Member Info for SquirtyFlower

My reading of this is that the Mustang relisting is not going to occur on or before the deadline of Monday so Garnet have paid their option to take control of Enerox (subject to some conditions which I've no doubt they'll meet). The 21 April RNS listed various terms relating to CLNs that can now be converted into BMN shares, but I don't understand what these really mean in terms of how many shares this might involve.

We don't know whether the Mustang relist issue was fundraising or FCA process related (or both) but it's been clear for some time this was struggling.

The 6 month electrolyte term in today's RNS seem fairly academic to me as I strongly doubt BE will be able to produce such electrolyte on competitive commercial terms over that period given the plant isn't fully commissioned yet.

In many ways, my preference now would be for Garnet to buy out BMNs remaining stake here, take the money and use it towards the Orion debt.

The market is not nefariously controlled by the MMs algorithmic trading and if you thought I said the other that then you are wrong. Over a period of weeks or more and when daily trade volume is healthy then the market moves in response to the factors you list amongst others. However on days when volume is minimal (as it has been for days here) then MM algos will kick in to try to gradually find a price at which trade volume increases i.e. buyers and sellers appear. Invariably this is a downward movement because, like any buyer, it is lower risk for the MMs the cheaper they pick up shares off the few sellers there are. Eventually they'll find a price that generates trade volumes greater than the price of a Big Mac and fries or news will arrive and do the job for them.....and whether you are a pessimist or an optimist here then I think we probably all agree real news is desperately needed here one way or another.

This is the About Us page of MK Plus. They appear to have 10 employees so need to keep it in perspective as to where they are in their development and ability to grow (even if the technology does have legs and isn't just hype over substance).

https://mkpl.co.jp/en/company

Yes, in response to a new Chinese economic stimulus plan.

If you think there's a MM sitting there all day going "I reckon it's been a good hour since the last BMN trade and there looks to be f**k all on the order book. Shall we drop the price of BMN another tick yet, boss, or give it another 10mins to see whether summat turns up?" you might want to consider whether there's possibly an algorithm doing the job instead on BMN and all the other so-called garbage stocks out there.

Of course they don't care about BMN or any other small aim share or anyone putting money in such shares. They just care about themselves and making a profit. No trade volume equals no profit so their algos will kick in and do whatever they're programmed to do to generate trades (which is most commonly move the price down and widen the spread as it is lower risk to the MM....and the current 3.0-3.3p spread is percentage wise a slightly wider spread than the 3.1-3.4p spread it was earlier).

We've had 41 trades in 6 hours today, the largest has been for just over £9k and many have been for loose change amounts. This is hardly the Wall Street crash all over again is it?

There is no volume at all and hasn't been for days as everyone is waiting for news before making their next move. In these circumstances the MMs are going to walk the price down to try to generate trades.

Broomtree - why is it premature to expect the 2Q and 1h23 production report this week when it has arrived the last week of July on the last 2 years? Yes, it won't be full results, but it will be production volumes by plant and C1 costs by plant if previous years are anything to go by (plus any modified guidance for the rest of the year). These should give a good indication whether we're on track for full year production at the target levels and cost containment.

This week is arguably the most important in BMNs history. Certainly the most important for years in terms of setting up the next 2-3 years.

1) a 2q production report at the top end of volume guidance and lower end of cost guidance sets things up well for a good full year. Conversely if the promise of early April production has petered out then the rest of the year is going to be a real struggle given the known 3q maintenance downtime that will occur.

2) Hopefully confirmation that the Orion agreement is through the legal, corporate and regulatory checks and ready to be voted upon. This seems to be taking an age.

3) Perhaps finally announcement of the Mustang prospectus and relisting rather than it being delayed yet again ( though the latest deadline for this is Monday 31st July so perhaps we'll have to wait until then). With it, hopefully more precise details on Belco and BE future too.

4) new CEO words on how he sees state and direction of the business.

5) hopefully an update on Belco commissioning and, even better, a contract or two!

Obviously an end to the bickering and provocation on here would be a bonus, but it won't happen and just getting news on most of the 5 above would be very welcome to move discussions along here to the next installment.

Well according to this report ESS (who are the main player in this area) are hardly cleaning up big time. Yes, they've had some orders, but 2022 revenues of under $900k (yes, thousand) and expense of $106million (mainly on a new plant) suggests they've some way to go.

https://www.energy-storage.news/iron-flow-battery-firm-ess-inc-ends-2022-with-800mwh-production-capacity/

Sorry....I sincerely hope that the sad and warped individual on here who doubts the genuineness of your illness reflects on the verifiable detail you have posted and desists from taking his pathetic campaign any further. He shames himself greatly by his intentions.

Very good news, Pdub, and best wishes for your ongoing treatment.

I sincerely hope that the sad and warped individual on here who doubts the genuineness of your illness reflects on the verifiable de

Ok, I accept if your share gets suspended without warning then you're stuck until it is lifted (or whatever other action occurs e.g. takeover completes). However, neither the Evraz nor the Mustang suspensions came totally out of the blue so it was by choice that those who stayed invested until suspended did so.

Nobody is ever stuck in a share. They might have to sell at a loss, but they're not stuck. They just have to press the sell button. Whatever the current paper value of their BMN shares, it is worth exactly the same as if they sold up and put in somewhere else. If someone is stuck here then the only place they're stuck is between their ears.

Short term investment case: Production report for 2Q is towards top end of volume and bottom end of cost estimates and Orion deal gets the background legal and sign off completed in the next few weeks and you could see share price around 6p mark by end of August. At that point the share price may struggle to appreciate rapidly until Orion have offloaded the 57m shares or so they get as the first part of the deal ( which Orion are not currently renegotiating because as soon as they said they they wanted to vary this element BMN would be obliged to quickly inform the market as it is major share price sensitive news).

In the recent 2022 results RNS the company said we have received an average of $37.99kg/V up to that point in 2023. It forecast lower prices for the rest of 2023 and lower again in 2024. It, for one, certainly doesn't see any pricing strength over the next 18 months. On the positive side the company's forecasting track record has been very poor over the years; on the negative side, they've invariably erred on the side of over-optimism which doesn't bode well!

On a related point, if we've been receiving an average of $37.99 across the group this year then we must have received a lot lower than this for much of our sales to offset all the $40+ Nitrovan sales and the $100 chemical sales being touted on here.

Any discussion of profits or not needs to be clear about what is being included or excluded. Are you talking EBITDA of the vanadium mining and processing alone, EBITDA of BMN as a whole including Belco, Imaloto, etc, including estimates for some or all ITDA items or writedowns, etc. Without complete clarity about these then both person A saying we'll make a profit and person B saying we'll make a loss can both be correct at the same time. Schrödinger's BMN if you want!

By far the biggest statement of how undervalued the new CEO thinks the company is to put his hand in his pocket and buy a chunk of shares (£50k minimum, ideally multiples of this and not some nominal amount), set an example to his fellow directors, and demonstrate a big change from what has gone on before his arrival. Then he'd then have as much invested in this as many on here, myself included, really feel the pain of further appalling share price performance, and accelerate the process of regaining shareholder confidence and trust in the BOD.

It was the CEOs comment about dilution that I was alluding to when I said talk about this was a bit misleading. Yes, in theory they could have negotiated dilution, but the original RNS made it pretty clear thant cash repayment was the expectation once the 14 July 2023 date was hit.

Having re-read the 19 Jan 2022 RNS which stated the terms of the Primorus CLNs plus comments below on this board, the following appears to be what's gone on:

1) BMN did originally grant Primorus an option on the CLNs so Pdub is correct in saying BMN had control of this. I was incorrect in saying it was Primorus who called all the shots here.

2) Primorus did two out of a possible six conversions. My interpretation of the RNS is they did these at a 20-day vwap of the BMN share price on 28 Feb 2022. This appears to be in the region of 9-10p. The BMN share price was briefly higher than this in early March 2022 so maybe Primorus got lucky and converted and sold one tranche during this period. However the share price has been well below 9p since then so the second tranche would have made a loss for sure (and perhaps the first too).

3) I was wrong to suggest they could convert up to 30m at 3p to settle the £900k balance. Any final conversion (up to one-sixth of the total) would have again been at 9-10p so it's obvious why Primorus weren't interested in the other 4 conversion opportunities.

4) the final sentence of the original RNS covering Primorus says "To the extent the BMN CLNs are not converted or redeemed by 14 July 2023 they will be repaid at face value plus accrued interest by Bushveld." This is what kicked in on Friday and the word 'repaid' strongly suggests to me that cash was always the intended method here and talk of dilution as an option is a bit misleading.

Lots of comments yesterday that BMN is flush with cash and this was their choice. The original RNS suggests they didn't have a lot of choice - cash was required now to settle - and the fact they've had to negotiate eeking out the payments suggests the cash situation isn't as great as touted. Yes, we may be making a small profit on current V sale price versus the V AISC (though I remain doubtful) but getting Belco plant commissioned will be eating cash for no revenue as yet, the Mustang deal isn't closed so we don't know what additional cash may be involved here and, of course, if we were that flush with cash and cash flow it would have seemed sensible to include at least some element (even just a million dollars) in the recently announced Orion deal. That would have sent a very strong message of confidence to the market. The confusion caused in the recent results RNS and conf call about potential additional finance raising doesn't give a good impression either on this. Others will disagree and that's fine. It's my view and, as you've seen, I get it wrong quite a lot and I'll be delighted to do so again in this case!

Primorus own the CLNs so call the shots on repayment. Their options were approx 30m shares at 3p, cash or some combination of these. Primorus are no fools and can foresee the problem involved in offloading 30m shares at an average of 3p to get their money back so cash is by far their best option. Unfortunately BMN are so strapped for cash that the best they can offer here is 100k per fortnight over 4 months at 10% interest like some sort of pay day loan repayment. £910k is not a huge sum really and if BMN had the cash they'd pay it up front and not incur interest. It's not a pretty story and delusional to pretend it is anything else. 4pm Friday RNS are invariably bad news and this is the case here.