Member Info for Pdub

Mogwhy BMN absolutely did not disappoint in the last RNS. They delivered EVERYTHING we expected of them.

Now stop ignoring my question.

To give you a second chance Mogwhy here is my question to up you from 21 October. You claim to seek balance so go on provide it. Your recent posts are largely negative. Give us the positives:

“ What are the strengths and positives from today’s RNS?

I know your thoughts on dilution so please just answer the above question. So far you haven’t acknowledged a single positive.”

I look forward to your answer.

Mogwhy first we have spreading fear about the very small dilution caused by Duferco CLNs ( looks like around 4% or less) but now you are trying to spread strike action rumour. You really have been wading around in the ADVFN swamp.

The fact that you can’t even get facts right in these deramps should be cause for great embarrassment and should make readers very cautious when reading your posts.

I am disappointed by your turnaround in sentiment and very suspicious of motive.

Previously I asked you what you felt was positive in the Q3 RNS and I believe you have ignored that question. That should tell everyone all they need to know.

Just my opinion

And the fact that you confused £ and $ is concerning. That is a basic error.

However we all make mistakes. I frequently do so that can be forgiven.

Yes Mogwhy that is true but….

A few million borrowed shares, recycled, in a determined bid to drop the share price can do a lot of damage … and it has.

The shares that Duferco will receive under the current arrangement ie $6.5 million and likely to be around 4% (perhaps a little less?) and the important difference is that Duferco will own those shares and would benefit from an INCREASE in the share price.

I don’t understand why you are single handed trying to stir up such fear in the market about this IF you hold shares and haven’t sold out. If you have sold and are looking for re-entry at cheaper price then I get it.

The bottom line is this is a small dilution that has helped acquire Vanchem at a very cheap price. Let’s have some balance in considering this and a little less negativity.

Mogwhy you were asked if Duferco sold their entire holding ie you had evidence.

Clearly you don’t so responding by saying you think they did but unable t9 back that up is really nothing more than guess work. In other words it is equally possible that they still hold all or some of the remaining shares.

As far as GSA Capital Partners short is concerned I think you are very wrong. The several million shares they have borrowed is more than enough to manipulate an illiquid share if the will is there, particularly by recycling the short.

Of course I am happy to acknowledge that this is just my opinion.

The Duferco CLNs are a drop in the ocean and it really is tiresome that some keep banging on about it.

Thank you Apple. Appreciated.

Got to wait a few weeks to see if the SIRT radiation treatment has worked. Fingers crossed. Otherwise doing very well.

Regards. Paul.

Pickler that is a very thought provoking idea.if there is substance to it then November could be a very interesting month.

We do need to get rid of the GSA Capital Partners crowd.

Faramog I resent the implication of your comment. Yes many have left this bb for the reason you referred to. However there are some, myself included, that do our best to provide something worth reading.

However if your judgement is that we have failed then I apologise. We do our best.

Apologies for typo errors.

Thanks Floyd.

Interesting info in response to Q from John Meyer.

US market prices remain strong (BMNs main market) relative to Europe and that they are able to increase sales to China as and when pricing there is advantageous.

Also glad they prioritise long term customers.

Also interesting that although the mine will shut down for Christmas in line with South African mining custom, the Processing plants work 365 days a year. To enable this the6 are building up ore stick pre Christmas to supply thee plants through the holiday period.

Fortune recognises that it takes a while to establish credibility of stabilised production and reduced costs and that is happening now.

Good interview content.

Note that BE news will come.

Let’s start the day by reminding ourselves of the important information from yesterday’s RNS.

The RNS confirms production stabilised at Vametco and every month since the shutdown in Q1 ended they have exceeded the 240 mtV production target.

Costs have fallen significantly.

Vanchem has achieved consistent production figures.

Group production is on target to reach over 3400 mtV for 2021

If production continues at this rate it represents an annual rate of nearly 4,300 mtV.

2022 will see the electrolyte plant in commission and Kiln 3 in production at Vanchem raising that plants production to 2600 myV and group production to 5000 and 5,400 mtV.

The new Kiln will also result in a fall in production costs at Vanchem to bring it into line with Vametco and therefore increase profitability.

Good to know that BMN control huge Vanadium resources and can continue producing for decades to come.

This for me marks an important turning point for BMN.

Agreed Clark.

I emailed a complaint last night and hopefully others did too. It works.

Member search for those two … no results found.

That would give the share price a huge boost FB

Any shareholder with an ounce of common sense and understanding of the company’s objectives will be delighted by today’s news. It demonstrates that the BoD are now delivering on their promise to stabilise production and reduce costs.

They also confirmed on track to open Kiln 3 next year.

Well done BoD I would imagine any sane investor will now be offering you their full support.

It has to be remembered that despite GSA Capital Partners chucking large sums of money into their short many of those sells have been absorbed by buyers, as we saw this morning.

Remove the short and I think you will see a positive reaction.

And all shorts end

There seems to be an obsession in some quarters with Duferco and the remaining $11.5 million repayment.

Currently this is split $5 million in cash and $6.5 million in shares. Today’s RNS confirmed that this is the current position. Until told otherwise that is it. Fact.

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.

For comparison the share rose by much more than 6% yesterday. In other words the value of the company increased yesterday by more than the total owed to Duferco!!!

Don’t let the doomsters frighten you. The Duferco deal enabled BMN to acquire one of only 4 primary vanadium production plants and together with Vametco has significantly increased group production and diversity of products. And yet more to come with Kiln 3. All this done at a fraction of the cost of a new plant and without taking years to construct.

For me today confirmed that BMN has turned a corner. It is obvious that shorting is still going on. I hope they fail and that the share price continues its much deserved recovery.

Just my opinion.

Perhaps we also need reminding of some of the treasures in the BMN chest that were not mentioned … specifically The Brits Vanadium resource and the huge high grade Mokopane Vanadium resource.

Brits is adjacent to the Vametco mine, in fact an extension of it, and will allow the mining and supply of ore to Vametco plant for decades to come. That additional ore could both feed expansion at Vametco or be shipped to Vanchem. Watch out for future news on this.

Now Mokopane could be the jewel in the crown. The announcement of this resource on 27 November 2013 changed the direction of the company, which up until then was just a wannabe iron ore explorer. Mokopane has yet to be exploited but now has the requisite mining licence. This is a world class resource, one of the largest high grade Vanadium resources in the world.

It may enter production supplying ore to Vanchem or possibly offtake agreements with other producers. I think we are a long way from seeing a new greenfield processing plant there but never say never.

What is so exciting for the future of BMN is that there are so many options jus5 on the mining and processing side of the business.

What about Bushveld Energy (BE)? Well maybe that will be the next chapter.

Just my opinion.

So Vanchem could produce 1,170 mtV this year if Q4 also produces 290 + mtV, and that looks very likely.

What about the future? Well much investment is going into opening Kiln 3 which we are told will ramp up production to the equivalent to 2,600 mtV from Vanchem by the end of 2022.

That is a huge increase in total production and will result in much lower unit costs through this scaling up.

This should excite all REAL BMN shareholders.

Here are the Vanchem production figures (mtV) for the first 7 Qs under BMN ownership

Vanchem
2020 Q1 - 218
2020 Q2 - 212
2020 Q3 - 294
2020 Q4 - 261
2021 Q1 - 293
2021 Q2 - 293
2021 Q3 - 291

The interesting point for me is that under BMN ownership production has INCREASED! The first two quarters less than 220 mtV per quarter, but since then over 290 mtV is the standard. Yes that was missed in Q 4 but there was an unexpected maintenance shutdown that lost an estimated 30 mtV. Add that onto 261 and ....

So Vanchem has seen production increase and be maintained.

Well done BMN.

And of course Vanchem produces a variety of products, opening up new markets for BMN