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*taking the decision

In fact there's a line in the 2019 Results RNS saying they sold less than they produced. It doesn't say the reasoning for this but obviously it costs to produce so to then decide not to sell it would've meant revenue and profits were less than they could've been for the period.

that the Property, Plant, and Equipment Assets increased from ~$48m to over $185m - a 285% increase YoY

This is incredible.

What's more incredible is how this figure increased 147 times over from $0.3m to $44.4m between Feb and December 2017!

The other thing I noticed is that the Inventories figure as of 31 Dec 2019 stood at $35m (vs $17m the year prior). This appears to be the result of the BOD seemingly took the decision to not sell everything it was producing in 2019 Q4 - probably because they knew it was the lowest point in the cycle and they would be able to sell for better prices in 2020. This means they sacrificed some revenue, profit, and EPS in 2019 (they could have all been higher). Which demonstrates that the BOD are not short-termist in their decision-making like some boards are, and that we're actually Even more undervalued than it first appears.

All of which gives me a huge amount of confidence in the skill and competence of Fortune & the BOD. No ordinarily group of people could have achieved what they have.

Completely agree. If you write that as a comment to the article I’ll upvote it.

Stick a mention to Bushveld if you can too haha

TILS did announce some news today actually.

However maybe they’ve just been very smart announcing a move to the main market yesterday knowing full well they had a juicy-sounding RNS to announce today to ensure it got the reaction it deserved. If so, the TILS BoD have been savvy.

Our time will come...

According to LSE
(Now the market has closed I can say that now - didn’t want to jinx it earlier!)

And we’re up 1% ish according to google to 11.62p. That’s about 4% down from the start of the week but overall we seem fairly stable despite whoever it is who is selling. - We’ve actually been at this 11-12.5 level for 10-11 consecutive trading sessions now.

Yes, I have, so I'm surprised that you haven't

Glencore HY Results out, and their Vanadium Pentoxide production is down by almost 20% in H1.
They don't split out the ferrovanadium production but this would also appear to be considerable reduced (possibly by 49%).

All of which is good news for worldwide V prices because Glencore obviously supply a lot of vanadium products (even though it's a small % of their overall business)

Another excellent post, Introv - very well written!

And yes, I feel very positive too. When you look beyond the short term share price movements, and look at the progress that has been made, and is continuing to be made by the company, with the news which could be released imminently; and combined together with the improving macroeconomic outlook (both in terms of V prices rising and vanadium interest & investment increasing from both governments and companies around the world), it's clear that there are plenty of reasons to be very excited!

Well done Sammy but I would advise against borrowing money to invest anywhere! Just try convince your dad to invest in Bushveld himself whilst we're sub 20p haha

Looks like I might be right about us reaching 300p before the news on Tuesday!

This Saudi Arabian project is so ridiculously big that I could see this single-handedly increase V prices when construction starts later in the year.

2019 article says what is now partly-bushveld-owned Invinity is involved!

https://www.fleetnews.co.uk/news/fleet-industry-news/2019/04/05/41m-energy-superhub-oxford-to-kickstart-an-electric-vehicle-revolution

Ahh thank you for the explanation!

Do you think Enerox would supply Cellcube? If so, it would most probably be Bushveld vanadium used I suspect

January 2020 article. Not sure of the timeframe on this one but it bodes well...

https://www.energy-storage.news/news/korean-flow-battery-company-signs-jv-agreement-for-200mwh-us-factory

"Construction is expected to commence within the next few months, with completion expected by 2021."

That's bloody fast!

https://www.smart-energy.com/industry-sectors/storage/deal-concludes-for-saudi-arabian-gw-scale-vanadium-redox-battery-facility/

Announced last week and due to complete in 2022

https://www.energy-storage.news/news/51mwh-vanadium-flow-battery-system-ordered-for-wind-farm-in-northern-japan

is being installed by Cellcube (which is linked with Enerox, isn't it?)

https://www.pv-magazine-australia.com/2019/05/15/vanadium-flow-batteries-set-for-grid-scale-project-in-port-augusta-south-australia/

Happy to do so if you happen to have a link to hand?

Honestly that's such fantastic news because it means Bushveld are therefore in a stronger position than the Chinese & any other S.African vanadium exporters to the US.

Oh really? That's a relief!

I didn't realise this but the US impose protectionist tariffs on ferrovanadium imports from China and South Africa and they have just chosen to continue with this - see link below.

Bit frustrating that South Africa has been lumped in with China. This must mean that Bushveld's vanadium must be more expensive than vanadium coming from Brazil or Russia OR Bushveld's profit margin is less than it would've been otherwise when selling to the US. i.e. the price paid to Bushveld is lower than it would've been without this additional tariff.

This also suggests demand is not as high as it could've been in the US if substitute metals are more competitively priced after tax/tariffs. Is this why Tesla use lithium only in their electric vehicles etc? I don't know but I'm beginning to wonder if this is a factor.

The Democrats, who are more green energy focused than ever, would probably reverse this decision if they win in November so let's keep our fingers crossed for them.

http://www.asianmetal.com/news/data/1574419/7/USITC%20makes%20affirmative%20final%20determination%20of%20industrial%20injury%20on%20ferrovanadium%20from%20China