The Vanadium Index - April 2018

Alfacomp

30 April 2018

The Australian VAN-ASX Index

There has been a degree of softening of the price of King River Copper, KRC, which appeared to be leading the March increases in the VAN-ASX index but these have been almost completely offset by gains at Tando, with its South African SPD Bushveld complex project, and most recently by AEE with their Haggan project in Sweden, perhaps the closest in style to the KRC project.

The Gabanintha based projects, Australian Vanadium Limited, AVL, and Technology Metals Australia, TMT, whilst being the most advanced of the projects, have remained fairly unchanged in April - as yet there does not appear to be any major move of investors from the early stage projects to the more advanced stage projects, as they learn more about the market. 

 

BMN vs. VAN-ASX

A comparison between Bushveld Minerals (BMN:LON) and the VAN-ASX index described above shows that despite recent strong performance by BMN it has not yet outperformed the VAN-ASX index which comprises entirely non-producing miners.

BMN vs. Largo

A direct comparison between the Market cap of BMN and Largo is shown below. Largo has performed strongly in April but the huge undervaluation of BMN has not yet been corrected - BMN still remains valued significantly less than half of Largo's valuation, despite (taking into account BMN's 59.1% stake in Vametco) producing approximately 50% the product, and having no significant debt, unlike Largo's 200M USD debt.

 

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