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Excellent post Macanman. Shows how the ups and downs of the Vanadium market have affected the share price of both primary vanadium producers.

That significantly undermines the anti FM sentiment occasionally expressed on this bb.

… Blueboy, Daisydog, Monkeytom, Cindercone and others. Interesting range of views expressed and explained. That is how the bb should function.

HMHG thank you. That is one of your funniest posts so far. Oh so disingenuous yet apparently so wise. I love it. Keep them coming.

You have certainly been honing your trolling skills and I am sure some will be taken in by you.

PABLOG I only ever call it as I see it. Anyway I am glad you have done well elsewhere.

Introv great to hear from you again. Very fair post.

Tough to be so underwater but I agree the company is just about where most of us hoped it would be operationally. 2023 looks very promising although nothing in this world is guaranteed.

It is important not to let the trolls have their own way here so I hope more follow your example and contribute.

Regards. Paul

I would welcome more frequent contributions from those that still support Fortune or see the achievements being made by the company and how that may lead to a better share price.

For once HMHG you may have actually posted something sensible though possibly without realising it.

You are correct that SA is a challenging environment to build a company like BMN.

That makes it all the more remarkable just what Fortune has achieved in taking BMN from a wannabe junior mining explorer to a significant producer in the vanadium world.

Graham the last two years have seen significant and very necessary capital investment in the business. Without this Vametco would be suffering more and more breakdowns and who knows what mess Kiln 1 at Vanchem would have been in.

The BoD recognised this and have made the necessary investments at both plants to raise production and reach a sustainable level of output. They appear to have been successful at both plants and we begin 2023 with production at or near to 5000 mtV pa depending on what impact load shedding had at Vanchem and how they have mitigated this.

And in 2023 we have electrolyte production coming on line to provide a new source of revenue.

It does not seem unreasonable to expect a much better financial performance in 2023 given the above, a favourable dollar exchange rate and higher Vanadium prices. This should enable BMN to deal with debt repayment and rescheduling as necessary, as always subject to vanadium prices which currently look positive and looking forward market pressures suggest upward price movement eg as the VRFB industry finally takes off.

I am hopeful that increased sales into US market in November and December where prices remain high have already pushed BMN into profitability.

Just my opinion.

And don’t forget Sammy that was after you biased the results by saying you expected more disapprovals.

I would say that considering how bad the share price is and the short term thinking of some pi’s Fortune came out rather well from those results. For those not supporting FM that poll rather backfired and I am delighted to see that there are still significant numbers of readers here that are capable of understanding what he has has achieved.

HMHG quite apart from practising your one liner stand up comedy act (and by the way don’t give up your day job if you have one) why are you here? What is your motive?

I doubt very much that you hold shares so you come across as a rather shallow wind up merchant.

What fascinates me most is that you waste so much time over a company that you clearly simply do not understand and are not interested in. Very strange behaviour.

Chipsndips so you are doubtful about BMN. Well I am the opposite. Only difference is I clearly state my reasoning in detail and the supportive evidence on which my opinions are built upon. That way people can agree or disagree but they at least understand my views.

I would like you to now explain your position so your peers can scrutinise it. Otherwise you are just another one liner offering no substance to the debate. If that is too difficult just say so.

PABLOG we are all invested to make money so I am pleased that you have done well.

It’s a shame that you felt the need to brag about it.

HMHG with all due respect I don’t think you do anything.

Oh bless HMHG still hanging on to other posters comments. That is so sweet. (But my answer to your interest in me is still the same.)

(Continued)

Yes of course the CEO must look at share holder value but this is a mining and processing business in which developments can take years from inception to completion and clearly it can take similar time frames to deliver sp value such as in 2018.

The wise words from an investor as experienced as Troajan should be noted by everyone.

As always just my opinion.

Cindercone no one would disagree that PR is poor. You don’t need to keep ramming that point home. If you are after easy recommendations from frustrated shareholders then that is the way to go because there can’t be any genuine shareholders who are happy with the share price, other than those who are buying and recognise the potential here for considerable sp recovery.

However I have a real concern about statements such as this:

“ No doubt, FM has made a complete mess of things since then on multiple fronts,…”

That is such a ridiculously simplistic view of company performance that completely disregards the very significant operational improvements, particularly over the last 2 years. Those developments were necessary arguably for the very survival of the company let alone future expansion. He has led from the front on work at Vanchem and Vametco and with the electrolyte plant has continued to deliver on the major target of building a large low cost vertically integrated vanadium platform. That is what he promised and why I continue to support him.

Due to global and regional circumstances beyond his control the modernisation and expansion of the plants has been challenging financially and a slower than predicted growth in the VRFB industry has not helped. However the necessary capital investment and upgrade work is now more or less complete at the production plants and manufacture of electrolyte will hopefully commence in the next few months. Those are huge achievements and that has set 2023 to be a year of consolidation and hopefully significant profitability (obviously to what extent will be subject to V price).

I would like Fortune to be perfect and complete every aspect of his role with equal distinction. However he is human and has strengths and weaknesses as CEO. Communication with shareholders is his Achilles heal as far as I am concerned. Am I happy that he has focussed on building the business? Yes of course. Would I like better communications … yes of course. Would I prefer good communications but no substance in growing the company … absolutely not.

As for targets yes some have been missed over the last few years but in fairness often either due to problems with ageing plant (now hopefully rectified) or global and regional issues and V price decline. Let’s not forget balance and remember for example the Vametco production target was raised due to the success of the upgrade work. Despite challenges we do not yet know if the target of 5000 + mtV pa was achieved but given the increase in load shedding anywhere close will be a huge positive.

The question is how did the business respond to those challenges and is it on a path to profitability? In my opinion they have done what was necessary and that includes financing, and everything is in place to start seeing some good financial data.

(To be continued)

And as I pointed out earlier on so successful was the upgrade work at Vametco that they were able to increase the production target.

Hmmm. A reminder again of some highlights of the last 2 years and into 2023:

Vametco production issues fixed and sustainable output achieved
Vametco costs down?
Vanchem Kiln 3 refurbished and running
Vanchem output increased.?Vanchem costs reduced
Electrolyte plant nearly completed
Electrolyte production set for H1 2023?
Work commenced on Vametco minigrid?
Commercial recoveries from waste material

“ No doubt, FM has made a complete mess of things …” Really?

Happy memories Troajan !!!

Hope we see more of you on BMN bb.

Thanks for asking Troajan. Apparently I should be dead but so much for pessimism! One day at a time and very much enjoying life.

I do remember wassat. Much water under the bridge since.

Thank you also for your insights on mining and resources. Very helpful.