Member Info for faramog

I don't think it is incompetence.... it is a difference in aspiration and actually how it has been to deliver. I think the guidance on refurb has been at the very optimistic end and after 2 years of missing each 'target', perhaps a little humility and honestly about how hard it has been and will be to go further

well put Sanchez.

Other things I don't subscribe to (apart from £1 any time soon) are:
- a seeming perpetual seller - this is nonsense
- The idea that Eskom will have an immediate impact (all we will do is supply some of the vanadium next year - the electrolyte plant wont be finished)

BMN success (SP wise) depends (arguably) on:
1. actually sticking to or exceeding claims for the future - it keeps missing this simple point
2. An actual demonstration in real sales to real delivery of 'Vertical Integration'
3. The demonstration of a Leasing model in operation (otherwise it is electrolyte sales at vanadium price + margin
4. Some consistency in 'Orion funded' refurb ... seemingly we are now down from 6,800mtv to 5,000 mtv. It has clearly been a lot harder to uplift the plant and a bit more honestly on this would be good

With Eskom news, wider market orders into 1-10+MW VFRB systems (which we may or may not be part of) will likely change the perception of VFRB might happen (in SA) to 'Its happening now, time to catch the wave

So long as Vanadium pricing stays above $40 and is widely seen that this will be the case, then there are solid profits to be made and that alone may well add to the general sentiment change.

Oh .. and get off AIM onto FTSE. Personally, I don't give a fig about JSE as I see that as just about greasing some rich locals palms

And please make sure Tania knows her numbers and can talk in clear plain English at this coming weeks briefings .. the car crash last time must never be repeated

I maintain that 35-45 by year end is realistic, but we are 18-24 months from £1 at least

@HarChris,

What was your assumed Vanadium price for your calcs ... because as things keep going, we will produce less but make more gross profit ....

https://www.**********.co.uk/articles/kiran-morzaria-ceo-of-cadencne-minerals-john-meyer-alan-green-560804f/

BMN - 27:20 - 31:45

I sort of had the question 'You are the Nomad - why is so much seemingly a suprise to you ?'

Then goes into the upbeat stuff about the future of VFRB and how rosy the future looks, but then says 'I believe ther is a bunch of World Bank Power set aside for yada yada ' ... does he not know ?

Then talks about Vertical Integration and being the 'Tesla' of battery storage.

Then speaks about dilution: 'They have given a few shares away over the years' .. just a few !

I wonder if he still has the holding he bought ?

I sense a fair bit of frustration !!

mope Halespur.. I never predicted a dividend in 2022. What I said (back in 2019 if memory serves) was that was the earliest I saw a dividend being paid.

But then, expansion hit huge snags, Covid got the the way, and the Eskom saga dragged so long that the electrolyte plan was put on ice.

I do see a dividend being paid, but frankly, no idea when any more - personally I would be amazed if one was before Oct 23 (with the exception of a special on Lemur sale. I have always felt that FM might take that disposal as a great big flag of 'we are free of non-renewable-stuff)

go look at his past posts .. don't think so .. just quiet. Good summary post on 25 Jun 2021 12:1

please point out (actually dont bother) where I have trashed anything - I have made comment, offered my opinion... go look back in my post history.

I ain't a troll, and neither am I Herr Doom & Gloom , or sunshine the bunny rabbit !

I do believe in a relative balance of comment a views (positive and negative comment) - the whole point is for new PI's to gain from our long standing tracking and discussion.

Other's have different views

Didn't work for me.... Will have to see comments to see if worth it later

I don't think anyone expected it would take this long !

But then there was Gwede running interference for the Coal Industry, and it has clearly bee a heck of a lot harder to up-scale the plants

that Razor is because wider sentiment is not behind the story (yet).

The Vertical Integration story is presented in a complicated way and as it is not in place yet is just an aspiration from an outsider perspective. Cash is king ... start bringing in the cash, show the different flows for real and the picture clarifies.

H2 ought to improve the SP as positive cashflow is being made and other elements will clear further, but really, we are 12 - 18 months away from having a fully in place and demonstrable Vertical Integration picture where real actual sales numbers can be shown in the depth needed.... IMO of course (other recollections may vary)

This is a very good entry price and even if the SP dips down we are just bubbling the bottom waiting for events... it is tedious really

"Don’t forget that most analysts see H2 as a period of even stronger pressure on the Vanadium supply and therefore price."

Exactly @Pdub .... this year is all about H2 and into 2022 .... The more I think about it (and we shall see next week in the investor interviews), this looks and feels like a 'get all the bad **** out in one' RNS

@spbhop ... I still hold (probably) a heck of a lot more than you ... and one reason I stepped back from this bb a bit is because of stupid comments like yours .. if all you want is ra-ra then join the telegram group.

I see strong value still and have no need to liquidate anything .. so holding ... but only a naive investor does not consider downsides.

There is no getting away from the RNS being not just the expected poor, but terrible. Given there are few positives and many elements just not spoken about, i conclude (being glass half full) that all the bad stuff is put in one and we can expect a drip of the positive good from now on.

Feel free to point out 'the positives' in the RNS - perhaps it is that I feel a tad rough from the party following England duffing the Hun last night

@Fosters100 - Libero can answer for himself, but I still have the view I stated earlier this year that we have a good chance of being in the range 35-45 by year end.

- Eskom news
- Decent cash flow (albeit now reduced guidance)
- BE action

As for next year ... well chuck in some Iron Ore action, Mokopane offcut action, Enhanced production with a very probably higher than today Vanadium price, BE commissioned, Lemur got rid of (hopefully), a move to FTSE and who knows ... might even make £1 (although personally I feel that is rather further away)

The market is all sentiment driven - when the mood music smells cash flow, future divs, higher sustained growth, then in flows the investors..... the drag of course is the large number of CLN's !

I am only really going to get worried if the vanadium price starts to drop rapidly !

The annual was never going to be glowing, but this is not a good statement - we can only hope it represents 'the bottom'

Orion Mine Finance under which we successfully secured US$65 million in funding. The financing provides support to the Group to achieve a steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a. by the end of 2022.

Pre-feasibility studies are under way at Vametco and Vanchem to increase Group production run rate to between 6,400 mtVp.a. and 6,800 mtVp.a

- I thought at the time they spoke of 6,400-6,800 .... some drop off but still knocking on 50% increase from current rate - given the other statements is even 5,000 achievable ?
-When did all this change

- Now an extra $3.4m payment due Nov 22 !

Net cash flow is terrible (but we can hardly expect the same this year as the Vanadium price has significantly uplifted to well above the base costs. Is there enough cash to manage the activities without a further fund raise ?

Costs up as production is lower, but since the ZAR has fallen the personnel costs should have fallen relatively - they seem not to have. Cost base circa $23-$24 in the future might well be a safer bet in the absence of definite reasons.

Worrying that Kiln 3 refurb may be delayed due to china steel supply issues

Not sure we should expect much from the Q2 figures as we have been softened up by the 'slower than expected' post shutdown ramp up... was there not some comment a couple of weeks back suggesting the operators were looking forward to a big bonus .... maybe not !

There was no mention of the huge (and now very valuable) Iron Ore deposits, nothing on Lemur, Nothing on Mokopane - it is almost as if the method is to put all the bad stuff out in one and then (perhaps) drip the good (which makes sense).... there is only so many times any one company can use the Covid 'defence' as plenty of UK companies are now finding with consumers

And to add to woes, Rio Tinto have closed their operations at Richards Bay due to 'security' issues.... wonder what is going on in SA

https://www.lse.co.uk/rns/RIO/rio-tinto-declares-force-majeure-at-richards-bay-fp6ux7kjhlprook.html

As I said before, BMN story is all about H2 and into 2022. I don't expect any SP movement upwards for some time really and who knows, depending on the briefings next week may well drop further.

So basically, Hurry up & wait .. as you were troops !

then what are you doing here ... ?

It is a free world and by all mean contribute, but if your contribution is 'FAR is fab, undervalue and will triple in price in a year, then got news for you homeboy - no one here gives a fig. Aside from some informed early players riding the wave, no one here thinks FAR is worth diddle squat, so contribute something positive, stay silent or sod off

Do you own BMN shares@khalil ?

what utter twaddle @khalil "Actually its well known you value mining stocks at 20% of their NPV once BFS study is released."

NPV of BMN's assets is what ? ..... pi11ock !

only if you sell

Could well be their fantastic RNS today ... with annual production Increased production of vanadium pentoxide by 56% to 237 tonnes... about a 20th for BMN (Lets just ignore the maths around % vanadium wit Pentoxide)

I think that clearly deserves a target Mcap 60% higher than BMN right now ... It is all sentiment driven - good luck to anyone there, but the numbers dont work for me when the bubble pops. I only invest in companies for the long term. BMN has a highly depress SP that does not reflect its assets, cash flow or potential growth over the next 2+ years ... but that is 'sentiment' in action.

Ignore the SP and market whims .. invest in long term value

next you will be claiming FAR produces more vanadium than BMN .... pi11ock !