Member Info for 99icecream

Valuation: Sovereign Metals has the Resource - Rutile 17.9 Million Tonnes Contained (1% of mined material) and Graphite 24.4 Million Tonnes (1.4% of mined material. Current Market Cap £223.19. The Rutile and Graphite each contribute approx 50% of the Resource Values.

I would rather have 100% of Empire Metals (for the large quantity of quality Rutile) current Market Value £380 million

Plus 100% of Blencowe (for the large quantity of quality Graphite) current Market Value £15 million

If you look at it this way isn't Blencowe is cheap vs. Empire ?

Valuation: You may have looked at Syrah Resources and Sovereign Metals for ideas about market values for Graphite miners etc. Another, perhaps better benchmark is Falcon Energy Materials (FLCN on TSXV). It has a Graphite mine in Guinea with a Resource of about 2.5 million Tonnes Graphite (c.f. BRES at 24.5 million Tonnes currently). Also planning a Coated SPG plant in Morocco. Current market cap £ 39 million (c.f. £ 15 million for BRES).

https://www.falconem.net/

Correction: we have a Valuation of 125p / share and a "Target Price" of 58p.

I prefer to go back to the First Equity research of 5 October 2023. The had an NPV(10) of $402m, and a risked value of $185.7 m. The valuation assumed only 14 years of operation. So 30 years (with modest growth in production after year 14) would allow the assumption of double the First Equity valuation numbers.

So at $/£ of 1.35 and with 475 million (fully diluted) shares, NPV(10) of $804 and Risked Value of $371.4, we have a Valuation of 170p / share and a "Target Price" of 65p.

The usual is Net Present Value for the underlying value multiplied by a Risk coefficient which is between 0 and 100%. See any stock brokers research for examples.

Book value is irrelevant. Once generating cash the value will be based upon Earnings (e.g. EBITDA x 10).

Current Spread for reasonable size (e.g. 50,000 shares) is 6%.

18% spread is for those trading small size (such as the 300 shares traded at 8:00 am).

It is somewhat ironic that BRES is mentioned because it rose 5%, not because it's a "........ Miner (that) could replicate AIM's biggest success stories......".

I know that BRES is not on AIM, but it would seem that the potential here is not understood by almost everyone.

The $6.5 million loan is part of the $75 million DFC funding for Syrah Resources.

https://www.asx.com.au/markets/trade-our-cash-market/announcements.syr

The tax payment was charged to the P&L in the year to 30 September 2023 and was a liability on the Balance Sheet at both 30 September 2023, and 30 September 2024. It was not "off Balance Sheet".

Aubrey Thiel is on Linkedin.

".... now Miton's TR1...." ?

I think its unfair to characterise Prof. Douglas as " a typical pro-state advocate". Looking at cases where he has a dissenting opinion, he looks very knowledgeable, fair and reasonable (IMHO). If Morocco have chosen him based upon some perceived bias toward states, then I think they will be disappointed.

Yes, it was (published in 2023). Just gives some background on UMS.

United Mining Services (UMS) - HQ in Altrincham, Cheshire, operates in Africa and Soyth America.

https://www.crown.co.za/latest-news/modern-mining-latest-news/26192-ums-brings-fresh-thinking-to-shaft-sinking

If the terms of the recent placing look too generous consider what happened in April 2025.

In the placing @ 3p with 4.5p Warrants on 15th April BRES raised £ 1.0 Million.

In the open offer for shares @ 3p on 15th/16th April 2025, BRES could only raise £ 87,000.

Currently, only the placing works as a way of raising the required funds.

Some of the 8p warrants have expired unexercised. (16.7 million due 28 April 2025, 20.1 million due 14 December 2024) also 8.8 million 5p warrants due 19 April 2025.

Your £100 million is about 29.2p a share, but fully diluted (with Options and Warrants), its 21.0p.

My calculation is based upon 343.4 million shares, 36.8 million options and 96.1 million warrants.

However, if BRES don't raise money when needed, you wont get the £ 100 million value anyway !

JamYesterday - But not a bad reward for phoning two existing shareholders?

2peas - If this is not settled before hand, the ICSID process could take a long time, during that time little will be known to investors besides which stage the process has reached. Hence, not many investors will like a long wait, indeed many may choose to wait to invest until a result is imminent.