Member Info for raffym

Calamari - the majority of the loss was depreciation over 6 months - a similar amount of depreciation (dependent upon the starting value) will occur for the half - that $8.6 will be primarily depreciation.

Calamari - at the top of this page press the fundamentals icon - that is where I got my figures from for BMN, and t6he equivalent figures for the other companies. That is also where the majority of visitors to this site are going to get there figures from. Have a look yourself.

Yes - this is a BMN board- its clearly stated at the top! The figures I quoted for the other companies are BMN relevant because I was making a peer comparison. You cannot make peer comparison's without quoting other companies and figures.

Obviously these figures and the comparison don't align with your agenda, to de-ramp BMN whilst the share price is falling, presumably for your own personal gain - hence your constant 'carping' - however they do fit with my agenda - to demonstrate the low P/E ratio for BMN in comparison to peers, and the obvious undervaluation.

Calamari - the comparison was between published figures for last years performance , and current P/E - not trailing or future P/E - A fair comparison would require the same analysis to be done to all four companies.

Hi Cautionyourblast

Yes I excluded the exceptional profit as it was a one off.

Looking at similarly valued miners

ATYM (Copper - Spain) MCAP £240m Current PE Ratio 7.5 Revenue (2019) £187m Profit £36m
SLP (Platinum - SA) MCAP £173m Current PE Ratio 5.7 Revenue 114m Profit £54m
GFM (Zinc - CHina) MCAP £110m Current PE Ratio 23.65 Revenue £82m Profit £14m
BMN (Vanadium - SA) MCAP 128M Current PE 2.64 Reveue £116m Profit £22m

As you can see - our P/E Ratio is way too low for a producer.

"Would I recommend they buy more at this time, to lower their average, no I would not." - It's a good time to buy - MCAP below NAV, and the company still has a great future - on Vanadium production alone - at the current demand its not cost effective for new mining to start up, and once the Covid crisis passes Vanadium demand should theoretically push the Vanadium prices up - and our profit along with it. The GS selloff will end eventually, and the Duferco conversion will cause a TBD dilution of not more than 5%, which you have to balance against the fact that we are seriously undervalued IMHO.

Dont' forget we have income from Vanadium sales Munchbox54 - we are an active producer not an explorer.

I'm the same - been here since 2013/2014 - cant remember when, it's that bloomin long! - I see Lithium dominating the grid storage market at the moment - however I also see issues developing with the Lithium batteries - fires, efficiency drops and early replacements - which might make make people look for alternatives when considering grid scale storage. At the moment COVID-19 and SA Junk status, along with the Vanadium price are suppressing our share price, however I believe COVID-19 will be conquered - and the Vanadium demand (and price) will increase once economies start going, and when KSA starts producing VRFB batteries. I also believe that all BMN needs to do is to supply the electrolyte for Africa in order to be a profitable electrolyte producer. At the moment we don't produce enough Vanadium to supply the world. Once Vanadium reaches a price of circa $40 and we are producing electrolyte then we will reap the benefits.

Valuation of a miner is really difficult - the valuation Drifter88 gives is purely valued based on profit - but doesn't allow for the resources that BMN has, the capital equipment of the two mines, Lemur, and stakes in ATM and Invinity. If valuations were4 purely based upon profit, then how come explorers achieve such large valuations?

Hopefully once the COVID-19 crisis has settled down Vanadium demand will go up as construction restarts. I'm also hoping that after all this clean air during the shut down, and the fact that pollution may contribute towards the impact of COVID-19, that there will be a political will to move towards less pollution, and the use of more clean energy, in the future. This may bias towards Lithium for storage as that appears to be flavour of the month, however BMN only really needs a VRFB orientated African market to be successful.

Could be a few PI's who are overcommitted on BMN and panicking because of the Virus and want some money out of the market.

Expert - I appreciate that you are deliberately trying to spook investors into selling so that you can take advantage of them via shorting however the battery market in South Africa is likely to be huge, and is likely to be dominated by VRFB due to the climate, and the fact that it can be provided by local suppliers. Certainly Bushveld would struggle to supply the African market, and additional manufacturers/suppliers are required to support take up in the rest of the world. In supplying the African market alone Bushveld would be hugely profitable. We don't know enough about the Lockheed Martin to be able to assess if it will work in the high temperatures that VRFB can work in, or what the actual cost will be - if its a viable solution then it may end up being the preferred solution for the US - but its a big 'if' - Certainly nothing to be concerned about at the moment. Any new system is going to have to be evaluated and tested in the field before any large scale take up occurs - we are at the end of that phase with VRFB.

Another LTH since Oct 2013 who scans the BB every day - Hoping for an early retirement through BMN.

News - it's not news - it's speculation involving words such as "may"and "could" - It's also possible that vandium prices'may' rocket up, and VRFB battery takeup 'could' exponentially increase.

Typical troll. "(1) rising V prices. AND/OR (2) significant BE income generation.Both these points could be years away ." - Errmm - No - Vanadium prices are just as likely to turn and go up - particularly with production reducing due to the current price being uneconomic for many producers. Also announcement of involvement with the Eskom VRFB projects could create a lot of interest in this share, as would large scale oil disinvestment and increased takeup of VRFB. This is a share to invest in IMHO.

"(1) rising V prices. AND/OR (2) significant BE income generation.Both these points could be years away ." - Errmm - No - Vanadium prices are just as likely to turn and go up - particularly with production reducing due to the current price being uneconomic for many producers. Also announcement of involvement with the Eskom VRFB projects could create a lot of interest in this share, as would large scale oil disinvestment and increased takeup of VRFB. This is a share to invest in IMHO.

I'd argue that the Vanadium price will always have an impact on our SP unless we take full or majority stakes in VRFB manufacturers. We profitably mine and produce Vanadium, currently primarily as Nitrovan, but with the Vanchem purchase, this will expand to other variants. Each Vanadium variant is likely to be only priced at the production cost plus profit margin, with the price constrained by the general market price. Electrolyte will be similarly priced, otherwise it will not be competitive with the product from other electrolyte producers. The profit we make will always be dictated by the production cost and market price, if both are constant, then the only way to increase profit is to increase production. The purchase of Vanchem makes that possible, at a far greater rate of increase than whats been occurring at Vametco. The take up of VRFB increases demand - but we need to step up our production to help meet that demand., and consequently increase our profits. The likely increase in Vanadium price as a result of VRFB takeup obviously helps increase that profit - but higher Vanadium process will result in more mining, which will constrain the increase in Vanadium pricing - hopefully at a stable level in the $40 to $50 range.

I see the 46757 has reversed out Daitom! - Well predicted - Hopefully someone got burnt however I doubt it - because they all appear to be in collusion.

Maccas21 - We may still have a stockpile of Vanadium that could be utilised.

The basic assessment report relating to this project is here. https://bit.ly/2nbLhYx

Two options - solid state or flow, so no decision made yet. With solid state they say " The risk of a battery fire / explosion occurring is assessed to be high . This is based on a likelihood of occurrence of 20% - 70%". With flow batteries "The risk of a flow battery fire / explosion occurring is assessed to be low . This is based on a likelihood of occurrence of 5% - 20%. They look at the impact of fires on the environment and human health and with mitigation they end up with the same risks associated for both technologies. I would hope that more weighting would be given to the initial risk, rather than the mitigated risks, however time will tell.