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I did say Duferco were the most likely suspects. All the circumstantial evidence pointed to them. Good to have it confirmed.

As I have said before the quicker they sell the better.

Some might think that this is a great time to buy in. The company is forging ahead with its expansion plans. V price is high and still rising in their main market the US, making the company very profitable. The disconnect between the above and the low valuation explained by Duferco disposal … nothing more.

Logic says that once they have finished selling the brakes should be off, and by then we may have Q1 results confirming production numbers and costs.

Just my opinion but this is looking very very good in the coming months.

As always DYOR

What are you talking about. More negativity from you? Give it a rest lad.

The other point to make is that this completely ignores any contribution from the energy storage business. If that kicks off then the numbers no doubt will increase again.

Even if BE don’t sell anything into VRFB market (unlikely) as long as the global VRFB industry continues to expand the extra demand for vanadium should help to support the V price.

And with the conflict in Ukraine the West knows it has to accelerate the move away from hydrocarbons and into renewable energy plus storage.

I really am struggling to find a dark cloud in my blue sky thinking about BMN.

Agreed SIPPmeister but there are some willing to be negative at every opportunity so I have been deliberately very conservative with the figures to allow wiggle room. Like you I think my profit number is on the low side if V prices remain at $60 kgV.

The crucial market to watch is the US which is BMNs largest market and even today reported a rise.

…. Just from mining and producing vanadium?

If all in costs are $40 kgV (and I believe that is higher than reality), V price is around $60 kgV and BMN produce around 350 mtV per month that could give a monthly profit before tax of $7 million !!

I am sure those numbers will fluctuate but what we can all agree on is the BMN is now VERY VERY PROFITABLE and the market is not building this in to its valuation yet. Surely something has to give. Just a case of when.

Just my opinion as always.

Always good to ask questions Justinvest. The various responses you have received should have helped you to gain a clearer perspective on this investment and its long term potential. There are no certainties and if that is what you desire then high risk mining investments on AIM may not be your thing. Only you will know the answer.

On the other hand such investments can generate very high returns. Risk / reward etc. Only you control the buy / sell button.

Justinvest in my experience most pi’s have relatively short time horizons. I doubt you are any different. Therefore by your own admission this is a good prospect for at least a short term investment (and by that I mean months or years not weeks!).

Beyond that any opinion is pure speculation although intelligent analysis of known data and information based upon sound research does add substance to such opinions.

So BMN is effectively valued on its performance in mining and sales to the steel industry, where most of its product goes. If you see this as a sound market for years to come then that would suggest that BMN as an investment has the potential to generate good returns way beyond the short term. And given that Vanadium is probably the best additive to strengthen steel then why would you think that is going to change?

The energy storage industry is set to become a massive market. I think only those with blinkers on would deny that. It is going to be a market where no one technology will satisfy that demand, and that includes VRFBs. But that does not matter. Only a small % of that market will be a huge opportunity for any of the various technologies being developed. All the indications are that VRFBs will play a significant role for years to come. Just look at the developments at grid scale taking place in China right now!

You ask how are BMN hedging against a declining VRFB market in the future (unlikely but not impossible). Well ask yourself what would cause this? After all Vanadium is abundant, safe, can be recycled at end of life, etc etc. The major concern would be high price of Vanadium and the price is indeed volatile. The hedge? The electrolyte leasing model which was first developed by BMN and their partners for that very reason … to hedge against price volatility. It would seem the BMN management are way ahead of you!

Personally I think your concerns about a hypothetical situation which even if it occurred would be years away are not the best area to focus on. Look more closely at the management of BMN. They have done an outstanding job at building this company. If you think they will continue grow the business and deliver the large low cost vertically integrated vanadium platform that is the CEOs vision and that they are close to achieving, then one could be forgiven for thinking that this is an excellent long term investment. I do and clearly so do many others.

However if you think there is a better proven technology out there then I would understand you investing in that. Good luck with that one. My money is in and on BMN.

One final point. BMN started life as a junior iron ore explorer. They saw an opportunity in vanadium and took it. I am sure that if necessary they are capable of further change.

All just my opinion

Alfredh I couldn’t disagree more with you.

The management of BMN have made astonishing progress from being a wannabe miner in 2016 to where they are today as an important player in the Vanadium space. Frankly I am amazed that you appear not to understand that.

They have faced very significant challenges including falling V price in 2019, Covid shutdown in 2020 and constant delays by S.A. Government, yet they continue to grow the business and diversify the product range and markets. Frankly I am amazed that you appear not to understand that.

The share price has risen very significantly in the last month or so and I am sure that will continue, particularly if V prices rise or at least remain high for the foreseeable future.

Obviously any major seller/s can slow that down whether it is Duferco or any other entity, but the direction of travel looks good from here.

As for your notion of China peddling Russian V on the world markets well don’t get too excited. Currently there is a disparity between prices in China and in the US and Europe, but this is quite normal. Those markets seem to function almost independently at times.

And then there is the big picture. The West is likely to apply huge pressure on China to not do exactly what you describe, not just Vanadium but a range of minerals, oil and gas. China will talk big but you can be certain they will not want western sanctions hitting them hard just to protect the nutter in the Kremlin. I believe they will be very cautious about dropping Russian vanadium on the market.

So relax.

As always just my opinion.

Some have been suggesting BoD changes. Now we have them. However thank goodness they have been made for positive reasons looking to the future. This looks like preparation for the next phase of the story of BMN. Things could start to get interesting.

I say thank you to those stepping aside. I hope they enjoy a long and happy retirement.

And welcome to the new BoD. Now …. Make us some money!!

(And for my sake please don’t take too long,)

Apologies for typo Marc?

And what are you suggesting that would be Marco?

Lindon it may not be as simple as that. If Duferco have a very large sell order being worked with their brokers which may take weeks my understanding is that there is no obligation to repor5 until the order is completed.

And that assumes Duferco are punctual in reporting, which they haven’t always been.

I’m afraid for us lowly pi’s it will most likely continue to be a guessing game.

Wow. 5 years. That’s is an excellent sign.

I keep fighting best I can. Latest comment from consultant is that I have ‘defied the odds already’. Hope to carry on for a while longer!

Regards. Paul.

Nick great info. Thanks.

Even better t9 know you are still around, and not just in the share sense. Hope all is well with you.

Regards. Paul

Good to see yet another sharp daily rise in the V price on AsianMetals. This has been going on for several weeks. Today they posted +2.62% and +2.64% in Europe and US respectively. Remember the US is our largest market. A relatively stable market despite the unrest in Eastern Europe.

In January V price was mid $30s per kgV in Europe and US. At approaching or possibly even surpassing $60 per kgV BMN is becoming VERY profitable, possibly as much as $20 kgV or $20,000 mtV. BMN is hoping to produce around 1,000 mtV or more per quarter. $20 million profit per quarter profit after all costs is feasible without further V price rises!!!

This share price should be ... wait for it .... BOOMING!

Just my opinion of course.

Beginerman it is true that short term those energy sources will be considered. However remember these points:

Climate change has not gone away, nor will it. The world is distracted by the war, which is probably accelerating the process, but the concerns about fossil fuels and their environmental impact are growing, and rightly so.

Fracking is politically highly unpopular in a crowded island like ours and there would be tough planning battles to fight there. Don’t hold your breath.

Nuclear comes with all the obvious health warnings (being brought sharply into focus in Ukraine), requires heavy upfront capital expenditure and again just wait for those planning battles for any schemes!

Offshore oil and gas might get a second lease of life for a while but oil and gas pressures have been falling in existing fields for years, exploration and development costs are high and within the context of climate change more fossil fuel extraction would be controversial to say the least.

Which ever way you look at it the UK and indeed the rest of the world has to move to clean renewable energy (plus battery storage where approprite). It is going to happen and BMN is in a fantastic position to be at the front of the energy stage industry.

Clearly the UK has to overcome pathetic nimby mentality in some parts of the Tory shires with regard to wind / solar etc. Or perhaps those communities would rather a nuclear plant in their neighbourhood instead? Oh no ... of course they expect them to built in someone else’s backyard too.

The energy revolution is happening and the UK needs to seize this opportunity to be among the leaders. Our country is perfect for developing a range of renewables, both onshore and offshore, and battery storage. Let’s hope a Luddite mentality doesn’t hold us back.

Just my reasonably well informed opinion. Lol.

Wisha you seem to have a very superficial understanding of BMN and the skill of its management team. I would suggest you spend some time learning more and thinking carefully before making such sweeping statements.

You say what a very lucky company. Really?

I would remind you that in the early years this was just a wannabe explorer that had a grand plan to build a large low cost vertically integrated vanadium platform. Thus plan was backed up by association with two of the leading geology experts on the Bushveld. NOT luck!

In 2017 they pulled off a brilliant acquisition of the first % in Vametco, a deal described by analyst John Meyer as one of the best deals he had seen. NOT luck.

The boom in V prices (forecast by Fortune but obviously to the extent that it occurred) in 2018 helped and BMN made very good use of the profits.

The the V price crash in 2019. Definitely NOT lucky.

That was followed by the restrictions of Covid in 2020 including a period of closure. NOT lucky.

Then the endless delays by the Government of SA slowing down potential VRFB developments. NOT lucky.

Despite this the very determined management have continued their programme of acquisition, expansion and deal making. This has absolutely nothing to do with luck.

Finally we see the V price rising and all you can say is what a lucky company. I strongly beg to differ.

Hi Cindercone. First two days of a new chemotherapy drug and let’s say I’ve felt better.

All of what you say is true and certainly not mega news. However it’s not a bad RNS … just informing us of the situation. Given that many here rest their hopes longterm on BE then a larger slice of a VRFB company should fit that plan. And those slices don’t come free!

Forgive me if I am wrong here (I do have other things on my mind so perhaps not fully concentrating) but doesn’t BE taking on Primorus investment in Mustang mean that BE indirectly takes a larger slice of Enerox? Why is that bad news?

Folks wanted BE news … well you got some.

And as far as mining and production updates go they arrive every 3 months as everyone here should already know. And they are very detailed! Next one due about end April.

St0wski that is a very good point. I hadn’t looked at it in that detail and very much agree.