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I am particularly happy that all those aspects of the business he clearly stated were theirs eg consistent production, cost control and growth.

He made what I think was a clear statement to the market and to shareholders that they have had their heads down focussing on the above, just as they should be doing in a period of growth.

Some interesting discussion on delivered prices and pointed out the the recent very high Vanadium prices will come through in Q2.

Thank you for posting the link Loudspeaker.

Everyone should listen to it.

He did not dodge BE and repeated that update coming. Interesting that he mentioned enquiries coming in.

Apologies for double post.

And thank you Ridgewalker for your kind comment. Sort of reinforces my point.

Beginerman good morning.

Some of that I can agree with. However I do not accept that comments on these bbs don’t affect a share price. Indeed I would go a step further and say that companies that are less efficient in their PR and comms may well be more susceptible as hard information is not so easy to come by. Some might argue that BMN is in this position.

Personally I have rarely invested in a company that I have researched without first checking reviews and bb comments just to see if I have missed something and to get a flavour of what existing shareholders think. And yes that process has sometimes changed my decision, not only for first investment but for additional top ups. And for me in 2013 the LSE bb played a large part in my investment decision in BMN. After all this was just a junior explorer with not much to go on. Did that affect the share price? Well directly probably not but I am sure comments from the likes of Corbine (RIP) influenced many so affecting sentiment and buying pressure and therefore indirectly the share price.

My own experience from 2018 was that I received messages from shareholders who thanked me for renaming positive when the sp sank to its lows of 2016 / 2017 and giving them the confidence to hold and have the benefit of the boom in 2018. Did I directly affect the share price? Of course not but who can say how many were influenced by me and many others and indirectly affected the share price by their collective buying / holding.

It would be unwise to totally dismiss the influence of these bbs and other media outlets like Twitter. They may be more influential than you think. Shorters certainly use this tool to advance their cause. They would not waste their time if they didn’t think it would work!

I don’t think for one minute that these bbs are able to overcome major factors like great profit news or major interruptions to production. But they certainly could impact the margins of the share price particularly in quiet news periods.

I also disagree with the notion that say 10 positive comments would be neutralised by 10 negative comments. That’s like saying 10 well thought out and reasoned positives posts could be neutralised by 10 comments simply saying ‘wrong’ or ‘I disagree’. It’s the quality of the content that influences me, not the quantity, and surely others may feel the same.

Anyway there is always room for polite disagreement and I respect your opinions.

Chemo effects now beginning to swamp me so will have to finish for today. Let’s hope for a better few days for the share price.

Just my opinion.

Beginerman good morning.

Some of that I can agree with. However I do not accept that comments on these bbs don’t affect a share price. Indeed I would go a step further and say that companies that are less efficient in their PR and comms may well be more susceptible as hard information is not so easy to come by. Some might argue that BMN is in this position.

Personally I have rarely invested in a company that I have researched without first checking reviews and bb comments just to see if I have missed something and to get a flavour of what existing shareholders think. And yes that process has sometimes changed my decision, not only for first investment but for additional top ups. And for me in 2013 the LSE bb played a large part in my investment decision in BMN. After all this was just a junior explorer with not much to go on. Did that affect the share price? Well directly probably not but I am sure comments from the likes of Corbine (RIP) influenced many so affecting sentiment and buying pressure and therefore indirectly the share price.

My own experience from 2018 was that I received messages from shareholders who thanked me for renaming positive when the sp sank to its lows of 2016 / 2017 and giving them the confidence to hold and have the benefit of the boom in 2018. Did I directly affect the share price? Of course not but who can say how many were influenced by me and many others and indirectly affected the share price by their collective buying / holding.

It would be unwise to totally dismiss the influence of these bbs and other media outlets like Twitter. They may be more influential than you think. Shorters certainly use this tool to advance their cause. They would not waste their time if they didn’t think it would work!

I don’t think for one minute that these bbs are able to overcome major factors like great profit news or major interruptions to production. But they certainly could impact the margins of the share price particularly in quiet news periods.

I also disagree with the notion that say 10 positive comments would be neutralised by 10 negative comments. That’s like saying 10 well thought out and reasoned positives posts could be neutralised by 10 comments simply saying ‘wrong’ or ‘I disagree’. It’s the quality of the content that influences me, not the quantity, and surely others may feel the same.

Anyway there is always room for polite disagreement and I respect your opinions.

Chemo effects now beginning to swamp me so will have to finish for today. Let’s hope for a better few days for the share price.

Just my opinion.

(Continued)

The recent update highlighted the very significant progress the business is making, stabilising production at Vametco and reducing costs, commissioning of Kiln 3 at Vanchem delivered as promised and we know the electrolyte plant is also being delivered. That was what I needed to know.

As always outside events present issues for BMN, on this occasion floods in the area around Durban where they ship their products from, so it was a positive to read that they are taking steps to secure different routes out. So often BMN have managed maintain a growing business despite these challenges and fluctuating Vanadium price / revenue.

That is why I remain positive. Fact based reasons for supporting this company.

I am as frustrated with the share price as any one else and time us most certainly NOT on my side. However I like the way they are delivering on their business plan and they have my support for that.

Just my opinion.

Beginerman you will be aware of the many posts on this bb complaining of poor PR, something that I don’t disagree with.

What those posts are really saying is that the company needs to do more to spread the word about what is a growing business in the vanadium and energy storage business.

What is equally apparent is that some of those posters do not think that also applies to them. The negativity that some constantly write on this bb is just as damaging to sentiment.

On 22 March you state that you are a shareholder. Then do something to support your investment. Use at least some of your posts to give evidence / fact based positives about BMN and its activities. Sell the story if only to sensibly support your own investment. That does not mean you can’t criticise things that aren’t working but if we expect the company to sell the message then surely it would be hypocritical of shareholders not to do the same.

A lot of criticism seems to revolve around the share price. Numerous theories abound often inventing perceived negatives about the company.

We know that Duferco are not an investment company and we know that they have been selling since January and of course through a large part of 2021.

With that size of overhang it is difficult for any share price to make progress which is why I hope that Duferco are gone as quickly as possible. On 22 March you suggested Duferco would not sell if the prospects were good here. I think you have completely misunderstood Duferco’s position.

They didn’t invest in BMN, they accepted shares in place of cash for the purchase of the Vanchem asset. I am sure they would have preferred a straight cash deal but either BMN were not in a position to do that or took a strategic decision to wisely protect their own cash flow. Vanchem was too good an opportunity to miss and I think will prove to be a great benefit to shareholders.

But from Duferco’s perspective they have a variety of business activies and I doubt having $ millions tied up in BMN forms any part of their business plan. Hence they sold all of the Year 1 shares within the year and this time around they began selling very quickly, possibly some below their 10p break even price.

This has placed a huge drag on the share price which is why I want them out as quickly as possible. I firmly believe that will take the brakes off the share price and allow a more sensible market valuation. I don’t do specific share price predictions, up or down, (although there are numerous retrospective experts!) so I don’t know what a fair valuation would be, but logically based BMN business activity and from what I read from people that better understand these things it is significantly higher than today’s share price.

(To be continued)

Calamari good to see you back if just for entertainment value.

Vamateco production cost $22. KgV. Vanadium price $46.1. Rather nice operating profit I am sure you agree. And since Q end V price averaging higher!

Vanchem costs at $38 certainly worth noting due to issue with kiln BUT their products sell for premium to V price. Prices that you have not accounted for and can’t possibly know.

Wisely they are spending those revenues in commissioning Kiln 3 which by year end will lead to huge increase in production and revenue and will dramatically reduce unit costs. This can’t be done without spending but is excellent business sense.

Just my opinion.

Correction: “... Reduced costs at Vametco ...”

I can’t think why not Compass.

Consistent production at Vametco. An important target met!

Reduced casts at Vametco just when V price had risen. Excellent!

Vanchem Kiln 3 commissioning on track. Will lead to massive rise in production and reduction in unit costs.

The above were exactly what I wanted to see, as I posted recently. Vanchem had its issues which will be fixed once Kiln 3 up and running, but we knew this already. That effected costs but remember that Vamchen also produces higher value products such as chemicals.

Logistics are clearly difficult but demand and sales are buoyant and the company is seeking alternative routes out of SA. Again we knew about this and they are sorting those issues out.

An additional bonus is that the Update was produced on time in line with what appears to be company policy, just as I speculated on recently.

I think this was as good as I hoped for and very pleased with the way they are running the business. Well done Bushveld.

Just my opinion.

JackoDlad I think you have not understood the point I was making. Maybe not been here long enough to know about BMN Q Update release dates. I am not sure what your point is as the previous Q1 Updates listed below show no clear trend:

Q1 Updates
27 April 2018
15 May 2019
04 May 2020

So back to my point. The last three Q Updates (the ones listed in my post) are the 3 fastest turnarounds from end of period to publication since BMN started using quarterly updates. And the 3 to 4 week pattern was a remarkably consistent achievement for a company that previously showed very little consistency in the publication date. Coincidence. Perhaps. Policy change? Can’t rule it out.

As I said there is no guarantee of the same this time around but I thought it was interesting. Maybe you disagree and that is fine with me.

Just my opinion.

I think we need to distract from the negativity that some seem to thrive on.

The last 3 Q Updates have all been published within 3 to 4 weeks of end of quarter.

Q2 21 July 2021
Q3 21 October 2021
Q4 26 January 2022

We are now right in that zone for publication of Q1 Update. No guarantee of course. It will be out when ready no doubt.

I am hooining for yet more confirmation of consistent production numbers and hopefully further cost reductions.

Good sales figures in this time of rising V prices (Q1) would be a bonus, as would confirmation of Vanchem Kiln 3 commissioning in Q2.

Hope others find that more useful than continual whinging by some.

Just my opinion.

I disagree with that assumption beginerman.

Haha Disgruntled you crack me up “… some positive outcomes .. “ Good grief man he has turned an little known junior iron ore explorer into a significant Vanadium miner and producer and done it by avoiding the time and vast expense of having to built new processing plant.

And whilst BE is yet to contribute significantly to revenue other than the Invinity shares, it is an influencer in the VRFB world and I’m sure more to come.

If you thing I believe the sun shines out of the BoDs proverbial you are nuts. I back up all my posts with evidence or logic. Of course I know the business is not perfect. None are. But they are delivering on their plans despite some delays, and that is what I respect.

Correct disgruntled. You shouldn’t. I suspect you have no idea what sacrifices Fortune made in the early years or how hard he worked then and of course the hours he puts in today.

And Fortune’s determination and drive ARE clearly evident. Just open your eyes to what they have achieved and what is coming up.

Of course if you can do better then put yourself forward. I am sorry someone displaying so much negativity would never get my vote!

Best post of the day Mikinaman. A post from someone who actually runs a proper business and has managed to drag it through the Covid nightmare. A man who knows what he is talking about when it comes to running a business and some of you moaners should listen.

Fortune spent years building this company and for 3 years I believe took no pay rise at all (and yes I do have the numbers tucked away somewhere).

Rightly when the share price boomed, the business had acquired Vametco mine and production facility and later added Vanchem, the V price soared and profits rolled in.

At that time not one person complained about the new management pay structure, and rightly so because it had been earned.

And I would remind you moaners that without the very astute negotiating for Vametco the company would not have made a penny profit during high V prices in 2018. That great success was entirely down to their ability to seize an opportunity (I believe partly manufactured by acquiring Brits Vanadium project so no other bidders would have that advantage) and driving a hard bargain.

Luck? I don’t think so. They did it all again with Vanchem!

Now these deals cost money as did the repair, maintenance and expansion programmes, all hindered by the dramatic fall in v price and by Covid. Yet still they push the business forward.

Now BMN look to be in an excellent position for 2022 and 2023, particularly if the v price remains at a profitable level, and it is way above that right now.

I get the moaning about the share price. None of us like it, including the BoD, and remember Fortune is a substantial shareholder so will share our desire for a re-rate.

And if anyone is thinking of a really stupid comeback like he didn’t pay for them well actually indirectly he did as they were awarded in place of cash through bonuses etc.

I realise that greed, impatience and self interest dominates these bbs but Fortune has built a proper company with two production facilities (soon to become 3), a mine and in ground resources that will supply these facilities for decades to come. Most AIM junior miner explorers can only dream of this level of success. What he has achieved is recognised by most here. It is good that other opinions are expressed. I just think those attacking Fortune are completely wrong!

They can’t control the share price but they are doing a great job building the business. Of course there have been some delays. You would expect that in a company that is complex and growing so fast. But overall a fine job.

This of course is largely about Bushveld Vanadium. I won’t comment on BE as I do not know what is going on behind the scenes, but when that comes good well ... mighty thick icing on the Vanadium steel cake don’t you think.

Just my opinion as always.

Haha telling me to get real. Reality is my middle name pal. Trust me.

And yes you are very grumpy.

I wondered how long before someone had to post a grumpy negative post. Had to smile.

Further thoughts on the Duferco selling.

The BMN share price in January and February was between 9p and 10p. This represents a slight loss or at best break even for Duferco. The CLN price was around 10p. At the time people said they wouldn’t be selling because of this.

I remember thinking that with a large sell order it will be the average price that is important and if they needed immediate cash they would sell. Well clearly they did, disposing of 10 million shares in February. This confirms to me that they are not interested in investing in BMN, at least not a large chunk of their holding.

So that raises the question of how much they may have sold in March and on into April. During this period the share price has largely been in the range 11p to 13p which would give Duferco a healthy profit less selling fees. In doesn’t take much imagination to think that they will have jumped at the opportunity to dispose of significantly more shares than in February.

This overhang is frustrating but it is finite and hopefully the higher share price will encourage a more rapid disposal and bring the end much closer.

I am pleased to have been wrong about the investor list!

Just my opinion.

Haha apologies second time! Correction:

“… Also confirmation that Kiln 3 at Vanchem…. “