Member Info for Nickderby

Perfectcadence, you have just proven that you are not a chartered accountant!
Well done :)

perfectcadence - That's a very strange statement from a supposed 'chartered accountant'.

There are still some people willing to sell their £2 coins for 26p.

We’ve just taken our Vametco holding up to an incredible 75%.
FeV is at multi-year highs.
The supply shortage is going nowhere.
The illegal strike will be settled soon.

There’s so much news to come.

Surely it’s a very exciting time to be onboard! :)

DYOR

No shares available to buy at 26.5p.

'Ferro-vanadium, US 70-80% V, $ per lb: $39.75-40.25 per lb'

That is another new high for US FeV, and still rising!

When the strike finishes...... Ooh those profits :)

As we know..... 'European FeV prices went over 90$/kg V'

https://www.vanadiumprice.com/european-fev-prices-went-over-90-kg-v/

As expected US FeV rising nicely too.
'Ferro-vanadium, US 70-80% V, $ per lb: $39.75-40.25 per lb'

https://www.vanadiumprice.com/mb-non-ferrous-price-changes-14-09-noble-alloys-bulk-alloys-ores/

Pus another 2.35% for US FeV this morning, according to Asian Metal.

A summary of the latest broker targets. SP Angel - 34.2p. Their target increases to £1.34 at an FeV price of $85 per kg. https://www.**********.co.uk/articles/sp-angel-s-morning-view-miners-gain-amid-fragile-risk-on-sentiment-a112914/ ARC - 36.2p. Their target increases to 95.8p at an FeV price of $80 per kg and Rand/$ rate of 13. Or using a discount rate of 5%, ARC have a share price target of £1.58. http://www.bushveldminerals.com/wp-content/uploads/2018/09/Bushveld-Minerals-increases-underlying-interest-in-Vametco-to-75.pdf For 2019, my calculations show Vametco being worth £1.46. This is based on current maximum capacity of 3,750 tonnes, FeV at $100, costs of $30 and a PE of 15. A PE of 25 gives a target price of £2.43. FeV prices are now well over $90 per kg and when you consider the supply/demand position over the coming 3-5 years, high vanadium prices are definitely here to stay. All the above targets show why BMN is just at the beginning of its journey north. Cash elephant! :) DYOR.

Daisan, I’m not going to argue over the nitrovan premium when FeV prices are already at $93 to $96 per kg in Europe! :)

Just a quick reminder to get us all in the mood for Monday morning... ‘Ferro-vanadium, basis 78% min, free delivered duty paid, $ per kg: $93.00-96.00 per kg from $87.00-92.10.’ FeV is rising at an incredible rate. Nitrovan effectively touched $100 per kg on Friday. Next target $120 per kg? There’s significantly more demand than supply expected over the next few years, so even higher prices are inevitable. It is going to be a very exciting time watching BMN become one of the ‘most significant, lowest cost, vertically integrated vanadium companies in the world’ :) https://www.metalbulletin.com/Article/3832807/Vanadium/MB-NON-FERROUS-PRICE-CHANGES-1409-Noble-alloys-bulk-alloys-and-ores.html

Dody, my model is based on annual production, asset share, product sold and current margins achieved, so it would give 88p and 176p as you say. However, in reality the increased production would reduce production costs, hence increasing Vametco’s margins. This would increase the share price targets further. The comparison is solely with Largo, which is itself undervalued at current V2O5 prices.

Now that we own 75% of Vametco, it is worth revisiting the Largo comparison. Using the current V2O5 price of $20 per lb and assuming Largo’s costs are unchanged, Largo will achieve a net margin of 64.5%. The current FeV price is over $90 per kg. If we add our 5% Nitrovan premium, we get in excess of $95 per kg. Assuming Vametco’s costs are $30 per kg, Vametco achieves a minimum 68.4% net margin. If we then look at production capacity, asset share, vanadium price, together with margins, I calculate that Vametco is now worth 64% of Largo (using 3,750 tonnes production and 75% share). As Largo closed at CAD$2.85 on Friday night, it has a fully diluted EV of £1.16billion. 64% of this gives BMN a comparable value of £742m. That is 66p per share, based on a fully diluted 1.12 billion shares. That is just for Vametco. Also bear in mind that Largo is considered undervalued at its current price. We still have a lot of catching up to do! :)

LS, amazing isn’t it. Nitrovan probably touched $100 per kg on Friday. FeV is soaring! Almost there... What a great time to increase our Vametco holding to 75% :)

Thanks Knuttie.
I thought I recalled you saying that.

Has Nitrovan actually touched $100 per kg today?

What a nice way to end the week.

Enjoy your weekends :)

OMG!
Nearly there.....

Ferro-vanadium, basis 78% min, free delivered duty paid, $ per kg: $93.00-96.00 per kg from $87.00-92.10.

https://www.metalbulletin.com/Article/3832807/Vanadium/MB-NON-FERROUS-PRICE-CHANGES-1409-Noble-alloys-bulk-alloys-and-ores.html

The 2 sells look like another bed&Isa.
One of Knuttie's children again... :)

Max buy with II (at 26p) is only 50,000 shares.
Are we going to finish at a high for the day?

Come on Bushy!

Ophidian, thanks.
Excellent! :)