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The other point worth making is that the board presumably would have wished to avoid selling the shares After the Eskom news.

Therefore there decision to sell the shares on 5 February could well be a sign that major news is expected imminently.

As mentioned, 6 weeks added onto the original Eskom tender dates of 30 Dec / 25 Jan = 10 Feb / 8 March.

(Also, as Alfacomp pointed out, Cyril Ramaphosa has his State of the Nation Address is today or tomorrow as well)

So actually I would view this RNS positively as a sign of big news being right around the corner.

Completely agree James. Think this is also linked to how board remuneration has often been v shares based.

And at least we now know who “the seller” was over the last few days who kept us around 19p despite the buying pressure to reach 20p+ again.

With Vanadium prices rising, production rising, and Eskom BESS contract news due imminently, I remain as bullish as before.

GLA : )

Yeah and he said he had some sort of health scare which made him realise he wanted to live life more and spend less time discussing his investments online, which is fair enough.

The good news is that he’s still heavily invested and bullish (or was last time he commented here a few months back)

Best of luck to him :)

Smart cookie whoever that was : )

(Not me - I wish!)

Completely agree eatstocks, we were at 10-11p not that long ago, and now we've re-rated. So I do not buy into this doom & gloom conspiracy either.

Let's being so self-defeatist. We're on the cusp of huge news. Vanadium prices are rising. Production is rising. The share price will eventually continue to re-rate (nothing goes up in a straight line).

I have never been more bullish.

Well Project 1 of Phase 1 was due 30 Dec, before the 6 week extension.

30 Dec + 6 weeks = 10 Feb

Remaining 6 projects of Phase 1 were due 25 Jan + 6 weeks = 8 March

So chances are the big news will now be in 4 weeks’ time but who knows, we may have the mother of all RNSs tomorrow

Load up whilst you can :)

Should point out 35-40p is what I see as fair value for the Mining company alone (ignoring all else) based on today's V prices.

V prices will continue to rise another 30-40%+ from here over the course of 2021. So FV should rise with this to 45-55p.

With the non-mining activities, which I believe are currently valued at zero but should suddenly change with the Eskom BESS contract news (proving the concept of BE), fair value is easily north of 100p

Hence my 100p+ target

In fact, I used 24% because that is how much the 2020 production increased, but that includes many things that impacted production in a way that should not be the case this year.

BMN's 2020 Quarterly Production Figures:

Q1 - 871mtV - despite 35 day lockdown which meant this is actually more like 2 months' production rather than 3.

Q2 - 788mtV - despite covid cases being high in South Africa meaning there were amended shift patterns affecting production

Q3 - 1019mtV - Covid still ongoing but this is the most normal Quarter of the year.

Q4 - 951mtV - despite severe weather conditions impacting production (plus ongoing affect from covid)

If we were to use Q3 x 4 = Annualised Production (because this is the most normal quarter), production would have been 4,076 mtV. This is higher than the company's pre-covid target range of 3,660 mtV and 3,940 mtV.

This would have meant a 39% increase YoY.

On this basis, and with Vanadium prices having all slightly increased YoY, the share price should actually be 29p based on the mining operations alone.

This does not take into account the fact the company are increasing Production at both Vametco and Vanchem this year. This would easily bring annualised production to a level where 35-40p is justifiable on the mining ops alone.

DYOR but that's my take on it

Vic,

When the tender was first announced in August, the Announcement Dates were 30 Dec and 25 Jan. However there was then a 6 week extension to the length of the tender, so it may have (and increasingly seems as though) it has had a knock-on effect.

The 1 Project of Phase 1 due to be announced on 30 Dec + 6 weeks = TOMORROW

The remaining 6 Projects of Phase 1 due to be announced on 25 Jan + 6 weeks = 8 March

Hope this helps.

It's superb how vanadium prices keep inching up every day for the past weeks (with v few pauses in between).

Consequently ALL vanadium prices have INCREASED year-on-year.

On this basis alone (ignoring everything else), we should be at 24% higher than we were this time last year = 28-29p. A level which required a 55%+ rise in the share price to reach.

If that does not scream bargain, I do not know what will.

And Vanadium prices are expected to continue rising in the coming months too !

I believe the mood of the bulletin board is important. Why?

1) The company itself has an unusually bad communication problem (all substance, no style) which means that more messaging has to be done by PIs on various platforms including here. There's many who must read this board to understand what's going on, to see what's being discussed during the big gaps of time between RNSs, and to read the analysis of sometimes overly lengthy and complex RNSs, and group efforts to piece the story together.

2) Just because there's only a 100 people who comment here let's say doesn't mean that's the full extent of the board's influence. I believe the vast majority of people read comments but do not participate themselves (or v rarely do so). There's nothing wrong with that of course, but it would be daft to act as if that silent majority is not even there.

3) The company has an unusually large proportion of its shares held by PIs; and we're generally a much more fickle bunch than IIs would be. Consequently the mood / sentiment of the bb can have an influence on the share price.

This was well demonstrated during March - August 2020 when the sentiment was so poor here that it felt self-defeatist. Whereas in October, November and December when sentiment improved, the share price finally re-rated back to where it was pre-covid.

So to me it's clear that this bulletin board is more important than it first appears. As more of twitter community has developed and now that there's a Telegram bushveld community perhaps this bb is not as vital as it once was, but it remains significant in my opinion.

However this may change soon when the big news arrives and the various Bushie narratives all come together into one seamless story the whole market can understand easily.

In the meantime, and until then, the mood on this bulletin board is important.

Me too !

Go on Chika : )

Also a reduction from 714 to 702 employees is nothing really. We're talking 1.6%.

Clearly there isn't too much overlap : )

is good news., because It confirms no real changes to us as shareholders, and means that they will make some cost savings as a result.

As you can see on the ELIDZ tender website, as per this document here:

https://www.elidz.co.za/wp-content/uploads/2020/11/BUSH-ELIDZ-Envelope-B-Tender-Final-REV-0.pdf

- Ridiculously low market valuation at present vs any analysis of Fair Value. Let’s not forget annualised production has already increased almost 40% since the start of the year, and is due to increase so much more over the next year. On this basis alone, ignoring all the exciting non-mining/Green operations, we should be at 30-40p already.

- Vanadium prices have risen massively in recent weeks, and are expected to reach $405gV at the bare minimum this year

- Green Stock as well as an excellent mining stock.

- We're on the cusp of period of excellent newsflow over the next few weeks - see below !

- Investors Chronicle, Financial Times, Myles McNulty, and many others have all tipped BMN in recent weeks.

- Out of hundreds of companies, Stockopedia came up with their Top 20 tips for 2021, and BMN came 3rd (and will do better than the two above it!)

For newbies, please read Lionel's Summary here: https://www.thebushveldperspective.com/blog/public-articles-1/post/lionels-big-picture-428

Upcoming Newsflow:

- Vametco Phase III expansion project news (using Orion Funding)

- Vanchem Phase I refurbishment news (using Orion Funding)

- Enerox news - MoU with AVL (https://themarketherald.com.au/australian-vanadium-asxavl-up-15-pc-after-deal-with-enerox-2020-09-09/)

- Invinity news (because it's very clear they're picking up lots of work and we have the option to supply the vanadium for all these VRFB projects)

- Electrolyte Plant Construction phase start in Q1 (should be later this month). This probably will be a separate RNS in itself. [For proof: Check the tender docs on the ELIDZ tender website https://www.elidz.co.za/tenders/]

- JSE Listing News?

- Possible rebrand - Due in Q1 !

- Eskom BESS Tender News - Due in Q1, and could arrive any day now and will cause the share price to rocket!

It's been a while since we've had any news and it means we're due an unprecedented amount of new flow in the coming weeks.

Target: 100p+

GLA & Trust all your research

Hahaha that’s cracked me up!

But yeah I agree they shouldn’t have made any mistakes in the quarterly figures. No matter how small.

Think I may send them an email on this because it all comes down to Comms once again really.

It’s good to see that intercompany sales were overstated previously and actually account for such a small total, because it shows how high the demand is externally for Bushveld’s vanadium, and it means higher revenues. So yeah this should be seen positively.

Everything else, including production increasing 24% despite everything that happened in 2020, remains the case, and that’s fantastic news of course.

And now the housekeeping is in order, the company can now move on to releasing the much more exciting news that’s in store.

I believe we’re in for an incredibly few weeks, with Eskom news due to land any day now, and by early March at the latest.

DYOR & GLA but we’re on to a winner here!

* Friday (not yesterday lol)

Great to hear from so many familiar names here.

Also, like a fair few here, I’ve been invested since October 2013 (after starting investing just prior to then with the Royal Mail IPO), and held those share ever since.

Think I may have sold when the share price went up 100% from 3.5p to 7p shortly thereafter but that investor presentation from Fortune in November 2013 was so damn impressive that I knew I was to be a LTH from that night onwards. Think everyone who were that night in London were blown away actually, so I don’t think it’s a coincidence so many of the LTHs were there.

But tbh it really doesn’t matter when whether you invested 8 years ago or yesterday. We’re all part the same team. We’re all excited for the news that’s going to come any day now. And we’re all very lucky to be invested this early on in the journey.

Best of luck everyone :)