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Copied from good work on another forum, and as also noted on there, this is with the broken ball mill at Demerli and prior to the the extra flotation cells at gedabek, so should only improve from here:

Azerbaijan International Mining Company Limited (AIMKL), a subsidiary of Anglo Asian Mining PLC, sold $29.3 million worth of metal abroad in January 2026, AzerNEWS reports with reference to the State Customs Committee of Azerbaijan.

Just focusing on the gold and the original Teck Hughes study, at 2k tonnes per day, ave 0.65g p/t , 70% recovery, that's approx 10750 oz p/a base case.

Working on $4000 per oz, let's say $1000 AISC ( no idea on cost of reagent, but limited traditional mining costs) you're looking at a back of a ciggie packet $32 mill EBITDA p/a at current prices for a base case operation.

The original pay back of 3 years is now looking at not much more than 1 year.

It's early days, but the risk/reward is looking fairly good for now.

Re post at 17:22, there's an RNS dated 3 weeks after the website holdings statement telling us RAB were below 3% holding.

Good to see directors putting decent money in. I'm sure we'll have a few more warrants Rns over the next few days, the earlier they get cleared the better.

You should really use the fully diluted share issue for an accurate calculation. The warrants will get converted by the holders.

It's right, they are snuck on the placing on the 24th May 23, 1 warrant per two placing shares, expiring 3 years after placing date.

3 million odd from another RNS expired towards end of October that isnt accounted for yet on the website yet.

Did the 8p warrants not expire at the end of October?

Investors need to think where this is in the mining cycle. The bottom of the post speculative slump/boredom has passed and Bres is on the climb up, but it hasn't reached the move to the strategic investment stage. If you think that will happen, there's a significant climb to come, it just needs patience.

And Ecograf are valued at 4x Bres fully diluted mcap for a similar project not that's not much more advanced, so it shows where Bres should be heading.

Whether they get bought/sold now or later, if you believe this company is going to be sold in the near future, you need to use the fully diluted share issure for your calculation of final share price. Anything in between is noise. Currently that sits at 524million. This won't reduce as the warrants will be exercised prior to a sale, except maybe only the 8p warrants expiring month end, taking it back down to about 510 million.

I'm effectively valuing this company at a £36 market cap now.

You should get a more accurate figure in the presentation, but depending on grade of ore at Gilar and plant upgrade schedule, about 25-30000 tonnes, plus another 35-40000oz gold......that's currently about about $400-$450 mil revenue.

H2 revenue expected to be $85-100 mil during Demerli ramp up and continued plant improvements at Gedabek. Sales of Demerli ore currently being produced expected to start in Nov.

With full rate processing at Demerli and the high grade ore (3.8%Cu, 2g gold) from Gilar being processed next year, 2026 is looking very good.

If someone new had bought a significant stake, they would have had to notify the market by now.

- A couple of thumbsucks based on my own assumptions and guessing grades produced from Gilar, H2 Revenure to be around $100mil

- 2026 nearer $400mil

A lot to unpick.

- Production was known, so revenue as expected

- An extra $35- 40mil revenue expected from Demirli in H2 (mostly rent free), to be sold in Q4

- Gailar grades higher than expected. Short term lower grades to be processed while plant upgraded (to be completed prior to year end),

- 2025 to be slightly lower production, but means towards end of year and 2026 will be better than planned, or production costs lower.

- Demerli rent agreement from year end. 16k production p/a from Demerli. $160mil p/a rev, Demerli plant rent £24 mil p/a. BUT, deductible from PSA agreement and tax, so in affect no more than $10-12 million p/a.

- A couple

I know MMs get a hard rap at times, but trying to run an orderly market for a company that starts at £1.4mill then opens at an implied value of £30mil must be a nightmare.

There must be a TR1 due, unless the seller started below 3% holding (In which case they must be nearly out).

The website says 196 million shares in issue, which is an mcap of around 8 million. The latest TVR at the end of April said 135 million, which is why the LSE figure is low.

The tax on THX dividends is Canadian tax, so you will pay whether you're holding the shares in an ISA or not. If you're UK based, filling in an NR301 form with your broker will reduce the witholding tax from 25% to 15%.

Is the big gap to 2.75p finally going to get filled?