Member Info for faramog

Really .. not seen the USA pricing and that is where most is sold. The company sells practically nothing in Asia which is being flooded with Cheap Russian Vanadium

In line with what was discussed at the IM a week or two back .... looks like a solid positioning to finance any new sites that come onto market. As the economy stutters there may well be more distressed disposals .... all good

Did well to get 6.7% !

Craig has bought (not much) and committed to a buy of 4 months salary 'when allowed' ... I agree and there are plenty of company's where directors buy all the time ....

It was a flag I wish I had paid a bit more attention too !

Blues ? .. who ?

IES's SP is where it is because the company has yet to make a profit. Their plan suggests the pipeline out gives a net positive cash flow end of this year and into next

Its a coiled spring @Somtam ... still !

https://capital10x.com/the-vanadium-market-is-coiled-like-a-spring/

What global squeeze @Somtam .... I will believe the next spike should it actually happen... even a modest retrace to mid 30's would be good right now !

I too will be raising a glass @GND

As for sentiment, can't see any T/O - that could have happened several times in the past and did not. There is an expectation of another Vanadium Spike (eventually). Just consider that if it went for a sustained period to $50+ (not inconceivable and well within the sweet spots for steel and other industries), with Barren dam and other improvements BMN makes 5,000 mtv+ and that would be an EBITDA of circa $100m.... at a low PE of 5, that is $500m.. that is an SP target circa 20p

Craig made clear this was a tough year, but that with the funding in place (an it is bar the small Acacia $3.5m, then the costs were met, Capex in place and the company would survive to make the improvements. A lot I guess will hang on the Q1 (not so much results), but business statement and forward view in April

Plenty of doom sayers, but actually, the corner has been turned. No one puts millions in to see it lost or swallowed up in a receivership process

They have a conference call at 1pm ET (so 90 mins times), so I am guessing any time in the next 30 mins

You remind me of Marvin the Paranoid Android .... 'I am so depressed' ... or Fraser ... 'were all doomed'

I wonder if this has more to do with the expected terrible Largo results .... it is not as if anything else has changed

That's what his wife said ... 2pm this friday .....

29th Feb

@Krustysmegma

Impressed .... solid and clear presentation, liked the reassurance that essentially 80%+ of the revenue is baked in and index linked and the remaining 20% a little less so, but solid margins and risk strategies. Liked the link to revenue and not fixed fee. Interesting take on the growth of 'lower cost' competitors around saturation and ease of expansion. Liked the two director buys, good debt position and good drawdown potential for opportunities with a baked in cost rate that is modest and manageable (any investment likely to be accretive from day 1).

I scanned last years report but will read in detail. So far, don't see a downside. A bit unloved but a solid and growing yield so will have on my buy radar as I free things up to re-invest. Just a bit surprised given all this that the rating is only BBB+, but that is still perfectly acceptable to me.

Only think I might caution given the issues in BMN expansion and rather large cost increases, is that having the capital in place for the Capex is one thing, but invariably a whole raft of other costs get added in on the way.

For me, the picture looks solid, on plan and going well, but I rather expect (only born of past experience and not because I have any great ATM insight or additional inside knowledge), that there will be higher operating costs associated with the expansion phase.

Just my two peneth to temper thoughts

Been on my radar a while and going to listen in to the IM in 15 mins ... the report last Nov is really pretty comprehensive and makes for a solid read. Not sure I see much more than a slightly undervalued high dividend payer right now. Just the very high exposure to two big supermarkets and current 'cost of living' headwinds to be rather more clear on.

https://rtfilesprod.blob.core.windows.net/originalnotes/supermarket-income-reit_32856_20231106.pdf?sv=2019-07-07&sr=b&sig=0Yote%2FZFuLWJOA%2BM%2BrxzHyuOWJL6JVxh7kfN9PpD87k%3D&se=2024-03-15T10%3A48%3A20Z&sp=r

Interesting suit of articles and papers

But the only measure as an investor is the return.... And he got that as well

@Sue (GND) ... My commiserations, won't be there. I shall be raising a glass or two mind. I did not always see eye to eye with Paul, but he faced his mortality bravely and kept going to the end ....

I hope his long term vision of the SP does you (and all of us) proud

All the very best to you and your family for the future

The cheque is in the post !