Member Info for faramog

Well clearing the orion 'overhang' worked a treat !

@agricore ... BMN can buy back in 2026 half of the $13.5m... leaving $6,75m with a strike price of 8p .... its in the RNS ! (I just used the % stated in the post and halved it - did not check.

There are 1,287,148,281 shares in issue. $6.75m at 8p is 84,375,000 shares.. that is 6.56% dilution

Erm.. bmn get to buy back 50% of that in 2026.. so a 4.75%ish dilution at 8p

It is a good deal for BMN for 3 reasons:

1. We are on AIM and financing options are not as wide as some folk imagine

2. The company is in SA and whatever way you look at it deemed very risky (so Orion have head start

but most important:

3. The payments align well to future projected cash flows

Orion though, have very much extracted a pound of flesh for this and make an absolute pile on it (especially as the SP appreciates ... if it reaches the past high of 50 in 5 years (a bit of an ask as it stands maybe), then assuming BMN buy back half the $13m in 3 years, the remaining $6.5m gets converted to shares at 8p (a 25% dilution) making it worth nominally $40m

Let us hope we are well off AIM by then and can access cheaper and more widely available capital.

Does anyone know what this major world class brokerage we tied up to last year actually does ?

@snakeandbadgers.... Morning Capa

Bernard Hinault

All through his career, Hinault was known by the nickname Le Blaireau ("The Badger"); he associated himself with the animal due to its ...

Grrr ruddy auto whatever... Incident should say confident

I am not under incident having grown my ownership over the past few years

If you read what I actually wrote in response to 'brakes off yet'.. quite clearly wider bigger players are not yet convinced. Throw in the less than glowing matter of fact ARC update couched in de-risking, low numbers etc and we are yet to see a real mood change that will attract buyers

The vanadium shortage, growth narrative is now akin to the boy crying wolf

This does not mean I don't see the SP well north of its current depressed state over the rest of the year... But I fear we will be a while before 30+ occurs again

It is not so much the brakes are still on, as the jury is still out IMO (just read the very cautious ARC update)

Remember, the re-financing proposal still has to be tabled for a vote - I am surprised that has not kicked off yet really). The vote ought to be a formality as it is hard to see a majority not voting for it.

About 7 weeks to H2 !

It was said elsewhere.... Did you not read the RNS... Or are you like so many keyboard warriors and just repost stuff

If you cannot see the debt has been restructured to a very manageable cash flow solution (and yes there is additional.cost to that), then I give up

@tropical... They are not issuing 'more debt' ... They are changing the nature and timeframe of the debt

The mid term debt is still there, but payback looks very manageable out of operating cash flows... Works out at around $2.2 ish of cost per kg... Given cost reduction, rand depreciation and vanadium pricing likely to stay above $40... A pretty need solution

And all for around 4.5% dilution

The operational stability matter just shows how hard a mining operation is. I suspect everyone underestimated what it would take and what it does take to keep it flowing efficiently.

As for the CLN being the 'biggest issue' right now, not sure I agree. I think a wider perception of what BMN actually 'is' is the biggest problem. Take a newbie wanting to hunt for an investment. Where is the clarity of vision and message ? We can all see the next milestone, we can all see the wider long term vision, but the average PI/II manager with the attention span of a goldfish can't see it as it is not clear..... now interestingly for those (like me) that actually saw the deleted video (that will be released shortly Chika has told me), there is a very clear vision in a punchy 2 min glossy vid.....

as in genders.. other views are available

ridiculous ... I have a screen shot of it. Not one insulting word... just free speech.

I dont look on this BB that often.. because there is little reason too if its policed as a ra ra place

There is a move on the telegram board to get CC's 17:01 post deleted.

why .. because you don't agree with an alternate view. Plenty of utter drivel posted here as is but it is not insulting, just a different point of view

'good stuck' ... HTF does 'stuff' become 'stuck' ... is there some cyber **** just randomly changing stuff

err .. no CC .. that is not the point. The CLN issue is overblown. There is cost applied inventory that pretty much covers the full debt repayment and clear positive monthly cash generation

I do think that FM rather alluded to an outsider looking in at the balance sheet and wondering, but also said the Orion issue would be resolved 'in short order' . I rather took that to mean 4-6 weeks and not end of June.

The really disappointing ting is just how much good stuck is going on and how little BMN want to talk about it

So current MCAP is circa £49m. Current FAR MCap is circa £46m. Far makes no profit and its annual output BMN does in a week at a good profit

My is the corrupt autocracy that is Kazakhstan more market palatable than the current tumultuous SA

Go figure !

lots of ailments about .. one of the LTH's here as I understand it may have Long Covid .. hence the infrequent posts.

Lot of it about !

So 'smart' investors take no risk and get a discount .. mmmhhh .. I guess @beginerman that makes you as thick as the rest of us then

Utter piffle @marc

The company finished last year with a decent cash account and in Feb confirmed to me they had an inventory pile of approx 800mtv that had costs already applied.. in other words a pile of approx $35m in cash equiv

This year we can see the vanadium price is a decent margin about the BE costs so positive cash generation is happening

Also, FM confirmed the move away from driven growth to consolidation, stability and sustaining capital only

There is zero reason for a fund raise... Just utter garbage... My 'firmly held conviction'