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One possibility, is moving from a pension (e.g. a SIPP) where the gain would be taxed as income (e.g. 40%), into a dealing account where it would be a capital gain (e.g. 24%).

Like a bed and ISA, just moving the stock between accounts.

There is 50k of shares more sold than bought giving a difference of £1,520

Value is £1.375 Million for each

Its a sale and repurchase - moving between accounts ?

Sale: 45,250,000 GBP 0.0304 = £1,375.60

Purchase : 45,200,000 GBP 0.0304 = £,1374.08

There are two important considerations about Natural Graphite in batteries. Firstly, Natural Graphite is cheaper than Synthetic Graphite. Secondly, the higher the quality of Natural Graphite, the larger the percentage you can use in your mix of Natural and Synthetic. Therefore, if you have the highest quality, both demand and price (per Tonne) will be higher than lower grade.

My, point is that BRES will be careful and expand to full fill its off-take commitments, but not exceed them. Whereas, a buyer (say Tesla) will want to cover its own requirements and the off-take from others.

Indeed !

Ideed

I am of the opinion that BRES will not be sold. It will stay independent and be very successful. It will be the one stock I won't ever want to sell.

However, there is IMHO a (small) probability it might be sold. If so the buyer is more likely to be a battery manufacturer (e.g. Tesla) than a general miner (e.g. RTZ). Most of the miners are consolidating around the bigger stuff like Copper. RTZ is currently considering selling off a portfolio of minor assets that would include their stake in Sovereign. The battery manufacturers will want to secure the best quality Graphite.

Now, if they were to attract a bid, my view would be that it would need to be a multiple of the NPV we get in the next DFS. The reason being that the buyer would want to accelerate production a more rapid pace than the BRES plan, and therefore the value to the buyer would be much higher.

Chandler - you need to look on the presentation on the BRES website for the phasing of production. The plan for Phase 1 has varied over the last year as follows:-

Feb 25: 5,000 TPA Concentrate (inc 1,000 TPA micronised)

Apr 25: 10,000 initially, increasing to 25,000 TPA Concentrate (inc 1,000 TPA micronised)

Sept 25: 10,000 TPA Concentrate (inc 1,000 TPA micronised)

Nov 25: 20,000 TPA Concentrate (inc 1,000 TPA micronised)

BTW - Another Chinese company that might be interested in bidding is Shenzhen Lyuan Mining, which owns the adjacent Mboukoumassi Potash project. There may well be useful synergies here, such as shared Port and/or Processing Facilities.

https://energycapitalpower.com/republic-of-congo-allocates-land-for-new-potash-export-terminal/

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2738093-millennial-potash-s-banio-mop-project-eyes-global-reach

What this comes down to is, if KP2 is in a position of strength or weakness at the current time. If weakness, then Barravelli might be correct and the offer price might be disappointing. Given the point KP2 is at currently, with a guaranteed Capex cost, large NPV, an imminent start date, etc etc., my opinion is that KP2 is in a position of strength, and any bid will need reflect this.

Not sure I agree with the comparison of Simandou Ore and Brazilian Ore. Brazil has been the leader in producing the highest grade of Iron Ore and Green - DRI grade pellet production. We don't yet have any evidence on what proportion of the Ore at Simandou will qualify for DRI.

FWIW - I have always had China (specifically Baosteel and partners) as the most likely off-take buyer / strategic partner etc. for Zanaga; especially now that the Simandou project is under way. Politically, China has even more reason to announce a significant deal in Africa, given the recent Rare Earths / Submarines deals Australia has done with the US.

https://www.bbc.co.uk/news/articles/cly9kvrdk2xo

Ex. I remember, reading somewhere that shipping ore from mine to port is often more costly than shipping to China. Google AI gives the following:-

"The cost of moving Pilbara iron ore from mine to port per tonne is between approximately $13.50 and $24.50 per tonne, depending on the specific producer and their cost structure. For example, Fortescue's cost was reported as $13.5-$14/wmt fob Aus, while Rio Tinto's cash cost is projected to be $23-$24.50 per wet metric tonne for 2025. These costs are for the on-the-ground transportation and are often referred to as free-on-board (fob) costs."

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Ex. Google AI comes up with the following on shipping costs.

"Recent rates for major iron ore trade routes. Based on data from August 2025, here are recent spot freight rates per metric ton ($/t) for Capesize carriers, the largest dry bulk vessels used for long-haul iron ore transport:

Brazil to Qingdao (China): About $24.14 per tonne.

Western Australia to Qingdao (China): Approximately $10.37 per tonne."

IMHO its quite obvious that Kazera will not get any money from HeBei Xinjian Construction (who bought the Aftan Project). They have clearly run out of money abandoning Aftan and Arcadia's adjacent Swanson Project in which they had invested. Limited liability would almost certainly mean that funds from the HeBei Xinjian's parent in China will not be forthcoming.

BTW - The point is that the discount to NPV should be very specific to the situation and here its certainly low risk IMHO. First Equity assume 30% risk that the project itself will prove to be uneconomic (e.g. because of changes in Graphite prices), 25% risk of failure due to problems locally, and 12% risk that funding is not available.

Correction

46.2% =(100%-25%)x(100%-30%)x(100%-12%)

The discount (to NPV) figures quoted here are still far too low IMHO. For example, First Equity in their last Research on Blencowe, 5 Oct 2023 used 46.2% x NPV(10). This was based on 25% risk for Uganda, 30% risk of development and 12% for Funding (so, post funding this would increase to 52.5%).

N.B. 46% =(100%-25%)x(100%-30%)x(100%-88%)

IMHO the discount to NPV should be on the high side compared with other mining projects that take longer (sometimes much longer) to get into production.