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Share price movement has been interesting since the Duferco agreement announcement on 27 October.

I am sure I can’t be the only one that expected the sp to fall slightly leading up to 8 November during the VWAP period. In fact the opposite has happened. This does not appear to be working in Duferco’s favour. Perhaps it was not Duferco controlling the sp, or does anyone have another explanation?

I expected the VWAP to be around 9.5p and the issue price 9p ish. It is now looking more like a VWAP near 10.5p and issue price about 10p give or take a bit. In other words about 10% less shares to be issued than I expected. Even though this is a minor dilution (6% ish?) and in a very good cause (Vanchem purchase), every bit in our favour helps.

Any thoughts?

As ever just my opinion.

Apologies: “… Lemur …”

As Compass said earlier, the Lemur takeover came with cash and the Lemer project.

What some may not know is that Lemur were negotiating the purchase of Brits vanadium project, the extension of the Vametco mine. Following the takeover BMN completed the deal which provides the potential of supplying the Vametco mine for decades to come.

A hugely important asset for BMN!

This is the most up to date info on Lemur that I am aware of:

https://www.bushveldminerals.com/other-investments/

Lemur is clearly a difficulty for BMN.

However in the Paris agreement countries like Madagascar were given leeway to develop hydrocarbons if necessary. It is one of the poorest nations where the majority of the population have no access to electricity (80% comes to mind but happy to be corrected). We have yet to see what comes out of Glasgow but the bigger issue will be attracting investment to develop the plant, even from China.

I don’t have the answer to this, but I do wonder if the site could switch direction to green energy and battery storage, using the funds that are being promised by the rich nations.

Yes the whole project could just be abandoned but that hardly seems fair for the people of Madagascar. Maybe Fortune will surprise us all.

The above is just speculation.

Dollar rand rate in our favour

Interesting info from SA

Sp up significantly

Let’s have some more.

At the speed Eskom work and given that the electrolyte plant will be up and running in 2022 I dont think that will be a problem!

Great research over the weekend. Well done.

I am very happy with what BMN have achieved over the last year just as a miner and producer of Vanadium and believe that alone should justify a significant sp rise. Stable production above target, lower costs and expansion plans on track.

If what is being suggested for BE is correct then that should really light a fire under the share price. It’s all starting to look exciting again.

Just my opinion.

Is this shorts closing?

Doing us a big favour whatever the truth as the average price is not only going to be higher but the larger volume going through at present above 10p will be impacting that average price.

Hopefully it will lead to fewer shares being issued. Still early days though.

Jimbo last year the RNS announcing conversion was published on 18 December. The shares were issued 6 days later.

This year we know conversion happens on 8 November and that we are nearly halfway through the VWAP period used to determine the price.

I would expect Duferco shares to be issued mid November if not before.

Very good news Loudspeaker, coming so soon after the very positive Q3 Update.

…. since confirmation of the Duferco terms.

Downward pressure on the share price seems to have backed right off. Has it been decided that a VWAP price of around 10p is satisfactory?

This can change of course but now that we are nearly 5 days through the 10 day VWAP period and prices remain on or above 10p hard to see the final price being much lower.

Surely Duferco will want the price to rise after 8 November. Could this period be an excellent entry point?

Just my opinion.

My advice then prussel would be walk away and don’t look back. Clearly from what you are saying this investment is not for you. I have no problem with that.

I do have a problem with people who are not invested bad mouthing a share. I don’t care if they previously lost money …. there will always be current investors who have their life savings or pension invested and it is disrespectful to them to keep up the negativity when you have no skin in the game.

For me it’s about being a decent human being … that’s the bottom line and why I would not do it.

When I first started trading I lost money in shares, we all do. Never once have I gone back afterwards and put up negative posts. Take the hit, admit your own bad judgement and walk away with your head held high.

What you think the future share price will be means nothing to me. No one knows the future share price. I want to know what the company is doing so that I can judge this investment for myself.

Prussel I think the point is that everyone here is capable of reading a share price graph. No one needs your help with that.

What is of significance is what the company has been doing over the last year or so to acquire Vanchem, sort out production issues at Vametco, reduce both production and administration costs, forge deals with companies in the energy storage industry, progress the electrolyte plant, etc etc..

I came down hard on you because of the shallow nature of your comment which simply described a graph but added nothing of significance to the readers understanding of what the company is doing.

In other words you failed to give any information relating to the potential growth in value of this company over the next year or two, which is what should interest investors.

Instead you resorted to that cliched and much misused phrase ‘jam tomorrow’.

Continue with such provocative and uninformed posts and I am sure you will receive the appropriate responses.

GennyPrinceJnr you mentioned my name in a context I don’t understand. Please explain yourself.

I didn’t know I had gone away!

Haha. Good reply Bigal.

However you couldn’t be further from the truth. For reasons that I hope you will never fully understand (for your sake) my life has never been so fulfilling as it is now. Last month GND and I celebrated our first wedding anniversary and life has never felt so good. I treat every day as if it was my last and enjoy every moment. But then that’s just me.

I certainly won’t waste a second feeding negativity onto chat boards.

Prussel I see lots of shares that I don’t invest in. I have better things to do with my time than visit those bbs and prattle on about why I haven’t invested.

It’s a shame that your life is so empty that you feel the need to waste time in this way.

The Duferco shares are issued on 08 November at a price set at the 10 day VWAP less 5% discount.

Therefore today is the fifth day of those 10 working days and broadly speaking the share price has been around 10p or above.

This may help estimating the settlement price unless something drastic happens in the next week.

Of course happy to be corrected and just my opinion.

BMN should be commended for the clarity of this RNS. The terms and conditions of this deal have been fully described and leave little room for speculation.

The reference to lock in period and strengthening the balance sheet suggests to me that they are aware of shareholders concerns and have responded accordingly.

Well done Fortune and co.

Ninvestor I have always regarded you as one of the home team and still do. I was disappointed by your recent negativity but hope that you now feel more comfortable with your BMN investment. No offence was intended by previous comments.