Member Info for RichKen

Pdub, “underpins” is exactly what I was trying to write! Sorry auto correct drives me nuts!
Cheers RK

There is still no doubt in my mind that Ninja, that your £2 target will not only be hit but exceeded in the years to come. The pressure is building again on vanadium prices as predicted by many, but let's hope it does not get too hot again. Clearly the inventories in China must be being depleted and of course, the local manufactures need profits too.

But the steel market may undermine the Vanadium world today but in 5 years time, I truly believe that the Vanadium world will be dominated by supply to the energy storage market. Every dog has its day and Lithium may be doing remarkably well right now in stationary energy storage, but we all know there is a significantly better product with advantages which are so compelling the market cannot afford to ignore them. Safety, recyclability, long life and no loss of charge over life. In energy storage why do you want energy storage? Repeated cycles of storage with no loss of charge it is fundamental. So the VRFB market is destined to succeed and Bushveld Minerals will be not only a pioneer but a leader in the vertically integrated chain with low cost and high profits.

These points will attract investors and the market will see the true value of this business going forward and £2 per share will be like 26p today. We will still see it being undervalued. So Ninjamagic. I think your foresight will be realised and it may not be so far away.

Have a great day and looking forward to it being another blue day!

Cheers, RK

Install a rope fence. Way cheaper. You need to get her on board. My wife in was left some money in a will. I invested the lot in Bushy at 7p. She wasn’t best pleased at the time. Now she is happy! It will be ok!

Today they are reporting Ferro Vanadium 80% FOB (China) US$39.3 vs US$39 per kg yesterday.

So the rise continues. Lithium is also rising just to add balance.

Welcome, Palundia ;-) I would go all-in with BMN. Look forward to seeing your £50K buy.
Just to confirm we have a broker target of 92p and we are making around $1.3 million per week net profit. Almost unique for an AIM listed company.
Have a great day all.
Cheers, RK

Thanks, Ophidian, as usual, you have hit all the marks on the RNS very well indeed. Outstanding update covering all the points we wanted here about without leaving any stone unturned. great performance in the first 6 months and as I said last night, it makes the next 12 to 24 months even more exciting.

Thanks to everyone for there most kind thoughts and wishes today. It really is most humbling and most appreciated!

Cheers RK

Thanks, Roscon and all, for your kind messages to us.

Just after Christmas when my Claire was in the specialist oncology ward in Northampton General, we managed to raise just over £3400, to help the ward and the emergency access department. Everyone we asked to support us, were hugely generous. We have seen the progress too. The East of England Oncology department in Northampton is excellent. She had her procedures in Leicester and the team there were beyond incredible, both surgical and in Adult Critical Care - some of the most incredible people you could ever meet and we could not be more appreciative for what these amazing people do. The life-changing surgery and the new quality of life are remarkable! A true blessing to us both!
Please, everyone, forgive my off-topic remarks!
Many thanks RK!!

James0309, my thoughts are, I don't think they have fully taken on board all the parts of Bushveld Minerals and the sterling work going on. If we look at every part and the success in each aspect and the progress they are performing at every level. Which to be fair in SA is hard work. I think if the SA government switch on more to the benefits which BMN will bring to there economy, which includes more jobs, a new mine which is likely to be the envy of the whole vanadium world, the ability to make microgrids work and the example that will be exhibited by BMN. Then we have the renewables projects with solar and wind with Energy Storage, new jobs in East London at the electrolyte plant which should give greater exports, let alone the improvement in air quality with less reliance on coal with grid balancing using VRFB built and mined in SA. How can they possibly stand in the way? The upside potential is massive. I think ARC should do their sums again. They might come up with a more realistic broker target.
Cheers, RK

Many thanks Pdub for scripting the interview, that saves a lot of time for us! Great job. A very positive day for all. My Claire has just been discharged from her oncologist. Great news.

Looking forward to the invite! Those french chateaus are a bargain if you like renovating!

Could have been £75k if he waited 12 months. Fortune favours the patient!

Knuttie!

Knittie if you are using a ferry to get to the bank, that is a serious moat you have at your chateau! :-)))

Adam,
Bushveld Minerals will not be needing to raise cash through a placement!
They have cash in the bank $40 million
They are making $1.3 million per week profit
Each project they implement will improve profitability.
Investment banks will lend at very preferential rates that businesses in this position.
So I think you have no reason to consider any dilution. In fact if they wanted to raise cash they could still try to find away of spinning Lemur off.
But right know Fortune is a master at funding projects.
Exciting times are ahead. The long term potential of this business is multi billion dollars.
Cheers RK.

Well, that's interesting. I must be a fund manager then :-))

To be fair I contacted John Meyer and asked if he would be kind enough to add me to their daily mailing list after some discussions and explanation. I will do my best to share the updates as they come in.

Cheers, RK

Bassguy, the easiest way to get it is to subscribe to the SP Angel Daily updates. I know PB940 also does this.

If you follow the link and email them they will add you to the SP Angel daily news. http://www.spangel.co.uk/contact.html

I hope this helps.
Cheers, RK

You are welcome Nickderby. Your support is much appreciated here too!

That fact that with this news all coming and mapped out that SP Angel has again raised our broker target should yet again increase investor confidence.

90p to 92p is the right direction, with ongoing target FeV price at $45 per kilo we should hope that the price is maintained, there is definitely a window we need to be for VRFB to make a global market presence.

Full Broker note: https://www.uploadlibrary.com/SPAngel_JohnMeyer/Bushveld_H1_update_300719.pdf

Page 2
Eskom VRFB project continues to run following upgrades made to the VRFB battery. The battery passed a series of manufacturer and Eskom site acceptance tests in January and February. The battery will have peak output of 450kWh and is co-owned by Bushveld Energy and the IDC.
Vametco based Solar Mini-Grid Project: procurement to start in next few months following assessment of grid connections and local environment. Solar farms to supplement grid power are seeing significant growth in South Africa due to unreliable and increasingly expensive grid supply.
Vanchem: The deal has yet to receive approval from the South African competition commission.
Good progress is reported and the company is confident of meeting the 31 October date for completion with additional debt finance to come from local banks.
Lemur: revised BFS on the coal mining project, including both surface and underground mining to start this quarter.
JSE listing delayed till 2020 pending auditing of the Vanchem business as required for any listing.
Ferro-vanadium prices rose in China last week by 2.8% to US$36-38/KgV. Ferro-vanadium prices held steady in Europe at US$30-31.05/KgV. (FastmarketsMB)
Valuation: The fall in unit costs raises our valuation for Vametco and Vanchem following its acquisition to 92p/s from 90p/s. We value Bushveld’s ownership of Bushveld Energy at 8.8p/s and we have adjusted our valuation on the other assets within the group to 5.4p/s.
Conclusion: It is remarkable that improvements at Vametco mean the business has almost met our full-year EBITDA forecast in the first half.

While we expect current ferro-vanadium prices to lead to lower margins though the second half, unit cost reductions should serve to offset much of the reduction.

Our post-tax profit for the year rises to US$50.0m from US$43.6m for the year assuming received ferro-vanadium prices average US$50/KgV for the year.

The fall in the pound-dollar rate also makes the figures look even better in Sterling terms.

Bushveld Minerals* (BMN LN) 25.5p, Mkt Cap £285m – EBITDA rises by 15% year on year as management drive down unit costs

(Bushveld Minerals owns 74% of Vametco, 84% of Bushveld Energy in South Africa, 100% of Lemur Holdings, 9.5% of Afritin)

(Vanchem: Our figures include Vanchem production of November and December of ~80mtV per month)

BUY – Valuation raised to 92p from 90p

CLICK FOR PDF

Bushveld Minerals report a significant improvement in vanadium production in the second quarter.
Production of ferro-vanadium sold as Nitrovan rose by 14% in the quarter to 742mtV vs 649mtV in Q1 taking production to 1,392mtV through the first half.
A series of improvements have increased production through mine scheduling enabling better quality material into the kiln together alongside better feed and recovery rates.
Production target: the work means Vametco should be on target to meet current 2019 production guidance of 2,800-2,900 mtV.
Management expect to achieve a run rate of 3,400mtV in 2020 for no additional capital cost and continue to review the timing and investment to get to >4,200mtVpa based on a name-plate capacity of 5,000mtVpa.
Costs fell 14% to US$17.40/KgV in the first half vs US$20.2/KgV a year ago driven by higher feed rates, a weaker rand and other cost initiatives.
Cost guidance remains unchanged at US$18.90-19.50/KgV for the year as we expect the SA rand may appreciate through the second half.
H1 EBITDA was US$48.6m vs US$42.4m a year ago with margins > 50% due to the focus on unit costs, relatively good ferro-vanadium prices and weaker SA rand.
H1 Revenue was US$74.3m in H1 vs US$81.2m a year earlier when ferro-vanadium prices were higher.
H1 ferro-vanadium prices were 14% lower yoy at US$56.3/KgV.
Both sales and EBITDA benefit from a relatively strong ferro-vanadium price and the lag in pricing from December 2018 which feeds through into Q1 this year
Vametco also successfully completed wage and benefit negotiations with the AMCU union to run from 1 July 2019 to 20 June 2022
Bushveld Energy - Electrolyte Plant EIA on track to be completed this year with samples sent to vanadium battery companies for testing.
Electrolyte rental: The financing of VRFB’s through the leasing of vanadium in the electrolyte has got off to a rapid start with the implementation of a first rental contract with Sandbar in the US though Avalon Battery Corporation. Bushveld management are also working on a dedicated vanadium electrolyte rental fund.
Eskom VRFB project continues to run following upgrades made to the VRFB battery. The battery passed a series of manufacturer and Eskom site acceptance tests in January and February. The battery will have peak output of 450kWh and is co-owned by Bushveld Energy and the IDC.