BMN - Bannerman Energy

[Sean K]

BMN really been smashed the past few weeks, since the general market fell over really. How much we can assign the fall to BMN issues and general market sentiment is up to question.

Update on DFS out yesterday and it seems holers have to wait longer again for this study to be completed. This feasability process has been going on for so long I have completely lost track.

From this update:

Recovery rates less than expected.
Targetting more costs savings in the mining method.

I can't find too many positives out of the announcement. Can anyone else?

Maybe the lastest round of drilling and updated resource estimate due in March is a positive? Unless it's bad...

 

[tunrida]

BMN really been smashed the past few weeks, since the general market fell over really. How much we can assign the fall to BMN issues and general market sentiment is up to question.

Update on DFS out yesterday and it seems holers have to wait longer again for this study to be completed. This feasability process has been going on for so long I have completely lost track.

From this update:

Recovery rates less than expected.
Targetting more costs savings in the mining method.

I can't find too many positives out of the announcement. Can anyone else?

Maybe the lastest round of drilling and updated resource estimate due in March is a positive? Unless it's bad...

and significantly discount their ann's K as they have his worship MD:Len Jubber at the helm; a master of spin (better even than Shane W) - the same CEO who managed to run PEM to its knees despite its massive cash flow and was unceremoneously dumped after "giving away" there silver to CXC for $5/oz etc etc
so if they are putting out sad ann's, bet on the reality being much worse

 

[Miner]

and significantly discount their ann's K as they have his worship MD:Len Jubber at the helm; a master of spin (better even than Shane W) - the same CEO who managed to run PEM to its knees despite its massive cash flow and was unceremoneously dumped after "giving away" there silver to CXC for $5/oz etc etc
so if they are putting out sad ann's, bet on the reality being much worse

BMN really been smashed the past few weeks, since the general market fell over really. How much we can assign the fall to BMN issues and general market sentiment is up to question.

Update on DFS out yesterday and it seems holers have to wait longer again for this study to be completed. This feasability process has been going on for so long I have completely lost track.

From this update:

Recovery rates less than expected.
Targetting more costs savings in the mining method.

I can't find too many positives out of the announcement. Can anyone else?

Maybe the lastest round of drilling and updated resource estimate due in March is a positive? Unless it's bad...

If I may add that BMN was strongly recommended by Keith Nielson of Insider Traders when it was hovering at 74 cents. Since then price kept on falling. So I beg the question on the strength of technical analysis using Hawk Eye and all sort of useless propaganda techniques make no sense to me (or market probably).

Having dealt with Uranium I found the feasibility report outcome and further update by BMN not making this operation cost effective or profitable.

TOE is a classic cheapy example and they are lagging and looking for a partner.

BHPB is yet to announce something good to see its PFS or BFS for Yeelirrie is finished. I believe PFS could be halfway and BFS might not take place in next 6 months.

AGS was a uranium hopeful in 2010 and far from true due to delay. These are stronger hopefuls in uranium.

Comparatively BMN is no where excepting its PR machines.

Do not hold any more BMN (actually sold as soon Keith Nielson said buy ) and please do your own research. www.uraniumseek.com ; www.uranium-stocks.net are good sites

 

[leng]

Bannerman will be lucky to get this mine operational. First they have to find a backer with some $600 million to start and second they will have to find management that are capable of GETTING it started.

What amazes me is the likes of Funnymonk, oops Funkymonk who still absolutely love this DOG of a stock. Then on the other hand we have TIBBS who doesn't even post on HC now after telling everyone to BUY BUY BUY.

What happened to all the TOOT, TOOT,WHOOSHKA AND NOT TO METION all ABOARD THE TRAIN IS LEAVING THE STATION Only trouble was it left in reverse!!

 

[Sean K]

Bannerman will be lucky to get this mine operational. First they have to find a backer with some $600 million to start and second they will have to find management that are capable of GETTING it started.

What amazes me is the likes of Funnymonk, oops Funkymonk who still absolutely love this DOG of a stock. Then on the other hand we have TIBBS who doesn't even post on HC now after telling everyone to BUY BUY BUY.

What happened to all the TOOT, TOOT,WHOOSHKA AND NOT TO METION all ABOARD THE TRAIN IS LEAVING THE STATION Only trouble was it left in reverse!!

Fortunately we got over that here Leng. There has been some outstanding analysis in the BMN thread imo, I have learnt a lot about uranium exploration and mining here, thanks to those that have contributed. But as you say, the toot tooting had to go, and ASF is better for it. You probably missed most of that 3-4 years ago, luckily. Although, your objectiveness might have been helpful.

It'd be nice to think this thread still has some legs and those positive on BMN can keep posting their analysis, up for discussion.

While I am pretty negative regading previous and current management's handling of BMN, they do still have a huge resource which would be mineable if they can the capex and opex right, and POU has legs. Pretty simple stuff in the end.

(I'm actually felling for the Captain. His young Thai wife must be very disappointed that her 2008 Christmas presents went into BMN with the present result )

 

[z-trader]

(I'm actually felling for the Captain. His young Thai wife must be very disappointed that her 2008 Christmas presents went into BMN with the present result )

To the BMN holders who are respectful to all posters whatever their sentiment:

I feel sorry for you and I hope somehow you can recover your losses. I know how it feels to lose big and it's no fun. I believe Captain falls into this category so I hope he didn't put too much of his portfolio in this one stock. The markets seem to still be strong, so with luck, the losses can be recovered on other stocks this year, if not BMN. My tip would be to look at Gold/Oil/healthcare plays, but DYOR on which sectors are best.

To the BMN holders who abused anyone questioning the profitability of the company:

Suck. I get great pleasure daily from seeing BMN fall further (probably down to 40 cents at least) and seeing your anguish on various forums. It's bad enough you couldn't hear alternative views, but unforgivable that you literally abused, vilified, and chased out of "town" those who were trying to warn you of the high risk situation and the flaws in the fluff analysis from Tibbs about bots and EV that was being used to brainwash holders.

z-trader

 

[Tukker]

If I may add that BMN was strongly recommended by Keith Nielson of Insider Traders when it was hovering at 74 cents. Since then price kept on falling. So I beg the question on the strength of technical analysis using Hawk Eye and all sort of useless propaganda techniques make no sense to me (or market probably).

Having dealt with Uranium I found the feasibility report outcome and further update by BMN not making this operation cost effective or profitable.

TOE is a classic cheapy example and they are lagging and looking for a partner.

BHPB is yet to announce something good to see its PFS or BFS for Yeelirrie is finished. I believe PFS could be halfway and BFS might not take place in next 6 months.

AGS was a uranium hopeful in 2010 and far from true due to delay. These are stronger hopefuls in uranium.

Comparatively BMN is no where excepting its PR machines.

Do not hold any more BMN (actually sold as soon Keith Nielson said buy ) and please do your own research. www.uraniumseek.com ; www.uranium-stocks.net are good sites

Didn't you select BMN for your stock pick of the month Miner? Affirming your belief of contra-trading : BMN is one of those many stocks which i can't figure out so i don't attempt to. Good Luck to the holders.

 

[Miner]

Didn't you select BMN for your stock pick of the month Miner? Affirming your belief of contra-trading : BMN is one of those many stocks which i can't figure out so i don't attempt to. Good Luck to the holders.

Interesting observation and thanks for your watch.

I am not a betting man. Traditionally I have never won a lotto and when I bet it is to loose. So in cricket I always bet against (not for) the team whom I want to win. Like If England is playing against South Africa and I want to see England to win, then I bet South Africa as my favourite

Yes, I did punt on BMN as I did not put my real money on BMN. You will be impressed by my tipping record however .

I do walk and talk. If you follow my posters on BMN and others - it will prove.

I have some recent experience on Uranium as well. I earn my living by helping Clients to earn money through my write up on feasibility studies, and delivering EPCM projects. Share market is my hobby (very expensive however like maintaining a Ferrari by a middle class person).

In all honesty, unless something changes terribly good like U2O3 and U3O8 price shoots up, BMN changes it leadership I do not see technical strength for BMN. I have already written Keith Nielson about his failed recommendation and he acknowledged the error in his judgement through personal email . Small Capital accepted their mistake and asked people to Sell. Funnily enough now they have asked their clients to buy BMN. Purely gambling by this newsletter.

You may refer to the BMN postings by Kennas - an acclaimed knowledgable guy in resource sector, an ex moderator and in my eyes absolutely impartial (like Agentm and few others) .

I held BMN in the past. I do not hold BMN and not suggesting what you should do. It is everyone's personal business and strategy. So please DYOR.

Thanks for instigating (unintentionally rubbing ) me to defend my integrity.

 

[jonojpsg]

Interestingly, BMN was the subject of another newsletter tip the other day. They did point out it was a big risk though given high projected cost of production needing higher long term POU to make it a goer.

 

[rhyslivs]

Maybe that tip from ASCI plus the potential for a resource upgrade by the end of the month has stemmed the carnage. It looks like its found some support around the 50c mark.

 

[z-trader]

Maybe that tip from ASCI plus the potential for a resource upgrade by the end of the month has stemmed the carnage. It looks like its found some support around the 50c mark.

There's nothing special about 50 cents, just as there wasn't anything special about 60 cents, 70 cents, 80 cents or $1. People said it was finding support at all those levels too.

The key to BMN is the financial viability of its resource, and I haven't seen any improvement there. More of the same uneconomical resource doesn't help. In fact, reading between the lines of Obama's recent pledge to reduce US warheads drastically, I'd say the fundamentals have deteriorated further. I'm expecting it to be revealed soon that the US may also start supply it's own large fleet of reactors with weaponised Uranium. On top of Russia continuing to supply the market after the Megatonnes to Megawatts program ends in 2013, that spells no looming Uranium supply shortage for a long time. I certainly wouldn't want to have my money invested in a company leveraged to the Uranium price right now.

z-trader

 

[leng]

Yes you are correct, so much uranium being released can only drive down the price and any potential mine is doomed. Who in their right mind is going to invest $500m to start a mine that first will not be in production until 2013 and second has low grades. Good luck if they find that investor and it's looking doubtful that they will find anyone for a takeover, especially when the two dopes of directors hold 20% of the shares and wont negotiate. The same two who signed off the hopeless PFS. What a bunch of no hopers and I hope they lose the lot!

Just look at the trouble this company has had, from one disaster to another, they deserve everything they get. Bunch of fools!!!

 

[WRONG'UN]

Quote:
"so much uranium being released can only drive down the price"

You are making an assumption that if supply increases, the price must come down - what about the demand side of the equation? What about the planned nuclear power stations in China and India?

 

[leng]

Exactly "PLANNED" and do you know how long it takes to build and commission a nuclear power plant? 5 - 6 years so keep your BMN shares in the bottom drawer because that's where they belong. BMN are worth SFA and will drop further simply because their sums don't add up and it doesn't take a philadelphia lawyer to work that out!

 

[Sean K]

BMN are worth SFA and will drop further simply because their sums don't add up and it doesn't take a philadelphia lawyer to work that out!

Original Scoping Study was done at $75 uranium price I think, once Spot went under that, and longer term prices looked vulnerable, this was a very high risk prospect. With the world continuing to decommission nukes, and new massive mines coming on line over the next few years, (possibly Cigar Lake, OD expansion etc) would be some strokes of luck that BMN make it to production now. Haven't had much luck so far, with shoddy previous management, dubious business practices, and coping with the U bubble.

 

[WRONG'UN]

Leng, I don't have any BMN shares in the bottom drawer, or any other draw -the numbers don't add up to me, either. Moreover, the chart sucks.
I wasn't arguing with you, I was just noting the assumption you had made, and mentioning that there are two sides to the equation.

 

[Miner]

Hi BMN participants

You might have seen the correction in BMN feasibility study proposal to reduce the recover from 90 to 85 % which is more believable.

Hypothetically if the drilling result comes out to be much better than the earlier result then how the world will look into BMN ?

Just my thoughts though with so many uranium hopefuls it is big asking to see BMN to make money even in 2013 unless some thing drastically changes

Having said that Kevin Rudd has already authorised the Russians to take uranium means our own uranium policy is getting softened. So Africa in one hand and then Australia the other U supplier will make the U world interesting.

DNH

 

[leng]

Hi Miner,

You are correct! BMN will more thank likely be on the skids before too much longer. This mob gives the impression that they haven't a clue. Just look at what damage they have done in the past to investor confidence, Opes, Savannah, Poorly presented PFS and to cap all this off there are 2 directors who hold 20% of the stock. With all this hanging around, they, and all the hopefuls expect a t/o. You must be kidding. Boy, am I glad I dumped the stock, all be it at a loss some time ago.

 

[UBIQUITOUS]

Something is rumbling with this previously unloved stock. Volume has picked up. A speeding ticket issued, and the price possibly breaking out.

 

[Sean K]

16 Feb on the DFS:

Metallurgical Testwork Program

Further investigations are being undertaken into the metallurgical parameters required to consistently achieve the higher flotation recoveries, prior to progressing to the larger scale pilot plant testwork.

Mining Review

Work is underway on assessing all cost reduction opportunities and initial results are expected to be available in the June 2010 quarter.

22 Apr update:

The mining review is progressing well and Bannerman expects to be able to reduce the mining cost estimates announced in the December 2009 Preliminary Feasibility Study.

30 July quarterly:

During the June 2010 quarter, Bannerman continued to advance the Definitive Feasibility Study (“DFS”) on its 80%-owned Etango Project in Namibia, reported positive results from near-Project exploration and drilling activities, and stepped up dialogues with a number of potential strategic development partners.

HIGHLIGHTS

● A mining review based on the updated resource model is progressing well with an expected increase in estimated mineable resources and decrease in estimated mining unit costs.

● A DFS update encompassing the above work is scheduled for release to the market in the December quarter.


These guys are dragging their heals a bit....

Will they ever finish the DFS?