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Just a couple of my posts Harchris - I post based on known facts from RNSs and financial statements, as an accountant I understand them unlike you! No substance to my posts? Think again sunshine!
TrevorBrooking
Posted in: BMN
Posts: 1,007
Price: 2.60
No Opinion
RE: Please back on topic25 Jun 2023 19:16
Q2 figures will be interesting, given that vanadium prices have been falling
TrevorBrooking
Posted in: BMN
Posts: 1,007
Price: 2.95
No Opinion
RE: End of year cash figure21 Jun 2023 13:28
Hi Bushy, you are correct, it's the way it's laid out in the overview that muddles the issue: if I do a deeper analysis of the costs for last year (excluding impairment costs) I get:
Cost of sales 108304
Selling and distribution costs 9270
Other mine operating costs 2723
Idle plant costs 6725
Administration expenses 20838
Finance costs 14140
Total 162000
Granted, some of the idle mine costs may disappear but I have excluded the loss on shared ventures to allow for this. On this basis the cost per unit is $42.2 per unit. I believe the $43.7, whilst it included the impairment cost, did not include any finance costs, but please correct me if wrong. Still looks like a breakeven scenario on current pricing given the impact of inflationary cost increases.
TrevorBrooking
Posted in: BMN
Posts: 1,007
Price: 3.025
No Opinion
RE: End of year cash figure21 Jun 2023 12:00
Harchris, you state that breakeven point should be approx $35.5 yet the accounts state the following "The Group cost per unit sold for the year (including sustaining capital expenditure) was US$43.7/kgV. "
I appreciate these are 2022 costs but if anything we are expecting an increase in costs this year. Could you rationalise your breakeven point please as it doesn't look correct to me, thanks.
Harchris, as you mention, the falling V price has been a major factor during this year. I did keep pointing it out to the board but it seems you took no notice of this and continued to believe the business was improving! Maybe you shouldn't just disregard "trolls" information in future, especially when based on known facts. Hopefully lesson learnt.
Profitability is completely dependent on V prices, with current pricing in the doldrums it's not surprising forecasts have been downgraded.
Pdub, thought you'd sold up after Fortune left?
Roger, you've got it all wrong! Operational performance is great according to some posters.
Oh look, is that pigs I see flying past my window?
V prices in the US are down 6.09% over last 30 days, 21.54% down over last 360 days. You can only cut costs so far and profits seem a dim and distant hope at the moment. Remains to be seen if they can ride out the storm.
Maybe they will also be identifying the culprits who have been telling everyone that operating performance was improving when in fact exactly the opposite was happening. How many people have been left out of pocket after these claims?
Shorting of this share hasn't been the problem here, it's the company's performance or lack of that has led to the current situation/share price. Thinking it's something else is dilussional.
Those who have continually ramped this came out and admitted that the "trolls" called this correctly all along. This board has seen a lot of animosity and it's about time some apologies were dished out. I live more in hope than expectation.
You might be needing the life expectancy of a Greenland shark!
Hmmm, people have been saying that all the way down from 48p
Marc, you're forgetting the impact of inflation, currently running at approx 5% in SA, not as bad as the UK but costs will be rising, at a time when V prices are falling
He'll also be judged on what he delivers, not his past performance.
"So with V rising" - sorry to disappoint you but it's falling.
Well it hasn't rewarded those that have held for the last 5 years! All depends on your definition of long term.
Harchris, you convince yourself all your like, firm means static, not high! And they aren't making money at the "high" price of $35.5 are they! You may think it's high, but it's not high enough to break even.
Harchris, your statement "US V prices still remain relatively high" is completely wrong. Pricing in US over last 12m, is as follows:
30 days - (2.51%)
60 days - (3.69%)
90 days - (4.27%)
180 days - (6.55%)
360 days - (-14.52%)
How can you say that prices are relatively high when they have fallen by almost 15%?
Sorry Codejunkie, call me a troll if you like, but I base my views on facts and figures, not wishful thinking. I believe that strategy has probably served me better than yours!
It's clear that the average realised price of $37.4 is not sufficient to enable the company to return any sort of profit in the long term. Unless prices recover (and as it stands they continue to fall) then it's a very bleak future.
They bin anyone that doesn't think this is the best thing since sliced bread because it doesn't fit their agenda.