Member Info for Daisan

Well, if you put a 4.5 times EBITDA on 2018 earnings you would value at 20p. I think, given the circumstances, that is probably a bit rich. I would also suggest that enterprise value should be used rather than market capitalisation which would suppress the share price somewhat.

A decent set of figures released - probably about the most you could expect. Slightly perplexed by the hedging. Apart from the fact that they suggested that this would be reducing (it has done the opposite) this is at a low level to current price (it happens) but is also at a level which suggests that the whole production profile is hedged which seems excessive.

Mrremmy,

If China becomes a net importer then I doubt whether they could keep prices lower. They do not control the price in such a situation and the Government know better than to try to subsidise the price. There have been occasions in the past when it would appear that China have imported Vanadium, including last year. In those cases the price has followed the same pattern - the price has risen in China ahead of the rest of the world which catches up once the importing commences. I see no reason to believe why this should not happen again should China become a net importer (which I expect to be the case this year).

I don't think that anyone can be certain about this to be honest. For me the likely result is that the ANC retain albeit with less control. I don't think that SA is ready to part with the party of Nelson Mandela quite yet. If this is the case I suspect that Ramaphosa will feel more empowered, consolidate his position and progress his policies.

To be honest Noel, there are many things in life that can keep one awake at night and I confess that this is not one of them for me. If you are really so concerned I suggest that you do not buy shares and look for alternative investments.

We are in a very different situation to April 2017. Then the Vanadium price was rising, the Vametco acquisition just completing and the share price sitting at 8p. The Vametco acquisition is no longer new news, the Vanadium price, while bottoming, has fallen sharply in the last couple of months and the share price is 5 time higher. Whilst the production capacity has been increased we are yet to see that feed through to the numbers so it is hardly surprising that institutions, and other investors for that matter, are waiting for clearer news of what is happening.

News on a dividend would change the picture dramatically and I am still somewhat baffled as to why this cannot be announced as it is hardly rocket science. You have to presume that the timing is significant for some reason. News of a brownfield acquisition would also be well received but I confess I would want to hear the term 'brownfield' only if it was related to actual execution rather than discussing it as it has been flagged for long enough!

A wide spread is quite often quoted when the market makers are not clear of direction and wish to quieten things down. I suspect now that we need a bit of news to jump out of this trading range as volume has drifted.

I can see pros and cons to both high and low prices for BMN. Rocketing prices will certainly boost the share price (you are correct BBN that producers remain the place to be, at least for now) but lower prices would promote the longevity of the industry.

I prefer to look at the likely outcomes rather than what I would like to happen and for me the pressure for higher prices in the short to medium term appears to be irresistible.

Let us not kid ourselves, this is what the world does all the time - over invests in a boom and under invests in a slump. For markets like copper this causes large shifts in the price environment that inflate or impair low cost operations and result in the rise or of collapse marginal operations. For Vanadium, a much smaller market, the effect is likely to be magnified enormously. We have seen this in the last year or two with the surge and subsequent collapse in the Vanadium price. I don't think that this environment is over and don't expect a 'new paradigm' for some years. This 'new paradigm' will be paved by the riches of some companies and the bones of others. Personally, I believe that BMN will be one of the former.

Difficult to see a coherent picture currently other than a suggestion that prices are continuing to bottom. I am surprised to see sub-$15/lb prices as I don't recall seeing that previously.

With all due respect to Mastermines (and I actually mean that rather than the opposite!), he has a desire to make VRFB uptake happen and believes that high Vanadium prices will kill it. As such, he is somewhat guilty of confirmation bias in my opinion.

I actually believe that higher prices are the key to effective VRFB uptake. Without higher prices, production levels will remain relatively low with only incremental increases from existing suppliers. This will be insufficient to support VRFB uptake. It will take a sustained period of much higher prices to encourage the development of new operations. Once these are in place the required electrolyte can be produced.

This is all very easily said but the actuality is that this is going to result in a period of extreme price volatility. I can easily see the Vanadium price soaring this year to record highs but equally I can also see the price falling sharply as supply come online with the real potential to oscillate along the way.

This is probably the most significant positive news for the short term that we have had since the Sojitz buy out. Whilst there is a slow down in China during the winter months, there appears little doubt that the rebar changes have been ignored in some part so rigorous enforcement can only add to Vanadium demand and provide positive pressure to the price. Whether this is good for the longer term is debatable.

Singular please. And it is hardly atypical behaviour. You see this all the time on bulletin boards.

10%! That's going to make any kind of operation very challenging with current or much higher Vanadium prices.

Thanks BigBiteNow - I was trying to find that!

They are very good grades but remember that Vametco's resource averages just under 2% and Largo's reserve averages about 3.2% so these are not wildly different. Interestingly the 'whole rock' grades were slated (erroneously) on Twitter.

mitchoftheday,

I sense that we may have a similar sense of humour!

Sinclair has forecasted 50 of the last 2 gold price rises.

I am sure that gold will get to $35k/oz at some point. It might be a couple of hundred years though.

Chartist2,

May I introduce you to a wonderful technology. It is called email. Enables you to target communication to a specific person, as you suggest in your first post on this thread. Wonderful isn't it? Of course, there is also Whatsapp which would provide a similar functionality but that is a little bit newer.

Well, we know that they were the buyers in Oct/Nov as they reported their holdings to the market. Based on the reported positions on BMN's website you certainly could draw the conclusion that they had sold down and been replaced by buyers using the HL platform although the suggestion that they have used HL is also a possibility and this has been corrected. Hmmm. Curious.

An excellent performance by the company and it looks like Q4 maintained the 30k is run rate. The finances should be pretty good on the back of this and 2019 should see the loan repaid in full leaving the company in an excellent position to progress their other projects including Salinbas without diluting excessively. Remains undervalued in my opinion and a strong gold price should see this fare very well.

I think that it is risk with any bulletin board Pdub.