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There are good reasons to believe a settlement is possible in this case.

However, if I was Morocco/OCP I would start with a low offer, as they can always increase it.

It is very possible that no agreement is possible at this time, or indeed any time before the Arbitration is decided.

AFC has done Mezzanine Financing is the past, I suspect that what will happen here. This is Debt Finance, but carries the ability to convert in the Equity if there is a default (i.e. the borrower fails to pay interest or principal when due).

I don't subscribe to the idea that anyone would (willingly) sell the whole company for 20p per share or even 50p.

The major miners are currently very excited at the demand for Copper. BHP (for example) thinks that the demand for Copper will grow by around 70% to over 50 million tonnes (Mt) a year by 2050. That's about 2.2% per annum.

https://www.bhp.com/news/bhp-insights/2024/09/how-copper-will-shape-our-future

By contrast, the demand for Graphite is expected to grow at a much faster rate:

"Global demand for battery-grade graphite is projected to surge by 600 percent over the next decade as the energy transition and EV adoption accelerate".

https://investingnews.com/daily/resource-investing/battery-metals-investing/graphite-investing/graphite-forecast/

So, if one of the major miners (BHP, RTZ, Vale, etc.) decided to get into the Graphite market, what would they pay for a project with 2.5 Billion Tonnes of the best quality Natural Graphite ? - It would be £ Billions in my view.

So why would Morocco (and OCP) not have settled already?

It makes sense for Morocco to see what the likely result will be (and the cost), before they can agree any settlement.

Verdicts are not always unanimous, which implies the result you might get, will depend on which Arbiters appointed. Previous verdicts can be interpreted to understand the circumstances in which arbitrations are won or lost.

For example, Zachary Douglas (in his dissenting opinion) in various Solar Energy investors vs. Spain has different ideas from the other Arbiters on using the concept of "Legitimate Expectations" in such cases. https://www.italaw.com/cases/6486

So, it makes sense to see what Arbiters are appointed (and their approach as evidenced in previous cases), the case that EML's lawyers put up in response and the size of the claim.

At that point Morocco's lawyers and EML's lawyers will give an opinion on the likely outcome of the arbitration to their respective clients, leaving the possibility of an (fully informed) negotiated settlement.

Bumpingalong is correct in my view. There are many who might want to buy the asset but none (apparently) who have the cash. The obvious choice is to partner Arcadia if they can raise the development funds they need.

...NOT in the middle of the spread

The London Stock Exchange reports trades but does not classify them as buys or sells. This is done by various information providers (such as this one). There are two problems with this. The traded price is compared to the market bid and offer at the time its reported (not the prices at the trade time). In addition the market bid and offer price spread maybe wide and the real bid offer prices may be in the middle of this spread. So, yesterday afternoon, when the market prices were 9p bid and 10.5p offered, the real prices were 9p bid and 9.5p offered, and trades at 9.5p and 9.45p were misclassified as sells.

Second link is from the previous year, note the almost identical picture of the meeting (2025 vs. 2024).

Chinese President Xi Jinping meets with President of the Republic of the Congo Denis Sassou Nguesso at the Great Hall of the People in Beijing, capital of China, Sept. 4, 2025

http://en.cidca.gov.cn/2025-09/04/c_1122736.htm

https://www.mfa.gov.cn/eng/xw/zyxw/202409/t20240908_11487228.html

6,000 Tonnes per month !

Your number seems possible. It was hoped that the diamond revenues would cover the costs of the transport and disposal of the waste. Optimo Capital's figures estimate this at $2.27 million per annum (based of 6,000 Tonnes per annum of HMS).

There won't be sufficient DRI Grade Iron Ore (or scrap steel) to produce all of the Green Steel that will be needed. There will be a second tier of (not so Green) Steel, where Iron Ore is first smelted (to reduce impurities) as part of the process (i.e. an extra (high temperature) process that is not required in DRI). Developing counties, will most likely be the buyers of the (not so Green) Steel. Given the current pricing of DRI and scrap, it looks difficult to make the numbers work for the Smelted Iron Ore (see below). This implies a rising premium for DRI grade ore in the future (IMHO).

https://www.reuters.com/sustainability/climate-energy/rio-tinto-says-no-economic-incentive-green-steel-australia-2025-08-07/

If they need a smelter, it would imply its not DRI grade Iron Ore.

IMHO - Its fairly obvious that the unknown trades here are mainly buys. But, it is possible that there are more unknowns to come (if large enough, they can be delayed 24 hours), the net effect is to slow any reaction to news until all today's trades are known.

I know (I've mentioned it before) but it is treated in the same way atm.

IMHO There are three reasons why the is not happening (yet).

1. Since the demise of Woodford Equity Income Fund in 2019. It has been impossible for fund managers to invest in small AIM speculative stocks. Note that both Syrah Resources and Sovereign Metals are Headquartered in, and have Primary Listings in Australia.

2. The Boom / Bust of Lithium (peaking in 2022) has mad many investors wary of EV related metals investment.

3. Many are wary of these small stock that can require frequent fund raises to cover, exploration and development.

So BRES sits on a massive discount. IMHO this will all correct when we get the much larger JORC, the DFS, additional off-takes and Funding.

Note that the ESG credentials will make BRES an essential investment in institutional funds in the future (IMHO).

The step-out drilling adds significant Resources. Sorry for the typo.

Tellodome. DFS's don't magically appear, but BRES should have been working on the DFS for a good while now. The main aim of the drilling was to upgrade Northern Syncline Eastern and Camp Lode from Resources to Reserves by adding in-fill drills. There should be few surprises here that impact the DFS.

The remainder of the (step-out) drilling should add substantial new Reserves, which will give confidence that the mine can be further developed beyond the scope of the DFS.

Tellodome - Your have made 40 posts here on LSE- all about BRES - Makes no sense - Why not post about a share you like ?

I have no idea who is trading in the larger size. It is good that there is the liquidity that enables such trades to take place and given the price has remained in a trading range of 7p to 8.5p, there have been both buyers and sellers. I suspect the AIM quotation works well enough for the old Garbet and Guava investors, who are probably both buyers (as they understand the prospects for ZIOC) and sellers (as they may need the cash or have lost interest in ZIOC). I can't see any of the major investors wanting to loose the quotation as it gives them the ability to buy or sell without the other major investors being alerted to their activity (until its over). In short ZIOC will never be taken private (IMHO).