A cat made of neon, lithium and iron? No wonder you’re grumpy!...

A cat made of neon, lithium and iron?
No wonder you’re grumpy!

You think it’s funny that despite that BNP Paribas report for Bushveld no money came through?
And that that company is now hanging by a string unable to give forward projections?
A model for AVL?

Well up to US $77m was put up by S African investor, Southern Point Resources, in September last year - To buy huge chunks of Bushveld bar its’ interest in the established vanadium flow battery maker - Cell Cube which has a partnership with AVL (and was already being gently wrangled out of Bushveld control to that Bushveld-supported, Australian-led Mustang mob as per links in some past posts I shared)
…. Only there was just $8m of the Southern Point money that came through.

Which put Bushveld in a pretty dire position as it has been going broke since 2020 when it took out big loan notes and these were falling due last year too.
And the Cell Cube divestment to Mustang fell through thanks to a pesky Canadian minor owner!
Oh no?!!! (Researching Bushveld, it reads like Perils of Pauline episodes)
….. But it got an extension on those notes (£47m )to January 29!
… and was all set to live happily ever after after someone called Orion finally refinanced them the other week https://www.marketscreener.com/quot...ar-as-refinances-loan-with-OMF-Fund-45863590/
…. But no :/
Apart from whatever stinging interest Orion might be collecting, there was the matter of the $69m still owed from that September deal with Southern Point…
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And thus the current Bushveld’s predicament?
https://m.miningweekly.com/login.ph...e-but-cash-flow-challenges-persist-2024-02-05

(As a PoP twist I think it’s interesting that despite not coming through with the funding Southern Point DID contribute to an emergency £14m capital raise in December that was partly booked to upgrade Vanchem the processing plant that had been part of its September deal)
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Bur rather than just laughing why not explain the amusement please Grumpy?
What seems to have been going on at Bushveld does appear to be a bit like Perils of Pauline, and maybe AVL is going to go the same way too one day.
But I hope not
And Bushveld is an old vanadium company that was once doing very well.
- AVL hasn’t even announced a start date for mining and there’s plenty of reputable voices out there expecting the tide for low prices will turn.
And that PNB bank summary from last year predicts that too?

cheers