Member Info for B_Positive

Even at 3p a share the market cap is tiny.

Alludium certainly shaping up to be an AI Unicorn and CTAI has so much exposure to it.

Https://x.com/MerlinCnx/status/2013871478622822517?s=20

Cash about £2m.

Expenditure minimal.

UFO cash in stock value on ASX in WCS and GTM about £5m.

Projects:

*Munni Munni PGM, 30% free carry, own 17% of JV company, proven high grades, large JORC 2012 upgrade coming early 2026

*Elizabeth Hill Silver, 30% free carry, own 7.5% of JV company, proven mine and high grades, large assay wave coming with early production very possible and discussions underway

*Hanc0ck iron, 90% ownership, JV or sale process progressing and can drop any moment, proven high grades with large JORC and massive resource upside, surrounded by BHP, Rio Tinto and other producers

*Other iron portfolio full ownership and being advanced

*Well placed in Australia to grab other world class assets

Metals

*PGM prices soaring

*Silver prices soaring

*Iron prices strong and in high demand

1.00-2.00p very doable with a small about of project advancement.

Australia assets also fetch a big premium compared to Africa.

DYOR of course. This is just my expectation.

Very achieveable as the assays feed in, resource grows, licences come in and preparation are made for production.

Gold $4,000-5,000 in the background, likely $5,000 and over shortly.

Projects:

*Munni Munni PGM, 30% free carry, own 17% of JV company, proven high grades, large JORC 2012 upgrade coming early 2026

*Elizabeth Hill Silver, 30% free carry, own 10% of JV company, proven mine and high grades, large assay wave coming with early production very possible and discussions underway

*Hanc0ck iron, 90% ownership, JV or sale process progressing and can drop any moment, proven high grades with large JORC and massive resource upside, surrounded by BHP, Rio Tinto and other producers

*Other iron portfolio full ownership and being advanced

*Well placed in Australia to grab other world class assets

Metals

*PGM prices soaring

*Silver prices soaring

*Iron prices strong and in high demand

1.00-2.00p very doable with a small about of project advancement.

Australia assets also fetch a big premium compared to Africa.

DYOR of course. This is just my expectation.

Yes and the current mcap is only pricing it at around $25 per ounce isn't it?

So when it corrects to $150 per ounce vs a $4,500-$5,000 gold price the value will start to look a bit more sane.

But even then still tiny vs something like OMI.

Jesus the market cap is tiny here isn't it

Not surprised more are noticing

Gold $4,725 too.

Gold $4,720 my god!

One more final decent sized tranche for me tomorrow then that's me done. Hopefully no RNS so I can add around closing price.

Hi mate, you'll see with my posts on the likes of the JAN board that once I pick an exciting junior I stick with it for around 6-12 months before assessing what to do with my holding.

With ORR I see that it's trading so far below fair value (heck WSBN has recently had double and triple the market cap of this without a single ounce of gold) that I am happy to wait for the rerate well into the pennies, which I think will happen this year, not next.

So I look forward to learning from your insight on this bb

So OMI or Oroscur Mining is now at a £110mcap with no JORC resource at all.

ORR with already a huge JORC and with much more coming sits at just £15m. Fully funded drill programme and resource upside.

I believe a £110mcap here near-term would deliver around 2.2-2.3p a share?

So talk of 0.4, 0.5, 0.6p etc as next targets need to be thrown in the bin in my view.

Think a lot bigger. 2p, 3p, 5p etc.

Especially in a $4000+ gold climate.

I think once positive news of ODD comes other news will either follow fast or in the same RNS of partnerships. I reckon, obviously IMO, that partnerships have already been agreed in principle with terms "Subject to ODD" sit and wait it out, not much else to do for me already at my tolerable risk level for this one! GLA

March to 1p and then a jog to 2p and over once it breaches the first hurdle.

Current (Q1 2026)

Pre-clinical inhaled tranilast for IPF. FDA Orphan Drug Designation decision pending.

≈ £6–7m mcap → ~0.30p.

⸻

1) FDA ODD granted + partner/funded pathway announced

Timing: 2026 Q1–Q2

Regulatory validation + external commercial validation.

This is the first real credibility inflection.

Mcap band: £20m – £60m

Implied SP (no dilution): ~0.9p – 2.7p

⸻

2) IND-enabling completed and IND filed

Timing: 2026 H2 – 2027 H1

Tox, inhalation, CMC executed at pace under partner support.

Mcap band: £40m – £100m

Implied SP: ~1.8p – 4.5p

⸻

3) IND cleared + Phase 1 initiated

Timing: 2027 H1 – H2

Clinical-stage respiratory biotech.

Mcap band: £60m – £140m

Implied SP: ~2.7p – 6.5p

⸻

4) Phase 1 data (safety, PK, lung exposure)

Timing: 2027 H2 – 2028

Compressed Phase 1 possible due to repurposed profile.

Mcap band: £80m – £200m

Implied SP: ~3.6p – 9.5p

⸻

5) Phase 2 IPF efficacy signal

Timing: 2029

Primary value inflection point. Takeover or major up-front territory.

Mcap band: £150m – £400m

Implied SP: ~7p – 18p

⸻

6) Pivotal path funded (Phase 2b/3 or adaptive Phase 3)

Timing: 2030

Institutional capital, strategic control.

Mcap band: £300m – £800m

Implied SP: ~14p – 36p

⸻

7) Pivotal success

Timing: 2031 – 2032

Pre-approval commercial biotech.

Mcap band: £600m – £1.5bn

Implied SP: ~28p – 70p

⸻

8) FDA approval and launch

Timing: 2032 – 2034

Valuation moves to sales-multiple logic.

Mcap band: £800m – £2bn+

Implied SP: ~36p – 90p+

Gonna add more in the low 0.3s later today.

Feels like thiswill do 1-2 bags even before the FDA update.

Absolute monster in the making here. Already well on the way.

Buying suggests we may get some very nice assays this week. Gold at all time highs as well and wants to go a lot higher.

ORCP

Low grades.

Need to raise.

Only 20% ownership

vs ORR & JAN

High grades

Don't need to raise.

50-100% ownership.

Both more advanced with both assays and JORC resourse upgrade about to drop.

It's important to compare in the gold junior space.

Choose wisely

Unfortunate dump, but expected.

Parked my profits in ORR for now as I reckon it has considerably more upside than this.

I'll revisit ORCP post placing.

I really do think this is the next OMI junior gold riser so 500-1000% from these priced at nothing levels.

Should be closer to 2p a share already