Member Info for Pdub

Face = fact

SuffolkandWatt Wessley is filtered, if he asked a question I have no idea what it is and nor do I care.

Next time you post a comment try to loosely base it on face and learn to spell.

Otherwise good post lol

Correction. Now 19.21

19.14

19.01

In addition to the $2.3 million previously referred to tAcacia will also have interest at 10% pa and the $500,000 2023 CLNs.

So Acacia will receive a sizeable chunk of the new ordinary shares.

Squirty we know a little more than that. Acacia hold $2.3 million of the original CLNs. See below.

MUST RNS 03 Aug 2022:

“Acacia currently holds a 24.04 per cent interest in MUST and holds a principal amount of US$2.3 million of the Company's US$8,000,000 10 per cent. unsecured convertible loan notes ("CLNs").”

Evidence suggests that contrary to some comments Acacia have not sold out of BMN. They appear to have sold just enough BMN shares (as outlined in the RNS) to raise funds to cover their $500,000 commitment to the Enerox deal as outlined by yourself.

We will soon find out when the new shares take them above 3% and they have to issue a TR1 stating total shares owned.

If like many current shareholders Acacia expect the share price to rise I doubt they will be selling the new shares at this price. However I have no idea what their cash requirements are so anything is possible.

Just my opinion. DYOR

Good post Nigel

Nigel whilst Vametco result Q2 was of course disappointing it was good kto read that costs at Vanchem fell significantly and production rose despite not receiving the better quality feedstock and further interruptions to electricity supply.

It was equally encouraging that July Vanchem production was 158 mtV following (finally) the arrival of better feedstock amongst other factors. If that production level is maintained then total output at Vanchem for Q3 should be higher and costs further reduced.

Craig is committed to maximising production at lowest cost at both plants as his main priority and he has quantified this by giving a target of 180 mtV at Vanchem within 6 months (ie 2023!). Craig has initiated changes at Vanchem that should further support better performance.

Not to mention that H2 sees commissioning of Belco with no doubt contracts to follow. Later than we expected yes but it is happening.

Personally I think 2023/24 will see significant progress at Vanchem. Vametco has issues as described in Q2 Update that need to be addressed so more difficult to be specific about timescale there.

We agree that margins and production need to improve. I think this is already happening.

Just my opinion. DYOR

Ben I said supporting the deal which BMN are also party to. I didn’t say helping BMN. Don’t twist my words.

I also said that does not conflict with being supportive of BMN ie long term shareholders etc. which it doesn’t.

Saying I am being naive is a meaningless comment and marks the end of my interest in this discussion.

BenAlder that is one way of looking at it. However on 12 April this information was published in BMN RNS:

“Pending readmission, Mustang will raise up to US$2,000,000 through the issue of a new Convertible Loan Notes (the "2023 CLNs") to new and existing investors (the "2023 CLN Holders"). Pursuant to a loan agreement entered into between Mustang and Enerox (the "Enerox Loan"), the proceeds of the 2023 CLNs will be used to provide Enerox with additional funding until Readmission. Both Acacia and Garnet have agreed to subscribe for US$500,000 each of the 2023 CLNs.”

It seems that Acacia were simply selling some BMN shares to meet their obligations at the time ($500,000) in the MUST deal that BMN were also an important part of. No conflict there as far as I can see with being supportive of BMN. They were supporting the very deal itself!

That does not appear to fit the picture you have painted but maybe we will just have to agree to disagree on that.

One further point from the Telegram communication. Reference was made to the new Acacia shares expected for admission on 15 August. This will take Acacia above 3% and a TR1 will be necessary. That will provide further proof of Acacia’s holding prior to the new share issue.

My earlier post I wrote on a Telegram group then shared it with the other platforms that I use, (sorry a bit lazy but I thought it was significant information worth sharing). On Telegram one responder hoped that this could indicate that Acacia may hold on to their new shares rather than dump onto market.

Given that they are a founding shareholder and have been very supportive of BMN I think he may have a point, though of course no one can know for certain. Any thoughts on this?

Thought you guys would like to know that Mick on BM Telegram had response from Makabele re share register.

As of 31 July confirms that Acacia holding was 2.63% as in RNS and somewhat smugly just as I said!

They only sold enough shares to cover the $500,000 as stated in 12 April RNS

They did not sell out their BMN holding as some wrongly suggested

Part 5

As always these are just my opinions.

Do your own research

Part 4

The post period comments included more positives. These include:

The previously negotiated third party improved feedstock finally arrived for use during July.

A number of initiatives introduced in July to target 180 mtV per month within 6 months.

July production of 158 mtV significantly up on previous months.

The new CEO has made a positive start and that seems to have gone down well on the forums that I read. Craig quote “Getting maximum value out of Vametco and Vanchem is my number one priority.” If he delivers on that commitment sentiment should continue to improve.

There are parts of the Update relating to other aspects of BMN activities. My posts only relate to the operations at Vametco and Vanchem.

Part 3

Fortunately it was not all bad news particularly at Vanchem. Expectations were high for production so the figure of 355mtV was greeted with disappointment. However on the plus side this was still the second highest quarterly production total since BMN took over the plant, despite all of the interruptions.

Perhaps more encouraging is the sharp drop in production costs. Hopefully further cost cutting will be possible in Q3.

Other positives were that production of higher value chemicals rose and that the Dollar Rand remained favourable.

Once again strong sales reported.

The absence of any reference to disruption to production through planned load shedding can be taken as an indication that the deal agreed with the local power supplier is finally working.

Part 2

As I said at the beginning there was no guarantee that all news would be good and unfortunately there were some disappointments.

The results from the (74% BMN owned) Vametco were certainly disappointing and whilst some of the issues have been dealt with the barren dam may require solutions that take longer to put in place. The lower output due to a variety of issues resulted in higher costs per kgV than were expected.

There were also disappointments with the (100% BMN owned) Vanchem figures due to failures in the municipal power supply and delays in delivering the better quality third party feedstock. The hoped for record production was not delivered because of this.

Part 1

Last month I posted the following hopes for Q2 Update in relation to operations at the two vanadium processing plants:

“No guarantee that all news will be good but available evidence points to the following:

Vametco maintaining a sustainable production rate of between 650 to 800 mtV and hopefully towards the top end of that range.

Vanchem producing around 420 mtV or more (based upon March and April production)

If both of the above are delivered then Vanchem sets new record for production and if group production exceeds 1184 mtV then also a new record

Production costs down through economies of scale particularly at Vanchem

Production of high value chemicals at Vanchem up.

Good sales figures across all products and in particular in the US

Favourable Dollar Rand rate (a given from what we know)”

Anyone bored enough to have read my numerous posts on the matter (lol) will know that I have stressed the importance of operational progress at Vametco and Vanchem. That has been the focus of very many of my posts.

Unbelievably some disputed that and said not important.

Well I am delighted that the new and very experienced CEO has made that his absolute priority.