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Thank you for the kind comments. No guarantees but maybe some hope. I’ll take that.

Clearly Jelly you don’t understand using examples to illustrate a point.

As you are focussing on me and not the content join Cindercone on naughty step suspension

Cindercone I am going to terminate this discussion as you have repeated the disrespect. I ignore nothing about BMN. I have a different perspective than you when looking at the same information.

Now you have made your point and of course if you want the last word take it. However this is one of the best days of my life. Think about respect before you post. I won’t read it but everyone else will.

And to Cindercone I ignore nothing about BMN. That was such a disrespectful comment. I do however see things differently to you. I thought that was one of your claims here. That different perspectives should be allowed. I agree so show me the same respect that you demand for your own opinions.

As far as my reaction to the RNS is concerned I gave that in 3 posts earlier in the day. It was detailed and my opinions were based upon facts from the RNS.

None of the critics have come close to matching that level of analysis…. Because they can’t. Only major criticism seems to be the share price. Look beyond the horizon.

And for those that say I am not balanced read my comments on Vanchem in those posts.

ARCM there is an expression you should take note of:

“It will be alright in the end …. And if it’s not alright it’s not the end.”

The company is doing well in delivering its business plan. The share price is a mystery. One day that will change. This story is only half told. Judge the success when the rest of the story has been delivered.

Let me update you about my battle with cancer. Despite fighting hard that battle was beginning to look like it was lost and the last few weeks I began to lose heart. Become a bit negative like some on here. All seemed lost.

Then one day (yesterday as it happens) the results of a cancer blood test produced a completely unexpected result. It found a mutation for which there is not only a targeted therapy but a quite effective one. This was completely unexpected and has raised the possibility of an extension to life.

“… if it’s not alright it’s not the end”. Never been more true.

Relevance? Try applying that to BMN. You are only concerned about your money. I am fighting for my life and suddenly things change for the positive. I firmly believe that BMN are putting BMN in a position to benefit from significant change in the market. You are projecting a very negative image based solely on the current share price, which none of us like. Sooner or later the progress made by BMN will stimulate a much stronger share price and those with patience will benefit from it. Well that is my opinion.

You cry if you want to. I have a huge smile today and nothing anyone says on here will change that. Lesson: never give up.

Q2 ferrovanadium prices CRU Ryan’s notes (covering US which is BMN’s largest market) $67.5 kgV

The current market price as at 22 July 2022 US$54.0/kgV for CRU Ryan's notes

US looking very profitable.

“Vametco completed a 26-day planned maintenance shutdown during the quarter, following which production volumes are back to Q1 2022 levels.”

Positive on production from CEO in RNS:

“The focus on operational stability at Vametco is pleasingly bearing fruit in the form of reliable production levels supportive of Vametco meeting the upper end of production guidance for the year.”

“the ramp up of Kiln 3 is making steady progress and Vanchem is still expected to meet the anticipated 2,600 mtVp.a production run rate by the end of the year.”

“As a Group, we remain confident in our ability to achieve a production run rate of 5,000 - 5,400 mtVp.a. by the end of this financial year.”

Apologies last section header should be “Vanchem production”

Guidance in the RNS looks very clear to me.

2022 Group Guidance
“· Group production guidance maintained, expected towards the lower end of between 4,200 mtV and 4,400 mtV.
· Group is on target to meet the annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a. by the end of 2022”

Vametco guidance

2022 Guidance
“· Expected to meet the upper end of production guidance of between 2,450 mtV and 2,550 mtV.
· On track to meet 2022 production cash cost (C1) guidance of between US$22.7/kgV and US$23.5/kgV (ZAR346.9/kgV and ZAR358.7/kgV).
· On target to meet steady state production run rate of 2,800 mtVp.a by the end of the year.”

Vametco guidance

“Due to lower production volumes in Q1 2022 impacted by lower recoveries as a result of Kiln 1's refractory reaching the end of useful life, a slower-than expected production ramp-up post the commissioning of Kiln 3 and expected increased electricity load shedding in the short-term , production guidance of between 1,750 mtV and 1,850 mtV, and production cash cost guidance of between US$27.7/kgV and US$28.4/kgV (ZAR422.8/kgV and ZAR433.5/kgV) is under review.
-  The Group will update the market on guidance in the H1 2022 interims announcement.
· Despite the slower than expected ramp-up of Kiln 3, Vanchem remains on track to achieve its steady state production run rate of 2,600 mtVp.a. by the end of the year.
-  This assumes forecast production volumes at Vanchem of 222 mtV by December 2022.”

VANADIUM PRICE AND DOLLAR RAND RATE

I think it is of huge significance the in Q1 Update the only reference to V prices was quoting the LMB prices. In this Q2 Update they include an entire section on the Vanadium Market and make direct reference to prices in each market. I believe they are clearly stating that those prices relate to different prices for BMN products in each market. Thus in the US where most product goes the achieved prices are much higher than ROW.

“Q2 2022 Ferrovanadium prices across all markets averaged; London Metal Bulletin ("LMB") US$43.8/kgV, 22% higher than Q2 2021 (Q2 2021: US$36.0/kgV). CRU Ryan's notes and Asian Metals averaged US$67.5/kgV and US$33.7/kgV (Q2 2021: US$36.0kgV; US$31.2/kgV) respectively.”
“The current market price as at 22 July 2022 for LMB ferrovanadium is approximately US$35.3/kgV, US$54.0/kgV for CRU Ryan's notes and US$34.5/kgV for Asian Metals.”

This implies that the US market has been very profitable in Q2 and that has continued into Q3.

Yet more reason to be optimistic is the more favourable dollar rand rate in July further improving margins as sales are in $US but costs in Rand.

The share price is incredibly frustrating for everyone but don’t let that blind you to the progress being made by the company, albeit a little slower at Vanchem than we had hoped.

And none of this even touches on the electrolyte plant and BE.

Vametco is delivering and that is clear even from this RNS. Vanchem looks disappointing at first but on closer inspection the RNS does indicate a run rate of 2600 mtV pa by year end. Lots to come in H2

All just my opinion.

VANCHEM

I think this is an area where we were hoping for more and in the end the numbers were disappointing. The two big factors appear to be the slower than hoped for progress in commissioning Kiln 3 and the power outages impacting production and costs (having to cover with diesel generators).

“Q2 2022 production cash cost (C1) of US$ 48.5/kgV, 73% higher than Q2 2021 (Q2 2021: US$28.1/kgV), due to lower production volumes and higher costs related to the commissioning of Kiln 3.”

Clearly we all hoped for a smoother start to Kiln 3’s life but on a more positive note the following:

“Costs are expected to normalise during H2 2022, supported by higher production volumes.”

So whilst they may review targets for Vanchem they are still optimistic that Kiln 3 will deliver fully by year end.

“The Group will update the market on guidance in the H1 2022 interims announcement”
“Despite the slower than expected ramp-up of Kiln 3, Vanchem remains on track to achieve its steady state production run rate of 2,600 mtVp.a. by the end of the year.”

We all hoped Q2 would deliver very good numbers for Vanchem but that hasn’t entirely gone to plan. H2 is looking more positive. SA comes out of winter and that should help with load shedding. Kiln 3 looks likely to be running as predicted certainly by year end and the higher production and less commissioning costs will bring costs right down.

This 100% Bushveld owned plant should deliver in H2.

Certainly not the fantastic results that some were hoping for but perhaps a few were guilty of over expectation. So was this a bad RNS? I don’t think so. Disappointing in places yes but also much to be positive about.

VAMETCO

Production at 477 mtv would seem bad BUT we knew in advance that the maintenance shutdown effectively took June out of production. Thus the two productive months ran at near the 240 mtv monthly target. In reality very close to the Q1 production over 3 months of 749 mtV

And this is smart work by the company. Gone are the days where not enough consideration was given to maintenance and now they are delivering a sustainable run rate.

“continued operational performance and stability.”
“Expected to meet the upper end of production guidance of between 2,450 mtV and 2,550 mtV.”
“On track to meet 2022 production cash cost (C1) guidance of between US$22.7/kgV and US$23.5/kgV (ZAR346.9/kgV and ZAR358.7/kgV).”
“On target to meet steady state production run rate of 2,800 mtVp.a by the end of the year.”

Q2 costs only slightly up at $24.4 kgV despite the 26 day shutdown.

This bodes very well for Q3 where we should see continued on target production and a drop in production costs over the full 3 months.

Vametco numbers were predictable and in line with sustainable production achieved over the last year.

So the latter then.

Sorry but filtered.

4kandles are you going to post ANYTHING useful or just spend your day winding up other posters?

Any thoughts on sustainable production and reduced costs at Vametco? Or the commissioning of kiln 3 at Vanchem with the associated increase in production and cost reduction? How about the construction of the electrolyte plant or work finally starting on the mini grid. Or the future expansion plans at both plants? Or the carving out of BE from BMN? Or the long term wage agreement with the employees?

Hopefully you can provide us all with interesting thoughts on these important achievements … or will you just continue to target individual posters?

See if you can rise to this challenge.

For those awaiting the next Q Update RNS here are somevfacts about when BMN releases their Quarterly Updates:

Last 6 Quarterly Updates, date of publication.

04 Feb 2021 Thursday Q4
14 May 2021 Friday Q1
21 July 2021 Wednesday Q2
21 Oct 2021 Thursday Q3
26 Jan 2022 Wednesday Q4
26 April 2022 Tuesday Q1

Points of interest:
The last 4 updates have been released between 3-4 weeks after end of month.
They were not all released on the same date (eg 21 of month)
They were not released on same day of week (eg Thursday)

So do not expect a specific day or date but fair to assume next few days.

This is a very much improved publication regime as previous to the last 4 the date could vary by several weeks from one Quarter to the next. I hope they continue with the new level of consistency.

Sorry Maya our posts crossed but I agree entirely with your thoughts.

Cindercone you really need to take into account all of Loudspeaker’s post.

He bought multiple millions of shares at below 1.5p.

Following the huge rise in share price he was able to sell what was for him a small portion of his holding to completely de risk.

He held the majority of his holding effectively as free shares and I believe still does.

First that was a very sensible strategy. I would imagine many here wish they had done the same. Had he sold all or most of his holding whilst encouraging others to buy them that would arguably be hypocritical. However he didn’t. He held most of his holding and therefore his action absolutely backs up his words.

If you don’t accept that then you are effectively saying that anyone who sells any of their shares cannot post positively. That is plainly a ridiculous idea.

Your criticism us unjustified.

I gather from the green on my board and LSs response at least one poster has been judging others investing strategy. Bit arrogant but there you go.

I repeat well done LS.

And I for one am grateful to you and others that chose to put their research on this bb. It is sad that the increasing negativity here has driven many to other platforms and with it much of the shared information.