Member Info for Pdub

Alleycat it is clear to everyone that this is not the right investment for you. In which case removing your money was the right decision for you.

I wish you luck with your investments elsewhere.

For me this is absolutely the right investment … for many reasons. This is just my opinion but it looks as if everything is falling into place again for BMN, a little like in late 2016 where the sp was very low but the business was about to make a big break through with the purchase of Vametco.

We now have stable production at both plants, falling costs at Vametco, a Vanchem expansion programme that is funded and will more than double output and reduce costs, and an electrolyte plant commissioning in 2022. Hopefully we are closing in on a period of news flow from Bushveld Energy that may help to light the fuse.

Share price low? Certainly. But with all that is happening some may think this is the time to invest.

Duferco shares? Yes they may begin selling but they won’t want less than 10p just to break even, higher if they want a profit (issue price just under 10p)

Buy low etc as they say.

Just my opinion.

Enjoy remainder of the weekend.

Beginerman what are you talking about? Get a grip … please. As I said get some rest and come back refreshed.

Have a nice weekend. Pdub.

Hx I guess you think you are clever using thread titles as a weapon for your trolling. Sorry but I am way ahead of you.

I have certainly not been abusive towards you but I have responded to some nonsense in your posts. Sorry for not rolling over under your onslaught but if you continue to attack my investment with nonsense you better get used to it.

But please up the standard of your posts. They really don’t represent the best of trolling.

Have a nice weekend.

Respectfully yours. Pdub.

Beginerman I am shocked by your offensive but rather overused response.

Our conversation has been driven my your lack of knowledge of the listing date of the company and your incorrect understanding of the word ‘stagnate’.

Don’t blame me for your mistakes. I suggest you do better research in future and then I won’t need to respond to your ‘accidental’ misleading posts which potentially may damage my investment.

Stop trying to bully me just for responding to your poor posts.

Clearly this has not been your best day. I suggest you sleep it off and come back refreshed tomorrow.

You rather naively think that the only thing that determines a share price on AIM is the progress made by the company. BMN is a good demonstration of just how naive that view is.

The company has made excellent progress in upgrading Vametco and initiating the expansion of Vanchem.

This in turn is reducing costs and stabilising production.

They are making progress on building the electrolyte plant and have established a number of partnerships with VRFB companies and most importantly with the IDC of South Africa.

We have yet to be informed of Bushveld Energy’s activities.

Yet the sp has been forced down possibly by Duferco selling and certainly to an extent by shorting.

This broken and imperfect market (AIM) fails to properly link company progress with value. I love the fact that you think it does. Lol.

Of course you are !

We all believe you.

Beginerman nice attempt to deflect. However I am not biting.

You were wrong about the listing date. It’s Loudspeaker you need to apologise to … if you are big enough to admit your error.

And you are completely wrong about stagnating share price since listing. It has actually been quite volatile, as I described in a previous post, including some suggested explanations. Perhaps you would do me the courtesy of reading my posts properly and then you wouldn’t need to write pointless comebacks requesting explanations.

Dear oh dear oh dear.

Beat me to it Loudspeaker.

I am deeply concerned. The poor standard of trolls on this bb is worrying . Lol

Beginerman BMNs first RNS was “Admission to Trading” dated 26 March 2012 at 8 am.

They listed in 2012. Got it now?

I am sure Loudspeaker would welcome your apology for your error.

Beginerman what on earth are you talking about?

“… So why has the sp stagnated since 2011?”

I know that your online persona is broadly negative but that is a ridiculously inaccurate statement and certainly not worthy of you.

The first Issue / error / mislead is that BMN didn’t list until 2012. Do proper research.

As far as the share price is concerned ‘stagnate’ is not a word you could sensibly use. Dictionary definitions include “to not move or flow, to be or become inactive or still”. There is no way that description can be applied to BMNs share price since listing. I know you are an intelligent person so your post must go down as not your finest.

Let’s examine some facts.

I believe at listing the sp was around 20p in 2012 with very few shares.

In 2012 / 2013 thanks to two large institutions bailing out for reasons nothing to do with BMN the share price tanked to around 3p / 4p before briefly rising to around 6p / 7p.

By 2016 the sp had drifted down to 1.5p or less.

In early 2017 a long period of share price growth began, stimulated by the initial purchase of Vametco.

By late 2018 the sp reached 48p driven by a boom in the V price and further Vametco acquisitions.

In 2019 the V price crashed and the sp began a period of decline to about 18p by March 2020.

In March 2020 Covid hit and like many companies BMN saw a sharp fall in its share price bottoming out at around 9p before establishing a trading range of 10p to 14p before climbing around the time of the issue of the first Duferco CLNs

In January 2021 the sp peaked at around 23p before beginning a drift downwards to a low of around 9.5p in June 2021. This is likely the result of a number of factors and some might look towards Duferco selling as one of those.

Since then the sp has traded in a range of roughly 9.8p to 11.5p, possibly held by shorts and or Duferco selling. There may of course be other reasons.

So for anyone to suggest this share has stagnated since listing is frankly very very silly. The evidence above demonstrates that. The data was taken from HL share price graph for BMN.

And please don’t say it has stagnated because today it may be at a similar level to some point in 2012 / 2013. Every company’s share price rises and falls over time and will be at a similar price to a point in the past. That is not stagnation! See definition above.

There have been numerous opportunities for investors to make substantial profit from this share and who am I to deny that further opportunities may be coming up.

All just my opinion.

Hx I see that you don’t seem to have understood my response to your post.

BMN were not giving excuses … they explained the one off factor of a long unplanned closure due to production issues at Vametco that impacted on costs TEMPORARILY. Unpleasant but necessary for the longterm plans for the company.

More importantly the result of that maintenance work was stabilised production at higher than target for every month since the closure. With production level much higher than Q1 costs have FALLEN and are expected to continue to do so.

The figure you keep peddling is historical and does not inform the reader of current costs which are significantly lower and expected to continue to fall in Q4.

Quite the opposite of poor management. An issue in production was tackled head on, successfully dealt with and the plant is back on track. Meantime despite Covid and volatile V prices they continued with the expansion plans at Vanchem, which by the way has enjoyed stable production figures throughout Bushveld ownership.

This has been a difficult period for the company and it’s shareholders but the two production facilities are both enjoying stable production and the expansion plans should see increased volumes at Vanchem and continued cost reductions.

Just my opinion.

Would people think carefully about which thread title they respond with. Just a thought as clearly a certain poster has an agenda.

Thank you reggie. Perfectly put. I have nothing more to add.

Regards. Pdub.

Alleycat I am disappointed that you were unable to write your own defence of your strange post and had to cling to the coat tails of another poster, especially as in my opinion that post was also flawed.

Hxulcolrdoh I see you have done some research. Sadly though not enough.

You are correct. H2 Cost per unit including sustaining costs $39.7 kgV. (2020 $25 kgV) However you haven’t stated the reasons and in particular the unplanned shutdown in Q1 for 35 days. The plant was shut for more than a month yet fixed costs still had to be paid. Of course Q1 costs were very high!

What is important though is what you left out. Since end of Q1 production at Vametco is stable and above target … just what the company intended to achieve. Higher production is reducing production costs significantly at Vametco.

This paragraph is rather important, taken from Q3 Update

“Unit costs for this 9M 2021 have started to normalise in line with the lower unit costs in Q3 2021 on the back of the higher throughput, and we expect this trend to continue in Q4 2021. We are therefore maintaining our unit cash cost guidance for 2021 at both plants.”

In other words costs have fallen in Q3 and are expected to continue to do so in Q4. The current strengthening of the US$ v Rand is also helping to increase margins.

The expansion plans at Vanchem will see significant reduction in costs at that plant in 2022.

Seems to me that the BoD have done an excellent job acquiring 2 of the 4 primary Vanadium production plants, and then taking appropriate action to stabilise production and continuing their expansion plans. All this whilst V prices have been volatile and through the Covid crisis.

This BoD deserve to be supported in their efforts to build a proper vanadium platform.

Just my opinion.

Great find Paul.

Always worth remembering that just because Bushveld don’t shout about it doesn’t mean it ain’t happening. Unlike many other PR conscious CEOs on AIM Fortune and Mikhail just quietly get on with building a real business.

Please explain.

And I have dealt with your comment Disgruntled so shall we move on?

Mogwhy brave if you to show your face. We know you are bearish ….. next!

You all missed the point. Some were predicting the sp to fall to 9p or even 8p prior to issue. IT HAS NOT DONE SO! In fact it went UP to 11p or more. Thus there will be at least 10% fewer shares issued than at the lower price. This is excellent news.

Furthermore Duferco have agreed to take not the $5.75 million in shares they were entitled to under original terms, or the $6.5 million under early repayment terms, but now $9 million. Do you think they expect the share price to go down? I don’t think so.

And by the way the deal did not surprise every one. I posted this on 21 October:

“However even if the deal was renegotiated and the entire amount was settled in shares (which for operational reasons has some merit for BMN) that would only be just over 6% dilution … which is peanuts. Completely insignificant in the grand scheme, especially when used to increasing production significantly.” Perhaps some of you trolls weren’t paying attention!

Either way this dilution is very small at around 5% ish… less than the daily sp swing. And it definitely strengthens the balance sheet.

So Mogwhy et al stop worrying and focus on the prospects of this company over. The next year or so.

Just my opinion.

What everyone has to remember is that the Duferco shares are instead of cash that they were owed for the sale of Vanchem. Yes they get a discount to the market price … BUT if they sell causing the price to fall they run the risk of selling below the issue price of those shares, which together with brokerage fees is not that clever.

The rule controlling their selling has been waived but it is not in their interests to damage the share price, at least as far as my limited knowledge informs me.