Member Info for Big_kahuna

i think the number of ****zers turning up is a good thing, although a bit painful, they normally herald the arrival of serious investors turning up shortly after.

I think he was saying it’s too good to be true, but yes you are correct he is clueless.

Yep that’s how maths works, and how recognition on an NPV works, they had funding in place and had started production. They didn’t get an offer before and I doubt we will at least prior to funding.

The idea that the shareholders are going to except 30% of NPV is crazy, I wouldn’t vote for it.

Some robot research if anyone is interested.

Adriatic Metals – DFS Economics + Takeover Price

Adriatic’s Vareš Silver–Lead–Zinc Project had a post-tax NPV8 of ~US$1.26 billion in its Definitive Feasibility Study.

This NPV and the exceptionally strong project economics were the core drivers behind the eventual acquisition.

DFS Source Numbers (rounded):

• NPV8 (post-tax): US$1.25–1.26 billion

• IRR: ~134%

• Payback: ~1.2 years

These metrics placed Vareš among the highest-return mining projects globally, with low capex, fast ramp-up, and premium concentrate margins — very similar to the dynamic you’re now seeing with BRES.

⸻

💰 How Much Was Paid

Dundee Precious Metals acquired Adriatic Metals in a deal valued at US$1.25 billion.

This represented a ~50% premium to Adriatic’s undisturbed share price prior to the takeover approach.

So the buyer effectively paid close to NPV for the project — a very rare outcome in mining M&A.

Why?

Because the economics (NPV + IRR + payback + margins) were so strong that the usual “development discount” collapsed.

⸻

🔑 Takeaway for BRES

Adriatic:

• NPV ≈ $1.26B

• Acquired for ≈ $1.25B

• Premium ≈ 50% to pre-bid share price

• IRR 134%, payback 1.2 years

BRES DFS:

• NPV ≈ $1.1B

• IRR 96%

• Payback extremely fast

• Downstream USPG adding margin

• Critical mineral + geopolitical tailwind even stronger than Adriatic had

Adriatic was bought for essentially full NPV, which is precisely why BRES’ recognition percentage should rise dramatically once funding is confirmed.

Ok well good of you to pop in, see you around, bye

Great timing, bit of cash, great show of confidence and I don’t think anyone would begrudge them the discount, these guys have earned every penny.

I also hope I’m right, but don’t really care as I won’t be selling a single share under either outcome.

I had a cunning plan last week to move all my money into this and I’m very happy with how it’s panning out, 2 weeks, 2 months, 6 months, the market has to correct at some point.

Good summary metalhead, I think I read some of your posts over the weekend, didn’t make the connection to you on here till now.

Yep I think p1 is only about 30m, so can be done with off take and maybe African development loans faster.

I think they will still have to offer to Dfc and or maybe discuss terms for p2 given the timeline. I assume P1 is pretty much tied up already.

I would imagine NY will be every II that Mike can get time with, presumably they are already in discussions, the US IIs will love the DFC angle and the gap in NPV to market cap.

Yep I think they are likely sign posting that they are off to talk to U.S. International Development Finance Corporation (DFC).

The U.S. International Development Finance Corporation (DFC) has already funded Blencowe through a multi-million-dollar feasibility grant, placing Orom-Cross inside the U.S. critical minerals strategy.

As part of that funding, DFC secured a right of first refusal on any future project financing, meaning they get first priority to provide construction debt, guarantees or risk-insurance once the DFS is complete.

This means:

• BRES has already passed U.S. strategic, ESG and technical screening

• DFC is already a partner, not a new contact

• Funding risk is dramatically reduced

• The DFS now moves the project into the phase where DFC can assess full development finance

And it’s beyond me why you have to post that multiple times :)

Yeah I’m very confident in 20to30p this week, I think you don’t understand profit taking and the II impact.

Dusterinmong

Posted in: BRES

Posts: 7,105

750 mill7 Nov 2025 11:48

That sits in with the 100 mill from Mike.

20p poss next few weeks

Agree with 5toaM there, I think talks must be lined up already to offer DFC first refusal. I wouldn’t be amazed if it all wrapped up this year.

So your saying instead we could get to 7% recognition in two weeks, and the mighty 10% mark in 3 months, by which time funding will be in place and the JORC would have doubled.

Mong by name mong by nature

Yes obviously fool.

🔥 7. Net-Zero Mining Strategy Expanded

New commitments:

• 90% electric light vehicle fleet

• All-electric loader fleet

• Exploring 100% electric mine trucks

• Electric drying & dry tailings

One of the most advanced ESG frameworks in the graphite sector.

⸻

🔥 8. Updated Capital Structure Since DFS

• 406m shares in issue

• Fully diluted 522m

• FD market cap at 8p = £42m

Against a US$1.087bn NPV, recognition remains extremely low.

⸻

🧨 Bottom line

The new deck delivers clearer DFS economics, higher recoveries, bigger reserves, stronger offtake pathways, and a fully mapped production + SPG expansion plan.

Continued….

🔥 7. Net-Zero Mining Strategy Expanded

New commitments:

• 90% electric light vehicle fleet

• All-electric loader fleet

• Exploring 100% electric mine trucks (

The latest Blencowe corporate deck quietly drops several new and upgraded details that significantly strengthen the Orom-Cross investment case. These didn’t appear in previous decks or RNS drops.

🔥 1. DFS Economics Now Fully Quantified

• NPV10 confirmed at US$1.087bn

• IRR 96%

• US$230m/year EBITDA

• US$2.03bn free cash in first 15 years

• Capex US$160m now confirmed to include BOTH the mine and the SPG facility

• DFS uplift explicitly stated: +225% vs PFS

This is the first time these numbers have been presented so clearly together.

⸻

🔥 2. Updated JORC With Full Breakdown

• Reserves lifted 47% → 23.08Mt @ 5.18% TGC

• Camp Lode confirmed as a 6.7%+ TGC high-grade zone

• Composite recoveries published for the first time: 92.2%

• Concentrate grade: 97.3%

These metallurgical results are elite and materially improve economics.

⸻

🔥 3. Full 5-Phase Production Ramp Revealed

New detailed ramp plan:

• Phase 1: 20kt concentrate

• Phase 2: 70kt

• Phase 3: 125kt

• Phase 4: 175kt

• SPG plant starting at 20kt battery-grade

This is a far clearer and more ambitious roadmap than all prior guidance.

⸻

🔥 4. Micronisation Strategy Expanded

For the first time, BRES specifies:

• Five micronised products (45/25/15/10/5 microns)

• Expected pricing 2–10× concentrate value

• Test work completed and validated by end-users

Micronisation is now a confirmed revenue engine, not a concept.

⸻

🔥 5. SPG Economics Sharpened

• Concentrate → SPG uplift: $500/t → $2,500+/t

• JV partner confirmed

• SPG facility positioned as life-of-mine offtaker

This greatly improves margin stability and bankability.

⸻

🔥 6. SAFELOOP EU Project: Major New Offtake Window

The deck introduces a completely refreshed SAFELOOP section:

• BRES becomes exclusive supplier of 100% natural flake graphite

• Long-term demand ramping to 100,000+ tpa

• Tier-1 partners named:

• AETC (US graphite specialist)

• Aspilsan (Turkish gigafactory)

• Bozankaya (EV/bus manufacturer)

Massively expands Western offtake visibility.

⸻

🔥 7. Net-Zero Mining Strategy Expanded

New commitments:

• 90% electric light vehicle fleet

• All-electric loader fleet

• Exploring 100% electric mine trucks (