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JSE listing is more tricky. This is how I understand it.

To list on JSE need to be on main listing here (happy to be corrected). Main listing here was being discussed. However then Vanchem opportunity came up. Too good to miss. Meant altering other plans.

As Vanchem substantially changed the business the clock began again on the need for 3 years accounts for main listing. Not sure how true this is but it is my impression from what FM and others have previously stated. Again happy to be corrected. This in turn set back JSE listing.

I believe both main listing and JSE still part of the thinking.

Lionel the BE carve out is definite plan. Few details as yet. At least that is my understanding.

Thanks for posting the link Lionel.

The interview is a must watch for anyone with an interest in BMN.

Nice summary at beginning of the BMN business.

A good interviewer who asks searching questions. Fortune handled that very well.

Apologies: “Great location ….”

Rest location for gliding. I was working on that part of the world in 1976. Remember watching the gliders take off as I remember it right off the top of the hill.

Suffice to say we disagree. And by a very large margin.

However my post requested that you move on from your personal issues with particular posters. I am trying to treat all of your posts with respect. However the deliberate misspelling of someone’s name is just so childish that it makes that very difficult.

And worth remembering that your insult was aimed at a person that knows far more about the science of vanadium and energy storage than you will ever do. Sorry but it just comes across as a bit sad. Move on.

Andrew my post was not aimed at anyone in particular, only trolls in general.
As I said before if you are not a troll then it was not about you.

I have now remembered that it was you that incorrectly said that the sp was falling at 3% daily when it has been flat for a month. You are not squeaky clean so perhaps a little less protesting.

Andrew you seem to think I was addressing you. If you are not a troll (please look up definition for yourself) then I was not referring to you.

But thank you for your interest in my posts. I am trying to reach a wide audience and good to know that you have responded. I look forward to further constructive dialogue with you.

Regards Paul

Perhaps there is life on this forum after all. A few positive posts summarising BMNs business were clearly well received. Don’t let the trolls have their own way. Be prepared to defend your investment and point out the progress made by the company and its future direction.

Just my opinion of course.

Utter nonsense.

But look beyond and into the future considering what the company have achieved and are planning?

For me a very different story.

Expansion plans to achieve 8000 mtV pa have been costed at $151 million. However this is a phased programme and will only happen when:

The meeting of short-term performance targets to deliver sustainable cash generating production at the production rate of 5,000 - 5,400 mtVp.a.; and In a phased manner, with sufficient funding secured, accompanied by any necessary third-party validation of associated project economics.

A sound plan and will eventually lead to further cost reductions. “ As a result of higher volumes and operational efficiencies, the Company has estimated that at full operational production of 8,000 mtVp.a., C1 costs per Kg/V produced at Vametco and Vanchem would fall by at least 20% at each operation, compared to 2021. ”

From CEO:

“Thus, whilst our commitment to growth remains, we have the liberty to pursue the new growth plans only once we have achieved our production performance targets on delivering sustainable cash generating production at the production rate of 5,000 - 5,400 mtVp.a. and improved our balance sheet capacity to invest in such when funding has been secured.

"Furthermore, the studies, puts us in a position to rapidly respond to growing vanadium demand. Growth in demand for Vanadium is supported by rising intensity of use within high-strength-low-alloy-steel, as well as the significant upside potential for vanadium redox flow batteries given the increasing requirement for energy storage applications for renewable energy sources."

Just my opinion.

Some have expressed concern over the Orion debt but this is now due until late November 2023.

By then BMN will be producing more than 5000 mtV pa and generating greater revenue (at reduced costs) and profit (subject to V price). The electrolyte plant will also be generating revenue. The company will have several options including cash from profit, which will also improve access to other debt mechanisms, and of course rescheduling of the debt if necessary. They are fully aware of this as outlined in recent RNS. Just a part of growing a business.

Just my opinion.

Work under way now that permissions in place.

This will not only save energy costs at Vametco but will act as a showcase for VRFBs.

Again promised and now being delivered. Yes there have been delays but we now know that permissions were the issue, now resolved.

Just my opinion.

Much progress being made and will provide a new line of revenue. Essential development as part of the targeting of the SA and wider African VRFB market.

Promised and being delivered.

…. at Vanchem in transition during 2022. The commissioning of Kiln 3 is forecast to to give the group a run rate in excess of 5,000 mtV pa by end of 2022 and reduce costs to a level more comparable to Vametco. Production for 2022 is skewed towards H2.

By end of year production and revenue should be much higher than 2021 and with reduced costs margins should be greater. Profitability difficult to predict but looking very good at present. Any increases in V price …..

Just my opinion.

… at Vametco has been stabilised since the major overhaul in March 2021. The revised and more sensible targets have been consistently hit since then and costs have fallen.

Sustainable production was a target the company set for itself and has delivered big time.

This year’s maintenance shutdown (necessary for sustainable and consistent production) was completed in Q2 so hopefully uninterrupted production for the remainder of the year.

In my opinion things are looking very good for production and costs at Vametco. From what we know about US prices any Nitrovan from Vametco shipped to the US should be very profitable.

So for several days now we have seen flat or rising V prices in China as reported by AsianMetals. A little too early to claim start of a rising trend but good to see recent downward movement halted and (maybe) reversed.

Let’s see what happens over next few weeks.

Don’t forget prices in BMNs largest market (USA) have been significantly higher than RoW for several months and that region appears to be very profitable for BMN.

Exactly Loudspeaker.

And I am delighted that this topic is being kept alive. The positive news about BMNs work in the VRFB space and the partnerships they have encouraged is a good news story with the potential for longterm benefit to shareholders.

And this is what BMN said they would do and are actively delivering.

What is your point Beginerman? Talk about stating the obvious re share price. But that has nothing to do with the point I was making.

Nothing done by the company is reflected in the share price. Given the huge advances being made your point merely emphasises the huge disconnect between the business progress and share price. Other than that I cannot see purpose to your post. But hey ho give you kudos.

Worth reminding them Loudspeaker that BMN achieved their aim of helping VRFB companies achieve scale by acting as a catalyst for the merger of Red and Avalon to form Invinity and later sold down their investment at significant profit. That money was then used to invest in Enerox via VRFB H in order to repeat the process. This is BMN being proactive in building the VRFB market and thus create demand for its vanadium products.

From RNS 01 April 2021:

“The sell down of our Invinity stake is no reflection of any diminishing faith in the potential of the company. We are proud of its achievements and continue to cooperate on other topics, including vanadium supply, vanadium electrolyte rental and the overall growth of the VRFB industry. Our decision is rather informed by our conservative capital allocation strategy across the Group …. “