Member Info for pb940

There was the bit at the start where he said 'Its rolling along. Just waiting for the vanadium price to rise which I'm sure it will. It's pushing forward, it's a very interesting business right now.'

Could do with the national papers seeing this so they can give coverage to this censorship.

If it went past 15p Nick, then I may start thinking they have, until then it's just the game they are currently playing.

Thanks a.k.amuppet, so at the moment $6.5 million is just over £5 million so dilution is less than 5%

Personally in the grand scheme of things I don't see this as anything to worry about in terms of the growth of the company.

Just so I'm sure are we looking at dilution of this placing say 65,000,000 shares @ 10p be around 6%

I don't normally bother with these type of "discussions" these days as there isn't much point, I would however like to point out that long term holders who piled in when the current version of Bushveld Minerals was still a twinkle in Fortune and Mikhails eyes will still be seeing 400-500% profit. I certainly didn't see it as a rags to riches overnight thing as when I invested it was an idea being planned and Bushveld didn't even have a mine. Unless you're referring to short term long term holders?

'Like many AIM stocks that are found by longterm holders they expect rags to riches over night however that just doesn't happen.'

I posted this earlier from the sp Angel news regarding the EBITDA regarding half of the sales to China resulting in costs in H1 but the the sales in H2. Presumably this skewed the figures a little in H1?

EBITDA fell to -$1m for the six months to end June as a direct result of the lockdown, lower ferro-vanadium prices and delayed payment for sales into China which will now fall into the second half.
• Directing sales into China has a double whammy effect on the company as costs are incurred in the first half by sales will only be recorded in the second half for around half of Bushveld’s ferro-vanadium sales into the region

Too long to copy as there was a bit of new in both RNS's :)

https://www.uploadlibrary.com/SPAngel_JohnMeyer/SP_Angel_-_Morning_View_-_Wednesday_30.09.20.pdf

With regards to EBITDA though;

• EBITDA fell to -$1m for the six months to end June as a direct result of the lockdown, lower ferro-vanadium prices and delayed payment for sales into China which will now fall into the second half.
• Directing sales into China has a double whammy effect on the company as costs are incurred in the first half by sales will only be recorded in the second half for around half of Bushveld’s ferro-vanadium sales into the region.

And also the UET VRFB system
• Bushveld’s UET VRFB system completed site acceptance testing in May 2019 with Eskom and was shut down. UET’s sister company in China ‘Rongke Power’ delivered a new replacement system in Q1 to Eskom but has yet to commission due to Covid-19 delays. We expect the data collected from last year’s trial combined with the new system to eventually lead to the rollout of VRFB systems to support substantial new wind and solar power generation in South Africa assisted by World Bank funds.

Conclusion: Bushveld is an entrepreneurial and innovative company that continues to expand while cutting unit costs and rolling out new VRFB technology through its Vanadium Investment Program.
Management continue to drive growth in preparation for an expected upturn in prices which will come as structural steel production rises to meet demand for new stimulus projects.
New VRFB battery projects should also lead to new demand for vanadium in electrolyte supported by Bushveld’s innovative financing structure for vanadium rental in the electrolyte.
We continue to recommend Bushveld as we see the group as well positioned to benefit from rising demand for vanadium and for rollout of increasing numbers of VRFB battery systems for grid support.

https://www.miningmx.com/top-story/43821-bushveld-minerals-overhauls-balance-sheet-with-proposed-65m-orion-mine-investment/

Not much outside of what was in the RNS other than this comment from the writer. Maybe with this being on the table for so long is why the sp has been under pressure for so long?

"It is believed Bushveld has been working on this facility with Orion Mine Finance before the outbreak of the Covid-19 pandemic. However, Covid-19 has been a particular hinderance to the mid-cap and developing mine sector where capital demands are high and cash flow long-dated."

https://uk.advfn.com/stock-market/london/bushveld-minerals-BMN/share-news/Bushveld-Minerals-Limited-Interim-Results-for-six/83359771

There's actually quite a lot to read, you may want to read by clicking the link

Bushveld enters into US$30 million Production Financing Agreement with Orion Mine Finance

&

Announces a Convertible Loan Note Instrument to raise up to a further US$35 million

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, is pleased to announce that it has signed a long-term Production Financing Agreement of US$30 million (or the " PFA ") with mining-focused investment business Orion Mine Finance ("Orion"), primarily to finance its expansion plans at Vametco and debt repayment. Drawdown on the loan is subject to completion of certain conditions precedent as described in this announcement.

Under a separate investment agreement, Orion has also conditionally agreed to subscribe for a minimum of US$10 million, and a maximum of US$20 million of convertible loan notes under a US$35 million convertible loan notes instrument (the "Instrument"). The Company intends to seek other subscribers for the balance of the total. The Instrument's proceeds will go towards the first phase of Vanchem's critical refurbishment programme and debt repayment.

Since both the PFA and the Instrument require the prior written consent of Nedbank Limited ("Nedbank"), the Company and Bushveld Vametco Alloys (Proprietary) Limited ("Vametco Alloys" or the "Borrower") are in discussions with Nedbank on the outstanding term loan and revolving credit facilities, including discussions on the potential pre-payment of the outstanding debt facilities on completion of the PFA. The outstanding balance of the Nedbank facilities is ZAR375 million (circa US$21.9 million), plus accrued interest of US$0.3 million.

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:

"We are excited to announce the innovative funding agreement with Orion, which puts us on track with our expansion plans at Vametco, and we look forward to further elaborating on these plans and the impact on our business in the coming months.

Importantly, the long-term nature of the PFA and its early repayment options caters for the cyclical nature of the vanadium market and enables Bushveld to take advantage of the long-life, high-grade resources we are proud to own at Vametco, for the benefit of all our stakeholders. The Instrument's proceeds will go towards the first phase of Vanchem's refurbishment programme and debt repayment.

In addition, I am pleased to announce that the previous owner of Vanchem, Duferco Participations Holding S.A., has agreed to accept an early repayment of US$11.5 million of their US$23 million convertible loan notes issued in accordance with the terms of acquisition announced on 23 October 2019. US$6.5 million will be repaid through the issue of new Bushveld shares and US$5 million of the loan notes, plus interest of US$1.15 million will be settled as a cash payment. This puts us in an even stronger financial position with a solid balance sheet

https://uk.advfn.com/stock-market/london/BMN/share-news/Bushveld-Minerals-Limited-Financing-with-Orion-and/83359561?xref=newsalert

https://www.investegate.co.uk/invinity-energy-sys--ies-/rns/interim-results/202009290700053697A/

:) thought it was a bit optimistic :)

Glad to see you fighting for this investment pdub. Hopefully the sp will get going soon to allow you to go private. Can't imagine how your feeling, but I wish you all the strength and best wishes I can.

2016?

Not sure whether this was posted yesterday but thought I'd add the link and also the last paragraph from the article.

https://www.miningweekly.com/article/nersa-says-eskom-must-be-buyer-of-ipp-power-arising-from-new-determination-2020-09-22

“The allocation for battery storage will allow the country to start investing in utility size battery storage, which provides backup to wind and solar PV. Batteries also have many benefits in terms of providing ancillary services such as ensuring network stability. This technology is therefore supported by many stakeholders,” Nersa concluded.

Would surprise me though :(

Noticed another new project for the first time from 1/9/20
https://www.l2b.co.za/Project/Vametco-Mini-Grid/25925

Construction of the 1 MW/4 MWh vanadium redox flow battery mini-grid located within the Vametco Mine, 8 km northeast of Brits, North West. This mini-grid will be connected to a solar PV plant and will feed electricity directly into the in-house distribution network of the mine.

This is the existing pc park project
https://www.l2b.co.za/Project/Vametco-PV-Park/24217

Construction of proposed 2.5MW photovoltaic fixed tilt solar park located within the Vametco Mine, Brits, North West.

Thought I'd check the Brits Electrolyte Plant tender to see if they'd updated/removed it after I asked Chika to. Both the Infrastructure and Building projects for the East London electrolyte plant have been updated today but for some reason the Brits one is still there. Curious, thought they would have amended while they were there.