Bushveld Minerals
has seen a dramatic intraday advance of 17,6% before closing at 5.50p (+10%). The reason COULD be US sanctions agains Russian metal imports. If so, this should be advantageous for Largo, too. The sanctions are likely here to stay for quite a while so I would not expect a backlash anytime soon.
On the other side, Q4 numbers will be released on Thursday and the picture won't be pretty.
A year ago Largo reported Q4 sales of 2899t, this time it's going to be 2774t (-9,6%).
Last year the Q4 avg, V2O5 price was ~$8.05, this year it's been around $7,60 (-9,4%).
Also, last year's production costs came in at $4.04/lb. 9 months later the cost figure stood at $5.33 already (Q3). Given Q4's production shortfall, thus costs being distributed over a significantly reduced production base, it's only reasonable to expect even higher costs in Q4. ($5.50+ish?)
Key take away: Sales down, V price down, costs way up. With last year's puny 0.01 EPS in mind, what does all this mean for the Q4-2022 bottom line?