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Congratulations HMHG. That must be one of your best posts … it received 1 recommendation !

As for ARCMs post getting those recommendations for simply insulting another shareholder … I think a few readers here need to examine their own standards.

That is exactly why so many knowledgable shareholders shun this bb.

Er HippyDays there are some problems with your theory.

Fortune holds rather a lot of shares. What happens to our shares happens to his too.

Orion Mine Finance are soon to be come a shareholder and at more than 50% premium to current sp, plus possibility of further CLN conversions. They are a large multi National finance company based in NY but with offices also in London and Sydney. If the nonsense you suggest were true they might have something to say about it!

You are way off base.

“ I blame Fortune Mojapelo for his poor decision making and cowardly hiding from investors.”

That is a disgraceful comment.

Turn your eyes away from the current share price for a few seconds and look properly at the operational progress made by the company. Do you agree that significant operational progress has been made in the last two years. Yes or no.

That is due to decision making by the CEO and BoD. Nobody gets everything 100% correct but they have transformed this company and continue to do so.

Getting it into a profitable state has taken time and they have faced and continue to face considerable challenges beyond their control. Yet the company continues to move forward and deliver its growth plans.

In these very difficult market conditions it is taking time to return to profitability and for that to be confirmed in Results. But everything indicates that it is happening.

On the other hand Cindercone that “massive loan” was used to upgrade both Vametco and Vanchem in order to stabilise production at Vametco and open Kiln 3 at Vanchem leading sustainable and higher production for years into the future. Over time that loan will generate revenue and hopefully profit many times its value.

In my opinion Vanchem is the long term company maker and the loan was a painful necessity to get where we are today and continue delivering the plan to build a large low cost vertically integrated vanadium platform.

TrevorBrooking suggest what you like. Please allow me to express my opinion … “when” seems to fit known circumstances quite comfortably for me thank you.

And TrevorBrooking I agree that we all invest to make money. I don’t need you to tell me that and nor do my friends and family that are invested in BMN. We get it. OK?

If I thought this share price was caused by wrong doing or poor operational progress by BMN I would be out like a shot, no matter what the loss. BUT I DONT!

As others have alluded to there are wider issues weighing down on the sector and AIM itself is a problem. General consumer confidence is low and disposable income has shrunk. Not surprising that investors are cautious at present.

However good growth companies making significant profit will ultimately see proper value. When BMN demonstrate to the market the progress from its investment and growth being turned into hard profit that is the time to judge the company’s success in delivering shareholder value.

TrevorBrooking what do you disagree with specially about the “foundations” being in place?

Do you challenge 2022 record production year?

Do you challenge 2023 likely to be even better? The company have said on track for at least 4200 mtV.

Do you challenge costs falling as production rises?

Do you challenge stable production at Vametco thanks to investment?

Do you challenge electrolyte plant opening and selling high value electrolyte?

Do you not see the benefit of completing minigrid at Vametco to demo VRFBs?

Do you challenge VRFB growth?

Do you think BMN investment in Enerox not wise?

I could go on.

Exactly what “foundations” are not positive and support the notion of a strong 2023/24 for BMN?

Obviously much will depend on V price but medium to long term demand is rising and basic economic understanding should help you figure that out.

Exactly what is it that isn’t good news with all these positives coming together right now?

TrevorBrooking no one thinks the share price is anything but crazy. I have acknowledged that many times.

You suggest that all is not right with the company. Very easy to say but can you substantiate that claim?

I say that the company has made excellent operational progress over the last two years and has placed itself in a position to benefit from the growth of the VRFB industry. I can and have verified that opinion many many times. No one ever challenges the points that I make to demonstrate this because they know that I stick to the facts. Trolls have no option but to launch personal attacks on me instead and that really does support the case I make.

Why the sp is so low who knows? Corrupt AIM? Concern over debt? Waiting for published evidence of financial progress (quite likely)?

Published profits will certainly help. Continued delivery of targets would be positive. Evidence of the expected upturn in V price as demand grows will almost certainly put pressure on share price.

It seems that we are in limbo at present.the company is doing very well in the operations but the market is yet to see the result of this progress. But it will.

The foundations are all in place for a successful 2023/24

Agreed Chris. Apparently some here don’t realise that industrial plants need maintenance periods to avoid unplanned closures. BMN plants have planned shut downs every year. It is normal and very sensible practice.

It is also why inventory is kept to maintain sales and deliveries through maintenance closure periods. Again very good management practice. Well done BMN.

Shami lots of info in Update RNSs.

In Q3 Update we were told “ Engagements with the local municipality to explore ways to mitigate the impacts (of load shedding are ongoing. “

In Q4 update we were told “Load curtailment solution agreed between Vanchem and the Emalahleni municipality, targeted at reducing the future impact of scheduled load shedding.”

This should help to understand how effective those measures have been:

From RNS Q1 Update 2023

“Vanchem's power curtailment solution with the local municipality announced recently, has so far provided a more reliable feed of electricity contributing to improved operational stability in the months of March and April.”

The output at Vanchem in March and April was running at the equivalent of around 420 mtV per Q. Much higher than previously.

Looks like management set out to reduce impact of load shedding and delivered (again).

Vametco has different arrangements and has so far been little affected by load shedding. The new solar storage mini grid at a Vametco may further help to avoid load shedding disruption there.

Hope that helps.

Who is this Pub character? That name pops up periodically and there are a few like Coffeecups that seem to have it in for him/her. Oddly I have never seen any posts from him/her. Anyone help?

Thinking back through BMNs history I am reminded of a previous year that started with a ridiculously low share price yet the immediate prospects for the company were very good, just like today.

That year was 2017.

The year began with share price around 1.85p and ended above 8p … a 350% ish increase. So what happened? Well the market had been informed of the impending purchase of a stake in Vametco which would transform BMN from an explorer to a producer. There was little market reaction until the deal was done, despite existing shareholders commenting on the potential. Once deal done the year saw a significant rise in share price as illustrated above.

So how is that similar to 2023?

Year begins with a ridiculously low share price (still more than double start of 2017 and much higher m/c!) and some shareholders getting very irate! Fringe elements even trying to threaten position of CEO just as in 2016/early 2017. However several significant events forecast:

Record production, possibly for Q2 and very likely for the year.

Costs reduced, helped by very favourable Dollar Rand.

Commissioning of electrolyte plant in H1 and sales in H2.

Vanadium demand forecast to rise to supply increase in VRFB projects.

Likely rise through H2 in V price and US market seeing stronger prices anyway.

Vametco minigrid coming online, saving costs and demonstrating solar plus storage.

Progress with Mustang.

BE hive off.

Debt refinancing resolved favourably.

Likely to see profits in RNSs

Just as in 2017 I expect to see a positive market reaction as the above potential becomes reality. Could we see a similar percentage rise or more in 2023? Well the analysts suggest yes so why not.

What no one can predict with certainty is the volatile Vanadium price but the demand side looks strong given what we know.

Just my opinion. DYOR

Cindercone I am not going down that same pointless cul de sac with you. Play somewhere else please.

If you have something constructive to say about operational progress we would all like to read it, but misleading emotional rants are not particularly helpful.

What you post is entirely up to you of course.

Hi Troajan. Hope you are well.

Thanks for the link. I hadn’t given much time to the overall mining sector performance but it is another very important context that all investors should consider.

Is the lower part of a cycle a good point to buy? DYOR

Some question the competence of Fortune Mojapelo as CEO. Perhaps with the share price so low it is understandable and has happened before in 2016. But is it fair? I think not.

Is there an issue with AIM itself? The exchange was as I understand it set up to enable start ups and perhaps high risk companies to raise funds with less stringent rules than on the main exchange. In the process significant power appears to be in the hands of the mms.

From a company perspective those without revenue and a BoD happy to oversell prospects can raise money quite easily with pis being the canon fodder. I am sure some here have been victims of this process. My experience of junior mining explorers was that most promised much but delivered nothing. Frequent dilution and easy pickings for mms, traders, shorters, etc. even easier for them when trade volumes are low.

But what happens when a company like BMN with a talented, determined and honest CEO actually delivers a growth company with revenue and ultimately profit.

At this point supply and demand on main exchange would see a rising share price in line with fundamentals. AIM with mms in charge and low liquidity doesn’t seem to function in that logical market way and that does not help BMN. That doesn’t mean that Bushveld can’t deliver shareholder return ( I believe that it will do that) but it certainly is more difficult on an exchange where share prices can be more easily manipulated.

That is why I cut Fortune so much slack. Despite so many obvious challenges, including AIM itself he still somehow manages to deliver remarkable operational progress. Ultimately that will be reflected in the share price.

Just my opinion. DYOR

This one is for you ARCM and others whose best effort is to attack me. Do please enlighten me of any “dangers” in this post, with reasons of course.

2023 looking very positive for BMN.

Vametco maintenance moved to Q3 so Q2 should return strong production numbers.

Steps to reduce impact of load shedding taking effect at Vanchem.

Vanchem production in March and April very strong so Q2 likely to be best yet.

Increased production and increasingly helpful Dollar Rand likely to reduce costs.

Electrolyte plant to open soon with sales in H2

Minigrid to complete middle of the year to demo Solar VRFB and further reduce Vametco costs.

Refinancing of debt very positive and announced early.

Strong market for all products.

Mustang deal finally showing signs of life which may be positive for BE hive off.

Indications are that cash position much improved in Q1.

Even Lemur coal project appearing in company news again.

List above is not exclusive but not bad for a start!!! Not many AIM miners can list those positives in the one year. Volatile V price one to watch but targeting of higher priced markets helps. If the predicted increased demand from VRFB projects picks up pace then not unreasonable to expect stronger Vanadium prices in medium to long term.

I wonder when the huge in ground Mokopane Vandium resource will once more feature in BMN news and BE contracts appear?

ARCM

If I am dangerous for offering a view that focusses on published facts about the operational progress made by BMN and the medium to long term likely impact on profitability and share price then proud to be so. Potential investors need information about the company. The only danger I pose is to those that seek to impose a negative agenda here.

If you think whinging about the share price (which everyone can see for themselves) is better then fair enough.

Sorry for your realised loss.

Why PC ARCM? You appointed you as censor in chief?

You can disagree with me but you have no write whatsoever to try to prevent me posting.

Sorry for your realised loss. Impatience gets us all at some point but it can be costly

2023 likely to be even better. And electrolyte plant up and running soon.

Takes time for better finances to filter through. Expect market response through 2023/24

Thank you beginerman. It is a serious topic.

As for why the share price is where it is I believe it is very difficult to explain. I think the debt refinancing was regarded positively and so it should have been.

I cannot explain with any confidence why this or many other AIM companies appear to be so undervalued. The fact that BMN is not alone in being treated by the market in such an illogical manner simply leads me to believe that AIM is a very imperfect exchange and that mms seem to drive prices ever downwards in the absence of strongly positive news. It would not surprise me if small time traders piggy back this trend.

Some try to suggest that they know why the share price is where it is. I am sceptical, particularly where a single reason is offered.

Can a company break out of this? Yes most certainly. BMN did in 2017/18 and the company today is in a far stronger position in operational terms so why not again. Much will depend on BMN continuing to deliver their plans as they have done over the last 2 years and of course vanadium prices remaining at profitable levels. If that happens and once those profits are confirmed to the market I can’t see any obstruction to a rising share price. However nothing is certain on AIM.