Member Info for HarChris

BMN is ridiculously undervalued where it is now (£54m mcap), it would no more ridiculous if it dropped below 4p (£50m mcap).

If it dropped slightly lower on tiny volume it would mean jack s*** . This is all much a muchness - when BMN give the market something to get excited about we will see multiples from here and hopefully stop worrying about a fraction of a pence either way.

As recent as yesterday Chika has shared that BMN are in a closed period before their next update is out so we could be seeing the Q1 land within two weeks now.

A few tweets along the way will do no harm.

That's a downright lie. It converts at 17p or it is repaid in cash. 17p conversion is a maximum of 200 million shares / 15% dilution.

Fortune has already stated they are looking to repay it in cash and now they are back at highly profitable levels that's even more likely.

https://twitter.com/MylesMcNulty/status/1625786486816755712

They've all got small positions and are ready to go in much bigger when they see a turning point. Not that I care what traders are doing personally but it's you that dredged up their names.

Strange. So you believe these traders if they say they sell out but if they say they hold (which BBN, Myles and Ophidian have said recently) then they're not to be trusted? Doesn't seem consistent to me.

+ US prices ticking up again according to Fast Markets... it's a Chinese holiday today so no update on Asian Metal, be nice to see prices on there reverse too before the Q1 update in a few weeks.

All looking good on the fundamentals front, just need it confirmed by the company now.

The only chance of Argo rising substantially is if bitcoin moons before Argo runs out of cash runway so I can't see any benefit in holding Argo shares vs buying BTC directly at this point in time.

I still can't get my head around the fact that they have reached this position with tens of thousands of TPA to be added on with virtually zero debt to their name - the Suni acquisition doesn't get any better.

Good to see you continue to hold and see value Hippy, it’ll come good for you fella xox

No no no you have that so very wrong!

For a start *£0.025* is not the issue price, it's just the unit price of TGR shares (see the ORD GBP 0.025 here: https://www.hl.co.uk/shares/shares-search-results/t/tirupati-graphite-plc-ord-gbp0.025)

10,046,556 shares issued at 52.6p a share. Tranche 1 is subject to an eight month lock in, tranche 2 doesn't hit the market for 6 months and then that too is subject to an eight month lock in (fourteen months from now til can be sold).

Then there is 2,018,944 shares at a lower issue price, 26.7p, that can be sold immediately so this is the closest you came to anything factual.

Jesus, do some proper research before you post such misinformation!

The margins are extremely healthy as it is Will, this particular fact suggests they are even healthier.

Load shedding is also said to have been improving significantly in March (albeit relatively) and today the 'State of Disaster' over electricity/blackouts has been revoked.

AB you'll have noticed I've posted negatively re Argo numerous times in the past week or so but really I'm just trying to get some pushback to help me understand if there's any value to be had here at any price.

From where I stand they are snookered (borrowing from HNG). Whilst we don't know the current cash position it's fair to assume cash cost breakeven is higher than the current BTC price and hence slowly burning through the remaining cash and there's no real levers to raise additional funds besides issuing shares (and even then, what compelling case can they make to get an SI/institutions/shareholders to part with $10m+ besides offering a steep discount to market price?)

So you have difficulty constantly increasing and driving Argo's margins lower, you have the halving in a year from now (which at least short term could cause margins to shrink), they have no facilities (besides a few data centres in Canada) to build out if they were to somehow receiving significant funding, they have machines that will need to be replaced in 2-3 years and still a not inconsiderate debt to service relative to market cap.

Where's the investment case from your end?

It's very easy from the outside to panic and wonder why the hell we're hearing nothing from the management but from their perspective they managed to make it through 2022 unscathed with V in Europe at $31/kgV for most of H2, China not much higher all the while refurbishing Kiln 3 and having to deal with unprecedented load shedding.

With V having risen so substantially and the dollar/rand continuing to play in their favour I imagine they're feeling rather content right now as the cash piles up in the account and the future demand for their electrolyte grows by the day.

A little more patience til the Q1 update and I think the skies will look far sunnier.

I pointed out a few weeks ago that we shouldn't fall for the trap of buying up miners that appear to be lagging others - the the 'gap' won't be filled and you'll just be tying your money up in the hope of a repeat of 2021 which won't happen.

Starting to see that with Argo now.

Agree.

But has all the good work at ATM and the failure to communicate the progress at BMN led to a toppy valuation for the former (possibly) and a steep undervaluation for the latter (definitely).

So what matters today is which one can return multiples with the lowest execution risk... For that there's no doubt, BMN. They don't even need to stick a digger in the ground, they just need to continue as they are and communicate it better.

Sentiment is appalling absolutely but confidence is running out? Maybe for you and some long term holders but there will be many willing to take your shares off you on the cheap if Bushveld posts the sorts of profits and has the sort of year I expect them to have.

PI100, last Wednesday at 07:15 you announced that you intend to no longer post much anymore unless there's something meaningful to discuss... I'd just like to point out that nobody has posted as much as you since and only Kaeren, the most genuine of investors, has even come close.

Exactly why I called it tedious grandstanding.

Agree with the above so doubled my holding earlier to make up for any reduced returns if a lowball takeover were to occur - this is going only one way once any distressed selling is complete…

On the main markets that’s certainly true but on AIM? Disconnects can last far far longer.

It’s therefore crucial to distinguish between companies that have depressed share prices because they are in financial distress (bad) or one’s where there is enormous potential upside (good).

Everything that’s come before here contributes to the opportunity that is presenting itself now. It’s scant consolation to those sitting on 25p averages, 20p averages etc, I get that, but it’s still important to constantly highlight this.

And I don't care what you think either. There comes a point where fundamentals win out, at the point when the company is able to return the profits to shareholders. We're just not quite at that point in the cycle, having needed considerable funding to expand amidst the covid pandemic, having had issues along the way, with V being fairly depressed for a decent period of it, with targets being missed along the way and with this year those profits needing to be used to pay off the debt obligations but once that is out the way we're looking at a totally different horizon.

I hope management improves their communications beforehand and are able to sell the story successfully so I don't have to wait another year to see big returns, I'd prefer it happens this year. But I'll continue to support the company and promote what I see as operational success whilst trying my hardest to get my points to the management on what I think they need to improve. I can assure you there's more of a benefit to the company in having balanced shareholders like me that recognise the good and the bad whilst highlighting the disconnect in the fundamentals than your 'I wonder what nasties are hiding in the closet. There's always a fly in the ointment with Mojapelo.' comments we get from you.