Member Info for Pdub

Thank you both. A very good article and must read for those genuinely interested in BMN. Much as I have supported FM I think the new CEO has stated the right priorities

“ Questioned on what he envisages for Bushveld, Coltman spoke of the need for sustainable throughput improvement at Vanchem, the Orion restructure, and, thereafter, evaluation of the next steps”

and

“ On the company’s vertical integration positioning, Coltman said: “For now, it makes a lot of sense. I have no reason to do anything different to it. My focus is going to be on the mining side in the interim. Fortune is going to be supporting me on the other aspects.”

Thanks to Paul on another platform (not me)

https://m.miningweekly.com/article/outgoing-and-incoming-ceos-jointly-highlight-bushveld-minerals-2023-06-23

Of course fizzydrink, and may take more.

We all agree that the last few years of investment in facilities have been tough for shareholders as can be seen from todays ridiculous share price movement.

What is important is how the operational improvements affect output and costs moving forward. Hopefully demand will remain strong for all our products, particularly in the higher priced US market that as yet has no significant domestic production.

I know what has happened in the past. It is 2023/24 that looks very positive to me.

Having said that yes the Vanadium price is very important but with growing demand for VRFBs and limited ability from producers to increase supply I am expecting rising Vanadium prices over the period.

Just my opinion. DYOR

Very good news then that Vanchem has a new deal (which they were negotiating last year!) that has successfully reduced impact of load shedding (possibly to zero)

That has had an immediate effect of raising production in March and April to a monthly rate in excess of 140/mtV which if maintained is likely to produce a Q2 total of 400 to 450 mtV. That would be the highest Q total yet for Vanchem. I hope that as they refine the processes at Vanchem and enjoy the benefit of the 3rd party lower silica feedstock (at same cost as their own we are told) we will see further increases in production at Vanchem and cost benefits from economies of scale. Hopefully some of that increased production will be high value items such as chemicals which can attract prices up to $100 kgV

Ben I don’t think your summary is quite as balanced as you think.

Vametco not only increased its target during the year but exceeded it (2704 mtV produced.

Whilst group production target was not hit (due to Vanchem commissioning issues with Kiln 3, load shedding, etc) the year was a year of record production and Q4 best ever Q production total.

Cost targets slipped but given global energy costs and lower than expected production at Vanchem that is not surprising.

They did progress both minigrid and Belco.

BE entirely constrained by MUST etc including huge delay due to Garnet court case.

Delivery delays due to global logistics problems.

BMN have not done everything perfectly but much was achieved last year and continues into 2023 even if not yet impacting the balance sheet.

I recognise the many issues and disappointments with BMN but to be wholly negative about their operations is most certainly not balanced in my opinion.

Alex “ We can not rely on the best case scenario that all sold has gone straight into cash at a strong price or that there have not been unforseen costs. ”

We know the average market prices for Q1. This is not made up, it is fact from Q1 update. We also know that some products fetch higher prices eg chemicals which they tell us can fetch $100 kgV. This is not best case it is fact. We know they sold 80 + mtV from Vanchem stockpile because they told us. This is all contributing to more cash in bank. I am not using words like healthy. I am just saying that we started with $10.9 million in bank at end 2022 and in Q1 using published data that is likely to have grown significantly unless they tell us differently, which they haven’t so far.

So yes just have to agree to disagree.

UncleJohn that is precisely why I regularly post about the operational progress made by the company. Potential investors need to know what is happening. I wish the company would do it but in the absence of good coms it is upto existing shareholders to spread the word.

Just gave you some Alex. I will repeat. £10 million in bank end of 2022.

Q1 sales focussed on US where V price averaged $42 kgV and around $40 kgV across all markets. ASIC around $35 unless lower due to weak rand. And 80 + mtV sold from Vanchem stockpile where production costs incurred in a previous quarter. Chemicals selling at upto $100 kgV and Nitrovan selling at premium to FeV.

Yes Alex I love facts and they point to healthy cash in bank. Orion would know that and new CEO would know that too.

I appreciate it is your opinion but that is mine and it is backed up by facts

Problem is MIKINAMAN no one would want to talk to such a negative warrior in the pub.

Alex how do you know the cash position? I don’t.

£10 million at end 2022 I believe followed by very profitable Q1 based upon V price

That’s your opinion Chipsndips. Not mine. If such a silly thing happened I will buy a lot more

Just taken some more. Rude not to given the direction of travel that I expect over the next year or so.

Trolls really hard at work today!

18 of last 20 posts on my screen are green boxes.

Once the sp starts rising here is the question you will all be asking :

“Where are the trolls now?”

I agree the potential here is AWESOME Phimx.

A man of Craig’s stature did not accept the post t9 give the company away. He will be aware of the AWESOME potential and know that this gives him the opportunity to enjoy huge kudos from taking the company to the next level.

Good to see Orion also backing the company and by definition him.

Homer it is not me being naive mate. Shorts only have to be agreed above a certain amount as I am sure you already know. With I low turnover it is not difficult to manipulate the sp on small volume.

And by the way to correct you I said very specifically “AIM traders / shorters”. I did not specify which as I do not know. Probably a mix.

Hope I have been of help to you

HarriM this is a bunch of AIM traders / shorters trying to talk the share down. Don’t be fooled by them. The company is set for a good 2023 / 24 under new and very experienced leadership.

Expect refinancing to be approved and Q2/H1 update to show excellent production numbers (and hopefully sales)

The gang here will try every trick in the book to unsettle you. The worst one even wrote 3 disgusting posts about my wife which were taken down. That is the sort that are trying to damage your investment.

I won’t be able to read the personal insults to follow as I have trash binned most of them

So what have we got in terms of news already out and news flow over the next few months?

New Vanchem agreement has successfully reduced or eliminated load shedding. Remember Vanchem lost 200 mtV of production in H2 last year;which represents lost revenue and higher costs.

Vanchem production significantly up in March/April. Bodes well for Q2 production numbers.

Proposed refinancing agreement reducing fears over debt repayment.

Change of CEO. I will assume this is a positive given Craig’s CV.

Q2 results likely end of July. Hopefully will be very positive for Q2 and will demonstrate the success of the invest, particularly at Vanchem.

AGM at which final approval for refinancing package will be voted for. This will give certainty over the Orion debt which apparently has been a drag on the share price.

Electrolyte plant opening and possible contract announcements?

Minigrid in commission at Vametco reducing costs and demonstrating solar storage system.

Possible resolution of MUST Enerox deal.

I am hopeful also of an improved approach to PR that more effectively supports the operational progress of the company.

Hopefully a rising Vanadium price.

Profitability clearly achieved and visible to the market.

Will the above and other developments raise the share price? Well if all goes well across all of those fronts, and no reason why it shouldn’t, then if AIM functions properly there should be a significant share price movement.

But this is AIM so who knows.

There are those who say that this operational progress makes no difference. I disagree.

Just my opinion. DYOR

Thanks for clearing that up Invest. I don’t do share price predictions. However I do note what analysts think and in particular their reasoning.

ARC in their report estimated a risked NAV of 12p which they then upgraded to 14p once refinancing package announced. As I am no expert on share price forecasts (nor have EVER claimed to be) I use their numbers as a good starting point. I certainly will do that in preference to forecasts from any contributor to this bb, good or bad.

Therefore when people are using 5p by end of year I could be forgiven for spluttering out my tea! I don’t look backwards. I prefer to look at current operations and where that is likely to take us. IN MY OPINION BMN are in the strongest position operationally since I first invested. I expect to see the results of significant investment in the coming Quarterly updates. As 2023/24 progresses I expect to see more progress and hopefully the new CEO will do more to spread the word. Otherwise FM should still be here. This new man needs to deliver and no reason why he shouldn’t, given all of FMs hard work to improve operational performance.

So whilst I am not forecasting 5p or any other price I expect BMN to continue delivering operational improvement and eventually the market to be aware of and reward this. 5p would certainly not please me given the potential.

Much of course will depend on the V price. If it does not rise in line with increasing demand from the VRFB industry then I may be disappointed. However in my opinion we will see a demand driven rise in V price. $40 to $45 kgV would be a good starting point.

Chipsndips yet another one failing to deal directly with my point and instead focusing on me. What is wrong with you?

Where is your evidence that Fortune is selling? He is still a Director and would have to RNS it. Fact. No RNS then you are simply wrong. Get it?