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Looking at the share price I take your point!

Fortunately the business is in a very different place.

Apologies for autocorrect “kevkan”

Sorry about that.

I agree Kevin.

And what BMN has achieved in the last year or so has built a great base for the business today and the delivery of their plans moving forward.

This is a growth company that has had to face major local regional and global issues at a very critical time in the company’s development. Once again looking beyond the share price I believe they are doing very well considering these recent and some ongoing challenges. Still delivering on their plans and have published a clear path forward.

Ok there are disgruntled shareholders for the time being, and that is understandable, but let’s judge them once they have delivered their plan.

We may each have our own targets. For me it is 5000 mtV pa and lower costs so end of this year into H1 next year.

Others may focus on BE or 8000 mtV pa. Whatever you decide to measure them by it might be fairer to at least wait for delivery before you judge them.

Just ,y opinion.

I agree Faramog

Just a thought.

What would have happened to BMN if the iron ore explorer had not taken the decision in 2013 to switch focus onto Vanadium? The iron ore price later crashed and I think BMN would have either been diluted to death like most junior mining explorers or simply disappeared.

Had BMN not bought into Vametco in 2017 does anyone here think that the BMN share price in 2017 / 18 would have risen as it did? Of course not. It was because we had become a producer that the high V price affected the share price to that extent.

Therefore management decisions placed BMN in a position to benefit from the V price spike.

I agree with you Faramog

Faramog as you have told me not to answer then I guess everything yo say is correct.

Let’s see you disagree with that post lol.

Ok ggggareth let’s add one more word. “….. YET”

We seem to be in agreement about the very good progress made by BMN as a business.

The point of my post is that we have been here before. Just have to accept that it takes time to build this vanadium platform and for the market to wake up. But in my opinion that will happen.

I respect that is your view view Sammy.

In answer to your question I have a simple answer … NO.

Don’t judge the CEO simply by the current share price. That makes no sense. Particularly on AIM where wild sp swings are not uncommon and where there are ridiculous company valuations.

Take the share price in 2016 of at its worst below 1.3p from a previous high in 2013 / 14 of 7p plus. In 2016 there were very strong voices wanting rid of FM. Yet in 2017 BMN become a miner and producer through first acquisition of Vametco and a deal described as one of the best John Meyer had seen. The share price reached 48p in 2018.

Some say that share price rise was due to price of Vanadium and nothing to do with FM. Wrong. Had FM not driven the Vametco deal (and he was at the time predicting rising V price) BMN would still have been an explorer and not in a position to benefit from the large rise in V price.

Today feels like a very similar scenario. BMN steadily building a sustainable Vanadium business, which takes time, but a market just not recognising what progress is being made.

I am certain that will change and removing the man responsible for the growth in the business of BMN is absolutely the wrong way forward.

Just my opinion.

On a serious note let’s look at your concerns.

First the Orion debt. This has already been discussed. BMN are planning for this and considering a variety of solutions including sale of non core assets and refinancing, something that will be easier as they move into profitability.

Next the $151 million capes outlined in the future plans for Vametco and Vanchem. You already noted the reality of this. It is a staged plan and progress onto each stage will only take will be subject to the following:

“Management intent to pursue the staged expansion plans, subject to:

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.”

This is designed as a 4 stage programme to raise production to 8000 mtV pa, but remember that by the end of this year BMN will be producing at a rate of 5000 - 5400 mtv pa with lower costs. Given the higher V prices in the campany’s main market the US BMN should be generating very significant cash.

And then we have the electrolyte plant coming on line adding a further revenue source.

Sorry but I simply don’t share your concern. Of course anything is possible but the way the medium to long term V market is going I am very positive about the future.

Just my opinion.

My you are a cheerful Charlie hx. Barrel of laughs on a Friday night!

Squirty “How debt will be repaid is always a valid question”

100% agree.

However that wasn’t the question asked.

“Does anyone look at the prospect that we could go under?” is a very different question. Hence the response.

Let’s not forget revenue. Loudspeaker’s earlier post confirms what most of us already believe … that the US sales are generating substantial profit. Even LMB prices in H1 have been significantly higher than in 2021.

By year end BMN should be at a production run rate of 5000 mtV pa and assuming increasing demand for vanadium and potentially higher prices the company could be generating substantial revenue and profit. Even if that doesn’t cover debt repayment it will certainly ease access to other forms of financing if required in my opinion.

You seem very angry ARCM. It’s a beautiful world we live in so why not take a walk and enjoy the weather. It’s not all about money. There is so much more.

But if you are going to raise doom and gloom on a bb you must be able to substantiate it. Being rude or aggressive towards me may make you feel better but it adds zero to the conversation.

Correction … ‘seek’ should be ‘sell’

I am sure I am ARCM and probably so much more.

However this is about your unsubstantiated comment. Now if true I am simply asking you how you came to that conclusion as I may have to seek all my shares if you are right. But first I need to know why. Surely that is not unreasonable?

So …. let’s have your explanation.

I think it is up to you to justify that comment ARCM.

So off you go …. A detailed analysis of the finances of BMN please that fully explains you negative outlook on BMNs future. (This should be interesting!)

Occurred to me that some might find these numbers helpful:

Costs Vametco / Vanchem $US kgV

2020 Q1 - 18.9 / 18.5
2020 Q2 - 15.0 / 10.6
2020 Q3 - 18.1 / 20.5
2020 Q4 - 21.0 / 25.7
2021  Q1 - 26.5 / 30.7
2021 Q2 - 25.8 / 30.9
2021 Q3 - 22.4 / 27.3
2021 Q4 - 22.9 / 36.8
2022 Q1 - 22.1 / 38.6
2022 Q2 - 24.4 / 48.5

$ rand

2020 Q1 -
2020 Q2 -
2020 Q3 -
2020 Q4 -
2021  Q1 -
2021 Q2 -
2021 Q3 - 14.62
2021 Q4 - 15.4
2022 Q1 - 15.2
2022 Q2 - 15.5

Vanadium price $US kgV (LMB then from Q2 2022 LMB, Crux and AM)

TOTAL
2020 Q1 - 26.5
2020 Q2 - 25.0
2020 Q3 - 24.2
2020 Q4 - 24,4
2021  Q1 - 30.9
2021 Q2 - 36.0
2021 Q3 - 38.2
2021 Q4 - 33.0
2022 Q1 - 46.1
2022 Q2 - 43.8 / 67.5 / 33.7

Please feel free to copy if helpful.

…. for the kind comments. Hopefully a good news story!

Regards. Paul.

And at Vametco production is down only because the company very wisely has a proper maintenance schedule for the plant that involved a 26 day shutdown in June. This is preventative maintenance that should help to prevent unplanned shut downs due to breakdown etc.

Interesting that the 2 months prior to shutdown produced at more or less the 240 mtV monthly target. And we learn from the RNS that since plant restarted production is right back on schedule.

As for Vametco costs these only rose from $US 22.1 (Q1) to 24.4 (Q2) despite production stopped for almost 1/3 of the Q. That is very good cost management.

Expect Q3 production to be at or above target and costs lower.

Vametco is proving to be a real success story. Vanchem heading the same way.

Just my opinion.