Member Info for LionelGreen

Hosted by Fortune Mojapelo and Mikhail Nikomarov As an overall comment, I would say that this really was a Vanadium 101, with an excellent overview of the overall demand, supply, and prospects for BMN and BE, but with little new insights not known to close followers of the company. It consolidated the fact that they have done a careful analysis of the future supply prospects, and the space occupied by both BMN and BE. FM did stress that the Mokopane mining license is "imminent". Here follows a brief summary of the main points covered. 1. Fortune Mojapelo Will be recorded and available on the www in a few days; slides are available as download, numbers indicated [x] Why are they holding the webinar? - because Vanadium is still not well known - price has grown 5-fold since Nov 2015 - demand comes 90% from steel industry - also suitable for energy storage, accounting for 0% of V consumption in 2014, 2% in 2017, perhaps 20% in 2020 - China accounts for bulk of V consumption, anchored by the steel demand (itself driven by government regulation of rebar) - use will be driven by this and other emerging markets - strong correlation between steel production and vanadium consumption [15-16] - various details of the Chinese rebar regulations 2. Mikhail Nikomarov - energy market of tens-hundreds billions of US$ [20] - VRFB expected to be 10-20% of this total energy market - outline of VRFB principles [20-21] - advantages: long lifespan, non-degrading, up to 100% DoD; lowest (levelised) cost per kWh [23]; also safety, response times, re-use at EoL - examples: Sumitomo (JPN); Dalian (Rongke at 800MWh); Pu Neng (400MWh) - demand outlook: VRFB is strongly indicated [25] - VRFB use ONLY vanadium, which constitutes some 40-50% of the battery cost - if VRFB use captures 25% of the energy storage market by 2027, this will require some 50,000 tonnes vanadium 3. Fortune Mojapelo - Roskill base case forecast of overall demand = 129,000 mtV by 2027 (steel will still dominate, but VRFB become significant) - so vanadium demand is robust, underwritten by steel demand 4. Vanadium occurrence - reserves are dominated by China, South Africa, and Russia - 88% vanadium occurs as vanadiferous magnetite ores, with the balance in sedimentary form such as oil residues or shales [31] - most vanadium supply is co-product **** (very capital intensive), mostly (68%) undertaken in China - however, the future lies with primary vanadium ore feedstock, using the salt roast process [32]... this only useful if vanadium grade is high enough .. continued

In June, I will have been invested here for 10 years. We have been given many test results over many years which demonstrate how superior the product is, but we are still waiting for the first major aerospace orders. I do not understand why this has not made more tangible progress given the issues over HCP. I echo TruroTrader's wry observation that this is becoming, for me also, "a race between HDD and the cemetery". Are the Directors doing enough for us?

Excellent news. In his 22 March live update webcast, Leon Coetzer said that "discussions were ongoing [with the Zambia government], and hopefully would be resolved in 2 weeks". The RNS comes out exactly two weeks later. Worth emphasising. A clear schedule on this one lies ahead.

https://www.investegate.co.uk/sunrise-resources/rns/cs-project-update/201803270700029738I/

@Pat48: yes. You can see this in the BMN RNS of 2 Oct 2017 (Circular Publication Greenhills Resources Demerger), where it states under Section 4 (with further details of the three projects): "AfriTin was formed in 2017 to acquire the tin assets of Bushveld Minerals held by the Greenhills Group, namely the Mokopane Tin Project and Zaaiplaat Tin Tailings Project, located in South Africa, and the recently acquired interest in the Uis Tin Project in Namibia."

with Kerim Sener https://www.youtube.com/watch?v=kEw2D424G20

In response to questions, LC also stated that he considered that the SP does not reflect the company's growth or potential. Of course, we might say "he would say that", but LC does come across as absolutely committed, on top of his brief, and deeply believing in the company's potential. I may be too naive, but at the moment, I'm happy to tuck this share aware and hold. Who knows, JLP could even be a mid-tier company some day (with apologies to alaska!)

@Sumoskier: LC reported that discussions on Kabwe (Zambia) had been very good, and JLP were very upbeat about prospects, leading to the RNS of 6 February: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/JLP/13522411.html Almost immediately after, the Zambia government suspended the mining rights, which "caught everyone by surprise". LC stated that discussions are still ongoing, and hoped that this might be resolved "within 2 weeks". But he also stressed that the government control the schedule. If they (JLP) have not had a response within 2 weeks, they will revert to the government. Sounded good to me.

I thought that was a very good and useful update from Leon Coetzer, giving a clear picture of the status of the various projects, and a positive statement on the financial position.

@BBN very helpful orientation, thank you.

Alfacomp: since your approach on the BMN board has a strong altruistic element (I think), would you care to share your reasons for buying more ATM at this time? It seems a bargain basement price, but with little of substance to give much visibility of true prospects. I might buy more if it were FM at the helm (on the basis of track record), but otherwise, what do you think is particularly appealing now? I continue to hold all mine from the spin-off.

Interesting stuff, nicky. But there is no date on any of this, on the news release itself, on the coating date, on the comments by Graham Young. If memory serves, isn't this quite an old story? Has it just been brought out and dusted off, or is it really something new. The six years life is, of course, a superb result.

Thank you RR, I guess that makes sense. I am also getting a little tired of the prospects of jam always tomorrow!

There will be some regular long-term holders here who can read this better than me, but at first sight I am not happy. We saw a big and unexplained drop on Friday, then news today that there are now 48 million more shares in issue. Not a big dilution, but a dilution. And the ship is clearly not watertight because it looks as if some people knew this was about to happen, what other reason for the drop on Friday? Then we have a delayed trade of 1.5 million which has just appeared from Friday morning. Why is the MM, or the reporting system, allowed to delay publication of these trades? It is neatly marked here as a buy, but looking at the time of the trade, it was most definitely a sell. Come on HDD, you have long-term holders who have backed you for years (in my case around 10), and seemingly first in line to be shafted. Anyone have a better interpretation?

Thanks for posting, niky. The CEO comes across very bullish in this Q&A. Which is (I think) a new and very positive development. Greetings Lionel

out

Yes, the RNS reports solid results for the period. Looking forward, I liked these two paragraphs: "(1) The Airbus global approved supplier status and Nadcap accreditation achieved during the year at Bicester have strengthened the platform for securing future aerospace business. Life-testing continues on wing components for the Airbus A320, A330 and A380 and on landing gear parts. Development and trialling of further components for both fixed- and rotary- wing aircraft is well underway. We believe the medium and long-term potential value to the Group is worth the effort involved in the longer sale cycles in this sector and we are confident that future volume sales will result." "(2) The Hardide coating continues to be integral to the performance of the new high-resolution airport X-ray baggage scanning machine that commenced volume production during 2016. A new application for Royal Mail moved into production during the year and Hardide-coated deflector plates are expected to be fitted into all letter sorting machines in the UK by Christmas 2017. We are currently working with Royal Mail on the development and testing of two more high-wear parts for sorting machine applications. The Company is exploring new precision engineering applications for the coating in the powder metallurgy, metal injection moulding, plastic extrusion and 3D printing sectors." Greetings, Lionel

the ratio was 0.0899, so 2247 ATM for 25,000 BMN

1 million shares bought at 3.51p for 35.1 k�. Someone is feeling quietly confident !

Thanks for those useful perspectives, people, I found today's comments very useful. Seems I really misread the RNS, because the SP has risen to 1.84p on 5million shares traded, I certainly didn't see that coming! People here seem to be very loyal, long term holders, and remarkably patient. Just maybe we will see some decent returns - and maybe in time to enjoy them! Good weekend all. Lionel