Member Info for hxulcolrdoh

MLM's TODO list sorted.

Back to watching cat videos / keeping the seat warm for the next man.

RISC-V is only one string to AWE's bow ( that complements some of the others - chiplets, data shifting )

I thought this was a very good overview video that explained it's raison d'etre as an antidote required by the rest of the world to X86 and Arm CISA hegemony

https://www.youtube.com/watch?v=Ps0JFsyX2fU

There is a more recent update on the same channel.

Trading resumed

What is break even ?

Hope you get it.

According to John Lofton Holt it could take from a few hours -> a few days to lift suspension

I thought you were joking Hippy

https://www.themoscowtimes.com/2023/05/15/south-african-military-delegation-in-moscow-for-combat-readiness-talks-a81145

Is Rich Ken anything to Master Ken ?

https://www.youtube.com/watch?v=I9QRxyTTdhg

A very good report on load shedding https://www.youtube.com/watch?v=zh4yqhD98HU

Unfortunately S.A. seems to be falling apart.

Excellent old school reporting. Closer to home the UK government similarly lacks the backbone to make difficult decisions in face of short term political expediency. It has practically killed off the North Sea O&G business. It is only a matter of time before the skies cloud over with chickens coming home to roost.

Sadly such content is rare on the BBC which these days is largely “Dance off’s, cook off’s, sing off’s, bake off’s” and agenda driven content. “Country file” has more or less morphed into the “Climate change program”. I think the forth coming “I kissed a boy” is going to tip me over the edge (and I wouldn’t care less if it was a “A girl kissed a boy”). I can’t remember the last time I saw something worth watching it is just wall to wall cr ap (but I’m paying a monthly sum that would largely cover Netflix and Amazon Prime).

In fact I’m off to cancel my BBC tax/licence fee.

A correction to earlier post.

The interest rates apply to the CLN portion of the Orion debt. I'm not clear about how the PFA element is repaid. Can someone enlighten me ?

The last time we saw accounts ( https://www.lse.co.uk/rns/BMN/interim-results-for-six-months-ended-30-june-2022-b9mvyutuuzzd5tl.html ) BMN had

Total debt of $81m

Net debt of $74m

Most of the debt is to Orion $69m

Since then commitment to Orion has increased. A percentage @12%.

The bulk @ "nterest: 6.0% ("Margin") plus the greater of (i) 3-month SOFR1 and (ii) 3.0% per annum" - which will probably be closer to 12% than 9%.

The only parties making money at BMN are FM and Orion for now.

Accepted HarChris that there has been capital investment that has increased cash outflow in recent past.

Debt repayments also need to be factored into AISC versus vanadium price. The difference is not cream.

Whatever the current figure it certainly isn't $45m - or they would not have converted a $45m loan due into a new $60m loan over a longer period.

31 Dec 2020 $50.5m

30 Jun 2021 $31.6m

31 Dec 2021 $15.4m

30 Jun 2021 $ 7m

31 Dec 20222 $??

Today $?????

As I’ve said before neither I nor anyone else on this board has any real idea of BMN’s finances. As best we know they have been burning through cash that they don’t have. However when the accounts for last year eventually do arrive they will be hopelessly out of date so we will never really be up to date. Has anything happened in H1 to halt/reverse the cash flow ? Not much that I can see.

The proposed Orion debt restructure potentially removes one immediate peril.

However as far as I can see it turns a shortly due $45m loan into a $60m payout over a number of years, one that might also result in significant dilution if BMN ever did find their financial legs eg the $13.5 CLN @ 12% interest / 8p exercise price will balloon to $23.8m by the time it is due in 2028.

Any improvements in finances resulting from modest production improvements if and when they appear will be mopped up by servicing debt repayments. Forget about any returns to shareholders in the foreseeable future.

Barcap - if Alphawave are bluffers they have an impressive list of dupes on their bluff list ..

https://awavesemi.com/company/partnerships/

Excellent post BlueRaphus!

Can’t wait for new management to move in and breathe some life into it. Currently it is becalmed.

I have a vision of MLM with a ‘Do not disturb’ notice on his office door while he is inside, with his feet up, watching cat videos on YouTube. The only item on his TODO list being ‘write a vague and uninformative Q1 Trading Statement’.

Very good of AWE to put the preliminary Results presentation on YouTube where it is easy to access (and quickly too). Should help disseminate the story. Pity the Capital Markets day is not there too. It was well worth watching.

https://www.youtube.com/watch?v=8pQDGQzlWgA

Whilst looking for it I also noticed this recent webinar on artificial intelligence and the opportunities it creates for the company.

https://www.youtube.com/watch?v=MhZ_5d1kCRU

It is unfortunate that the company is down 16% on presentation day. I was thinking that the upbeat CMD would not preface a fumble on results day. Nonetheless I took it as a buying opportunity.

The company seems to have been in a ‘go fast and break things’ mode which does have its pitfalls and does need to be managed going forward. However it does seem to have given a hungry, agile company a head start in a lucrative area. The orders and collaborations already in the bag demonstrate that the company have strong offerings for their well heeled addressable market. It is not hype

New director showing some belief in SAVE's future ( £1.6m worth)

https://www.londonstockexchange.com/news-article/SAVE/director-pdmr-shareholding/15927291

Though how does he buy them when they are suspended ?