Member Info for Sistersoffate

To be fair, that reply just reminds me of someone ‘writing for the file’. Replaying stuff already in the public domain. Although I accept some People may not have read it.

Anybody any idea how long it actually takes from FCA approval of the prospectus, to issue of that, and then re-admission / listing?

I sincerely hope that Dean Gallegos‘s assessment of progress is more accurate than we have been used to!

‘Mustang via VRFB-H are acquiring Garnets 50% interest in EHL for $33 million.’

Let’s all hope so - BUT there’s not much sign of the MUST prospectus, and subsequent re-listing, which then opens the door for Garnet to take a controlling stake in EHL - for US$3.5M!

Thanks HC.

As an aside, did you get a physical copy of the Report and Financial Results?

Page 61, last line. Talking about short term incentives, and having a cap and collar on V price and exchange rate (elements outside of individual control that could affect bonus / performance).

Whereby the company set guidance for exchange rate at 16.6R, the remuneration committee have used 14.45 (+/-10%)! Good move setting that cap at plus 10% 😁

RNS this week?? Repayment of the outstanding element of the Primorus CLN’s. Hopefully they retain some faith in BMN and would like to use the cash wisely.

On 21/5/2019, with the share price c. 25p BMN issued an RNS as follows:

‘Bushveld Minerals Limited (AIM: BMN)……., notes the recent downward movement in its share price. The Company confirms that it is not aware of any corporate developments that support such a movement.’.

Perhaps they’d like to release something similar about now (unless for some reason, they know different)!

And you’re entitled to your opinion, as am I, or anyone else.

Not forgotten to mention anything. I was responding to your initial remark.

In fact, ordinarily, I find your posts quite uplifting, when at times, it can be difficult to justify to friends why I continue to hold this stock. I’ll just pick up on a couple of your points though if I may.

I’m working on the basis you’ve never worked in sales. Because if you answer the question as to whether you hit target (a target you yourself selected, and said you were going to hit 2 months prior) it’s a yes or no response. No, but……
And your paymaster hasn’t listened to the rest. Stating that you still expected to hit production at 3900-4100 indicated you still felt there was a prospect of hitting the upper number.

Secondly - I’m fully aware of the MUST involvement thanks, and that their prospectus needs FCA approval - so on that basis NEVER set yourself a target date where someone else controls the timings. Particularly the FCA, who I personally wouldn’t pay in washers.

Other than that, no doubt the RNS will drop Monday with another extension to those CLN’s - which will take us to a year after Fortune’s initial announcement. At the time, I felt it came across like an afterthought (what can I do / say to keep everyone happy) and that zero planning had gone in up to that announcement. That’s starting to look about right.

‘Ben commissioning is scheduled for completion in H1.’

That’s a bit like saying, at the end of October, having told us that you still expect to make target production of 3900-4100 mtv despite record load shedding in Q3………. And then failing

Or, stating exactly 2 months ago, you ‘expect’ BE carve out to complete by end of Q1…….and then failing!

We have known elements of the equation (exchange rate, V price) and then we have what Fortune thinks may happen in the way of production, BE carve out, and commissioning- and then we appear to have reality!

Read it again - there’s no ‘should’ about it.

‘This will crystalise its value and attract the appropriate institutional investors…..’

Come on Pdub. NDA’s was your excuse for the lack of info on BE / Eskom contracts. Let’s not play that card again.

And whilst I agree with Lindon about the need for clarity on the way forward for BE (the sooner the better), for me, in FM’s presentation, carving out BE sounded like an afterthought. They had to come up with something given the lack of progress after all these years - and that was it.

@Pdub ‘The company has made huge progress towards its target…..’

I accept that we’ve made progress, but You try selling that to your boss and he / she will tell you you can have the bonus WHEN you hit that target.

2021 efforts we’re poor. Yes we disagree, but I’ll post again my comments earlier this year and rationale for that judgement.

Back in November 2020, during a Crux interview, Fortune was pressed on the share price, and progress on BE, being asked, how long do we have to wait? As part of his answer, Fortune said that we are still seen as a miner, the market doesn't get it, we're going to address it, we're actively engaged in trying to solve it (energy recognition) and whilst he can't elaborate, they will inform the market in due course.

So what progress?
We are still seen as a miner.
The market still doesn't get it
Whatever the Board are actively engaged in, whatever they have done to address it, has been going on months without result / progress. I could add more.

Yes, this weeks update and RNS’s have been excellent, though long overdue, updates and a roadmap for the future. But they will be considered when I vote for a bonus on 2022 performance.

Based on last year, I’ll be voting against the bonus this year.

Best wishes. SoF.

And I had an email from Andrew last November telling me they had just completed the first part of an institutional roadshow. The feedback was consistent in that they were happy with the operational performance since May, and they wanted to see that carried through to year end. Then they expected the share to rerate.

I think we’d all agree the performance has been carried through, so where’s the II support? I’d take what Andrew says with a pinch of salt - although hope RBC do indeed make a difference.

Having said that, whilst LONG overdue, I was encouraged with today’s RNS. some news on BE (update in a few weeks on 28th January!!) would now be useful.

The thing is, is a reply to an email of any value? Here’s part of a reply from November last year:

‘There's a lot going on behind the scenes, that I can't share with you at this stage until its' released, including updates on BE.

We have just completed the first part of an institutional roadshow, and the feedback is consistent. They're happy with the operational performance since May, and they want to see that carried through to year end, and then they expect the share to rerate.

The key essence is focusing on delivering operational performance and meeting our annual guidance. Less noise and talk, and more performance, and then we will get more institutional support, which will reduce the share price volatility’.

Progress since? Zero.

Good luck getting some worthwhile response!

I do agree that we have made some progress this year in our mining / processing operation, and the points you made. Albeit lets be honest, we've shifted the goalposts so we can at last hit the target - and hitting those targets is the least I expect.

Back in November 2020, during a Crux interview, Fortune was pressed on the share price, and progress on BE, being asked, how long do we have to wait? As part of his answer, Fortune said that we are still seen as a miner, the market doesn't get it, we're going to address it, we're actively engaged in trying to solve it (energy recognition) and whilst he can't elaborate, they will inform the market in due course.

So what progress?
We are still seen as a miner.
The market still doesn't get it
Whatever the Board are actively engaged in, whatever they have done to address it, has been going on 16 months without result / progress.

The Board here have failed. We can sit behind the NDA excuse - but that can't have been ongoing for this length of time. This sector is red hot, and yet we have nothing. 'we hear you' apparently, but he's paying lip service to us all.

I was interested to hear Faramog say he voted against the remuneration package at the AGM last year, and the result was closer than I suspect many of us envisaged. I left it alone and gave them the benefit of the doubt. Having viewed 2021 'progress', I won't be so charitable this summer. I am not sure what consequences that may have (if any) for Fortune.

Announcing we are going to do something, and doing it are 2 different things - and has been our Achilles heal for some time now. Progress? Not anything to suggest any sort of share bonus is warranted for 2021. Sorry.

Best wishes in your continuing battles.

‘Im sure they will issue themselves some more bonus shares so won’t be bothered about this’

I’m not so sure! The vote at last year’s AGM on Directors remuneration was a lot closer than I for one envisaged. Given the lack of progress in 2021, I expect that motion to be defeated this year.

Pdub. Reading the RNS’s - the Choice between cash and CLN’s was OURS - not Primorus!

Thing is Alfa, it’s always next week, next month, next year. Imminent even.

Anyway, I believe you are far more in the know than many of us here. Despite the Judge’s comments / summary suggesting he couldn’t see the value in it, I’m more than hopeful that your last paragraph is bang on the money.

Having said that though, perhaps you’d like to comment on the rationale for the CLN option for the backstop settlement, as opposed to paying cash - the day after tweeting the extra cash flow vanadium prices are providing us.

That marries up well with yesterdays tweet.

One day vanadium prices driving through increased cash flow. Today, we’re issuing CLN’s for a $1.5m backstop position.

Poor Fortune. Really poor!

Exactly right gents - which is why I expect Fortune to announce tomorrow that we’re setting the Primorus position (Mustang backstop) in cash and not CLN’s.

And on the subject of lack of news, it’s now 7 weeks since the promised BE update ‘in a few weeks’.

‘In a few weeks’ becoming the new ‘imminent’!!

On the contrary Sanchez - your original post on the matter was 27th July, indicating news and communication due soon.
Since then RNS’s re the AGM, AGM correction , results, share allocation and subsequent disposal of those for ‘reasons’. None of which I suspect are the communications you were hoping for!