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Orion have made a 5 year commitment to BMN in the May refinancing RNS. At that time they could see the short term Vanadium price outlook (and the Mustang and production issues) yet they still went ahead with a deal that had 90% of the debt paid back over 5 years. They aren't about to walk away now.

The only bit of the refinance deal that looked increasingly high risk from their perspective was the 6p conversion. After today's news perhaps even this won't seem such an issue by this time next week either. Maybe this is why hmhg and crew are in such a flap.

Also worth noting that perhaps Doc Holliday and the other twitter tipster (David someone?) who suggested things might soon start happening on BMN might have been more clued up than the detractors give them credit for.

From 11:50 this morning. Biggest single BMN trade I can ever recall.

SB - so you finally admit you are a multiple id poster (as we all knew anyway). Hopefully admin will remove you and your arcm101(?) other id for breaching the site t&C's.

Sorry posted too soon. Not sure why people are concerned about the Orion refinance deal. Yes, it needs signing off, but Craig has said this is going ahead.

90% of the refinance involves making payments over 2024-2028 period so why are Orion going to pull the plug on something they already agreed 90% of which could be staged over the next 5 years? This duration alone tells you they are committed to BMN for the long term.

10% is earmarked for conversion to shares at 6p. I agree it looks like a stretch for Orion to see this price achieved in the short-term, but at most only this element may need tweaking (maybe with some extra clause to say if 6p hasn't been reached in, say, 2 years this bit can be renegotiated at Orion's request).

All in all, it's clear Orion are here to support BMN over the next 5 years as that's the length of their agreed commitment as per the May RNS.

Not really sure why folks are getting concerned about the Orion refinance deal. Yes, it needs signing off and that

Why not ask him given you can see him when you look in the mirror. Busted. Just stop wasting everyones time a clogging up the board with drivel.

Having a reseller agreement with Voth is probably better than not having one, but without any detail on the target sales volumes or revenue from the deal then it isn't possible to form any meaningful assessment of its value.

More generally, the whole of Cellcube's revenue, sales, cash, profitability and order book/pipeline is a black hole which makes assessment of its value to BMN very difficult. Since the initial Enerox deal was announced BMN has contributed cash seemingly just to keep the lights on, but we have no visibility on how much more BMN finance (or when) will be needed to prevent the lights going out on Enerox in the future. Al in all, hard evidence is needed that this whole deal isn't just a total waste of money that may even put BMNs own survival at risk.

Acacia are by far the largest single II investor in both BMN and Mustang. While I am sure there are limits to the depth of their pockets and their support shouldn't be taken for granted indefinitely, they have a lot riding on BMN and Mustang both becoming successes so I'd be very surprised if they allowed funding issues to become fatal risks to either company over the next 2 years at least (I e. they'd step in as a funder of last resort over this period if it became necessary or other funding options were crippling in cost).

The official London Stock Exchange site shows the new correct total so take it a proof they have been admitted.

Give them a chance TB. It was only last week that they said they had given samples and provided a brief outlook on how they hoped this may progress towards orders over the rest of the year. The CEO also indicated he'd hold monthly investor meets so there's an opportunity to ask him for an update next time.

Certainly some generative BS on here today.

Garnet and Acacia subscribed for $500k each of the CLN not the whole lot. We have no idea who the holders of the other $6m CLNs are and when they intend to dispose of their new shares.

Acacia want both BMN and MUST to succeed as a they're too heavily invested in both to want otherwise. MUST is their favourite at the moment, but they've stuck by BMN for a decade so aren't going to throw that away imho. Acacia want energy storage to grow in Africa and to become, via Enerox, a major supplier to this growth. Killing the main African supplier of Vanadium and electrolyte to their VRFB growth business isn't what they want. Far better to keep a foot in both camps to help both succeed.

After yesterday's RNS Acacia will be back over 50m shares in BMN. Dumping these on the market will kill the BMN share price even more and mean they raise very little for MUST as a result. This doesn't seem like a great idea for either of their babies so struggle to see why they'd do this.

Yep, a miner in charge of mining and frees FM to go with Acacia and Mustang.

Moving back to the real business rather than the playground.....

The joint goals of Mustang and Acacia as stated on the Mustang website are:

* To invest together in manufacturing assets involved in the energy transition process with a relative focus on the energy storage/battery value chain; and

* To invest in the development of renewable energy projects where there is scope to include stationary energy storage.

I struggle to see how a RTO of BMN fits in with this. Yes, Belco and BE fit, but not Vametco and Vanchem. I also struggle to see why Acacia would want to see FM (who has been behind BMNs energy focus) replaced with CC (who is a miner by trade) if the idea is to RTO BMN into Must..... assuming Acacia got a major say in FMs removal.

If Acacia are going to do some power-broking behind the scenes - and the comments in the MUST RNS yesterday indicate MUST still want to wrestle VRBH from BMN control - then I would have thought MUST paying BMN something in the order of $20-25m+ for BE, VRBH, and Belco would seem very attractive all round. MUST get what they really want and BMN get a major cash injection to ease any Orion worries and invest in Vametco and Vanchem and progressing Mokopane development sufficiently to keep any licensing issues at bay. I can see Craig taking that.

In his only 2 posts on here in 2023, Alfacomp said he had 14 million shares which was the most he's ever had. You can believe this or not, but on the basis it was true at the time he posted it then your allegation doesn't stand up.

Yesterday's RNS was the inevitable consequence of the Garnett 10% purchase RNS on 28 July and the failure of Mustang to relist by the end of July. These consequences were well known. Indeed, it was commented upon on this BB that 350-400m shares might be issued. Therefore it will not have been a surprise to Orion. They had probably been told in advance of 28 July - or worked it out for themselves, after all everyone else with even half a brain could see Mustang would fail to relist on time.

Last week Craig reiterated that the published Orion deal was going ahead. Why would Orion use yesterday's RNS to trigger a renegotiation of terms when they already knew by 28 July what was happening? If they were going to do it, they'd have done it earlier not carry on closing the agreed deal out as Craig stated was happening.

Here's my take for folks to throw stones at. Based on the recent purchase by Garnett of 10% of Mustang for $3.25m then in theory Mustang/Enerox is worth $32.5m. BMNs 72.6% of VRBH's 40% of this is worth $9.44m. However:

1) BMN has invested more than this. Today's hit was nearly $8m and previously we've put in more. In total, I believe the total investment has been nearer $20m including today's dilution, although some of this is offset by the cash we got from Garnet's recent purchase of 10%.

2) A listed Enerox may well be worth more than $32.5m. Clearly Garnet and Mustang think so otherwise they wouldn't be so determined to take the stances they have.

In the end, how much we get - and in what form - will be down to Craig's negotiating skills. Personally I'd want to see the large majority, if not all, in cash rather than Mustang shares.

Skibba - yes - see the MUST RNS issued today. They say VRBH wholly owned by BMN and Acacia. However, interestingly, at the bottom of their RNS it says they've commenced discussions with BMN and Acacia with a view to buying out these holdings and proceeding with their readmission.

Worth noting that both Garnet and Acacia agreed to subscribe to $500,000 each of the CLNs. I suspect this will bring Acacia's holding back up to approx what they had before their sale in May (in absolute number of shares terms, obviously the percentage will drop given the total new shares in issue). Stories of their selling down may be premature!

I doubt Garnet will hold their new shares for long and I suspect other CLN holders will also sell down so think we will struggle to see much share price growth for a while.