doesn't collapse. They do need to produce 22k per quarter to meet the lower end of target. There comes a point in time when the company needs to deliver cash generation and with a lot of debt due for repayment with Tanzania not being the most desirable destination for lending currently, they will need to generate this cash consistently going forwards.

I am becoming less convinced that we will see the VAT returned. It may be offset against profits but I would rather see it returned to pay off debt! In the conference call Eric sounded less positive about the VAT whilst still saying he was optimistic. Hence, I am no longer factoring this into my calculations.

Well, we got over 20k oz but it would be good to know what has impacted the cash/net debt position.

Endion,

I too am interested in Chaos theory. In fact, I did my third year thesis on Chaos and Strange Attractors. It is fascinating and beautiful.

Should be here tomorrow. I'm looking for a significant improvement on Q1 figures to over 20k oz produced.

Coffeecups,

Thanks for that. I confess that I am concerned that the VRFB industry is going to be constrained by the rise in Vanadium prices. I see that this is a concern shared on Twitter as well. It seems like you have some potentially relevant experience that can ease these concerns!

I do not see that ethical pricing is required for steel. There are laws that stipulate the strength of steel required. The price of Vanadium rising will simply make some projects uneconomic and delayed. If they use lower grade steel to get around this then I would suggest that their intent was less than ethical in the first place.