Member Info for jdt1990

TrevorBrooking the GBP USD rate has no impact on Bushveld. All their accounts are done in USD, all that matters is USDZAR as the cost base is mostly in ZAR.

Production figures so disappointing. Looks like Craig has found a lot of improvements he can make. July production of 158 shows the new additives are having the desired effect, shame they couldn’t get that sorted in April!

A lot of unplanned maintenance too annoyingly.

As has been said, hopefully high sales is bolstering the cash pile (whilst production costs remain low) and Craig can use that to put the business onto some form of performance plan to get to where it needs to!

Sadly expect a red day today, after being hopeful of good production figures 😢

Poor form in my opinion not to…..disappointing really. Especially after the carnage last weeks RNS caused!

It’s another classic from Emma. Another month passed, another anticipated timeline missed.

“Accordingly, the Company is targeting the publication of the 2022 Annual Report and Accounts as soon as Moore Stephens completes its audit procedures, which is expected to occur during July 2023.“

These lot are complete and utter amateurs. I’m going to make every effort to attend this years AGM and make my feelings well known

Spot on HarChris - Garnet already had a 50% holding in Enerox which is what VRFB-H was going to buy from them in the original proposal back in April. Todays RNS means the 50% purchase won't be happening and they get an extra 10% for their option price of $3.25m so as you say that values Enerox (worst case) at $32.5m.

VRFB-H now owns 40% of Enerox and Bushveld Energy owns 50% of VRFB-H so that attributes a "worst case" balance sheet value of about $7m.

It's a terribly put together RNS as it lacks any clarity on what the financial impact really is, compounded by the fact this structure is just so complex and convoluted. Market has decided to wipe £10m off the mcap when in reality the ultimate cost of this to the balance sheet is 0. It's simply a failure to transfer ownership for cash.

Caveat of course BMN could have done with the cash!

Either way the market reaction is way overdone. Hopefully the Q2 production figures and margins will show just how silly the mcap is versus the revenues on the mining side....

The MUST RNS seems to suggest there will be some form of update in a week:

"Announcement by Bushveld Minerals Limited

Mustang Energy PLC (the "Company"), the special purpose acquisition company, notes the announcement today by Bushveld Minerals Limited; of which an excerpt is copied below.

The Company will update shareholders in the next 7 days on subsequent developments."

Can anyone translate that RNS....?I'm lost now with the whole Garnet situation.

Some good posts on this thread and I agree new CEO came across honest and like a man who knew what to do with the business. Hopefully he can untangle some of the mess Bill and his cronies created!

You can't deny there are some solid assets here but I think there was certainly a huge element of mgnt incompetence baked into that and as a result, a view from the market that so much of what LND have would never come to fruition.

What I hope now, is that the new CEO can inject some funds into the business (via non core asset sales) to set a base line valuation on the company from the balance sheet alone and remove some of this speculation. This would then focus the market on a true value for BAM - which at the moment sits at ~$9/oz in the ground.

What did strike me is why would a man come "out of retirement" to take on this role? Surely he has no plans to sign himself up to a 20 year project....he must have some short term plans. I would also hope he has some solid connections.

Think the dizzy dreams of multi bags from previous levels are gone but I hope with a solid plan and some good mgnt (plus a strong gold price). There is hope of recouping something here from a hefty outlay!

likewise goldyblocks - if emma and co can be bothered to tell us when and where the agm will be i’m going to try get there myself too and give bill and co my thoughts in person. they can’t avoid you that way.

waimea - i’m just not convinced this lot are stupid. i think it’s the opposite and they think we’re stupid. with gold at $1900 a producer you would think would be doing whatever they can to get as much as they can.

the only thing i would say in their “defence” is heap leaching isn’t straight forward so there is a small chance they just overestimated their abilities in that dept and have royally ****ed it up….things like the audited accounts just make me very wary

You only have to look at the likes of NCCL (now solgenics) as to how easy it is for an AIM company to be a legal Ponzi esque scheme.

Interestingly there, shareholders (me being one) were shafted with raise after raise to get close to project ready stage. Then as part of those raises one of the BOD took up a significant stake. Enough so that when they cited AIM was too expensive and needed to delist to raise funds privately, they had the votes to pass it.

Shareholders had then been used to fund the donkey work to a project ready stage and the BOD took a huge holding on the cheap, then delisted to reap all the rewards for themselves.

It was all done deliberately. Could this be the case here that we’re just a vehicle for them to take all the spoils? Maybe, I hope not. Something really doesn’t add up here though and sadly I’m of the opinion I’ll struggle to see any of my cash back.

Phoenix - Whether you believe what the Co. say or not is a different thing but it has been communicated by the Co. that 2moz is where the resource needs to be to have interest in buying it. (Not sure why it took 2 strategic reviews to fathom that though)

Hopefully if gold stays $1900+ this is a nice asset for someone. Remember, a $12m mcap values 1.5moz of gold at $8/oz in the ground.....that's nuts!

Commoditytrader - The RNS suggests they will be published in July maybe August

"Accordingly, the Company is targeting the publication of the 2022 Annual Report and Accounts as soon as Moore Stephens completes its audit procedures, which is expected to occur during July 2023."

(Caveat I never believe a word GRL say anymore)

GoldyBlocks - I agree, something not quite right here......been very suspicious ever since the "Theft"

Haha you could be just about spot on there….

Or maybe they resigned because Emma wanted them to audit the accounts but she told them the numbers would be with them “shortly” then decided she couldn’t be ars ed to send any numbers,….just like she doesn’t want to give shareholders any information.

60k is the amount of ore to be mined pcm....40k is the amount to be stacked pcm

You have got to be kidding. Trew quite clearly hasn't got a clue what he is doing, along with the rest of them.

20koz guidance for 2022 ended up being less than 6k, there is 5koz still in the heap leaches that they can't get out and with almost half of 2023 gone, they have poured 250oz. Does that sound like the operation of someone who knows what they are doing?

DMAX should commission these lot for a specials episode of "African gold hunters" where we can watch the calamity unfold

Awful RNS.

Bought some tractors. Revised how much digging to do. Messed up the leaving process with too little cement and basically have to start again.

All whilst gold has been sat close to $2000/oz. What a missed opportunity.

Still no production guidance. Rainy season delays being quoted. Costs being noted as high still.

Nothing positive in there, what a shambles!

Patience? Emma has tested every sinew of patience I have ever had in my body.

Yes the BOD are invested here which is about the only thing that keep any hope for me. BUT they contempt for shareholders, lies, excuses have worn very very thin. They have one last chance to get this right otherwise it's curtains!

Next operational update I am waiting for Emma to say "It's been a bit cold in Ghana lately so the gold has gone into hibernation and won't come out"

Deano - I am 100% voting against this resolution as I am so far underwater I would rather take this ship down with me and them on it than let them delist, take it on the cheap and reap all the rewards for our long suffering.

It's no coincidence SF is buying up as much as he can to get the votes needed to pass this. He's acting as Hanno's little puppet in all this. Utter slime ball Hanno

What is a “Mandatory Bid”?

In M&A, a Mandatory Bid, or Mandatory Offer is a bid or an offer made by a company or any person acting alone or in collaboration with the “Bidder” acquiring shares of a “Target” exceeding a certain shareholding threshold. As part of a corporate takeover process, the Mandatory Bid is governed by securities laws, regulations, and stock exchange rules. In the UK, corporate takeovers are regulated by The City Code on Takeovers and Mergers (the “Takeover Code”).

In a Mandatory Bid, any person or entity, whether acting alone or in concert, who can exercise at least a certain threshold (eg. 30%) of the voting rights at a general meeting of shareholders must make a bid or offer to the remaining shareholders a buy-out of all the minority shares in the company. The bidder must offer shareholders of the target company the ‘equitable price’ for their shares.

Key Learning Points

Threshold – Thresholds for mandatory bids vary between countries. In most countries, such as the United Kingdom, Hong Kong, and Germany, the threshold is 30%. There are no provisions for mandatory bids in the United States.

You’re spot on there culpepper I’m saying we were fully funded for 30% of the PFS I.E. starter mine which is a fraction of a fraction of Havieron.

This was never going to produce the FCF to fund all of the ongoing development needed to go from a 1.6m reserve (PFS) to 6moz to what is likely 10moz+

Additional funding was going to be required. It’s just a question of what is this potential raise actually for….and now with ASX listing, Newmont/Newcrest merger etc its added so much speculation that the possibility of it happening is seen as eternally negative.

As I have said, if it’s a requirement of BOA for additional debt financing to fund buying more of Havieron….people will soon change their tune.

If it’s just for giving Aussie instis access to a holding, will be less than impressed

It’s a poor RNS that only fuels speculation which is very unhelpful. BUT I’m going to reserve judgement until I know if it is happening and if so, what the reasoning is.

If it’s to let Aussie instis in on the cheap then yes I’ll be livid and Shaun will join the long list of AIM scum bags.

Or

He has said we were funded for our 30% of the metrics on the PFS. If this is being used as an opportunity to raise equity necessary for a further funding package which will facilitate GGP owning more of Havieron or an alternative mining plan, I will be more open to that.

The Newmont situation puts a lot of options in play and GGP need to be on top of those to ensure they don’t get shafted by what is now the worlds biggest gold producer by a long way.

A lot of chess to be played here and GGp are relative minnow….