Member Info for 99icecream

.......was published Friday 21st November.

Also, at this stage of many Small Company AIM Mining stocks investors are concerned about the degree of dilution that will occur to fund CapEx, whereas with BRES the dilution should be minimal.

Besides the boxes ticked as a Graphite project, it ticks many more when compared to other small company mining projects:

Already on the Main Market of LSE (not AIM)

Can be included in the All-Share Index when Mkt Cap rises (AIM Shares cannot)

Only 12 months to build mine

ESG and Critical Mineral

ChartaRex - Note that when First Equity did their valuation (Oct 2023) they came up with an NPV per share of NPV(10) = 158p, then they applied a risk factor giving a risked NPV of 158p 46.2% = 73p, then they assumed some share dilution (approx 50% additional shares) to give 2/3 x 73p = 46p.

So your 49p might not be too far off target. Things that might be different from First Equity:

1. The additional infill drilling will no doubt give a higher total Reserve. So 24.5 MT could be 27 MT - 30 MT

2. The demonstrated quality of the Graphite, might add to the the assumed sale price.

3. The risk factors might reduce given the off-take deals that have been done / and the quality of the Graphite.

Then, you might be looking at x 3 on that number as soon as the new areas are infill drilled and added to the JORC Reserve.

Only the infill drilling will be included in the Reserves, and therefore the JORC. Further infill drilling is planned for 2026, so probably end of next year before the newly explored areas impact the Reserves.

The 2 trades of 2.7 million is most probably someone moving their holding between accounts (like a bed and ISA) in order to minimise tax.

I think the problem is at a macro level, few private investors are interested in the Small Company / Critical Minerals investments, either because they are more involved in other sectors and/or they have had a bad experience in the past, or because there is little research from trust worthy parties. From my point of view, this (and others like it) are a great opportunity and the buy in cost is an absolute bargain. IMHO etc.

Lithium Price are up substantially (20% in the last month) as AI will increase demand for power (and hence more demand for Batteries).

The change in Lithium Prices is apparent as the end product is of a reasonably uniform quality, and there are even Futures Contracts for the metal.

I think its obvious that Graphite prices will also be impacted, but as these are not uniform (due to the wide difference in flake size / purity, etc.) its not yet apparent to the financial press.

https://www.mining.com/web/lithium-price-rally-in-china-prompts-caution-over-whether-it-has-legs/

https://energyx.com/blog/lithium-the-unsung-power-source-behind-the-ai-boom/

Page 12 of the Presentation implies they were looking for £1.5 to £2 million in the fund raise. £1.5 million wanted for all the things on their shopping list.

They have raised £1.3 million so far.

After delays, Kore hits accelerator on Congo mine

A summary article from 29 July

https://theminingyearbook.com/environment-esg/2025/after-delays-kore-hits-accelerator-on-congo-mine/

I think its already been mentioned by BRES that DFC are not expected to do Phase 1 funding as "their process takes time". My impression is that DFC are more interested in BRES when it becomes large scale and DFC were particularly keen on funding drilling the new prospects, last time round.

Its been a weird day. ZIOC (fellow travellers in Rep. Congo up 28%) and SQM (which I've been thinking a lot about recently) up 13% on the NYSE.

"Tesla requires suppliers to avoid China-made parts for US cars"

This has obvious implications for EV batteries (and therefore Graphite supply). There are similar reports about other US vehicle manufacturers.

https://www.reuters.com/business/autos-transportation/tesla-requires-suppliers-avoid-china-made-parts-us-cars-wsj-reports-2025-11-15/

The point is, that a big part of the SQM's business is Potassium Nitrate KNO3 (aka Nitrate of Potash), so a Potash (Potassium Chloride KCl) mine would be an obvious "fit" with their other assets. Hence, my view that they would be an obvious buyer of Kore, and certainly would not see it sold cheaply.

I agree Smokey99, BRES probably comes into the Bailiwick of Institutions when it becomes a member of the AllShare index. By my calculation it needs to reach about 10p by the next date for membership change of the AllShare index which is 19 December 2025.

My guess is it will be private client and family office money that will be the main buyers.

Its worth checking out SQM. Based in Chile, its a substantial company with a market cap of $ 14.425 Billion (traded on NYSE). In the year to 30 June 2005, Revenue = $4.2 Billion, EBITDA = $ 1.3 Billion.

Key Products are (by Revenue)

Lithium and Derivatives: (47%)

Potassium Nitrate: (22%) - [Fertilizer]

Iodine and Derivatives: (23%)

Potassium (5%) and Industrial Chemicals (2%)

https://sqm.com/en/

Its also worth considering the situation of Power China, they are 100% State Owned. Under the current situation Chinese State Owned entities function as a branch of the Government.

The primary role of Power China is to implement Policy, which in this case fits 1. Belt and Road (i.e. tying Rep. Congo to China politically and economically. and 2. Securing access to a Critical Mineral (Potash). Their secondary role is to make a profit.

Power China, can easily get this project funded, the fact that Summit tried to fund elsewhere, might be more about what's best for Summit, than what's best for Kore?

You may be right Mitch, but I can't see SQM and OIA, who have been shareholders for nearly 10 years (and who have added to their positions on many occasions) selling out for a cheap price. (IMHO etc.)

I'm not sure what your point is, perhaps you could expand it ?

And Potash is now (since 6 November 2025) on the Critical Minerals list in the USA