Member Info for Pdub

I respect your approach to this broomtree. Please respect mine and leave it there.

Broomtree if you are including me in your comment you need to understand WHY I have binned so many in the last two weeks before passing judgement.

My posts on BMN were being increasingly responded to with personal insults and abusive comments, including three disgusting posts by one depraved poster targeting my wife (admin quickly removed those posts).I took the decision to bin posters that being unable to counter my views with intelligent comments resorted to such childish or abusive behaviour.

I have also binned some that lacked the good grace to allow those of us that wished to thank the outgoing CEO and felt the need to spoil the thread.

If you or anyone else disapproves of my action frankly I could not care less.

Moneyman he isn’t. Some of us wished to thank him for eleven years as CEO. It is a pity that some of you cannot understand that. Others like you have missed the point entirely and chosen to spoil that sentiment. I do not appreciate that lack of graciousness. Don’t care who it is. Bye.

Filtered.

Agreed kcphan

V1per this thread was for anyone who wanted to say thank you to Fortune for building a vanadium miner and producer from nothing. You and/or others have made it clear what your feelings were about Fortune on other threads. The pity is that you don’t have enough generosity of spirit to let us express our thanks without you using the occasion to once again vent your feelings.

Most of the comments I can’t read so my info comes from the visible responses to the green boxes. Yours I can see so I am binning you for meanness of spirit towards some of your fellow shareholders

Filtered.

Of course I expect a flurry of green boxes but frankly I don’t care.

So that is the last working day for Fortune Mojapelo as CEO of BMN.

I would like to thank him for his vision and determination to build this company. It has been a tough journey at times and the regional and global challenges have not made life easy for this growing vanadium company. However BMN rolls on and the BoD deserve credit for getting this far. I wish Fortune good luck in his new role within the company and whatever else life brings him in the future.

Kind regards. Paul

ps A personal request. I know some will disagree with the sentiments above but on this occasion would you please not respond. Let those of us that wish to say thank you do so. Thank you in anticipation for your cooperation and generosity of spirit.

Whist I have an intense dislike of Coffeecups I don’t wish anyone to lose money. And for the sake of the many CASP shareholders I hope this morning was a complete market overreaction to their RNS. Typical AIM and just like events over time with BMN as I have many times stated. Perhaps Coffeecups now understands that too.

HarChris I think your interpretation is spot on. A signal that T and C are progressing well enough to raise expectations of date of AGM.

Uksteveg we have already had the Final Results RNS. What else are you expecting. Compliance was met and delivered early. This appears to be information re hard copies where requested. Just passing on info whilst at the same time informing us of when to expect AGM announcement and therefore an approximate date for the AGM (3 weeks notice minimum). Hopefully this is a step up in communications which surely everyone wants.

As always happy to be corrected if any inaccuracy in facts.

This AGM is of particular importance because of vote on refinancing package, not to mention first with new CEO.

Just my opinion.

Useful article for those not too familiar with VRFBs. I believe that the publisher is London based.

https://www.energyportal.eu/news/comparing-vanadium-redox-flow-batteries-to-other-energy-storage-technologies/45529/

“In conclusion, vanadium redox flow batteries offer a promising solution for large-scale energy storage, with advantages such as long cycle life, scalability, and safety. While they may not be suitable for all applications due to their lower energy density, they provide a valuable alternative to other technologies like lithium-ion batteries, pumped hydro storage, and compressed air energy storage. As the demand for energy storage solutions continues to grow, VRFBs are likely to play an increasingly important role in the global transition to renewable energy sources.”

“Astonishingly, while BMN struggled, the ex-CEO's personal earnings and salary continued to soar,”

That does not match reality.

2018 very big profit, very high share price, CEO remuneration very high.

2019 v price falls, share price falls, CEO remuneration drops by 70%

2020 Covid, share price falls, CEO remuneration drops by 26%

2021 Covid, share price falls, CEO remuneration drops by 29%

2022 Share price falls, CEO remuneration drops by 12%

From 2018 to 2022 CEO remuneration dropped by 86%

Could you please explain how your comment above is anything other than a Lie?

By the way it’s BMN not BMW. Small but some might say significant difference lol. It’s ok just a bit of fun with an obvious typo.

Razor everyone can think what they like and post all sorts of theories. I have stuck with the statement from the company that uses the word ‘agree’. If anyone knows more good for them. If not then it is all just uninformed speculation.

As can be seen after the first year of operations Fortune took no pay rise at all during the nest four years as an explorer. In 2017 once Vametco acquired Fortune chose to take his compensation bonus for that pay freeze in shares. to take a bonus

In 2018 his bonus was very significant (!) but then the company made a very large operating profit. He also received a good package in 2019

Since then his pay has fallen every year in line with the conditions of the remuneration package. In 2021 and 2022 he received no bonus despite significant operational progress.

During the Covid years (2020 and 2021) Fortune had his remuneration almost halved and bonus removed despite maintaining upgrading, growth and expansion.

I do not comment on whether the level of reward was appropriate. Others I am sure will do that. I have relayed some facts and context re his remuneration whilst building this company from explorer to significant vanadium producer.

Tatt is all I have to say. You can judge fair or otherwise.

DYOR

Fortune CEO total remuneration

Year. Remuneration US$

2012 @ 94,920

2013 @ 108,333

2014 @ 108,333

2015 @ 108,333

2016 @ 108,333

2017 @ 91,667 plus 7,000,000 shares

2018 @ 2,687,913

2019 @ 816,549

2020 @ 603,373

2021 @ 424067

2022 @ 374,280

Detailed breakdown. (STI / LTI are short and long term incentives / bonuses)

2022

Salary $374,280

STI $0

LTI $0

TOTAL $374,280

2021

Salary $424,067

STI $0

LTI $0

TOTAL $424,067

2020

Salary $381,107

STI $137,198

LTI $85,368

TOTAL $603,373

2019

Salary $416,230

STI $246,772

LTI $153,547

TOTAL $816549

2018

Salary$340,234

Shares $2,347,679

TOTAL $2,687,913 (this was the year that sp reached 48p and shareholders, had the opportunity to take large profits. The company made very large post tax profit.)

2017

Salary £91,667 (based upon 10 month year)

Shares 7,000,000 (please read note from 2017 Annual Report Remuneration Report - Retrospective Compensation Scheme. See below)

2016/2017

Salary £108,333

2015/2016

Salary £108,333

2014/2015

Salary £108,333

Shares £47,000

TOTAL £155,333

2013/2014

Salary £108,333

2012/2013

Salary £94,920

Note from 2017 Annual Report Remuneration Report - Retrospective Compensation Scheme:

“In June 2016, the Board of Bushveld Minerals formulated a policy to compensate Directors and key employees (“Eligible Recipients”) for historic sub-market salary shortfalls and bonuses that had accrued since the inception of the Company. As Bushveld Minerals was in the early stages of its growth cycle and cash was heavily constrained, it was proposed that Eligible Recipients would be given the choice either to receive retrospective compensation via a one-off lump sum cash payment or through proposed share awards. The Board subsequently extended the proposal to compensate certain advisors in lieu of cash consultancy fees to protect the Company’s cash balances during its growth phase.

A number of Eligible Recipients chose to receive shares, thereby aligning their interests with those of the shareholders of the Company, easing pressure on Bushveld’s cash flow and contributing to the growth of the Company.”

From the RNS:

“ Fortune and the Board agree it is an opportune time for a leadership transition to steer the Company to its further development.”

That is all anyone has to go on. Therefore I stand by my earlier comment. Anything else is guess work.

I would imagine HarChris that Fortune stepping down as CEO was at least in part due to the share price, although like everyone else I cannot be certain of that. It would make perfect sense that the new CEO’s brief would include share price recovery. If that is the case then I expect most here will be keen to see how he intends to achieve this and how effective his plans are in realising that goal.

Larky there are some that would trawl back through years of posts to try to find a mistake. Most normal people accept that none of us are perfect and that we all make mistakes. No harm done and it provided an opportunity to mention the 30 day and 60 day increases in many categories of vanadium so some good came of it lol

Larky much as I would like that to be true is it possible that you read the 30 day column rather than latest price? I think AM shows China prices flat yesterday although good that 30 and 60 day prices both up.

I am grateful to a number of contributors on another platform for further information on shipping electrolyte from East London. I am not going to reveal all the details of that discussion here but this is my general understanding of that conversation:

Substances such as electrolyte and acids can easily be transported in sealed IBC containers which can then be loaded into a shipping container. This is normal practice.

A cost calculation was provided using a 20 ft shipping container with a load capacity of 25 tons. The example quoted a cost $12400 to ship to Australia from SA. In the example quoted the shipping cost worked out at 6.9% of the electrolyte cost (most likely the customer would pay from port of export.)

Apparently shipping costs have fallen a further 20% since the calculation was first provided.

I have deliberately not given all of the data as I have not asked the author for permission to post here.

The conclusion is that export of electrolyte is certainly cost effective and therefore viable. Belco location in East London may be helpful in this context although general opinion was that other factors influenced site choice more strongly.

From reading the comments elsewhere it is likely that Belco has been constructed for the SA and perhaps wider African market, particularly when local VRFB construction begins. However shipping to other markets eg India is a possibility for electrolyte from Belco.

As always do your own research.

HarChris I fully expect contracts for electrolyte to be signed once plant is in full commission. How many and how much would be pointless speculation as none of us has a clue at this stage.

I believe on another platform a discussion about transport concluded that overseas shipping is economically feasible but others would have to confirm details as I don’t have them. You may have better recall on this than I do.