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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.

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."

FWIW - I don't see the share price changing much ahead of the DFS. They key reason is for the share price to rise we need demand from new investors to take up shares being sold from warrants and profit taking.

Once we have the DFS we will have various Brokers publishing their Research and giving their opinion on Valuation / Target prices for the stock. They will also aggressively market this opportunity to their client investors. I would expect several brokers to include BRES in their Top Ten Investment ideas for 2026.

IMHO demand will come mainly from High Net Worth Investors / Family Office types and not the Exchange Traded Funds (ETF's).

Few ETF's include Graphite in their mandate. There are a few Battery Technology and Metals ETF's, which could buy, but these are small in number and size and invest in larger miners (e.g. BHP, Teck) and battery manufacturers (e.g. Tesla).

IMHO, High Net Worth and Family Office types, will understand the Critical Mineral / High Growth / Uniqueness of the Asset etc.

Its not difficult to see what China would want to buy Kore. Potash is a critical mineral for China because it is a significant importer and because it wants cheap fertilizer prices to keep domestic food prices low. Under Chinese ownership Kore production would step-up significantly 2 million, 4 million, 8 million Tonnes per annum as they would take a longer term view and have access to limitless finance.

In addition Chinese ownership would fit in with policy bringing, Rep. of Congo much further into its sphere of influence, politically and economically (Belt and Road, etc. etc.).

BTW, I would expect Nutrien and Mosaic (Canadian Potash Miners and join owners of Canpotex) to look at Kore, given the impact of the Jansen Project on their Canadian operations.

It is hard to tell what is going on. But my guess is that even before the Term Sheets for the Funding were received (28 April RNS) late (due end March) KP2 would have started working on its "Plan B", in case the Funding could not be done on time (for the planned 1 January 2026 start).

For whatever reason, one of the potential outcomes from the Plan B discussions has been an attractive bid indication for the whole company (most probably Chinese IMHO). As I have said elsewhere, SQM would be my guess for inclusion in an informal auction for the company.

Given the short time to the start of construction, I don't anticipate that it will be long until we find out what is going to happen.

Many trades reported today are from yesterday.

Sorry, I missed the last line in your post.

It will be all holders above 1% in a bid situation I think.

The latest RNS related to 8.15% of the shares held at Stonehage Fleming Investment Management Discretionary Clients.

The exact number of shares [395,746,326] is the same as those held by David Hathorn on Kore's website at 30 September 2025.

Indeed I can live without the speculation that might occur without the standstill agreement. As I mentioned in an earlier post, I view the recent news as positive. As things stood KP2 shares would rise in value once funding was achieved (based upon an NPV valuation). But they would rise substantially more, 4 years later once production started (based upon an EBITDA multiple).

IMHO, the Chinese would pay significantly more than the NPV based number for control (now) as they would develop the assets to much higher levels of production at a much faster rate.

The Chinese (unlike the EU and US) regard Potash as a Critical Mineral, and would be keen to take control of KP2 or others of comparable size/quality.

https://elements.visualcapitalist.com/the-critical-minerals-to-china-eu-and-u-s-national-security/

A standstill agreement is a standard condition in such situations, so you will have to live with it I guess.

Any bidders in the formal sale process would ..... "be required to enter into a non-disclosure agreement and standstill arrangement with the Company"

The standstill would probably require bidders to refrain from buying or selling shares.

Would SQM (or even QIA) be interested in making an offer ? SQM would be a credible owner IMHO.

It is more usual that a company announces "an approach that may or may not lead to an offer", the formal sale process indicates that things are much more advanced than that.

We know that Power China was keen to be the "Contract Operator", Kore was looking at other parties to full this role.

My guess is that some point Power China has offered to buy the company, and the number they have in mind is sufficiently attractive to be considered. A formal sale process, gives the possibility to increase the price (or at least to show that the price is the best available).

Good news IMHO.

Interested parties can submit any form of proposal (i.e. full or partial sale).

Https://www.youtube.com/watch?v=kD5rcQead7w

The above link is Dennis giving an investor update in JULY 2022 in which he mentions the application for the WALVISKOP mining right being granted subject to appeal and then subsequently Alexkor appealing against it. Timing at 21:45. The WALVISKOP rights were subsequently granted August 2022

Its not the 2A application.

The alternative might have been to pay off the loan with shares - issued at a 20% discounted price.

Xinjian (which is added to the name of the International subsidiary) means new frontier or new territory (Google AI)