Member Info for Pdub

Good to see confirmation that BELCO is more than 80% complete.

Overall I think a good RNS. We would all like more cash in the bank, less debt, etc. However clearly the operational side is moving in the right direction and with lower capital requirements next year, increased production and reduced costs the move towards profitability seems set to continue.

As I said before H2 and 2023 looking good. V price is of course the great unknown but growing interest in VRFBs and the need for the world to build its way into recovery suggests that V demand is likely to strengthen.

Just my opinion.

Then you should have thought more carefully about the wording if your question. I gave you the answer from the RNS that answers the question you asked. Hope that helps you.

Pleased to see they have turned around an operating loss in H1 2021 of US$19.7 million to an operating profit in H1 2022 of US$6.1 million. That was achieved despite the run down of Kiln 1 at Vanchem and some commissioning issues with Kiln 3.

I note that they are confident those issues are being resolved and group run rate by end 2022 remains on target at 5000 + mtV pa. That increased production rate should result in significant cost reductions at Vanchem. This is very encouraging

“Since August, we have seen an improvement in the performance of Kiln 3…”,

Also positive news from Vametco:

“Given its strong year to date operational performance and minimal impact of load shedding on operations, Vametco's production guidance has been marginally increased to between 2,550 mtV and 2,650 mtV and the cash cost guidance has been maintained at between US$22.7/kgV and US$23.5/kgV (ZAR346.9/kgV and ZAR358.7/kgV) (previously production guidance was between 2,450 mtV and 2,550 mtV).”

Still a way to go but everything looking very positive for H2 into 2023 (where capital demands appear to be much lower:

“The Company forecasts a reduced capital expenditure rate from 2023 onwards, limited mainly to sustaining capital, which is expected to support positive cash conversion of EBITDA, particularly as the increased production volumes of Vanchem's Kiln 3 are realised.”

Hope this helps you Calamari:

“ The Group cash balance at the end of the period was US$7.0 million, relative to US$15.4 million as at 31 December 2021, with the reduction arising from, inter alia, capital for the refurbishment of Vanchem Kiln 3, construction of the BELCO electrolyte plant, our equity investment in the Vametco mini-grid and the partial repayment of the Nedbank (Revolving Credit Facility) RCF.”

Investing in Kiln 3, BELCO Electrolyte plant and Vametco mini grid. ie the cost of investing in future production facilities. All necessary for a growing business.

Highlights
§ Revenue of US$76.2 million (H1 2021: US$47.0 million) and Adjusted EBITDA1 of US$15.6 million (H1 2021: Adjusted EBITDA loss of US$10.8 million) supported by higher vanadium prices and the weaker ZAR:USD exchange rate's positive impact on costs.
§ Operating profit of US$6.1 million (H1 2021: loss of US$19.7 million).
§ Cash balance of US$7.0 million at 30 June 2022 (US$15.4 million as at 31 December 2021), with ongoing positive cash generation since period end.
§ Free cash flow2 of US$7.1 million (H1 2021: negative US$19.8 million).
§ Total borrowings of US$76.73 million (31 December 2021 US$ 80.9 million).
§ Financial close achieved at Vametco's mini-grid project, enabling site clearance and progress with many project activities.

https://www.investegate.co.uk/bushveld-minerals-ld--bmn-/rns/interim-results-for-six-months-ended-30-june-2022/202209130700101888Z/

Good to see that both of you are still around and supporting BMN. I would endorse both posts.

I get the frustration with the share price. We all feel it. However I see very little in the operations of the business that justifies it. Hopefully as more targets are achieved, confidence in Kiln 3 delivering, costs continue to fall and we hear more about BELCO and electrolyte production then confidence should return.

Just my opinion.

Bless.

ARCM “Pdub, you do come across as very arrogant.” No need for me to say anymore! No personal attack there then. Phew!

Then this utter nonsense: “your reticent about your true opinion of BMN. your honestly happy with all that BMN has done? …”

I only express my true opinion about BMN. Unlike some VERY short sighted critics I look beyond the share price to what the business has achieved and where it is heading. If I didn’t like what BMN are doing I would be out like a shot. But I do and very much so. You may disagree but as you so often correctly state I am entitled to express my opinion, which I do.

If the best you can do is pass comment on the low share price then your posts will be of no interest to me.

So for clarity and for your benefit I will spell this out as simply as I can:

FM is not perfect. He is human and like every human on the planet he has made mistakes, and as far as PR is concerned continues to underperform in that area.

However he is an ambitious man and is determined to build a large low cost vertically integrated vanadium platform. He laid out a broad plan and continues to deliver. There have been delays and financing has been challenging, not to mention Covid, yet here he is still doing his job. Not many junior AIM Mining explorer CEOs have delivered like he has.

Like many I am disappointed by what I see as a ridiculously low share price. However if they deliver on their goals over the next 2 years (and for me all the evidence suggests that they will) I would expect a very significant re-rate of the share price at some point. That is of course just my opinion. And I cannot predict how global events and V price will shape that path.

I could go into far greater detail but somehow I think I would be wasting my time so that’s all you get.

ARCM I am once again grateful for the personal attack. Demonstrates that you have nothing tangible to add to the debate.Let me be clear. In my opinion BBN is a trader and therefore most definitely has an agenda.

Who is calling BBN names?

I do not belong to the “BBN is the Messiah” fan club. You don’t like that. Well good for you. I have my own opinion about this person and I am not afraid to express it.

He is clearly well researched but as has been shown elsewhere today his research is not perfect.

Have a nice day all.

Yawn. There’s always one …

Hmm and you think that is a good thing? Like everyone else BBN will have his own motives for what he writes.

Thank you Pickler. A great effort. Many will be grateful that you have tried to make sense of a complex deal.

Don’t be put off by the odd negative comment.

Haha. My post was very inoffensive. Nothing you said upsets me so I have no idea why you even suggested that. However you were a bit repetitive and I simply pointed out that the sp appears to be flat not falling. Try not to be so touchy.

Simply trying to help. Have a nice day

grsshaw you are absolutely entitled to state your opinion and it is a perfectly valid one. However after three posts I do think we have got the message … you are sitting on the sidelines.

Not sure about the falling knife bit. Sp has been more or less flat around 6p since mid July and the 20 day ma is flat. Might be of interest to you.

Check back over your own last 100 posts and report back to me how many times you have labelled the post ‘in my opinion’. Let me help you … it’s ZERO. Now check my last 100 posts.

Don’t be such a hypocrite criticising me when I probably label my posts ‘in my opinion’ more than most and you almost never do.

Surprised you didn’t offer same criticism at ARCM. His comment re Fortune was not labelled ‘in my opinion’. Surely you are not displaying bias!

Yes that’s right beginerman.

You have a problem with that?

The UK chose a ‘celebrity’ to run the country and look how that turned out.

We don’t need someone who looks good in front of camera… we need a proper business leader and we have an excellent one. Sorry if he doesn’t keep everyone entertained but he is building a sustainable business.

Not sure what is happening with Imaloto.

These comments are simply my opinion. If useful great. If not then please disregard.

I suspect Mokopane is on back burner given the focus on upgrading Vametco and Vanchem plus electrolyte plant, mini grid and BE.

That is just my opinion.