Member Info for HarChris

And at that valuation with V prices reasonably depressed it's fair to assume that a future with healthier V pricing due to the establishment of the VRFB sector would see our value once again much higher than $120m.

What we can at least say is, partially distressed sale or not, SPR are valuing BMN at around $120m both through the (likely) 6p conversion price and also the $22.5m for 50% of Vanchem and the promise of $7-$10m investment (throw in Vametco, and Cellcube and $120m is a reasonable assumption).

That's not what most of us would have valued BMN not long ago but that's an attractive proposition for investors when the actual market valuation is just $40m.

Come on Ben... with 100% dilution you are giving away 50% of the company in one fell swoop for £30m at 2p a share. We sold 50% of Vanchem and Mokopane for $25m with a commitment of $7-$10m investment into Vanchem so for a similar amount but we have 100% of our previous ownership of Vametco and Cellcube.

That sort of dilution at this level is not value for money, this deal is a compromise.

Always quite funny to see the Argo share price holding up better than all the North American giants, defies logic.

For the thousandth time no. this. is. not. Aim.

I am certain Shishir won’t go against his word unless he’s absolutely forced to I.e new unforeseen issues arise that mean they simply have to. He couldn’t have made it clearer that he wasn’t going to raise at 30p a few weeks so he’s not going to at 20p now if nothing material has changed in those couple of weeks.

It would be barmy to meet investors all this week only to then go against his word. Again, not going to happen.

I'm not sure the halving is such a big deal for the strongest of miners. If bitcoin is around this level in a year's time then it's goodbye Charlie to the majority of currently listed miners but difficulty will fall off a cliff and the miners with a healthy balance sheet won't be producing a great deal less BTC than they were pre-halving.

With bitcoin depressed post halving we see three or four big winners that gobble up market share and dominate the space - any BTC rally from there is where the big bucks would be made.

As for gold it's holding up remarkably well against the buoyant dollar - if it can hold above $1900/Oz until the Fed pivots then we will see new ATHs in gold and who knows how high SHG will go.

A little more patience and we should all be quids in.

JAdams, your personal choice to sell in case there isn't news and your holding goes down 5% temporarily is absolutely meaningless to anyone else here. It's no more interesting than me telling you I went to the casino on Saturday and decided to walk away with my £70 profit in roulette in case my luck ran out.

Please bear that in mind before planning to post anything as tedious as that again.

I'd like to add one further thing - it's becoming pretty obvious that the market is pricing in a placing now but everything in the last RNS screams otherwise:

(i) The $1m (net) prepayment addressed the issue with the 30-45 days between shipment and realisation that placed pressure on working capital.

(ii) That $1m is c15% of revenue over six months making it $6.7m total - that's double the revs of last year in just six months.

(iii) Also has 'sufficient finished product inventory' which I make to be ~500MT / $350k.

With these two comments added in the rns:

· Tirupati's preference has been to meet its working capital needs for ramping up of operations through non-dilutive arrangements.

· Going forward the Company will continue to focus on strengthening its cash position through other non-dilutive opportunities

____________________________________

Add in what Shishir has said privately and in interviews and I am as certain as I can be that we aren't going to see a placing down at these levels, whether some of you like it or not.

Shishir made it crystal clear what the plan is, they are not going to go hell for leather for expansion whilst graphite prices are low and the markets are depressed. Why would they when their peers aren’t even operating? It makes perfect sense to work towards producing 30kt pa which they now have the resources to achieve and then raise sometime in the future when the time is right.

If they decide to speed things up with a debt deal in the coming months then fine, mgmt are best placed to decide when the time is right.

Because they keep getting removed.

Sure he can go against his word but he’s already acutely aware of how he needs to win back the trust of investors so making a promise and then going against it a few weeks later would not be advantageous to the company.

He has stated numerous times and to me personally that they will not dilute down at these levels. They are able to ramp up without raising so that’s what they will do until either (i) the share price is higher or (ii) they agree a debt package, potentially with CLNs that will dilute us at a higher price at a later date.

I do not believe he would go to all this effort to win over investors personally to then screw over those of us he has personally promised not to dilute (at ~30p).

He might have got some calls right but to say Clive “has been spot on about everything that happened over the last three and a half years.” is genuinely the biggest load of BS I’ve heard in a long time.

DO click.

I love this sort of article because it highlights why the share price is where it is and not 5 times higher... the mainstream investor simply doesn't understand enough to know how derisked this is already, how much greater the chance of success is by not being a novel drug etc etc and reminds us that mainstream investors will come in at £2, at £3 at £5 when news releases confirm what we already know (/are highly confident of).

Isn't there another way you can continue this rather niche chat Wyndrum and CJ? It's clogging up the bb on a positive day and rather annoying.

I think the simple fact that he is willing to post under the same username rather than invent a new one fortnightly gives his opinion more weight than yours.

All gold has to do is stay around this level and SRB will be increasing their cash position by almost $250K a week. Cash held at 30 June 2023 of US$13.3 million and will already be around the $15.3m mark and yet the mcap remains at $21m with very little debt on the books.

If gold plays ball and all goes well with the Coringa licence (which everything is pointing towards) then we're in for the mother of all rerates here.

Dilution? Shishir heavily emphasised that he was not going down the dilutive financing path at this level unless absolutely forced to. With the share price around 28p he made a point of getting the prepayment sorted so no equity raise was necessary. We’re now at 20p a few weeks later so we won’t see a raise here…

I reckon we are going to see a finance package soon made up of debt and CLNs with a much higher conversion price that current market price.

What’s more SPR are taking on far more shares than Orion at the agreed price so if they stick to 6p they’ll be diluting themselves far less too.

No not precisely, you’re the one making it out to be cryptic when it’s crystal clear to everyone else.