Member Info for Nickderby

Lindon, the UT yesterday was 107,551 at 12.36p.
The 2,375,000 Buy is descibed as an 'Ordinary' trade.

Hi Pdub, thanks.
Still here thankfully - 5 years remission now :)

I sincerely wish you all the best with your treatment. I hope you are doing ok, under the circumstances.
Hopefully the share price rise is helping a little bit. Keep up the fight!

Nick

European FeV - $60.50 - $63.50
US FeV - $63.80 - $68.20

https://www.vanadiumprice.com/european-ferrovanadium-gains-slow-down/

Nice! :)

Hi Sanchez, i think it goes without saying that I could be happier with the share price.
It's definitely a very strong buy at 11.9p!

The performance in Q2 was satisfactory and going forward we seem to have turned the corner.
We are profitable at current vanadium prices and the vanadium price outlook is good.
The adoption of VFRB seems to be moving forward nicely.
Vanadium demand is increasing, the vanadium supply is not growing, apart from anything BMN and Largo can produce.
Therefore the structural deficit is still there - all good :)

With regards to a takeover, it would have to be made at a much higher level than the current share price, which is below net asset value!
However, as many shareholders are being worn down, I would imagine it could happen at a lower price than many would be happy with. Still at multiples of the current share price.

Comms could certainly be improved significantly.

However, when you look at what BMN have achieved, it's really only the share price/comms that need a kick up the rear end!

Two of the four primary vanadium processing plants outside China.
- Vametco vanadium mine/processing facility.
- Vanchem processing facility producing a mix of vanadium products
Production target of over 5,000 mtv vanadium by the end of 2022.
Expanding production to 8,400 mtv over the coming years.
Mokopane Vanadium - 300Mt Jorc (plus high grade Fe credits).
Brits vanadium – 67Mt Jorc
Bushveld Energy.
Bushveld Energy IDC agreement.
Electrolyte production plant under construction.
Developing a 200MWh capacity electrolyte manufacturing facility
Investment in Enerox.
Vanadium leasing agreement created to reduce upfront costs of VRFBs.
First refusal supply agreements with Enerox/IES.
Potential Eskom contract.
Iron Ore - 939Mt Jorc (plus high grade titanium credits).
Phosphate - 442Mt Jorc.
Afritin investment.
Lemur coal - 136Mt Jorc, JV with Sinohydro, offtake with JIRAMA.

This time next year..... :)

Sorry Ben, you beat me to it! :)

Apart from his director's remuneration, the only thing disclosed in the accounts is the following....

'VM Investments Limited is a related party due to two of the Executive Directors (Fortune Mojapelo and Anthony Viljoen) of Bushveld Minerals Limited being majority shareholders of VM Investments.
VM Investments owns the offices rented by Bushveld Minerals Limited. The rent paid in 2020 financial period is US$159,651 (2019: US$176,474).'

If there were any other amounts paid to VM Investments during the year, it would have to be disclosed under the related parties note in the financial statements. There is nothing else.

I'm really sorry to hear that Pdub.
Keep up the fight.

All the best, Nick.

It’s interesting to look again at what the BoD have achieved since listing.

BMN listed in March 2012 with only the following two assets:
Iron Ore - 633Mt Jorc.
Tin - 5,995 tonnes Jorc.

At this point BMN’s market cap was £56.7m!

We now have the following.

Two of the four primary vanadium processing plants outside China.
- Vametco vanadium mine/processing facility.
- Vanchem processing facility producing a mix of vanadium products
Production target for this year 4,100 to 4,350 mtv vanadium.
Expanding production to 8,400 mtv over the coming years.
Mokopane Vanadium - 300Mt Jorc (plus high grade Fe credits).
Brits vanadium – 67Mt Jorc
Bushveld Energy.
Bushveld Energy IDC agreement.
Electrolyte production plant is being constructed.
Developing a 200MWh capacity electrolyte manufacturing facility
Investments in Enerox/IES.
Vanadium leasing agreement created to reduce upfront costs of VRFBs.
First refusal supply agreements with Enerox/IES.
Potential Eskom contract.
Iron Ore - 939Mt Jorc (plus high grade titanium credits).
Phosphate - 442Mt Jorc.
Afritin investment.
Lemur coal - 136Mt Jorc, JV with Sinohydro, offtake with JIRAMA.

The vanadium price is booming again, the adoption of VFRB is moving quickly.
Vanadium demand is increasing, the vanadium supply is not growing apart from anything BMN and Largo can produce.
The structural deficit is still there.

We have a very profitable business at current vanadium prices and they're still increasing by the day!

All of the above and our market cap is currently only £183m.

Incredible bargain!

DYOR

Hi Coffeecups, I'm very well, thanks.
Incredibly, I held 7.94% of the Company at one stage, but as you say below 3% now.
BMN has been a life changing investment for me, huge sums of money involved!
I still have a large holding and I expect us to be testing our highs again later this year. Looking at the increase in vanadium prices, production increases, electrolyte, structural deficit, VRFB's coming to the fore, Eskom etc, BMN is an incredible bargain at these levels!

This is still a great board. Good luck everyone :)

Jagadish, its normal practice for an asset in the ground to be worth around 1 - 2% of its retail value.
You have to think about the costs of getting it out of the ground! :)

As I posted earlier in the week, even if we could get less than 1% of the current retail price for the Iron ore, it would generate substantially more than our current market cap!

Selling the iron ore at $2 per contained tonne would generate $402m. At current exchange rates that is 24p per share.
This for a non core asset would transform the business and leave everything else valued at less than nothing (in fact negative 7p!). What a crazy situation.

I am sure that Fortune is looking into this, strike while the iron is hot! :)

Bring on the Chinese.....

Fe prices are currently over $200 per tonne. Imagine if an offer was to come in for this platform at even a paltry $2 per tonne (1% of current retail price). Our share is 201Mt of contained iron. Therefore, at $2 per tonne has a value of $402m!
That would be a $400m bonus for a forgotten asset.

It would also be substantially more than our current market cap, solely for a non-core asset!
It’s actually not a bad resource, as it has opex costs of only $6 per tonne after adjusting for the world class titanium grades and vanadium credits.

Don’t forget this zone also has a phosphate Jorc of around 442Mt, with good grades.
Currently 442Mt at 3.6%, recoveries at greater than 53%, price $96 per tonne.
This alone gives a potential purchaser, revenues of around $810m just for the phosphate.
This would be excellent early cash flows to assist the economics of the project.

Surely someone would give us $400m to purchase such a gem! :)

Thanks Knuttie.
I've never really been away. Just quiet :)

LS - Still hoovering up well after all these years! :)

That was me Gambitxjs!
Just bought 4 x 100k and 2 x 50k.

Bargain! :)

The only mention of a dividend that I can see in an RNS is in the Operational Update dated 2nd November.
That RNS stated the following...

'Dividend Timing

The Company envisages the declaration and payment of its first dividend in the first quarter of 2021. As previously disclosed the Company aims to pay out up to 30% of free cashflow as a dividend to shareholders. Based on the current share price, the Company expects the dividend yield to be in excess of 10% on an annual basis.'

So looking solely at the Company RNS's, patience is required.
But it is imminent! :)

I really don't see the concern here.
We have been told to look at the Mirabaud broker note for projections.

At Brent of $45 (I3E realised price $39) they were forecasting....

'We forecast FY21 EBITDA of US$30m and FCF of US$17m, of which we
expect c.US$4.9m to be paid out in dividends. At the current share price of 4.05p/shr, this implies
an impressive yield of 13.3%. We reiterate our BUY stance with an updated 10.7p/shr target price.'

Brent is currently around $58 ($13 higher than their forecast) and natural gas is looking good too.
Production was fine at the last update.

'Group production from the Gain Energy Ltd. ("Gain") and Toscana Energy Income Corporation ("Toscana") assets during October averaged 9,407 boepd (61% gas, 39% liquids), with both portfolios performing to management expectations.'

We must be rolling in cash at these prices!

I3E is massively undervalued at 5.8p and a high yield dividend is on its way over the next few months.

Let's wait to hear from the Company, an announcement must be imminent.

The tin price is now over $23,000 per tonne!

https://www.lme.com/en-gb/metals/non-ferrous/tin/#tabIndex=0

Alfa - unfortunately it wasn't mine.
Its great to see interest back in Bushy again and the high volume days.

Everything seems to be going to plan! :)

More confirmation of tight supply :)

'The European ferro-vanadium price surged by more than 5% to a 10-month high in the first week of the year on increased end-user appetite amid tightening prompt inventories.

Fastmarkets assessed the price for ferro-vanadium, basis 78% V min, 1st grade, ddp Western Europe at $25.95-27.45 per kg on Wednesday January 6, up 5.7% from the previous assessment of $25-25.50 per kg on December 23. The market is now trading at its highest since the end of February of last year, when it stood at $27.50-29.95 per kg.'

https://www.vanadiumprice.com/european-ferro-vanadium-price-jumps-to-10-month-high-on-tight-prompt-availability-end-user-interest/