Member Info for hxulcolrdoh

Chefs SB's ?

https://www.youtube.com/watch?v=sjrdanK4LSY

Harchris - When BMN quote production cash costs of $27/kgV this is largely ‘weasel speak’

It excludes things such general and administrative expenses, the monkey on their back that is Orion, depreciation etc.

Currently (IMO) they have no prospect of making a profit at current vanadium prices.

If they had a clean sheet and were not weighed down by the various albatrosses hung around their neck by previous management they might have a chance. As is expecting a profitable transformation is like asking a 3 legged nag to win the Epsom Derby with Razor Ruddock on board.

As always these are just my opinions.

Do your own research

Ditto TheBorn re journey/experience/thinking.

Messrs and Le May an Kapur were certainly a disaster on the communications front. Like you I'd like to see less flannel / arm waving and more numbers. I think this will be essential to rebuild trust.

I'd still like to think that in competent hands a company with billions in credit receivables could make a decent profit.

On Thursday the market cap of the company / size of the cake will not change.

However the number of shares / slices in the cake will increase but each slice will be smaller.

Mustang Energy which had a market cap of £3m when it was suspended over 2 years ago seems to have as much life in it as a Norwegian Blue.

So it was good of BMN to back stop Mustang CLN obligations to the tune of £7.15 m with their own shares (especially when they have CLN issues of their own).

Improbably (IMO) ‘if’ Mustang can be resurrected from the dead BMN will be compensated in kind to some extent at some point. Right now though it looks like existing BMN shareholders are taking a 20% haircut on Thursday.

Part 2

It will be interesting to see what effect 270.3 million new shares will have on on Thursday.

One school of thought will be that a 'real' value simply changed shape and there will be no net effect.

Another will be that an 'unreal' value suddenly became a 'real' cost.

As always these are just my opinions.

Do your own research

Razor would only need to shed a few pounds.

Says the interloper / Johnny come lately.

Fair play to you MaryBr190 if you have spotted an opportunity. But don't trash the genuine grievances of LTH's.

Not as shocked as I am given that on the 25th of May MLM said

"The Group performed well during the first six months of 2023"

This definitely lulled me into a false sense of security and led me to believe VANQ had a solid foundation going into the interims.

Part 1

Looks like it is going to have a handle starting with 1 soon

As always these are just my opinions.

Do your own research

I don't think there is anything special about Vanadium.It is the 20th most common mineral in the earths crust. Copper is the 25th.

It is not mined on the scale that copper is mined as there is not much call for it ..

But if there was then supply would expand to meet demand which is why it is imperative that any miner is a LOW COST producer in order to ride out ecnmonic cycles.

BMN has monumentally failed to establish themselves as a low cost producer (as they initially pitched themselves years back). As a marginal producer they are very exposed to fluctuations in the vandium price. At present the best they can hope for is that there is major boost in the price of Vanadium and they get to enjoy a honeymoon period before other sources come online.

It was all going so well until someone had to the name who shall not be mentioned.

Serenity and calm had descended up to that point.

MLM 27/07/22 : "I am delighted with the Group's first half performance." (H2 Results)

MLM 19/10/23 : "I am pleased to report that the Group continued to perform in-line with management's expectations throughout the third quarter of 2022 and into October." (Q3 Trading statement)

MLM 31/03/23 : "I am pleased to report that the Group's adjusted profit before tax for FY'22 is marginally ahead of market expectations"

MLM 25/05/23 : "The Group performed well during the first six months of 2023" (Q1 Trading statement)

MLM 28/07/23 : "The Group has made a positive start to the year." (H2 Results)

The main things I have learned from MLM are

1) Never under estimate how far a plummy voice will take you. The new man does not have a plummy voice but as we have learnt from MLM there is no relationship between a plummy voice and shareholder returns. I wonder what value he is adding to IG Index.

2) Never trust anyone who doesn't talk numbers / doesn't give guidance

Thanks for reply Theborn.

VANQ market communication in recent times has been BEYOND ABSYMAL. Glad to see a clean sweep of the dream team(NOT) CEO MLM, Chairman Snowball and CFO Kapur.

I do hope the new management see this area as a priority for improvement. I'd like to see them retain the services of someone who could generally and publicly make the investment case for VANQ . Eg see the link below from Seplat. Okay the company has paid the third party for the analysis but as long as this is disclosed up front I don't care. I'll factor this into the equation and ultimately be better informed.

https://www.seplatenergy.com/investors/research-and-analyst-coverage/

Hi Theborn,

How does one access the 'Shore broker note' ? Do you have a link ?

Should have been if he wasn't.

Goodbye Ninja Kapur. We will never forget you.

Https://youtu.be/LiE1VgWdcQM

Eventually the masochistic long term holders may or may not learn from their experience. I suspect not.

The rest of us have certainly learned at their expense.

For the punch bags who enjoy pain I’d pencil in the interims for your next fix.

Part of current problems is that outgoing management 'didn't do guidance' - they felt it was beneath them and/or had a fear of commitment/accountability.

Their general line over many quarters has been 'We are pleased to report that things are going swimmingly and we are meeting internal expectations'

You will have to wait for the interims for the 'kitchen sink'