Member Info for Pdub

I maintain my target share price at 75p to £1.50.

If raised production targets are achieved in 2019 and vanadium prices once more push higher, I may have to raise my sp target. Quick progress with electrolyte manufacture and VRFB development woukd put further upward pressure on my target sp.

Regards. Pdub.

Remember many LTHs predicted the success of BMN through 2017 based upon the talent of the BoD, the excellent resources, a strategically brilliant business plan, great market dynamics and a determined execution of the growth of the company. The cynics questioned it, said it would fail, blah blah blah. The cynics were completely wrong. The LTHs saw huge return on investment.

Exactly the same pattern happened in 2018 and the cynics were wrong wrong wrong.

I look forward to another excellent year, not based upon voodoo graphs pure on the same fundamentals, business plan and market dynamics as in the previous two years. There are one or two cynics flirting with this bb, just as in previous years. And just as in previous years they are equally poorly researched. And just as in previous years in my opinion they will probably miss the big rises that I expect to come. And guess what. I don't care as it's their loss not mine.

You can lead a horse to water etc etc

All just my opinion.

Regards. Pdub

No doubt the cynics will try to undermine my confidence in this company and its share price. However history is on my side as Fortune has a strong track record of delivering on his plans:

"BMN announced the Mokopane vanadium play in November 2013 and developed this into a plan to become a low cost vertically integrated primary vanadium play. And they are well on the way to delivering that.

BMN announced their intention to purchase Vametco. The first stake was successfully concluded, with the help of Yellow Dragon, at a ridiculously cheap price of around $17 million when vanadium prices were at rock bottom. My understanding get is that this included about $12 million of market ready stock !!! I believe SP Angel described this as possibly the best deal they had seen. Delivered!!

Concern at the time was expressed about Yellow Dragon but FM assured shareholders that there was nothing to worry about. Sure enough BMN acquired YD stake, bringing their interest in Vametco to 59% and therefore the Vametco profits can now be shown in the accounts. Delivered!!

A placing was carried out to provide funds for three purposes, all of which have been delivered and including buying out Sojitz to bring the Vametco interest to 74%. Delivered.

Tin spin off. Delivered.

Throughout this period the price of Vanadium was rising, just as Fortune had predicted, though in fairness it may have risen higher and raised the profits at Vametco to an even greater level than he expected. This has been reflected in a rapidly rising share price, and rightly so in my opinion.

We were also promised a three phase expansion programme at Vametco.
Phase 1 delivered.
Phase 2 delivered.
Phase 3 underway.
Target annual production rate of 5000 mtV by (end of?) 2019

First VRFB to be commissioned shortly.
Dividend policy soon?
Brown field site / Mokopane licence - awaiting news

And yes. In the end it is all about the share price. And haven't shareholders had two great years on that account. In my opinion so much more to come.

So Fortune has a track record of delivering for the shareholders. I expect that to continue."

All just my opinion.

Regards. Pdub.

Cont:

"As previously mentioned, work to define a sustainable dividend policy and so add a dividend return to the capital growth proposition of Bushveld is ongoing and will be completed in Q1 2019.
To everyone who has been a part of Bushveld in 2018 – our hardworking employees, investors, community partners and advisors – a special thank you for your contribution. Much has been accomplished. Much more remains to be done ahead.
We wish you and your families blessed holidays and look forward to continuing this journey with you in 2019!"

It would seem that CEO Fortune Mojapelo is looking forward to 2019 as well, as seen in his Chritmas message:

"(Very positive) BMN CEO Christmas message
As 2018 draws to a close, the team at Bushveld Minerals Limited and I would like to express our heartfelt appreciation to everyone who has been part of our story. And what a story it has been! In a year that saw most equity markets down (the AIM, the FTSE and the Dow all fell 19.24%, 0.28% an 7.91% respectively) Bushveld saw its share price grow an incredible 462% (as of close of business 20 December 2018.) This after a 347% rise in 2017.
At the heart of this growth is the successful completion of the acquisition of an effective 74% shareholding in the low-cost producing Vametco Alloys in 2017 and 2018, in an environment of vanadium prices that have risen more than 5 times between January 2017 and today. As a result of the Vametco acquisition we reported the first set of strong financial results that reflect the full consolidation of Vametco's accounts. At Vametco, our focus for 2019 is to optimise operational performance and continue growing production, ensuring we sustainably maximise production volumes and drive down operating costs. We are committed to building on the ongoing,cooperative relationship with all of our stakeholders, particularly our workforce and local communities, as they are an important part of our growth path. Beyond Vametco, the development of our assets, the Brits Vanadium project and the Mokopane Vanadium project, as well as securing additional processing capacity will also remain a key focus as we look to grow our production volumes.
At a corporate level we initiated a process to review our organisational capacity in light of not only the growth we have achieved but the ambitious journey still ahead. We added new members to our management team and have reinforced our Board, through the appointment of Michael Kirkwood as a senior independent non-executive director. We anticipate further strengthening of our Board and management team in 2019.
In 2019, we will continue advancing our strategy of building a leading energy storage company through Bushveld Energy as we progress the construction of the electrolyte manufacturing plant in South Africa, the deployment of a VRFB at Eskom, the development of vanadium electrolyte leasing products, and securing large scale mandates for VRFB deployments. Bushveld Energy is the focus of our downstream vertical integration into the stationary energy storage market, which is important not only for its proposition of diversifying and growing vanadium demand but also for its outright commercial attractiveness.
Work towards a listing on the Johannesburg Stock Exchange (JSE) has commenced. Listing on the JSE will give South African capital exposure to the Bushveld’s story while broadening the Company's access to capital to facilitate its ambitious growth plans and enhance its profile further in the global capital markets.

Well I for one am very excited about 2019.

2017 and 2018 have given investors a fantastic return. The market dynamics that produced the large increases in vanadium price and caused Vametco to be so profitable are likely to persist fir some time to come according to most professional commentators that I have read. Demand should remain strong and would likely get a significant boost as VRFBs gain a stronger position. New vanadium mines cannot be brought on stream quickly so BMN seem set to benefit greatly from this imbalance between supply and demand.

Pleased to see the first signs of a recovery in vanadium prices, even though prices are relatively high anyway.

Regards. Pdub.

Brockham progressing
Balcombe funded

Apart from one desperate individual most pi's here seem to favour Mr Vonk staying in charge, if only because better the devil you know. Mr Vonk would almost certainly secure his position with pi's if he can release good initial results from Brockham before the meeting. My guess is that is what he will hope to do. People here will forgive most things if share price rises significantly.

In my opinion Tidswell had his chance. Don't want him and his city toffs controlling my investment.

Don't have a particular axe to grind with DL but he wrecked my investment in DOR so do not want him involved here thank you very much.

Ironically that desperate Tidswell supporter seems to be succeeding in uniting this bb against Tidswell. Brilliant.

Regards. Pdub.

Loudspeaker I must say that puzzles me too. Let's face it we made no secret of the stonking fundamentals of this investment and we were screaming it from the rooftops all through 2017 and 2018. So why oh why did our chart loving friend miss out on one of the fastest rising shares on AIM?

The answer is that unlike most LTHs here who followed the fundamentals and predicted the rise in advance, this person seems to invest retrospectively, turning up after much of the big rise has shown up on the graph! Oh dear. Anyway in my opinion there are very significant rises to come over the next few years based upon the business plan and the vanadium market dynamics. Perhaps our charting friend will share in the rewards if they have the patience. That of course depends on their willingness to learn from folks more experienced in this amazing company.

Last 3 months:
FTSE All Share down 10%
AIM All Share down 21%
BMN up 50%

Last 6 months:
FTSE All Share down 12%
AIM All Share down 20%
BMN up 77%

Last 12 months:
FTSE All Share down 14%
AIM All Share down 19%
BMN up 386%

Last 24 months:
FTSE All Share down 8%
AIM All Share flat
BMN up 1846%"

BMN is not behaving like a typical AIM company. It is a growth company making very significant profit and with a realistic plan to increase and diversify its revenue streams over the next year or so. I have said it many times over the years to the many self appointed 'experts' that have visited this bb.... if you have the patience then in my opinion Fortune and BMN have the potential to give a great ROI. So far that is exactly what the company has delivered and I see nothing to suggest anything different in the future.

All just my opinion. Data from LSE and HL and accurate on 04.01.19

Regards. Pdub.

And that interview has not even factored in possible vanadium demand from Vanadium Redox Flow Batteries.

It seems that Vametco, 74% owned by BMN and one of only three primary producers outside China, has upgraded from cash cow to cash elephant!

All opinions other than the interview transcript are just mine. DYOR.

Regards. Pdub.

The price of vanadium remains at a relatively high level. 12 months ago European prices were at $60 kgV and today they are at $75 kgV. There has been a significant pullback from recent highs but in the last week or so prices have shown signs of recovery, just as most experts that I have read predicted. Even at this level Vametco is a very profitable operation so it is no wonder that the sp is holding firm.

Will this recovery continue? I think very much so For potential new investors thinking of buying BMN but don't know much about vanadium and have noticed the rising price and are wondering about future prices, here is the transcript of an interview with SP Angel Partner and Mining Analyst John Meyer on Vanadium (24 Oct 2018 Audioboom). The transcript is only for the vanadium section. Other metals were covered.

"Anything else that you're looking at John?"

"Well we can't help but notice that vanadium prices jumped another 17% in China. The price in Europe hasn't moved so much but I think it's because there just hasn't been metal to trade in Europe, so the prices can't react until there's some trading that goes on. The Chinese seem to have stopped exporting a lot of vanadium that they used to export because they are using it all internally with the increase in vanadium that's required for strengthening and hardening rebar.

You can use a bit of niobium in substitution but there isn't much niobium in the world either, and there's one big mine in Brazil that supplies about 80% of the world's niobium. I don't know if that can really ramp up a lot more from where it is. There aren't many other sources of that metal and we think it's quite difficult to substitute vanadium for niobium and only certain steel producers will be able to do it and there'll only be able to do it at certain prices and now the niobium price has spiked it's unlikely to be much of a threat to vanadium and we're struggling to see where additional supplies of vanadium are going to come from.

Now that the Chinese have cast out a lot of the vanadium by product that used to come from smelting poor quality iron ore and magnetite that had a bit of vanadium in it, they switched over to the Australian iron ore which has very little vanadium but is much better quality, higher grade, it's better material for the steel producers and so it's a natural way for them to go. So this byproduct vanadium which was something like 70% of the market is just not there anymore.

And so the world's going to need new vanadium mined, new primary vanadium production and new byproduct vanadium from other sources. But it's going to take a couple of years for this to come in so we're scratching our heads and trying to figure out where prices are going to go at the moment."

From that interview one can conclude that the upward pressures on Vanadium prices through restricted supply and increasing demand seem set to remain for some time to come. And that interview has not even factored in possible

Now for the RNS on 10 Jan 2019

"Any appointments to the board of an AIM company are subject to the satisfactory completion of regulatory due diligence and appropriateness checks by the Company's Nominated Adviser. No such checks have been commenced."

Are these proposed Director appointments even eligible?

"The Board of Directors regrets that this action has been taken at a time when the Company has reached an inflection point and considers the Requisition to be unwelcome and unnecessary. The Board is unanimously of the view that the Resolutions are not in the best interests of the Company and its shareholders as a whole and intends to unanimously recommend that shareholders vote against the Resolutions at any requisitioned general meeting."

So the BoD, who lets face it know far more about the true situation than we do, are UNANIMOUSLY of the view that this is not in our interests and recommend us to vote against. I reckon they must have good reason although that is just my opinion.

And finally:

"Without reservation, the Board of Angus Energy views this General Meeting requisition as unwelcome and unnecessary. The Board strongly believes that the Company has planned a very productive year for the Company. Managing Director Paul Vonk has our full support."

The BoD still gives Mr Vonk their full support.

Enough said. Definitely voting Vonk.

From RNS 06 July 2018

"Angus Energy announces today that, following the recent PDMR disclosures, Jonathan Tidswell-Pretorius has stepped down as the Company's Chairman with immediate effect, in conjunction with which, Mr. Tidswell-Pretorius will no longer serve as a Director of the Company."

"Per the Company RNS of 3 July 18, the Board will continue its investigation into the potential violation of any relevant regulations in addition to the Company's Share Dealing Code which was not complied with in this case. Pending the results of this investigation, if completely exonerated, Angus Energy will consider re-appointing Mr.Tidswell-Pretorius to the Board as an Executive Director. The Company will update the market in due course."

"The Board has complete confidence in Paul Vonk to lead the Company forward"

So some important points that I am not prepared to ignore as a result of the America2030 issue: Mr Tidswell stepped down as Chairman and left the BoD. If exonerated he would be considered for Non Exec Director but as far as I am aware this has not happened, so I must assume that so far he has not been exonerated yet from both violation of regulations and company share dealing code. Quite possible that results of investigation still not available unless I have missed something. Happy to be corrected and be pointed to a source that clarifies the current situation.

For me it is simply not appropriate for a person in this situation to be staging this attempt to take control of the BoD whilst this issue remains unresolved.

If this situation is as I understand it then I have no choice but to vote for Mr Vonk, and I note that in the BoD announced their confidence in Mr Vonk.

The above is just my opinion.

It is very important that when details of the vote come out all those who oppose a group of city toffs taking over your investment actually take the trouble to vote.

I don't want Tidswell in charge and certainly not by default because pi's were too complacent to vote.

So if you want Vonk to stay in charge make sure you register your vote correctly.

I'm voting Vonk.

Tidswell had his chance and as far as I am concerned he blew it. Don't want him and his city toffs in charge. Whose interests do you think they will act in? Not mine.

And they want in because in my opinion they realise the value of these assets. Surely they wouldn't bother unless it was worthwhile!

So I vote for Vonk !!

Welcome back Ophidian. Was thinking about you recently as hadn't seen any posts. Hope you are well.

Regards. Pdub.

But why Daisan? I am asking why someone thinks that is a specific risk here?

Haven't had an answer yet. Just vague generality.

This bb more than any other bb I have read is populated by some of the most well researched contributors. Folks that all contribute their own specific knowledge. Eg Pauldina on shipments, Loudspeaker on vanadium price, BBN's phenomenal analysis, Nick's posts on company activity and prospects, Ophidian's intellect on so many matters (some of which I confess go right over my head), Alfa's contributions which I don't have words to justify, etc etc. There are many others who I could mention. Apologies to those people.

The point is we all are contributing to a body of knowledge about this company that I feel is unequalled on LSE. Happy to be corrected. Thus those who care to read this bb and sources such as thebushveldperspective and the many other links posted here have enough information to make their own very well informed opinions. The fact that so many of us have come to the same positive conclusion about BMN is nothing to do with some great big group hug, it's based upon some astonishingly good fundamentals concerning BMN.

At the same time it would be ridiculous to suggest that such intelligent and well researched people are not aware of the risks, but as I believe you said earlier those risks have declined and the focus now is on the potential of BMN to deliver on its plans and a significant return on investment for us.

Under such circumstances I find the comment being responded to a wee bit of an insult to the contributors to this bb and not unnaturally requested a more detailed explanation.

My own experience is that there is plenty of challenging debate on this bb and not everyone is as "happy clappy" as myself about BMN.

Just my opinion.

Regards. Pdub.

Why do you think that is a risk here gkb47

Yes glad you are back Alan and some more great posts. Very informative and much appreciated.

Regards. Pdub.

So several days earlier you could have sold at a much higher price. I rest my case.

If you wish to present yourself as the experienced trader that's fine.nwe all need our ego's stroked occasionally. But please ....

I am aware that some recent investors may be seeing a paper loss at present. The sp did push 50p at one point. I could understand some frustration on your part at the positive sentiments being expressed by posters such as myself.

If that is the case I would say this. If you invested in this company based upon its fundamentals and recognise its long term potential then nothing has changed since the day you invested. Ok the price of vanadium has pulled back but the market dynamics are the same with a significant shortfall in supply. The vanadium price is already showing initial signs of recovery in my opinion and even now remains at a level that ensures that Vametco is very profitable.

2019 looks incredibly exciting if BMN continue to deliver on their plans, and as I pointed out earlier their track record suggests that they will. That is why I am not removing any if my profit as I see much greater returns to come ... for those that have the patience!

If still concerned then be aware that many long term investors that bought in late 2013 / early 2014 spent 2 to 3 years underwater before showing a profit. At one point I was over 60% down. Our patience has been wonderfully well rewarded. So if you are still down on your buy price you may wish to consider the history of delivery on plans and the fundamentals of the company and the vanadium market before making your next decisions.

Strong buy / hold for me but of course all the above is just my opinion and should not be relied on. As always DYOR.

Regards. Pdub.