Member Info for Lindon

Thanks James. See what you mean about the lack of deprecation. We'll have to see what they come up with and as you say... for us it's a win, win whatever the case. The main thing about leasing imo will be the value of the long term security of visibility and stability that the leasing project would bring to underpinning the comparitvley shorter term but hugely lucrative sales for the steel industries.

I was thinking along the lines of the final purchase price being agreed at the start. I'm probably being too simplistic, but say an initial deposit, then agreed rental ayments over a stipulated number of years and then a final pre- agreed payment if electing to buy... or an option to either hand the goods back... or agree a completely new rental contract.

As the idea of leasing is to offset the initial up front cost of the customer buying the battery outright, presumably the rental terms wouldn't necessarily have to be same length as the expected battery life. Could they not also have some flexibility built into the various types of contracts... for instance an option to buy outright or elect renew a new rental contract after a shortish period of years... similar to a car rental/purchase agreement. Ultimately more expensive for the customer yet initially more affordable. Just a thought.

Is it not likely that the mm's have been stockpiling shares in preparation for the multi-million share demands that might be expected from a number of largish investors that are apparently lined up and waiting in the wings for the listing.to take place? And could that could be a factor which has led to the depressed sp at the mo? Apparently no decision has yet been made about going for a placing... and although we know a new equity release will be nothing to be frightened of due to the reasoning for it... might that also not contribute to the sp staying somewhat depressed until the market has more clarity about the co's intentions?

Approx 3 weeks between the last updates and BE Q3 was the last one in the cycle. Just a thought but they have time and maybe they'll wait for the battery handover to Eskom b4 they want to release the Q4 for BE if handover is imminent?
AlfaC thought a couple of weeks to finish off commissioning, end of next week or sometime the following week would still be within a reasonable timescale.

The buying might well have continued to be greater than the sells.... but there has been none of the really strong large volume buying pressure that might have been expected after that set of results that could have blown any market manipulation out of the water. The only downside to those results was the slight shortfall in production volumes over the prior year... but more importantly in my view... the ambiguity over that near term 5000mtv target which so much has recently been made of.

BasilBrush, it can be par for the course for a stock's sp not to reflect the sum of all its current parts. One of the (but not necessarily the only) reason, is the market generally looks forward, NOT backward. IMO our sp could be depressed due to the ambiguity that's arisen over the timing of the phase 3 plans to increase production to 5000mtv by the end 2019. There is suspicion now the target could be delayed to 2020 and once that sort of ambiguity grabs hold of sentiment... it's difficult to shift. The recent (in my view) excellent debate on that subject between Daisan and Ophidian, that for me typifies the true worth of this bb.. maybe points to the fact that the market is at the moment mainly down on Daison's side of the table. Only my opinion, but if the market gets clarification and that 5000mtv target is in fact still on track for this year... I think it would go a very long way towards ensuring the 'coiled spring' is freed.

Q4 Operating results report US$107m EBITDA

• Our forecasts are remarkably close to reality considering the volatility of vanadium prices, the lag in sales vs production and the disruption caused by stoppages, holidays and plant maintenance.

• Vametco produced 657mtV of Nitrovan and ferro-vanadium in Q4 to bring full year production to 2,560mtV for the year. While Q4 production was 22% higher than Q3, the year was 3.4% down on CY 2017.

Bushveld report Q4 sales and EBITDA margins today.

Sales were 167% higher in Q4 yoy at US$60m. • FY sales were 143% higher yoy at US$192m.

• Our sales forecast US$204m is also relatively close to the US$193m (ZAR2,545m) reported by the company.

• Our forecasts are remarkably close to reality considering the volatility of vanadium prices, the lag in sales vs production and the disruption caused by stoppages, holidays and plant maintenance.

• Vametco produced 657mtV of Nitrovan and ferro-vanadium in Q4 to bring full year production to 2,560mtV for the year. While Q4 production was 22% higher than Q3, the year was 3.4% down on CY 2017.

Our EBITDA forecast of US$109m for 2018 is remarkably close to the company’s actual US$107.5m indicating that our financial model works relatively well.

do so many allow themselves to get hooked into these obvious trolls 'click bait' honey traps?
The name of the trolls game is to reel in as many responses it can to get, it's a wind up game... the troll knows exactly what the response are going to be, telling it to "do one" merely puts points on its marker board, it puts a big smile on its face. The name of its game is to see how many it can hook onto its 'click bait' before gettiing removed by admin. It's getting very boring and tedious.

Anyone have any ideas about what the effect this may have on the upcoming Eskom tender?

Maybe that's the (relatively) bad news out of the way. I wasn't expecting any divi or listing news as a part of the Q4 operational update and have been mildly surprised at some of comments seemingly putting the cart before the horse on those issues. However imo we really do now need to hear that the battery commissioning program hasn't also hasn't experienced any more delays. Hopefully that will be the good news that follows this. I'd be surprised if we get any new broker forcast until the BE Q4 update is released. Any bad new on that Eskom battery and the sp will obviously be in real trouble.

Coffeecups... yes, I do agree with your comments about the 'old industries'. I was referring to the more established energy storage competition.... Lithium. IMO the vested interests in the lithium industry aren't going to stand back and let Vanadium decimate the toe hold and supply chains they have established and hope to grow... and that battle could have an impact on the demand/deficit. No doubt the vrfb's technology is better... but so was Betamax, it failed because it was too expensive. And there are plenty of other similar examples. No great problem, all I'm saying is, as far as the global market outside of Africa is concerned... it won't necessarily be a walk in the park for the vrfb industry.

Coffeecups.... thanks for your comments. I agree, it possibly doesn't make sense to suggest such a low price... but think we also have to be aware that vrfb's, although they have been around for a while, are very much the disrupter. In any market, when a disrupter comes along it shouldn't be underestimated how hard and far the encumbants will go to mount a huge fight back to not only retain their market share but to grow it... even becoming loss making for a time in order to win the battle. All's fair in love and war! Grabbing the larger portion of the market will not be easy! For the global market at least, its not just about BE... it's also about the rest of the competition. I woupd also be wary of believing all the industry experts who predict that the Vanadium structural deficit will last for another 2-3 years. Better to plan for 18 months because every one with a shovel and fork will be trying to get vanadium out of the ground as fast as they can... especially in the states, after what happened to prices last year! It's gonna be like the Klondike gold rush all over again... and it's already springing into motion.
The more cost competitive vrfb's can be made, the more likely they will succeed in disrupting the existing (albeit fledgling) energy storage market and so become the battery technology of choice as the market matures and grows.

Maybe not so important because of the massive ace BE have up their sleeve... and not just the leasing plans, if BE can lease so then can the rest of the competition... but the rest don't have the whole African continent on their fully integrated doorstep! But all these words are cheap... this company knows better than all the rest on what will need to be done in order to win the battles.

David Gillam, boss of specialty consultancy Mastermines,
"Despite what people are saying about the future of vanadium redox flow batteries (VRFBs) – at $US35/lb for vanadium they are off the table. “They were not going to happen at those prices,” Mr Gillam says.

“We need to see vanadium selling at around $US10/lb for a straight sale VRFB to work — that’s the message we got in China.
“There’s a lot of contracts [for VRFB’s] that have been signed and are waiting on V2O5 to come down to a reasonable level.”

Low but not too low
Mastermines predicts a price of between $US10/lb and $US20/lb longer term – and they are hoping for the lower end of that range.

cindercone... your welcome. The filter is good across all bb's. I've had chartist2 filterd from another bb from a far and distant galaxy long, long ago! I have a hazy memory of someone claiming he's a Mancunian... dunno if was true, but it could be the nearest he gets to mountains is the Pennine Range. I can't see the posts but going on others comments about the 'variable English' used... I wouldn't doubt it!

Hartlepoolbob.... exactly the same also on N4P bb... with exactly the same results!

cindercone... click the 'Filters' tab in the 'Share Discussion for Bushveld Minerals' box. Follow the instruction to type in the moniker of whoevers future comments you want blanked out... and click 'filter'.

"At a corporate level we initiated a process to review our organisational capacity in light of not only the growth we have achieved but the ambitious journey still ahead.

We added new members to our management team and have reinforced our Board, through the appointment of Michael Kirkwood as a senior independent non-executive director. We anticipate further strengthening of our Board and management team in 2019".

Pat... yep, you are spot on and last time out they commentated on exactly that subject. They had already taken steps to strengthen the BOD and also intimated further strengthening was in hand. I expect we will find they are well top of those issues.

How do they get from a prior holding of 65 million as per end of December list.... to buying another 10million on 18th Jan... but still stuck on 65million?