FeV prices continue to creep up:

http://www.asianmetal.com/VanadiumPrice/Vanadium.html

In contrast to almost all other hard commodities over the past ~6 months, V has remained suppressed.

This is because the primary source of V comes from co-production in steel plants (mainly in China). #BMN suggests...1/n

...that these plants are now operating at max capacity.

If anything, their output could drop, if iron ore prices begin to fade, and these steel makers instead secure cheaper hematite ore from Australia (which does not contain vanadium or titanium).

V demand continues to... 2/n

...increase through steel rebar (think infrastructure spending programmes to combat #COVID19) and the acceleration in VRFB rollouts.... Yet there's no additional supply - globally - that can be turned on at the flick of a switch.

The nearest term new sources of supply are...3/n

..expansions by the primary producers, namely #BMN, $LGO and #GLEN. The last does not seem to have plans to do so, thus it is down to the first two.

V has a history of moving violently. Over the next couple of years I firmly believe we will see FeV at least treble in price. 4/n

@BushveldMin_Ltd #BMN has, for all intents and purposes, an unlimited supply of V across its three deposits. It now has a very solid balance sheet, controls two of the world's four primary processing plants - and is ideally placed to capitalise on the VRFB revolution through..5/n

...its subsidiary BE, its electrolyte rental model and its rights to supply said electrolyte to multiple VRFB OEMs.

I believe the sky is the limit for #BMN @BushveldMin_Ltd.

In it for the long haul - writing up the thesis now. 6/n