Member Info for mogwhy

Paludina has told us of the recent high levels of exports of BMN vanadium to the USA.
That's no coincidence as BMN realise a price based on a 1 month lag, so the realised price has coincided with the recent price highs before the latest downturn.

loudspeaker - that's the site I normally use but it hasn't been updated since the 17th.

Anyone know where to get a current price for US ferro vanadium 80% ?

It appears that the market makers bulletin board text-scanning algorithms picked out the £74 projected share price and they instantly sent us into the blue.
Expect £3 by the end of the day.

Potential asset value assuming in ground resources are valued at 1% of their current spot price, £$ ex rate 1.38, $40 vanadium price and production of 5,000 mtvpa, some additional rental contracts, initial couple of Bushveld Energy VRFB projects plus an operating Vametco mini-grid, an operational electrolyte plant, an Eskom tender contract win and Enerox build a VRFB manufacturing facility in South Africa.

Enerox 21.21%......................£20m
VERL 65.2%............................£2m
Vametco 74%.........................£200m
Vanchem 100%......................£100m
Bushveld Energy 84%.............£20m
Brits vanadium 250mt 51%........£37b
Mokopane vanadium 300mt...£50b
Mokopane iron ore 1 billion t....£600m
Mokopane phosphate 442mt...£270m
Belco 47.3%.............................£10m
Lemur.......................................£0m
Investment properties...............£2m

Total.....................................£89,024,000,000 or £74 per share excluding dilution

Is no one going to share the link re. Dalian Bolong director and Fortune?

Thanks LB21 - it's a shame that the telegram group don't share this type of info with the rest of the investment community.
They don't need to involve themselves in discussion here but it would be nice if someone could just post a link and any other helpful info that would support the investment case.

Average rand / dollar exchange rate 14.91 in Q1.
Average rand / dollar exchange rate 14.13 in Q2.
Average rand / dollar exchange rate 14.65 in Q3 so far.
Current rate is 14.83

Average V price for Q1 = $30.55
Average V price for Q2 = $37.57
Average V price for Q3 = $39.93 so far

So despite the recent downturn in V prices, the average is up again quarter on quarter.
Q3 will see lower costs and higher margins over Q2 due to a better exchange rate, higher V price, lower costs for maintenance and higher production at Vametco.

Lindon - the Vrede construction phase when started will last 18-24 months, so any requirement for electrolyte is a long way into the future (2-3 years?).
I also doubt that a project this size is realistic for a company like BE, but the fact that they are considering VRFBs must mean that BE will be on their radar for some sort of role in the project.

Vrede Solar PV + 200 MWh BESS project (EIA June 2021)

Let's hope Mikhail's got this one in his sights.

A battery storage facility will be constructed for the solar facility. Battery technologies considered included Solid State or Redox Flow batteries.

Flow battery technologies are being considered as an alternative for power smoothing purposes.

The greatest advantage these batteries exhibit is their scalability and their longer duration discharge cycles which are more cost efficient when compared to solid-state batteries. The most successful and widespread of these batteries are vanadium and zinc-bromide chemistries.

https://bit.ly/3Cqz3fr

The 2m buy has reappeared.
Well over the ask so hopefully the start of the short closing.
11.50p 2,000,000 £230,000.00

Thanks Paul150 - I've pointed this out to him several times.

SIPPmeister - I deliberately didn't include cash as it really needs to be offset by debt and they're continually moving targets.

thanks jimbo66 - ATM website out of date.

UncleJohn - I made up all the values apart from the total which is equal to the current market cap. Like it or not this is the value as determined by the share price. Put your own values in, but they need to add up to £131m. Future valuation projections will be different.

Current assets owned by Bushveld Minerals.
Have I missed anything out?

Enerox 21.21%......................£5m
VERL 65.2%..........................£0
Vametco 74%.........................£63m
Vanchem 100%......................£37m
Bushveld Energy 84%.............£0
Brits 51%................................£5m
Mokopane vanadium 300mt....£5m
Mokopane iron ore 1 billion t....£5m
Mokopane phosphate 442mt...£5m
Belco 47.3%...........................£3m
Lemur.....................................£0m
AfriTin 4.67%..........................£2.8m

Total.....................................£130.8m

Current IES market cap is £110m with sales of circa 20 MWh.
At the end of 2020 Enerox had a sales runrate of 26 MWh, so a similar size.

Projected Enerox capacity in the near term is 240 MWh, so more than 10 times the current size of IES which would theoretically make it a billion pound company if they can sell all that they can make, with BMN owning 25%.
Longer term, Enerox plans to scale up even further to 1,200 MWh by the end of 2025 which is a further 5 fold increase in capacity.

And for any newcomers looking in, the establishment of a South African VRFB industry is happening right now with the electrolyte plant being jointly developed with the IDC being the first step.

A reminder of the Industrial Development Corporation deal.

It seems highly likely that Enerox will be involved in a South African VRFB industry with
the Vametco mini-grid being their first high profile SA project.

"Under the terms of the Agreement, Bushveld Energy will partner with the IDC to determine the economic viability of vanadium redox flow batteries ("VRFB") for use and manufacture in South Africa. Accordingly, Bushveld Energy and the IDC will commission a Feasibility Study to determine the following:

1. Assess VRFB viability and costs in the South African market, including studies of the market potential for VRFB Systems in South Africa and Africa, and techno-economic studies for the local manufacturing of vanadium electrolyte and VRFB system manufacturing in South Africa;

2. Identify potential local and foreign partnerships in support of the roll-out and local manufacturing of VRFBs.

The IDC is South Africa's national development finance institution, wholly-owned by the South African government. It aims to be the primary source of commercially sustainable industrial development and innovation to benefit both South Africa and the rest of Africa by promoting entrepreneurship through the building of competitive industries and enterprises based on sound business principles. In 2015, the IDC approved R 11.5 billion (approximately USD 1 billion) in funding to companies across various sectors."

According to the 2021 objectives from the last annual report, we can expect
news on this - "Participate in large, upcoming battery energy storage
tenders in South Africa."

Note "multiple" tenders.

The top 3 nominee retail brokers have again increased their clients holdings by 5.5 shares over the last 2 months and now hold 50.3%.

The commissioning of the electrolyte plant should start in June next year.
This is a 3 month scheduled activity, but included in this is a 2 week functional test followed by a 6 week continuous performance test.
We can't know for sure but it seems likely that this 6 week phase will be producing a saleable product which would amount to about 23 MWh of electrolyte.
Any decent size orders will have to be communicated to the market, so I think we can expect to see offtake agreements start to materialise in H1.
Handover of the plant running at full capacity is scheduled for early November 22 according to the revised schedule which started on 27 May according to Lukhozi.

https://tinyurl.com/yekeyv2x