Thread by @BigBiteNow

1/13
What are you up to #BMN?

The company completed the acquisition of 90% of Enerox from Cellcube on 3rd Aug.

Now a little over a month later, Enerox signs a deal with @AusVanadium (AV) for a range of products, that on first glance, overlap BMN's own dealings with Enerox.

2/13
To know BMN is to know that what looks a distant uncertain promise, is usually far more nailed down than the official words suggest and this is yet another example of that.

3rd Aug RNS ;
"In line with BEL's VIP strategy to hold minority investments in VRFB companies,"

3/13
"it is seeking to procure third-party investors into EHL to assume BEL's funding responsibilities in terms of the SPA."

"Should EHL not have funded Enerox an aggregate of €3.7 million by 31 December 2021, then the Seller will have the right to buy back"

4/13
That deal is still to be realised but after today's announcement, the idea that the party(ies) isn't already involved, can be discarded.

I'm of no doubt that this deal with AV has happened because of BMN. Vanitec will have seen to that.

The fact that it has been concluded,

5/13
prior to what will be a majority and therefore controlling party, coming officially on board, says a lot about where BMN's plans truly are, compared to what is in the public domain.

RNS 3rd Aug ;

6/13
"Bushveld will be awarded a right of first refusal to supply vanadium products to Enerox"

However, Australia is a very long way from South Africa, so it makes absolute sense to drive the Enerox business, with a like minded local vanadium player, in need of support.

WIN/WIN

7/13
AV receives the necessary drivers to support its mine development and VRFB ambitions, Enerox gets local V supply to bolster its competitive edge in Australia.

First refusal isn't all about conquering every corner of the earth.

8/13
What's more intriguing is the message that ;
"AVL will also assist Enerox with the arrangement of electrolyte leasing on project specific demand."

If its happening in Australia, then its going to happen in South Africa as well.

Most importantly, what this deal make up

9/13
points towards, is future localised VRFB manufacture in Australia, just like that planned in S.A.

All Enerox needs is the level of business to justify it.

I was already pretty sure Enerox was the route to the Eskom BESS programme, now I am certain.

BMN's about much more

10/13
than 1 grid scale VRFB programme in S.A. but its difficult to ignore, what a serious contract win with Eskom will trigger, within the BMN business.

Annual Report page 31, 2020 objectives ;
"Investigate the business case for South African-based VRFB assembly"

11/13
Knowing BMN, that investigation has long ago taken place. The key is sufficient local business to deliver the business case and the Eskom BESS Project, is capable of being the beacon for it.

Land that big contract and then see just how soon the other cogs start turning.

12/13
Its truly great to see @AusVanadium begin to realise its dream and years of hard work, to get its mine and plans into business.

Whats more, its even more rewarding to see the VRFB value chain spread its geographical wings, with BMN once again, driving the heart of it.

13/13
BMN is a slower burner than many long term holders ever appreciated but what's key, is that it is burning.

The VRFB revolution is moving forward and one day, a trigger will come, that allows the market to appreciate just how big a story BMN truly is.