Member Info for Nickderby

Buy - 28.2p
Sell - 28.175p

Both below the mid price, so every trade will show as a sell.

Usual tactics.

BBN is on fire today!

Excellent posts and thanks very much for your insights :)

Our share is 74%, so nearer $6m per week.

Not too shabby! :)

Largo at CAD$6 would give them a fully diluted EV of £2.4 billion

I calculate Vametco to be worth around 60% of Largo, using 3,750 tonnes pa, 74% ownership and the taking into account the various margins achieved by both companies.

That would give BMN a comparable price target of £1.29.

Seems a reasonable initial target! :)

At FeV prices of over $130 per kg, our current undervaluation is as big as it has ever been.
The scope for dividends is huge.

Stock up while you can!

Some investors are so slow on the uptake...

Sorry about the spelling!

*That sounds good enough for me :)

'The directors believe the next 6 months will be transformational for the Company.'

That's sounds good enough for me :)

Bushy is currently sitting at 63rd.
Inclusion at the next review is looking good :)

It also doesn’t include phase 3 expansion to 5,000 tonnes pa or brownfield acquisition! Coiled spring! :)

When you consider that FeV prices are already over $139 per kg and the supply deficit isn’t going anywhere for a few years. Also, demand is increasing and only very limited new supply is coming on line. Let’s now pencil in FeV prices of $150 per kg for 2019, which is quite possible when you look at the current frenzy. Secondly - Costs. Previously I used $35 per kg. Let’s increase costs by a further $2 per kg to cover the additional royalties due, making $37 per kg. Finally - Production. Production will be 3,750 tonnes pa at 1st January 2019 and then increasing up to 5,000 tonnes by the end of the year. Therefore, you would expect production for 2019 to be somewhere in between those two figures. I will use the lower production capacity of 3,750 pa to keep the forecast reasonably conservative. Using the above figures, an exchange rate of $1.3/£, Vametco share of 74%, our share of post tax profits for 2019 becomes a crazy £174m! We would only need a PE of 5.75 for our share of Vametco to be worth £1 billion (90p per share). A PE of 15 gives a share price of £2.35. A PE of 25 gives a share price of £3.92. That’s just for Vametco on 3,750 tonnes of production. That doesn’t include Bushveld Energy, Mokopane vanadium, Brits vanadium, electrolyte production, Imaloto coal, iron ore, titanium, phosphate or Afritin Ltd! A very exciting future lies ahead for all shareholders :)

The MMs have run out of shares again at 28.5p.

Just put the price up! :)

The MMs have found some shares, now 250k available.

Can't buy any at 28.5p.

Here is your daily Mokopane report!

The V2O5 price has increased to $31.5 per lb.
If I input $31.50 into my Mokopane model, it gives around $508m net profits, after royalties, depreciation and admin costs.

Our share 64%.

Mokopane post tax NPV at $31.5/lb is now over $3 billion! (at $3.012 billion).

Bear in mind these figures are for a small proportion of the Mokopane resource (about 1/6).

Incredible figures and an incredible resource.

Mental! :)

The vanadium frenzy continues!
Incredible prices and no signs of stopping.

We are so undervalued and the spring is getting more and more tightly coiled.

Stonking buy! :)

Wow!

Chinese FeV at $136.50 per kg.
That gives net profits of over $100 per kg!

Quite incredible and still rising daily! :)

I just wonder what the issue of the Mokopane mining licence could do for the share price. We have an asset with a post tax NPV of $2.920 billion. Only 64% ownership, so that reduces our share to £1.437 billion. Even if the mining licence effectively released only 20% of this valuation, it would be worth £287m on the market cap. That's an additional 26p, not far off our current share price. It is an incredible resource! :)

The V2O5 price has increased to $30.7 per lb, so here is an update of the Mokopane economics. If I input $30.70 into my Mokopane model, it gives around $490m net profits, after royalties, depreciation and admin costs. Our share 64%. Mokopane post tax NPV at $30.7/lb is getting up towards $3 billion (at $2.920 billion). Bear in mind these figures are for a small proportion of the Mokopane resource (about 1/6). Incredible figures and an incredible resource. Bring on that mining licence. Please! :)

FeV is rising at such an incredible rate. Next target $150 per kg? But why would it stop there, there’s a huge shortage of vanadium worldwide, so even higher prices are inevitable. It is going to be a very exciting ride for all shareholders as we watch BMN become one of the ‘most significant, lowest cost, vertically integrated vanadium companies in the world’. Perfect storm! :)

The market is so far behind reality here.

FB - nice work :)