Member Info for Pdub

Ok apologies for the O/T.

Hoping the rise in V price continues. If so I wonder who will be first to report tomorrow?!?

Thanks faramog. Cancer has a very steep learning curve and I am focussing on getting through this on a day by day basis and that health and life will return to normal at some point in the future. Its a challenge at times to remain positive but I am very hopeful that the surgery and chemo will be a success.

My heart goes out to all those affected by cancer and especially to their partners and families.

Regards Pdub

Alfa some problems with feet due to the chemo drugs. Annoying and very painful. The good news is that it is likely to get worse as I go through cycles 4 to 8! And it feels like it is starting to affect my hands too.. That is going to make playing guitar progressively more difficult.

I have my heart set on a rather nice Martin but difficult to track down in UK and also may not be capable of playing for a while. The search goes on though so hopefully this summer when the imports arrive. Sadly not as frequent as vanadium shipments! Very very grateful to those who have helped. I was touched by the generosity of fellow shareholders.

Regards. Pdub.

My acceptance that it is worth listening to those I consider to be "experts" has helped me to remain positive, even during the worst sp years, and always confident that this BoD and this commodity were the right destination for my investment. I have invested in the people, particularly Fortune Mojapelo.

Please don't confuse what I have said with blind acceptance of the word of the "expert". It is all about reading / listening to the point of view of people that may be in a position to have a better knowledge and understanding of particular issues than oneself and assimilating those points that you agree with into your own thoughts and strategies.

As far as my investment in BMN is concerned this strategy has worked brilliantly for me.VForgive the ramblings of an old (ish) man. Some might find this useful. Otherwise please ignore. All just my opinion.

Regards. Pdub.

It has become fashionable in recent years to deride "experts". This is an attitude that I strongly disagree with.

As I have aged hopefully I have acquired a little bit of wisdom along the way. Sadly that has simply taught me how little I know about most things, but that there are others out there who have a deep knowledge and understanding of issues that interest me, and I should pay attention to what these "experts"say.

The first "experts" that I became familiar with in relation to BMN were the Profs Viljoen. As a geologist (by degree subject) I was interested in their backgrounds and soon realised that not only were they experts in the Bushveld geology but also had significant experience in the mining industry. If these guys were looking at prospects within the Bushveld then I would be wise to take note.

This then begged the question why are they involved with Fortune Mojapelo? They are not the sort of people to give their backing to idiots! FM became my next BMN "expert" to listen to. And my respect for his vision and knowledge of the Vanadium industry increased with every presentation that I attended and conversation that I had with him. Definitely someone to listen to and trust. Hence my support for him, despite at times feeling like I was in the minority on this bb when the sp fell to all time lows!

More controversially my next "expert" is John Meyer. And before the counter comments start, I am not saying he is always right. However he is a respected mining analyst in the City and has access to BMN in ways that I / we don't. Whilst disagreeing with some of his numbers (though they have proven to be more accurate so far than perhaps we gave him credit for) he gives interesting perspectives on the company and the V market. Definitely worth listening to.

Alfacomp is also on my list of "experts" worth listening to. His scientific knowledge and dedication to BMN through the Bushveld Perspective at times astonish me and very definitely someone worthy of attention. There are of course others on this bb that I could list (BBN, Ophidian, NickDerby, and many others that contribute specific knowledge to the bb) but I highlighted Alfacomp because through him (and others) I became aware of my next and most recent "expert" worth listening to.

Terry Perles has clearly demonstrated a very detailed knowledge and understanding of Vanadium and the market. His perspectives have helped maintain my confidence in the V market and where the Vanadium price is likely to go.

I am not a great analyst like BBN, or a scientist like Ophidian and Alfacomp, or an accountant like Nick and others. However throughout my professional career and on a daily basis I was required to assess and analyse other people's knowledge, skills and aptitudes. It is if you like my particular skill. My acceptance that it is worth listening to those I consider to be "experts" has helped me to remain positive, even during the worst sp years, and always confident that this Bo

Don't be fooled by the artificial closing price yesterday due to UT of 29.20. At 16.30 yesterday the mid price was 28.50p. Today it is 28.75p. In reality up again.

You should hear me when I'm noisy!

That's good news vauch.

As I said earlier, averaging an increase of over 2% per day for Vanadium Nitride for the last 5 days on AsianMetals. That is quite a significant rate of increase.

I believe the BMN 3 to 4 years from now will make the 2018 / early 2019 BMN look like a minnow. I'm not going to speculate on that future sp .... I will quietly fantasise about it!

No problem Mrremmy. It's just there to help, in whatever form that takes.

Regards. Pdub.

(Part 3)

"That's great news. Now you've said that the structures and documentation is now in place and forms the groundwork for future projects. Is it safe to assume that there's already been discussion about further projects? And I guess what I'm asking is what else should investors be looking out for in the coming months?"

"If we're talking further projects it depends what we are referring to. If we are talking about our primary producing platform I think that it's fair to say with Vametco and Vanchem our priority is to complete the acquisition of Vanchem, post competition approval, and to make sure that we undertake that refurbishment programme as quickly as possible to get Vanchem producing at 4,200 mtV pa level. At Vametco we have a clear priority to increase the production volumes there. Incidentally the increasing production volumes further lower your costs of production which will make our production that much more competitive. So those are the immediate priorities for us for vanadium production point if view.

On the energy front there are a number of initiatives that we have said that we are doing. Certainly we want to grow our plan of the rental product. We also want to grow our plan of VRFB projects. One of the things we do do is try to develop mandates for large scale energy storage which we can solve through VRFBs. Of course we've got the electrolyte plant that we are building up in East London with the IDC. We have a solar / VRFB mini grid that we are busy with at Vametco, which we are quite excited about and which we would like to use to demonstrate the business case for typically what you call your industrial large energy user customers. So that's a lot of stuff that the market can expect from us.

At a corporate level we have announced that we are looking and thinking of listing on the JSE. We think that we have a story that resinates very very well with the capital markets in SA and would like to create a platform for local capital markets to participate in our story. And we continue the work to expand our organisational capacity. We've seen tremendous growth over the last 2 years and it's quite important for us to make sure that our capacity to manage this growth, as well as the growth that yet lies ahead, is strengthened. And in respect of that you will see some news flow in the coming months and years."

(Part 2)

"Definitely. Now just yesterday we saw that your subsidiary BE has enabled the successful deployment of an innovative vanadium electrolyte rental product in industrial scale batteries. Obviously this is very exciting but what does this mean fir the company?"

"Yes we've got 2 key platforms for vanadium in our company. Bushveld Vanadium which is really the production assets comprising three very attractive deposits with a resource base which is fantastic. The largest primary vanadium resource base of anyone, with the kind of grade that I talked about earlier. We have Vametco is one of two production assets with Vanchem coming on board. With the two of them at full production capacity would be producing of the order of 8,400 tons of Vanadium pa.

Now with that kind of production platform which is low cost we believe that we will be very well placed to play a meaningful role also in the energy space. We will continue to supply to the steel sector but we also see the energy storage market as a really attractive market for us as a company to get involved with. That's important at two levels. The first one being that it helps strengthen and diversify vanadium demand and the second one (sorry three levels) is the fact that the stationary energy storage market in its own right is a very very compelling commercial opportunity for us as a company. And then thirdly we think that energy storage provides a very neat natural hedge for us as a company because if vanadium prices come lower the attraction of VRFBs in stationary energy storage applications becomes that much more compelling.

So that's the underlying motivation for us to go into this interesting market. However we are also mindful that one of the key hurdles to adoption for VRFBs is the volatility of vanadium price. Unlike many other battery systems vanadium makes up a significant share of the cost of VRFBs, between 30 and 45% quite easily. So a rental product like the one we have done is our way of solving that challenge. We believe that it takes out a significant chunk of the upfront Capex of the battery system and converts it into an Opex number over what is a long lifespan for these batteries. They have a very long lifespan. VRFB can last for about 20 years. During that period the electrolyte doesn't degrade and because it doesn't degrade it has a significant residual value at the end of the life of the VRFB. That electrolyte can be converted easily into FeV or be put into another battery. And so that's why we thought that this solution will be a very very key enabler for VRFBs and we are very pleased to have done this first contract and I should just say it's the first ... we certainly hope to do a lot more going forward."

FM on Directors Talk 12.06.19 (Part 1)

"There's been quite a bit of news flow for BMN over the last month or so. Now towards the end of last month you provided an update on the Vametco Indicated Mineral Resource. Can you just talk us through the highlights?"

"Yes. We essentially provided an updated resource statement for Vametco. As you know Vametco is our core current producing platform and following some additional work that we did from drilling we are very pleased with the updated resource which reflects a significant increase on our resource size and confirms the great quality of our resource base. So we now have a resource base that is 187 million tons with an average grade of 1.98% V2O5 which represents an increase of some 31%, as well as a growth in our reserve of 85% to 48.4 million tons. And again importantly is a growth that is not at the expense of the quality of our resource base and the reserve grade is 2.02% V2O5 which is fantastic."

"It is indeed. Now we also saw Final Results for the period 31 December 2018. In your view what were the key points that investors should take from those results?"

"It's the first time that we have the results reflecting the consolidated position of the company including Vametco, which we acquired starting in 2017. So for the first time you can see the impact of an asset like Vametco on the performance of BMN, which on a consolidated basis demonstrated very solid financial figures of $192 million revenue and Ebitda of $101 million, with a very strong cash position of $42 million. And of course underpinning all of this is Vametco itself which demonstrated its attraction of its solid proposition to us as a low cost producer. One other point that I think you will pick up from our Financial Results which is important to highlight is the fact that we've achieved these results without any debt on our balance sheet. So that positions us very very well for growth going forward."

Coming up is the transcript of the Directors Talk interview with Fortune Mojapelo. It's a lot to remember so I hope some find it helpful to have the text.

Regards. Pdub

He wants to refurbish Vanchem to achieve 4,000 + mtV pa as quickly as possible. Nice.

Stodgy88 let's hope you will be rewarded with the value of your investment rising!

Stodgy88 this morning's winner!

Great news that vanadium price continues to rise sharply. FeV 80% up 2.74%, V2O5 up 2,43%.

Remember a rise of 2% per day would take just 35 trading days for V price to double. Average Vanadium Nitride rise over last 5 days is greater than 2% per day according to AsianMetals.

Not sure this is the best share to short just now.

thriving = rising

Presumably the buyers today responding to both thriving V price and the steady flow of very positive news coming from BMN.

That is the message we all need to be talking about!

Looks like the rapid rise in V price, and in particular Vanadium Nitride, has inspired a new competition "Who's first to report the daily price rice". I only managed 4th place this morning because 3 people were sadder than me! I'll get you tomorrow!

On a more serious note it does demonstrate that there is increasing interest here in the rising price of Vanadium.

I think using the term "drift back up" somewhat underplays the recent quite large daily increases in the V price. Even a daily 2% rise would take only 35 trading days for V price to double! (Vanadium Nitride last Thursday up 3.38%, Friday up 1.69%, today 2.72% according to AsianMetals)

Have those shorting BMN noticed that the Vanadium Nitride price is rising fast? Well I am happy to point it out to them! If the rising price of Vanadium continues I wonder which of our furry friends will be left holding the losses as the share price responds to this uptrend and to the positive news flow that is well underway from BMN. In my opinion the only doubt about the share price is just how fast and how far it will rise over the coming weeks and months.

Just my opinion.