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Eve thing I posted is correct TB as you have just confirmed. The previous year’s losses have also been acknowledged. However 2023 is very different and H1 should demonstrate significant cash flow and and also profitability. The numbers have been frequently posted, particularly for Q1, so I am not going to repeat them.

Strange that you left that bit out.

The pain of the last few years has placed BMN in the position to flourish in the growing vanadium market. That is thanks to the work of Fortune Mojapelo. I wish the new CEO a warm welcome and hope that he makes the post of this opportunity.

“The Group expects to repay the Orion debt obligations from internally generated cash flows.”

Sounds very positive about future cash flow.

The terns negotiated and published in the previous RNS are restated in the Final Report and are to be voted on at the AGM, just as I have previously predicted.

An unexpected opportunity to buy at what I consider to be a heavily discounted price.

Needless to say I have taken advantage of that.

I admit that the change of CEO has taken me by surprise, although another year of losses (2022) would be hard to defend from his perspective.

There will no doubt be lots of speculation as to why and how (already has) but mostly uninformed guesses. I will leave that to the bb ‘experts’.

I hope that people remember a few things:

Fortune Mojapelo took this company from being yet another wannabe AIM junior mining explorer to becoming an established Vanadium miner and processor owning two of just four primary production plants.

He committed to establishing a large low cost vertically integrated vanadium platform and has come a long way to delivering that. A pity that he will not be around when then that is finally in place.

In the period 2019 to 2022 the company purchased Vanchem, set out plans and delivered the upgrading of both plants and began the process of constructing the minigrid and electrolyte plants. This significant investment has put in place the foundations for a profitable company moving forward into 2023/24.

This important period of investment and growth unfortunately has coincided with a number of regional and global challenges that as we all know impacted severely on profitability and share price.

I send my personal thanks to him for his dedication to building this company and wish him and his family the best for the future.

Kind regards.

Paul

Haha you are funny Cindercone. I repeat I only posted an article about the reasons for the reduction in load shedding. IT WAS NOT MY OPINION IT WAS WRITTEN BY JOURNALISTS IN SOUTH AFRICA. I didn’t select anything and I didn’t leave out the rising electricity cost. It is there in my quote.

Yes electricity costs are rising for the population BUT the frequency and or length of complete power cuts has reduced. Whatever spin you wish to put on that a reduction in load shedding is good news. That is the only point I was making. That is far from being deceitful but if you wish to keep insulting me then feel free.

If you don’t lie about what I have written i won’t call you a liar. Simple.

Now I am putting you in the sin bin for rest of today as you are now being argumentative for its own sake.

Bye.

Cindercone don’t lie. I didn’t say I was ‘celebrating’ an improvement in load shedding. I said I was happy that load shedding was better than expected. Very different as you well know. Are you not happy that load shedding has improved, if only for the long suffering population of South Africa? Suit yourself.

ARCM / Trevor don’t try to misrepresent what I wrote. Disgraceful of you.

I was only addressing the improvement in load shedding. Any shareholder that is not happy about that must be an idiot. Are you two idiots or are you pleased that load shedding is not as bad as feared in June?

I do accept the possibility that neither of you are capable of understanding plain English but I hope that is not the case.

Cindercone it’s not about one side or the other. I simply presented an article listing the reasons why load shedding has improved in June. Not my opinions. Just a researched article produced in South Africa.

You are the one expressing opinions unsubstantiated and fitting one side. I just made people aware of an analysis of why load shedding had reduced. I like to stick to facts where possible. If you want to argue about that then do it by yourself please.

Load shedding has improved. Fact.

Reasons why are listed. Fact.

You should be happy about that as a shareholder. I certainly am.

Have a nice day.

Well one can believe an emotional and heart felt explanation by Cindercone OR a researched article clearly listing the relevant factors affecting load shedding. Your choice.

Either way good news for ordinary South Africans and one less weapon for trolls of BMN to use, even though BMN have already taken steps to reduce the impact of load shedding at Vanchem and which are working.

In this article published 12 June are the reasons given for the better than expected load shedding situation:

“However, load shedding so far in June has been at lower stages. For all of last week, load shedding was suspended between midnight and 16h00 each day – a pattern which will continue this week (until further notice).

Broadly, the change in load shedding can be attributed to the following:

* A reduction in planned maintenance, cutting up to 4 stages of load shedding

* A reduction in unplanned outages to around Eskom’s planned levels of 15,000MW

* Increased wind energy generation due to stormy weather

* Lower-than-expected demand (32,000MW vs 35,000-37,000MW)

* Higher electricity tariffs in winter, curbing industry use

* Changes to Eskom’s management structure

* A boost in morale at Eskom

The Bureau for Economic Research (BER) said that the reprieve in daytime load shedding is due to Eskom’s energy availability factor (EAF) improving – up from 55.06% to 58.22% in the last week. This is partly due to a seasonal cutback in planned maintenance, with more generating units online.”

https://businesstech.co.za/news/energy/695437/why-load-shedding-got-better-and-not-worse-as-expected/#:~:text=Broadly%2C%20the%20change%20in%20load,generation%20due%20to%20stormy%20weather

Good news I am sure we would all agree … unless there are some who would wish further harm to the people of South Africa

Chipsanddips no one would disagree that SA has its problems.

However recent reports suggest load shedding not as bad as feared.

Vametco has an agreement that protects it from load shedding.

Vanchem has recently done the same and production figures from Match and April (in RNS) show that it is working.

SA remains 8th largest mining country by value. The Government needs companies like BMN to provide jobs and much needed US$ earnings. Its own IDC is in partnership with BMN at BELCO.

What is your point? BMN has always faced strong challenges and continues to do so yet they continue to grow and diversify. This year will hopefully see significant profit and the market should respond.

Just my opinion. DYOR

Haha what a load of pompous nonsense Halfwit. Love that name!

Halfwit you have been outmanoeuvred (again).

You are unable to counter my fact based posts so now you are resorting to distraction and attempting to discredit me. That is exactly what I wanted you to do. Just happened quicker than I expected. No personal abuse this time but I will settle for 2 out of 3.

Night Halfwit

So not a factual part of your post. Just made up nonsense on your part. Another fantasy to add to the others. Excellent.

I will stick to facts.

Interesting Halfwit that you think 6p soon but don’t think new investors would be interested in more than 50% profit. Hmm

Cindercone they may be confident but they are not stupid or a charity. A deal was done that suits BOTH parties. The low share price at the time of negotiation was a fact of life. However they did agree to shares and CLNs so confident that BMN are a sound proposition and that Orion will do well from both. And I share their positive view.

I disagree. All evidence suggests that V prices are likely to rise through 2023/24. That will be driven by rapidly increasing demand for VRFBs, not just in China but globally.

Rising v production and falling costs matched with rising V prices and favourable dollar rand are likely to drive increasing profitability and the markets like profits and cash. That should be the driver of the share price. Belco production and sales likely to be icing on the cake.

Minigrid operation and Enerox MUST progress will add to positive sentiment.

In my opinion 2023/24 looking very positive for both BMN and its shareholders. DYOR

Let’s not forget that Q2 Update is likely by end July. This has the potential to be a record Quarter of production. Neither plant has a scheduled maintenance closure, Vametco is producing at a steady rate and we know that Vanchem production was higher for first three weeks of April (see Q1 Update). All that points to a successful production Q.

We are also told that that demand was strong for all products which would include high value chemicals, so looking for strong sales. Paludina’s tracking informs us of strong sales to highest priced US market.

Much to look forward to.

Of course you might be right Cindercone IF Orion think 6p is as far as the share price is heading.

On the other hand you might be wrong. Orion May feel that the share price has a long way to go beyond 6p and decide to remain as a long term investor.

Any evidence that they may be in for the long haul? How about their own words:

Philip Clegg, Portfolio Manager at Orion, commented:

"We are thrilled to get the expansion at Vametco fully funded and to support the refurbishment plans at Vanchem. We are looking forward to partnering with Bushveld as it executes its growth strategy and ongoing advancement into battery technologies."

So they see themselves as partners with BMN into the future. And all of their actions so far, including the finance renegotiation, suggest that they are being true to their word.

So yes they might sell those shares BUT they also hold. None of us know.

Worth remembering that 6p is more than 50% up from here. Some investors might think that is an interesting scenario by itself!

I note the certainty in your prediction … “Of course they will sell”. I acknowledge that nothing is certain, particularly with Orion who have stated their support for BMN. Readers can decide which is the more reasonable approach.

Just my opinion. DYOR

Is there a chance the Results will be better than expected, particularly in the post period commentary and cash position? Q1 should have generated significant cash.

If so could there be a positive response by the market?

Results due by end of next week.

And of course we are all looking forward to updates on Belco and minigrid.