So poor Bushveld. [ATTACH] ….valued at just £15.21m at close...

So poor Bushveld.

….valued at just £15.21m at close last night, and, as per that link from Troy, only had £2.2m in the kitty on Monday with it’s recently acquired funder - Orion Mine Finance due £7m by June 3
Last November 30 BEL’s largest shareholder - Acacia Resources [6.928% - 160,103,265 shares ] agreed to put £3.5m into BEL’s empty coffers by February 24 [for 92,592,592 new shares at 1 pence each]
…. but it seems to have decided not to go ahead with that deal - possibly due to the low value of BEL shares and the ‘drop in the ocean’ pointlessness of it all?
(Acacia was the entity that appears to have got together with Dean Gallegos, the Aussie leader* of a British-listed fund called Mustang to secure Bushveld’s large interest in Enerox/Cell Cube away from BEL last year except, while BEL seemed all for the idea, the sale was pipped at the post by another Enerox owner {that would be the mysterious Dean Peterson of Garnet Commerce [ref]})

And it’s all a in a bit of a pickle over there isn’t it?
FWIW Bushveld also reported yesterday that at its Vametco mine the resource is strong ;

“…total ore reserves as of 31 December had increased by 10% compared to the previous estimate, totaling 293,400 tonnes vanadium oxide in magnetite at a grade of 2% percent vanadium oxide.​

It said the combined inferred and indicated mineral resource, comprising three sams - lower, intermediate and upper - stood at 180.4 million tonnes at an average grade of 1.98% vanadium oxide, with an average magnetite content of 35%…. Etc https://www.sharecast.com/news/aim-...ates-vametco-mineral-resources--16645388.html​

But (sadly for BEL?) all sales and marketing from that mine is now in the hands of its ‘saviour’ Southern Point Resources [ref] who agreed to ride to the rescue last year for that deal and more promising a payment of around £77m last year

…… which never eventuated bar a £12 odd million interest free ‘loan’ that was paid in small instalments up until last month.​

And now - as per Troy’s link - Southern Point says it can’t actually pay that £77m until at least weeks after the Orion debt is due: “Coltman said today that completion of the asset sale to SPR has been delayed to July 2024 “at the earliest” instead of the initial forecast of February because the company is waiting for approval from the South African Competition Tribunal…”

Gee and shareholders here are thinking they have it hard?

cheers

PS meanwhile the bit of BEL that intrigues me relates to the battery division - Cell Cube;
AVL partner USV has a significant electrolyte supply deal with it and NSW-based ‘high profile’ vanadium VFB new comer North Harbout Clean Energy has proposed to JV with it in a manufacturing plant in the Eastern states.
It picked up a new US-based CEO late last year, and there’s a UK share forum post that said the mystery part-owner Garnet is big in Largo ….
and ?????






*Gallegos was briefly a director of AVl a long, long time ago before it focused on vanadium