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Another abusive post removed

Yep. Just silly trader talk. Lots of buys so I guess they got whatever price they were hoping for.

So you keep saying. Just remember to be civilised in your response or your childish abuse gets removed.

And by the way it’s Pdub.

So Coffeecups you have had your investment disasters same as everyone else. All the arrogance just a front. Good to know.

That is the problem with filtering people who know a lot about BMN. You miss out on much useful info leaving your own opinions only partially informed

Extract from Q4 Update RNS

“ Group capital expenditure, primarily sustaining capital, of between ZAR153 - 161 million (circa US$9.2 - 9.7 million), with most of the cost being Rand-denominated.”

Capital expenditure very low for 2023. Company very profitable. 800 mtV stockpile of cost paid market ready. Vanadium products.

Talk of dilution is just trader talk. BMN do not need to raise.

Debt likely to be serviced by combination of cash from profit and and renegotiated terms. Not a problem.

Future expansion to 8000 mtV only when sustainable 5000 to 5400 mtV pa established.

BMN enter 2023 in a very strong position. Both plants refurbished. Rising demand from VRFB projects and completion of electrolyte plant further strengthen that position. Shareholders could be in for a very good year from this ridiculously low share price.

No wonder the traders want in. I don’t blame them!

Worst case scenario if the entire £35 million were to be converted at 17p that would amount to roughly an extra 206 million shares or about 16% dilution. Even that would be a price worth paying for the upgrading of both Vametco and Vanchem.

However that is very unlikely as BMN are currently generating cash and have a large cost paid market ready stockpile, just as HarChris described. And as a profitable company they may also choose to renegotiate part of the loan.

They seem to have a number of options to deal with the debt none of which are looking too onerous.

The last two years have been tough for existing shareholders but the BoD have greatly strengthened the operations at Vametco and Vanchem and will shortly bring the Electrolyte plant online, all of which leads me to conclude that 2023 has the potential to be a very good year for shareholders.

Also worth remembering that the CLN conversion price is 17p (about 320% higher than present sp). I don’t think many here would object to some of the loan being converted if the share price has reached that level!

Excellent response to’the trader nonsense HarChris.

For an AIM mining and processing company the level of dilution over the last 3 years has been very small. I have posted on this a number of times. I see some didn’t get the message and are trying to suggest otherwise. Get real please.

Not only that but the dilution has been for investment to upgrade, expand and diversify production and therefore reduce costs. These are the very best reasons for any company to complete a raise.

Using numbers from RNSs dilution has only been 15% since 2019. Many AIM miners and growth companies would I am sure be very pleased to have achieved such successful investment with so little dilution.

It is very unlucky for BMN that just at the point of growth markets were hit by several significant global events including COVID, logistics problems, war and rising energy prices.

Yet they have continued to deliver in their plans and start 2023 in a very strong operational base. Not everything has gone smoothly but the BoD have driven the company forward and deserve much credit for that.

PR is not great but despite that the market will get it particularly when profitable numbers start to filter through. That could be a very interesting time for shareholders.

Just my opinion

So you keep saying Marc

I expect some good numbers on production.

Could be a catalyst for some strengthening of the share price as the market begins to see the fruits of the last two years of investment.

The following list shows Q Update publication dates for Vanadium / Operational Updates and the number of days post period end that they were published. Some were LATER than others but there was no target publication date.

2022
Q4 31 Jan 31 days
Q3 25 Oct 25 days
Q2 28 July 28 days
Q1 26 April 26 days

2021
Q4 26 Jan 26 days
Q3 21 Oct 21 days
Q2 21 July 21 days ( first Q Update under new “policy”)
Q1 14 May 44 days

2020
Q4 4 Feb 35 days
Q3 24 Nov 55 days
Q2 02 Sept 64 days
Q1 04 May 34 days

2019
Q4 30 Jan 30 days
Q3 07 Nov 38 days
Q2 31 July 31 days (all operations in one update)
Q1 15 May 45 days

2018
Q4 13 Jan 13 days
Q3 09 Nov 40 days
Q2 22 Aug 53 days
Q1 27 April 27 days (1st Bushveld Vanadium Update.)

2017
Q4 22 Jan 22 days (1st all operations in one update)
Q3 20 Nov 51 days (1st BMN Vametco Operational Update)

I have done my best to avoid factual inaccuracy but if there are any please let me know and I will correct.

If some find this interesting or helpful great. If not then just ignore.

I understand that not everyone follows BMN as closely or have as much experience of events as some of us longterm holders. As the years roll on it becomes increasingly difficult to retain an accurate picture of all historical events relating to the company.

For several years Alfacomp managed a wonderful online resource called thebushveldperspective. It was I believe his intention to provide a single reference for all things BMN and that was partly to avoid some great research being lost in the thousands of LSE posts.

Sadly that resource is no longer available and so we have posts increasingly based upon incomplete or non existent research leading to more often inadvertently but sometimes deliberately misleading information being published.

Where I know factually inaccurate information has been included in a post about BMN I will challenge it and hopefully correct the thread.

That is why I challenged the idea that BMN have been late publishing updates. Prior to Q2 2021 there was no reliable pattern of dates.

The first Q Update was released by BMN for Q3 2017. It focussed solely on Vametco a proportion of which had recently been acquired by BMN and turned the company into a Vanadium producer.

From Q3 2017 up to and including Q1 2021 there was little or no pattern to the publication date and the company clearly had no specific policy with regard to this. Even more complicated was that from Q1 2018 to Q1 2019 inclusive BMN released separate updates for Vanadium, Lemur and Energy with virtually no logic to publication dates!

I will post the factual list of Q Updates for Vanadium / All Operations until and including Q1 2021 together with how many days after Q end they were published. I have not included Lemur and Energy updates. You will see that there is qno discernible pattern. It is not possible to say any of these were late as there was no target date for publication. They were simply RNS’d when ready.

All that changed from Q2 2021 when a policy decision produced more predictability surrounding publication. Even so no specific date can be used other than “ by the end of month following Q end”. To that extent they have never been late in the 7 relevant Qs.

Does any of this matter? Not for me to say and everyone will have their own opinions. Does factual accuracy matter? Yes.

If some find this interesting or helpful great. If not then just ignore.

Any opinions expressed about the facts are only mine.

Marc I only raised that point because it is a historical fact. Surely you would want your posts to be accurate?

Whether I know what you mean or not it is misleading to suggest that those updates were late. All this has been discussed here before.

When I get a factual point wrong I apologise and thank whoever pointed it out. Not everyone takes the same approach.

Marc I am not sure what you mean by “Reports have been up to two weeks late in the past, …”

The quarterly updates are an internal company policy decision. There is no legal requirement for them as I understand it and certainly no deadline date. Therefore they cannot be late!

In the early years of their publication the release date varied significantly from one Q to the next but as there was no formal target date then there were no late releases.

As HarChris correctly points out the last 7 Q Updates have all been published within the month following end of Quarter. This has been interpreted as a policy shift by the company beginning with Q2 2021 and has resulted in a much more reliable timetable for publication.

If the pattern is maintained by BMN then we should expect Q1 results on or before 30 April 2023. However I repeat this is not a requirement, merely internal company policy.

For what it is worth I have never liked using Q Updates for releasing info on BMN other than production, costs and sales numbers. I would prefer other news to be released by separate RNSs as appropriate. I posted that opinion when the policy was launched and I have not changed my mind. However FM seems to disagree so I doubt much will change.

Just my opinion.

(The only reason I use that phrase is to make clear that any non factual content is only an opinion and should be read in that context. I would hope that would be obvious to any reader with at least half a brain cell!)

Yes Chris for the half empty approach. But not me.

I see this price as an opportunity for some. As I follow company operations rather than share price I am as confident as ever that each day is a day nearer a rerate.

If anything makes me a little tetchy it is that I don’t have spare cash until early mid May to buy a few more. Hopefully that opportunity will have gone by then but if in the unlikely event that the sp remains this low then perhaps I can grab a few more.

It is very easy to become obsessed with large sells.

However today there have been at least 6 buy trades of 100,000 shares or more. There may well be at least one seller but there are those who see significant potential at this ridiculously low share price.

More a question of glass half full or half empty.

Some of your post was quite reasonable. The part I referred to was nonsense. Sorry if the truth hurts.

My my we touched a nerve. Chill matey.