Member Info for penstock

Hi prosperous, the BensCreekPlc page on twitter is an official BEN moderated page.

Tgm is an abbreviation for Telegram. If you take the spaces out of the link that I posted it should take you to the group. Or google and join Telegram and then search out groups by stock name etc. It is a tad like whatsapp but more user friendly IMO. As for the adverts, I only see the floating video from LSE on this website but no adverts. It is half term so should be plenty of computer savvy kids about to help you. unfortunately I am of the age before computers were part of the curriculum.

too much ******** on lse and bullying on advfn so i just post the odd update on my moderated tgm group nowadays. it is free for anyone to use. any bullying gets blocked. no ramps and no deramps, just facts. bens are producing and selling coal at profit. no news due till 2024 imo apart from appointment of a cfo. i asked if anyone had any questions they wanted me to ask at agm and only 2 people gave me questions. i have posted answers to the questions that the board were prepared to answer. wasn't obliged to do so, but if you are invested then we are in this together. you're welcome. happy thanksgiving for later this month.

as always dyor. rns should obviously be your prime go-to for official news.

T . me / penstocksBENgroup

*************penstocksbengroup

Producing and selling :)

AGM Take-Away notes are in my BEN Tgm group. Not posting them here, so don't ask. If you couldn't be bothered going to the AGM yourself then you missed out. Mostly good btw although I see PLATTS dipped $5 to $233/T

".. acquisition .. stake in Ohrid Organics,... medicinal cannabis producer, provides HUI with..potential..financing without.. resort to a dilutive share issue. ...The cash flows from Ohrid Organics should facilitate the development and application of HUI's FOAK."

No need for JV with PHE and no need to fund raise. Just need to see the Irish FOAK built and prove itself to the world. Well done Aleks x

AGM on Friday. Proxy voting deadline tomorrow. If you didn't get a form you can download one from the official benscreek.com website. If you are attending the AGM this link has an attendance form to gain admission:

https://www.benscreek.com/assets/AGM/Proxy%20-%20AGM2023.pdf

See you there?

Forget SAS, call in the SBS as I am so underwater now. Bought £10K at IPO January 2022 expecting an FOAK built soon and hoping to double up with 15p warrants as the sp rises with all the Cop26 hype or whatever number Cop we are now. Instead I ended up over 50% down, with shares in a mary jane operation, and no real sign of the concept becoming an actual hydrogen producing plant anytime soon. The only plant is one with green leaves that can roll a phat one. Be sure to pass it around. Was so optimistic with this green stock, but what news is there of any investment/funding coming in to build a full scale waste to Hydrogen production facilty? H-opium....

OK not trying to deramp, but seriously when will the waste to hydrogen plant be built/ operational/ start making money? How much will it cost to build the first full scale unit? Once built and proven to actually do what it says on the recycled coke tin, how quick can they be built in other cities/countries?

Am holding till at least 2032 for my son's future, both financially and environmentally. Come on Poland and Ireland, be the green pioneers!

Before anyone questions what I mean by only operating 8 out of 12 shifts last month, I classed 10 days single shift operation by 1xHWM as a shift. So a full month of around 30 days is shown as 3 shifts in my calculations. Basically Ben's mined 2/3 of full production last month to produce 50Kt and is mining 3/4 full production this month to produce 58Kt (as underground production improved from 10 to 13Kt) . Once in full production with both HWMs in double shifts production Bens expect to produce 12x5 + 13 = 73Kt clean HvB+

50Kt September was with the #71 in single shifts and the 81 in double shifts for half the month. The #81 is currently still the only HWM running double shifts. Not sure why the #71 is not running double shifts so I assume it is that the stockyard can only handle current production volumes or that they are only producing a fixed hedged amount for India till the end of the calendar year of 44-55Kt (4-5 trains).

Back to calculations. Of the 50Kt in September, 10Kt HiVolA came from underground and now know that only 8 out of a possible 12 shifts produced the remaining 40Kt. Each shift producing 5Kt means full production from both HWMs in double shifts will be 60Kt clean HvolB. Underground was expected to be higher this month according to RNS so add 13Kt HiVolA and we get 73Kt clean HiVolB+ in full production. According to the WHI broker report that figure will rise as the efficiency of washplant improves along with mining taller, purer seams with less waste rock amongst the extracted ROM.

Typo, I meant 6p 2026

DropD I could give a rats butt what you think fella or what irritates you!

WHI stated that in today's broker report that they expect 3p dividends by end of 2025 and 6p 2025. Well I had been saying end of 2024 so I got that wrong. I must stop being so rampy. Had hoped the 18 month loans that started in June would be paid off by end of 2024 (18 months later) and that the 24 month loan would be paid off early by then too. I still think they can be if Bens get to full production with double shifts and a rising coal price.

Run along and digest the report DropD and you will find the apparent basis of what I quoted from that report.

Guess you didn't read the WHI broker report today DropD. You must be very irritated by that.

..At $230/T coal prices and current production sp value 39p

..10% lift in prices and full production (double shifts on both HWMs + the underground) 63p

$160/t break even so about $176/T be.

..Free cashflow rise with an additional $12.5m for each 10% rise in the met coal price. To put this into context, this would pay Bens Creek loan and convertible notes

No point mentioning the dividends that get paid once the loans have been paid off as they are a couple years off yet and might be 9p split over 6 months. That said, if looking for a nest egg then these 14p shares could be it.

"Both of Bens Creek's highwall miners are now fully activated and, since Monday, 11 September 2023, the Company has introduced a second shift for both highwall miners."

"As of 7 November 2022, the Company has introduced a second shift on its first highwall miner which will allow the Company to double daily production"

The 81 started officially mining with sign off from MSHA on 28th August in single shift. Assuming the 71 has been in double shifts since 7th November 2022 as per RNS at that time, then IMO September saw the 71 in double shifts, the 81 in single shift since 28th August and double since 11th September. The RNS are always written with multiple interpretations possible. I mean Adam wrote that only the HWMs were in production in September but a previous RNS said the underground had added 10Kt in August and would contribute 13Kt the next month (September). They really need to write these things more exact and less vague.

HiVolB at $247.5/T which is about $225/short ton.

$225 x 70Kt or 80Kt is obviously > $225 x 56.5Kt

Adam has been clear that his target is 70-80Kt. When? In April last year Adam expected it by summer 2022, but summer 2023 just ended and still only just managed an all time high of 50Kt. Not trying to take away the fact that Bens have done well in 2 years to get to 'nearly full production' but with coal prices rising it is in everyone's best interest to see the volume reach those 70-80Kt/month targets. Maybe Bens are just producing enough to meet the hedged offtake with India until end of December? Find out in a couple of weeks I guess. Be there if you want to hear it first hand! 11am 27th October.

What is 'Full Production'? Is it used to define both HWMs in double shifts plus the underground CM mining or is it defined as the 70-80Kt target?

If we were at 'full production' last month but 1/3 of that month had the 81 in single shift then why only 50Kt clean coal?

The underground mining using Continuous Miners pulled out equivalent of 10Kt clean HiVolA so both HWMs must have only pulled out equivalent of 40Kt clean HiVolB.

The 71HWM was in double shifts all month (total 52 shifts). The 81HWM mined first 11/30 days in single shift at which point it ramped up to double according to RNS (total 44 shifts) . So a total of 96 shifts = 92% of 'full production'. Thus if both the 71 & 81 HWMs run double shifts all month (104 shifts) then their production might only be 43.5Kt in October. Add that to the expected 13Kt underground coal (higher than last month acccording to RNS) then Bens should produce 56.5Kt HiVolB+ clean coal this month. Enough to fill 5 trains each loaded with 11Kt. But if that is full production then how do Bens get to 70-80Kt/month target?

It seems that the HWMs are not pulling out as much as we were told to expect. So is Bens at 'full production' now or will full production require adding more underground mining using another one of the 5 CMs that the Company inherited? Do Bens have permits for it? Star Ridge maybe? Will the stockyard hold >56.5Kt coal? Has permit been granted to widen the stockyard and if so when will it be widened? Is production being purposefully kept below 70Kt due to stockyard capacity? Basically am asking why are Bens not producing 70-80Kt yet and why only 50Kt last month? An extra 11 days of single shifts will not bump up 50 to 70 let alone 80Kt/month.

13 days to AGM.

As every shareholder knows now, Adam got paid $586,895 salary last year and despite a massive Company loss on the eoy results he got awarded $816,928 bonus.

Raju Haldankar got paid $43,759 with a $98,539 bonus

Robin Fryer got paid $21,428 with a $26,277 bonus

David Harris got paid $16,151 with a $19,708 bonus.

The sp is down, Company has $21.57m loans to pay and sentiment implies that shareholders see the BoDs just looking after themselves.

Wonder what the sp would be now had the bonuses been paid as share options, say 20p with a 12 month lifespan?

Fair enough Adam already got himself 10.5m x 5p options last year as a bonus just for getting the sp to rise 300% for >10 consecutive days so probably doesn't want any more options. But if they were seen to take options over instant cash as bonuses that would have instilled confidence that they expect the sp to get over 20p and the Company could have just borrowed $19.78m instead of $21.57m. In effect those bonuses come with a 15% loan repayment value, so $1,790,211 bonuses actually cost the Company $2,058, 742.

$2m bonuses to get to full production and make a huge loss. How were all of the Director bonuses more than their salaries? On what basis were bonuses awarded? I can't find it in the Admissions Document. What basis and value will bonuses be awarded next year?

AGM is in 2 weeks from tomorrow! Attend and ask questions! See you there.

Am not aware of any interesting news. Just another day. Same same but different.

Steady on, I am not going on a bashing trip. Am going with a list of my questions for the BoDs including some asked by Tgm members but I doubt they will all get answered as may be classed as too sensitive needing approval from NOMAD. Might just end up as a long trip for free cucumber sandwiches and vol au vents. Fetch your own satsumas.

My questions are:

What are current costs with both HWMs in double shifts?

How many tons have been hedged between October- end December and at what price?

What are offtake expectations post December 2023?

When will Bens start getting 7 trains each month?

Is there an early redemption fee on the loans should Bens offer to pay the loans off early?

Does the 'no dividends until loan has been paid off' apply to all 3 loans?

When will Bens have a new CFO?

Under what circumstances will bonuses be awarded next year?

What was the broker % fee with Integrity? What is it now with Avani?

Were trucked sales to CSX trains included in the end of year report? How much extra does trucking it to CSX trains cost compared to using the onsite fast flood loadout with NS trains?

Under what circumstances will CSX trains be used again?

When is the permit goal date for expanding the stockyard capacity?

When will Star Ridge mining commence?

Has Bens got sufficient yellow iron to ensure they will always be in bench even if there is an isolated cave in?

Do Bens have plans to purchase more capital?

If coal prices fall below break even again will Bens continue to mine at a loss or issue a WARN?

Who admins the twitter, coalminingusa website, linkedin and benscreek website?

What changes do Avani propose to cut costs and increase production & profits?

Are all 5 Continuous Miners operable? If not will they be repaired? Will underground mining increase and use more than 1 of these CMs?

As soft lock-in will have ended by the AGM date should private investors be concerned?

Questions from Tgm members are:

As the washplant can process >350t/hr, is it possible to install a 3rd HWM and put it on double shifts?

When does Ben’s Creek expect to hit break even for the financial year?

How serious do we have to be at the AGM?

Can we bring party poppers and balloons?

I'd prefer the vocal folk from LSE, Tgm, ADVFN actually take the time out to go to the AGM themselves to ask questions or express disappointment/concerns/optimism/pessimism. The AGM is your chance to talk directly to the BoDs instead of bashing each other on chatboards.

Yeh the voting form is more of a formality with the concert party holding majority vote but if you want answers please don't just rely on me posting them on Tgm. Get involved!

I don't have an answer as am not familiar with how the online form works. Maybe Nevilles have a record of shareholder names and holdings? I guess some brokers such as Freetrade hold the voting rights themseves? I don't know. One of the BoDs told me to tell people to use the proxy form if they can't make it to the AGM and didn't get the letter. I got the form in the post yesterday but other family members invested in BEN didn't. Not sure why. My broker is Halifax. I also use Freetrade for small purchases of 81 shares now and again but I didn't get a form in the post for those.