Member Info for zeusfurla

Schlemiel Tactically I think NM has done a really good job in talking up SOLG and has given a real profile to this company if that wasn't already there. Having done the PR bit and got BHP funding for the next year, it's time to move on with exploration and creating value. Unfortunately for impatient shareholders like myself this can't be done overnight for exploration companies but we have a clear pathway mapped out for the next year. MRE2 is not that critical in my view as the final outcome for Cascabel (and the other tenements) is clearly going to be overwhelmingly positive. As S4 said we are looking at multiples of this in a year's time. The proposition is fantastic - was it Jason that said Ecuador now is like being in Chile 50 years ago? This is legacy stuff for NM and the Board. He's doing a great job of promoting the company and I hope it continues as 1 possible outcome is to push other majors into early action. For what it's worth I still think we will have a bid around PEA time. Past behaviours can't predict the future action of majors - we are now in a world of harder to find copper. Risk appetite will increase and majors won't wait until everything is drilled before making an offer. They can't afford to. Although in the short-term the SP may be under a little pressure but this bears no relation to the value in SOLG. I am a strong holder and looking beyond the turbulence of the last few days. The SP will trend up again soon.

It's worth noting that the glossy Annual Report was issued on 28 Sept 2018 in an RNS. The content including Q&A is therefore almost 2 months old.

Endion Volume down by over 1/2 means Alfa's spreadsheet can lose a few rows! Still didn't see the 50k buyer around today so has settled down a bit. I can't believe MM's though - during the day it's hard to know what's actually going on. Just as well we are not day traders.

Price jumping around on low volumes. I don't want to be a MM as a career choice - how could I sleep at night!

No need to panic as a few short-term sellers exit. As others have said sensible to hold - we are not day traders!

Given the chunky late reported trades today and the attempt by MM's to make it look as messy as possible for the ordinary PI, I wonder if we are almost at the end of the availability of warrants? Alfa mentioned yesterday that another day like Tuesday could wipe these out from memory. I am positive about SP direction tomorrow - still very high volumes and strong buying throughout most of the day. If share availability is limited and demand continues as it has for the last few days there will be upward pressure even without any RNS!

hTTp://www.miningweekly.com/article/vanadium-batteries-the-solution-to-meet-growing-energy-storage-demand-bushveld-2018-11-14/rep_id:3650

Helpful summary in Mining Weekly of this week's webinar with key facts - quick way to access key info.

Just catching up on Hannam update which mentions that a doubling of contained metal may not be achieved given end-Oct cut off and adding this to Jason Ward's 10th October comment I think I posted a while back to say if SOLG didn't double up in MRE2 it would do so soon thereafter (I suspect they knew on 10 Oct they may be a little way short). I think that looks the probable position to me now. Could be a little disappointing if we fall slightly short in Dec, maybe an update in Jan/Feb around PEA time to get over the 2x line? However a potential 2nd porphry/expanded high-grade core could make up for that - good comms needed over the next few weeks and that is something Nick has done well this year. As jerry says if we get as far as MRE3-PFS-FS we will be in a very good place.

Jerry and strider4 - 'why would they pay the multiples of sp that NM thinks he should get' or why would they wait another year and pay double what they could pay now? 2 ways to look at it. I wonder if the regional update that is coming before MRE2 is another tactic by NM to dangle some other carrots away from Alpala to encourage a nibble? MRE3 gives NM a fallback if MRE2/PEA doesn't generate a bid from BHP which I think it will. It also may push BHP to move quicker. If MRE3 is 3x then the price goes up. I trust Nick on tactics and don't think we'll be waiting for a bid in 6 months - it will be here before then IMHO.

Great comments from Mikhail. Lower vanadium cost improves profitability of VFRB batteries so higher cost improves mining and production profitability - excellent risk-reducer for BMN. Back to Mikhail.

Main buyer still adding 50k's and MM's seem to be burning thru the last of the warrants at quite a rate. Back to Mikhail!

schlemiel/mirabeau/jerryspaniel and others - thanks again for all your posts and twitter news etc - really helpful for me to build up a picture as a relative newcomer. I get the feeling just now that the charm offensive from the last couple of months has served its purpose. BHP is on board and SOLG has a real profile now. I wonder if Nick has just overplayed things just a tiny bit to generate interest. However, even if he has and even if MRE2 is not much different to 2x MRE1 (possibly a little below?) and has good high-grade results I don't really think it affects the endgame. There could be a SP wobble next month (or not) but this all looks to me like the ducks have been lined up and there will be some action early in 2019 either from BHP or another big major. That is assuming that markets and copper prices don't fall through the floor and we end up in a recession. Even then the value is still there but may be pushed a bit further down the track. Still very positive about SOLG. All IMHO - just reading the runes as best I can.

Looks like NM is lining up some continuity in good news stories beyond MRE2 to keep momentum going in early 2019. If a hostile bid is made there is more good news to come but I'd suggest this could benefit BHP more as they will know more about the last 50km of assays than outsiders, giving them time to negotiate some kind of offer after MRE2? Still, there is so much unknown that any bid is a guesstimate.

I'm still thinking of Jason's comments on 10 October presentation where he said that if we don't meet the exploration target in MRE2 we will soon thereafter. Seems to me that the decision was already taken before 10 Oct on how much was going into MRE2 and that it may be close to MRE1 x2 - definitely a tactical move. I'm not expecting much different to a figure close to doubling MRE1 - may even be slightly under, but the RNS flags up more good news to come in MRE3. Still convinced this all points to a bid in early 2019.

6.2m warrants likely to be admitted to AIM market today. Not sure this will have any impact if already traded but worth a reminder. May be worth looking out for higher volume trades.

Just listened to Jason's 10th October presentation again. He said a few very interesting things including 'If we don't get to that exploration target, we'll get there eventually.' He was talking about the Cu target not gold. But in the prior few sentences he talked about both doubling the Cu in the MRE and also about adding 3M tonnes to that figure as putting Cascabel into the top 3 projects worldwide. I am not sure whether he was talking about reaching 10M tonnes or 13M tonnes by year end - worth another listen as this is pretty critical to market reaction next month. I am not sure. The other 2 things that stood out for me were at c15:50 into the presentation when he said Hole 64 is 200 metres North of the Alpala deposit. Just listen to how he said that and look at his (very brief) body language. This is a significantly positive comment IMHO. Final thought - the last slide is headed 'The Solgold Opportunity' - interpret that as you will but for me it is an opportunity for others to buy or buy into. Important presentation worth another listen - much more than Anna's more recent presentation IMHO. The sound was poor on my pc which made it harder to figure out.

50k buyer still there . Looking on L2 seems like MM's are taking every chance to drop price but not much substance to the drop as far as I can see IMHO.

I liked this comment at the end of the RNS below - not sure if it has appeared in previous RNS. In particular the words 'strong', 'imminent' and 'significant'. These are very confident terms and signpost more news to come as BBN has highlighted recently.

On tonnage are we not relying on Phase 3 to increase output in 2019 to closer to target levels rather than project Q4 2018 ahead for the next 4 quarters. Likely walk down by MM's but PI's here are more knowledgeable than for other shares so impact won't be as strong. Short-term hit won't affect the longer-term story.

'Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries'

There is more than 1 way to look at this. Maybe the 60p is deliberately being set as a low hurdle price so that any hostile bid which comes in would inevitably exceed 60p even if on the low side and would force an acquirer to spend another £50m or so to buy them out this deterring low speculative bids. There may well be something crystallising in the background which we are unaware of - BHP/Newcrest etc. Even if not, £50m out of say £2bn company value is 2.5%. I have no objection to that amount going to many of those who have generated the value in the company. Shareholders will be amply rewarded for providing their capital as will other stakeholders.

I enjoy reading both Alfa and pdub's views on a variety of subjects. It really helps inform my views of the prospects for BMN. I hope that this healthy and challenging debate continues. A sign of a healthy BB (and indeed democracy??) is the ability to sometimes express contrary views on the same subject in a rational and argued way. Long may the respectful posting of views of all colours continue and thanks to both!

GV Anna mentioned in her presentation yesterday that 145km had been drilled. Didn't say at what date but I assume a current figure?