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Jiving sorry for missing your post - I think Glencore already have the off-take (which was always their priority IMHO), otherwise they could indeed finance the whole thing with borrowing (circa 70% from Chinese Development Banks) + 30% from Off-Take.

I'm thinking that the bidding process would be based on best price per share, but for a fixed amount (e.g. $600m). So a bid of $2.00 would be $2.00 x 300 million shares, a bid of $2.50 would be $2.50 x 240 million shares, etc.

FWIW - I have been thinking about what this 11 February can be about. In particular what this means:

"......update to shareholders on the Company's strategic partner process...."

When you realise that Zanaga do not need much money (from shares) to launch the project (about $600), and Fortescue were rumoured to have bid $9 Billion for a stake in Blocks 1 and 2 of Simandou. Could we about to be told about an informal auction, following a period in which potential bidders can (under an NDA) see all of the data.

I would assume that such an auction would occur once the project is finalised, hence the delay, perhaps regarding the mine building / slurry pipeline MOU's.

Kkkrrr - IMHO the current price is down to the former CNR owners wanting to sell their shares, and there being fewer buyers. This morning I bought 100,000 cheap shares which are shown as sells (at the time there was no bid for 100,000). I fully expect the share to do well, although it will take a while before the CNR stock overhang has been resolved.

Its a long time since I had anything to do with accounts. However, my understanding is that material events (such as significant fund raises) that occur between the Balance Sheet date and the date of the Accounts Signing if they relate to Going Concern issues (such as the "Material Uncertainty" as to if the DFS is funded) should be disclosed.

Not to do this means the Accounts are misleading.

I suspect the Annual Report is correct (small fund raise necessary in 2025).

But their video contradicts this. On the last page ( 0:43 seconds) it states Now fully funded to deliver its Definitive Feasibility Study in 1H25.

https://www.youtube.com/watch?v=bJ8Ajmx2Njk&t=50s

The key information is in Note 2.3

"The DFC grant will not cover the entirety of the DFS costs and hence additional funding will be required during the going concern period."

So there will be additional funds required before May 2025.

Looks like a mistake to me. The same sentence was used in last years Annal Report.

Elsewhere it states "Despite many challenges in the macro-market Blencowe has managed to keep the project moving forward and hopes to complete the DFS around mid-2025."

I have just found this estimate.

Natural spherical purified graphite (SPG) comprises 45-55% of Li-ion battery anode, the balance is typically synthetic graphite and silica.

https://lithiumenergy.com.au/graphite/

It is a big deal for two reasons:

1/ Synthetic Graphite is more expensive than Natural Graphite, so this implies Orom-Cross Graphite could trade at a premium price per Tonne (as it reduces the amount of Synthetic used)..

2/ Then also in any application you could use a larger amount of Orom-Cross Graphite so demand would be higher.

What I have not seen, so far, is any reliable estimate of what % of Natural Graphite is typical in this use.

How can it go up, or down if nobody is trading ?

I'm not too bothered, as I managed to buy some yesterday @ 1.97p.

Was close to 2800 on 30/10

Gold just went past $2800 for the first time.

A little strange that we have seen zero trading so far.

Wavecrest - So the 68.4% below, implies 68.4% Orom-Cross / 31.6% Synthetic ??

"In one of the composites produced during shaping and classification the amount of Orom-Cross natural graphite was a remarkable 68.4 wt% - this is by far one of the highest loadings of natural graphite into a composition of EV battery anodes known in the battery industry."

Also note that the COO Iain Wearing bought 6.25 Million Shares (at 4p) in the recent fund raise (RNS 6 Nov 2024).

CEO has 3.2 million shares in BRES

also 5.5 million options (at 30/9/23) exercisable at (5p to 6p) +++ probably more options issued in year to 30/9/24

It might be the beginning of the end of the AI bubble ?

I dunno. NASDAQ futures down 3.5%, S&P Futures down 2.25%, etc. etc.

Really, the number of shares traded automatically is tiny - no impact.

I think they dropped the SP on lots of shares, nothing to do with PANR. US market is due for a bad day today.