Member Info for SickOfTheRatRace

Alfa I seriously doubt this has got them out of any hole. All the drop has done has encourage anyone with funds to pile in!

Any serious BMN investor knows this is a insignificant blip.

There is nothing to fear from this RNS.

Thank you BMN for doing the right thing and keeping shareholders informed.

Fantastic! Managed to get an emergency top-up through at 20p just now.

@fb welcome back!

Obviously with your background you know more about leasing than I do, but I did find this reference:

"In exchange for payment, ownership of an item (usually equipment) is transferred from the seller to the lessor. The lessee then contracts with the lessor for the use of the item in exchange for a periodic fee. The seller may or may not retake ownership of the item once the leasing contract has ended."

So I assume there is no problem in ownership reverting at the end of the lease, once the lessor has made their margin? Although I assume the ongoing cost may be higher if the lessor is not going to own the product at the end.

BMN

10:15 120,000
10:17 50,000
10:18 50,000, 50,000, 30,000

Then moved to ATM

10:19 100,000
10:20 50,000
10:21 25,000. 25,000. 50,000 (at midpoint but only because bid and ask were both 3.00)

Coincidence?

Lemmings was by DMA Design which is now Rockstar. Loved the game, if somewhat frustrating at times!

Of course it goes without saying to most here but we are still massively undervalued at 23p even with what we know about Q2 and Q3 is only going to be better. As BBN posted the average sales price for Q3 is incredible and now there are signs the V price is going up again.

Bring on those official H1 results with forward guidance!

LionelGreen some good observations there, I would also add what seems to be a rarer but increasingly common practice of posting a massive sell (such as 1,000,000 shares) to force a drop then some hours later (or even days) cancelling said sell. Of course by then the damage is done - a fake sell instigating a false drop.

It would be nice to think they have been rumbled thanks to Alfacomps first class analysis this morning.

raffym yes I am a LTH and yes I have benefited from a rising price. However don't confuse negativity with the current situation with a desire to see the price deflate further. The negativity is primarily an observation that the company needs to up its game to do it's bit in situations like this - releasing the BE grant news officially was something they could have easily done. Ultimately that benefits not only the LTHs but those who bought in recently as well.

McMuff judging by the recommendations your posts get there are a number of people who agree with you. Personally I believe there is significant room for improvement in how BMN manage AIM sentiment here. The current approach is more FTSE, which in itself is not a bad thing if we have desires to one day move to that market. FTSE investing is much more focussed on official results periods whereas on AIM the company needs to grease the investing wheels a little.

The undeniable fact of the matter is, that so far the company has watched a drop from 28p to 21.75p, has good news to tell via RNS that would give a boost but has chosen not to (BE grant). Yesterday I searched for the BE grant and could find only one outlet mentioning it in search results (and they didn't know the figure), yet if the company had announced it itself it would have been picked up by a lot more sites. It's not even on our standard pickup site Proactive Investors!

Anyone who bought in at 27p got a bargain and will be handsomely rewarded, assuming they have the necessary patience.

Alfacomp your response is better targeted towards Solomon1985 as I really have little interest in Tando at this time. For little read as none.

Of course I agree with your observation regarding our steady cash, once the company finally gets round to full disclosure of black and white numbers later this month.

Solomon my main comment would be it is not exactly news that there is Vanadium at the Bushveld complex, as you probably know we hold one of the biggest Vanadium resources in the world in the same area. I am interested to see how they manage news flow regarding this and what effect these announcements have on their share price as we (BMN) may be able to learn something from it.

Given how long we have been waiting for the Mokopane mining right perhaps we could reconvene and discuss Tando successfully going into production around say, 2025 - 30?

They already raised funds for simplifying organisational structure, which many have taken to mean Sojitz. We have heard nothing more on this since that fundraise earlier this year.

or a seller that isn't distressed or willing to sell for less than a certain floor price?

No, not me before you ask!

Pdub I agree with you and your principle argument, I would only comment why were figures posted in this quarterly update when a previous update stated that the company would only release figures in interim and annual reports (in line with the market). The only answer I have is that it was an attempt to soften the blow of reduced production by stating just how much money we are currently making. This report was therefore much more detailed that previous Vametco updates for good reason - to try and balance the negatives.

As for your comments on quarterly updates and sentiment, couldn't agree more. We saw exactly what happened many years ago when Fortune suddenly released an RNS of biblical proportions - few understood it fully and traders couldn't be bothered to read it, the price fell.

AIM needs nice bite size chunks and the price will take care of itself.

Sanchez I believe I have already previously communicated that I hold a different view, for example the plant labour shutdown would of course led to a drop in price but equally a good bounce once it was resolved. Then by the time of the Q2 results it would be old news. Indeed it would have been a good situation to refer to (with specific RNS releases) in future when furry friends would attempt to make more out of it than it was.

I also took the time to post a calculation that showed production wise that this (in combination with community action) was maximum <10% of the production loss over expected 2018 figures so by no means do I intend to overemphasise the labour issue which is just a fact of mining life. However the other 90% or more was within company control.

Regardless of which of the views regarding this news and the share price an individual shareholder has (and of course I respect yours) this distracts from the main issue which is that AIM regulation requires price sensitive information to be released without undue delay. What we appeared to have was a release that attempted to bury the bad news by counterargument that things were already OK/being addressed which appears to fall foul of AIM regulation requirements - two months is undue delay. My personal view is that given this is our only income stream at present it is 100% price sensitive - indeed proven when the release of the information caused the price to drop by 25%, clearly a drop we are not going to recover at present until at least some further positive news flow.

That said I wish to reiterate my view to everyone here that I have full confidence in the company going forward and my shares will remain tightly held. The situation is what it is and I am sure the company will learn valuable lessons from it.

Sorry, doesn't wash for me. They took over an existing producing plant with an existing staff and management base. Items like input grades are something that have been managed by the existing staff for years. So maybe they are actually saying that Evraz pulled the wool over their eyes a little bit, maybe overstated grades etc and they are trying to correct that?

On 16th November 2017, we were told this:

"Following the acquisition of an effective 26 per cent stake in the Vametco vanadium mine in April 2017, the Company's geologists have been working with the Vametco Mine's management to identify improvement opportunities at the mine. The focus has been on enhancing grade control to ensure higher head grades, and thus greater vanadium throughputs into the vanadium processing plant. As part of this process, a complete review of previous Mineral Resource Estimates and Reserve declarations has been completed. Revised Mineral Resource and Ore Reserve Estimates have been undertaken by The MSA Group and reported in accordance with the JORC Code (2012)"

The key statement for this conversation being "The focus has been on enhancing grade control to ensure higher head grades, and thus greater vanadium throughputs into the vanadium processing plant" - so whilst under BMN ownership a project was already undertaken to enhance grade control. BMN geologists working with the Vametco management.

So to hear now that grade problems contributed to production issues is an admission that the previous project failed?

Mistakes have been made this year, that is for sure. Now that we know about them what is key is how the company addresses them. Address them they will and this will be seen as a small blip going forward.

However if the intention in this response was to have a dig at shareholders for complaining then sorry, must try harder. The facts are that BMN failed to inform us timely of price sensitive information and there have been multiple problems with production, including the item above that shouldn't have been a problem because a previous project was designed specifically to avoid that situation. I know that the company will do everything it can to address the issues and get production back on track (already inferred from this email response) but please don't blame shareholders who wish to complain about problems that the company itself admitted were issues.

It's just another indicator that this company really doesn't know how to play the AIM game for the benefit of it's shareholders. In another dimension with similar parameters but more AIM savvy we would be 60p now!

Still every company is different and we pay our money and take our choice. I am not going anywhere and true value will get there eventually, however painful that is in the interim.