Member Info for Nickderby

The $/� rate us now 1.3485 increasing our � sterling revenues. The SA Rand is still around 12.4 to the $. All good news for our profits :)

Alfa, another 150k for me too. 3 trades of 50,000 shares. Awaiting the next boom, what will it be? Mokopane or Sojitz or something else....

Using the production guidance of 3,680 tonnes, FeV at $75 per kg and all in costs of $25 per kg (conservative), Vametco generates $184m net profits, our share is $107m. That gives us profits after tax of £57m and a forward PE of just 4.25 at the current share price of 22.85p. Production increases to 5,000 tonnes pa, increases our share of profits after tax to £77m, giving us a forward PE of just 3.15. Taking out Sojitz and producing 5,000 tonnes pa at the current FeV price increases our profits after tax to £98m, giving a forward PE of just 2.47, at the current share price of 22.85p. With our amazing growth prospects, we can assume a fair PE is at least 15, that would give us a share price based on those figures of £1.38. Bear in mind the FeV price almost certainly has further to rise from here with the current supply deficit, increasing our profits even further. This just takes into account Vametco. Bring on Mokopane, Brits, Bushveld Energy, electrolyte, Eskom, brownfield, Imaloto coal, etc! :)

Thanks LS. I like 'American ferrovanadium prices stabilized at 33.5-34.25 $/lb V'. That is between $73.70 and $75.35 per kg. Plus a 5% Nitrovan premium taking us up to just under $80 per kg. Still in dreamland :)

Those 2 trades within 6 seconds of each other look like a bed and Isa to me.

There are so many possibilities that will push this re-rate much further. Quarterly figures - profitability significantly improving each quarter as the vanadium supply shortage keeps growing. The acquisition of the Sojitz minority holding in Vametco increasing our share to 74%. Mokopane mining licence - imminent! Mokopane news of early revenue generation. Brits vanadium news, very high grades expected, thereby reducing Vametco production costs even further. Bushveld Energy contracts. Eskom VRFB agreement news. Electrolyte production. FeV prices rising and production increasing further. Brownfield acquisitions to increase our production capacity further. Imaloto coal BFS. Imaloto coal platform sale/spin off. Etc! DYOR of course :)

Published buys 358k, sells 312k. There's not lots of selling, unless some delayed sells are yet to appear.

They drop the price but don't let you buy any. No shares available through II at 22.5p.

BBN, great post! It really shows what a fantastic company we have all found. An incredible 12 months ahead! :)

Bobby, also think about Sojitz’s lack of control and being at the mercy of the majority shareholder (BMN). Bushveld control the cash and therefore any dividend distributions. It may be in Sojitz’s interest to sell out its holding in favour of a long term marketing deal? One thing for sure, the negotiations will be very interesting! :)

Bobby. There are so many variables which can affect the buyout price. Just a few... Firstly , any buyout price won’t be based on today’s multi year high vanadium prices. More likely at an average FeV rate. SP Angel consider long term future FeV levels to be around $35 per kg. This will give a much reduced buyout value. Secondly, Sojitz have a minority holding of only 15%. The purchase of a minority’s interest is usually done at up to a 50% discount to a majority holding. Thirdly, no doubt Sojitz are keen on keeping their marketing deal on a long term basis. I’m sure that this marketing agreement will be an important part of the deal. All these items and many others will be taken into account when calculating the final deal. I’m sure that the deal will be an excellent one for BMN.

Just had another 500k :) It just seems too cheap at the moment. As I said yesterday, ‘Imo, there is an excellent chance that Bushveld’s share price will be well in excess of £1 next year. Firstly, last week’s webinar confirmed our thoughts on the future of the FeV price. Demand/supply forecasts show that it is going to be a very favourable period for all vanadium producers over the next few years. The supply shortage is set to continue; there will be growing vanadium demand and only limited new supply coming on line, mainly through our own expansion and from Largo’s expansion. Therefore the FeV price will remain very strong throughout this period and from a starting point of around $70 to $75 per kg, any bounce will be very positive for both BMN’s profits and therefore it’s share price. Secondly, we know that Phase 3 of the Vametco expansion is underway and is likely to be finished ahead of schedule, taking our production to over 5,000 tonnes pa. Thirdly, the planned Sojitz buyout will take our Vametco share to 74%. Buying out Sojitz and producing 5,000 tonnes pa at an average FeV price of $75, gives Bushveld profits after tax of £95m, giving a forward PE of just 2.61, at the current share price of 23.2p. With our incredible growth prospects, I think it is easy to justify a PE of at least 15. That would give us a share price based on those figures of £1.33 later next year. The FeV price almost certainly has further to rise from its current levels, increasing our profits and therefore our share price even further. Also, bear in mind that this valuation only takes into account our share of Vametco. We also have so much more to come. In no particular order... Mokopane mining licence (imminent). Details of Mokopane early revenue generation. Brits vanadium resource news. Bushveld Energy contracts/progress. Electrolyte production news. Eskom VRFBs. Potential brownfield addition. Imaloto coal. etc! It’s been said many times before, Vametco is definitely just the launchpad. Bring on £1 and beyond! DYOR of course’

Mokopane is certainly imminent now. FM has mentioned that he expects it in Q2. Anytime between now and 30th June. With the current love of all things vanadium, I think the market will love this news when it arrives! :)

Hi Dan, yes it’s been an exciting ride since the 4p days. Massive Ray is still here.

Currently 23.05p to buy.

I have decided that my previous top slicing was too early. Bring on the Mokopane mining licence!

I've bought back another 500k this morning. As I said yesterday, �1 next year. Buying �1 coins for 23p. A bargain! :)

Imo, there is an excellent chance that Bushveld’s share price will be well in excess of £1 next year. Firstly, last week’s webinar confirmed our thoughts on the future of the FeV price. Demand/supply forecasts show that it is going to be a very favourable period for all vanadium producers over the next few years. The supply shortage is set to continue; there will be growing vanadium demand and only limited new supply coming on line, mainly through our own expansion and from Largo’s expansion. Therefore the FeV price will remain very strong throughout this period and from a starting point of around $70 to $75 per kg, any bounce will be very positive for both BMN’s profits and therefore it’s share price. Secondly, we know that Phase 3 of the Vametco expansion is underway and is likely to be finished ahead of schedule, taking our production to over 5,000 tonnes pa. Thirdly, the planned Sojitz buyout will take our Vametco share to 74%. Buying out Sojitz and producing 5,000 tonnes pa at an average FeV price of $75, gives Bushveld profits after tax of £95m, giving a forward PE of just 2.61, at the current share price of 23.2p. With our incredible growth prospects, I think it is easy to justify a PE of at least 15. That would give us a share price based on those figures of £1.33 later next year. The FeV price almost certainly has further to rise from its current levels, increasing our profits and therefore our share price even further. Also, bear in mind that this valuation only takes into account our share of Vametco. We also have so much more to come. In no particular order... Mokopane mining licence (imminent). Details of Mokopane early revenue generation. Brits vanadium resource news. Bushveld Energy contracts/progress. Electrolyte production news. Eskom VRFBs. Potential brownfield addition. Imaloto coal. etc! It’s been said many times before, Vametco is definitely just the launchpad. Bring on £1 and beyond! DYOR of course :)

Max buy with II is just 15,000 shares at 23.7p. Get that price back up!

Faramog, thanks. Good luck to you and your wife too.