Member Info for Big_kahuna

Definitely pitfields, look at all that lovely wheat

there are hundreds of billions sitting in australian funds that cannot touch aim, even if they love the project. a few examples:

• industry super funds (australiansuper, hostplus, rest, cbus) → asx-only or asx-heavy mandates

• asx resource funds (tribeca, lion selection, shaw & partners, sprott australia) → specialise in wa mining but can only invest in asx-listed juniors

• australian small-cap etfs & managed funds (vaneck, betashares, ausbil, perennial) → asx-listed equities only

• family offices/wealth managers (wam microcap, naos, sg his****) → compliance rules restrict them to asx-listed securities

I can’t imagine any benefits in buying on asx vs aim unless you want to buy out of hours for some bizarre reason.

Might get improved liquidity for very big buys and sells, but rare.

I really think we need this asap, but I guess it will take around 6 months to arrange.

1. You List Where the Smart Money Already Buys Titanium

Australia understands titanium, heavy mineral sands, and large-scale industrial minerals far better than AIM.

The ASX already hosts Iluka, Strandline, Sheffield, and a long list of mineral sands players — analysts and institutions know how to value these projects.

AIM is treating Pitfield like another explorer. ASX would treat it like an emerging titanium major.

2. Larger Pool of Relevant Investors

ASX has:

• Titanium investors

• Mining funds

• Institutional brokers

• A deep pool of technical analysts who value bulk-tonnage industrial minerals

This is exactly the investor base Pitfield lacks today.

3. Better Valuation Benchmarks

Iluka trades at multi-billion valuations for resources that are not fundamentally more strategic than Pitfield’s.

ASX analysts benchmark via:

• in-situ titanium units

• product recovery

• resource scale

EEE hardly gets any of that recognition on AIM.

A dual listing could re-rate EEE closer to peer valuations.

4. Increased Liquidity

AIM is thin and very sentiment-driven.

ASX adds:

• deeper order books

• higher daily liquidity

• more stability

Perfect for a project heading into DFS, permitting, and development.

5. Alignment With Australian Operations

Pitfield is Australian.

The labs are Australian.

The geologists are Australian.

The state government partnerships are Australian.

ASX listing aligns investor base with where the work — and future capex — is located.

6. A Clear Precursor to Larger Funding

If EEE intends to:

• secure a JV

• negotiate a strategic partner

• raise development funds

• position for an eventual buyout

…an ASX listing opens the door to the biggest global pool of mining finance.

ASX dual listings are often step one before major project financing.

⸻

What It Could Mean for Share Price

Not price predictions, but historically:

• ASX dual listings for advanced projects often trigger 20–50% re-rates on visibility alone.

• Projects with game-changing resources (like Pitfield’s titanium system) can move much higher once analysts start modelling them properly.

AIM is currently mispricing EEE — dual listing is one of the most efficient ways to close that gap.

No rewards unless there are risks.

1. JORC & DFS Delivery Risk

Timelines slip across the sector. Consultants run late, labs take longer, and classification reviews can push dates a few weeks.

Impact: Delays can frustrate the market but don’t change the underlying asset.

2. NPV Sensitivity to Assumptions

The valuation hinges on graphite pricing, opex, discount rate, capex, and downstream assumptions. A weaker graphite price deck or higher capex would reduce NPV, even with strong geology.

Impact: NPV outcomes can shift materially on input changes.

3. Funding & Strategic Partnering

The project will require significant financing and/or a strategic partner. Discussions look mature, but until binding terms are released, there’s execution and timing risk.

Impact: Market often sells uncertainty; share price can drift while financing is negotiated.

4. Offtake/Market Conditions

Natural flake graphite markets remain volatile. While downstream purified product improves economics, offtake agreements still matter.

Impact: Strength or weakness in EV/battery markets affects sentiment and funding appetite.

5. Execution: Building the Project

Moving from PFS → DFS → construction is where many juniors fail. Logistics, procurement, contractor selection, and cost control all matter.

Impact: Cost overruns or schedule slips reduce project economics.

6. Political & Regulatory Landscape

Uganda is stable, but permitting, taxation, and export policy environments can evolve.

Impact: Policy changes could add delays or cost.

7. Liquidity & Market Behaviour

The free float is high and dominated by traders. Even good news can be sold into if sentiment is weak.

Impact: Short-term volatility unrelated to fundamentals.

8. Sale Process Isn’t Guaranteed

Management has indicated a clear intention to seek a sale post-DFS, but:

• Timing may stretch

• Offers may not reflect full NPV

• Tier-1 buyers may wait for market stabilisation

Impact: A sale is highly likely in my view, but not on a set timeline.

I managed to scrap together another £500 in my sipp.

Let’s see what Monday brings.

ChatGPT says 40% chance of rns on Monday for JORC, 60% tue to thu.

GLA

The corrected 60p target would be further away in 26, would be my exit timing on sales talk firming up.

BRES gets to 60p in three steps:

• JORC (soon): moves it to 10–12p

• DFS (late Nov): major re-rate to 20–30p

• Strategic deals / sale talk (Q1–H1 2026): pushes it into the 50–65p range

60p comes once the DFS is out and strategic discussions heat up.

Yep 400m shares so half it, I’ll stick with the 30% to 40% for a buy out.

ChatGPT response to feeing the interview into some existing models of been working on.

Take with some salt, but will be a fat goose on the kahuna Xmas table if it rings true.

POST: Why Today’s Interview Quietly Upgraded the NPV Outlook

The interview actually gives away far more than people realise about what the DFS economics will look like — and for me it raises the realistic NPV range.

1. JORC → RESERVES = Higher DFS Value

Mike confirmed the Stage 7 programme wasn’t about “more tonnes” — it was about converting a large chunk of the 25Mt into long-life reserves.

Reserves carry higher confidence, unlock higher production rates and reduce project risk.

That alone lifts NPV.

2. Production Rates Likely Increase

When reserves go up, engineering teams can design higher throughput because mine life is protected.

Even moving from ~75ktpa to 90–100ktpa concentrate has a material impact — easily adding £75m–£120m to NPV on its own.

3. WaterBorne Already Building Lender-Ready Models

This is key.

Financing work isn’t waiting for DFS — it’s already underway: models, data rooms, funding structure, early strategic engagement.

That shortens the usual 6–12 month financing gap and reduces the risk discount the market applies.

Lower risk = higher NPV recognition.

4. Beehive & Lyan Add Scale Optionality

They won’t make the DFS, but the clues are big: multiple 100m+ holes, all ending in mineralisation.

These are new mining fronts with real expansion potential, and the market will price that in ahead of drilling them into a full JORC next year.

5. Updated NPV Expectation

Based on the combination of:

• higher reserve base

• stronger production schedule

• financing risk already being derisked

• and long-term scale from new deposits

My realistic post-DFS NPV range now sits at:

£700m – £900m (post-tax NPV8), with ~£800m as the central case.

That’s before Beehive/Lyan are added.

With ~200m shares in issue, even recognising 30–40% of NPV puts you in the £1.20–£1.50 territory on DFS delivery.

Tighter discounting as financing firms up takes the fair value above £2.

In short — the interview quietly confirmed the DFS is going to read stronger than people expect, and the growth story behind it is only just beginning

Yep,

Nuformix isn’t close to FDA approval yet. Their lead asset is a reformulation of an already-approved drug, which helps on safety, but the FDA still needs clinical evidence for the new form. That means:

1. PK/Bioavailability trial – to prove the new formulation behaves the same (or better) in the body.

2. Phase 2 efficacy data – to show it actually works for the intended indication.

3. Potential Phase 2/3 or Phase 3 – depending on results and FDA feedback.

4. NDA submission + review – fastest route is the 505(b)(2) pathway with a 6-month priority review.

So the process is faster than developing a brand-new drug, but still requires proper clinical trials before any chance of approval. The company’s next major inflection point is securing a partner to fund those trials and move the asset into the clinic.

FDA approval is many years off, if you mean Orpan stays and partners the 2p to 5p.

FDA approval would be 10x that but we are nowhere near.

This really resonated with me, great quote and a great post.

“The stock market is designed to transfer money from the Active to the Patient.”

Can’t wait to see the new NPV, I think 30 to 40% sales value will be fantastic and achievable.

I’m absolutely desperate for some liquidity to double down on some of my other investments and some new opportunities, but this is certainly one to ride to conclusion.

I’m a relative new comer, accumulating since early September, but I have to say this board has been great, very high quality posts.

It’s not patience that I need it’s liquidity, so frustrating that I can’t buy at these prices, I really need one of my other shares to present an exit opportunity before these recover.

Can someone explain why anyone would pay for warrants at 4.5p? Chat gpt has given up trying to make it make sense

Massive pXRF numbers, sulphides at depth, and a clear path to a 2026 maiden JORC

Today’s RNS is exactly what long-term holders wanted to see: bigger footprint, stronger grades, and visible silver/copper mineralisation, despite the frustration of rains pausing the remaining metres.

Key takeaways:

• 4 holes drilled (481m) before heavy early rains forced a pause

→ annoying, but the metres completed delivered standout results.

• Copper mineralisation extended north and at depth

→ visible secondary copper over 20m + sulphides emerging lower down.

→ exactly the geological progression you want when a system deepens.

• Huge pXRF silver hits

→ up to 246 g/t Ag and wide intervals over 20 g/t Ag.

→ semi-quantitative, but still a major flag ahead of lab assays.

• Big copper intercepts from the star hole (043):

• 95m @ 0.41% Cu from 10m

• incl. 47m @ 0.58% Cu from 58m

• incl. 25m @ 0.75% Cu from 80m

• incl. 8m @ 1.13% Cu from 89m

→ That’s a thick, attractive system with improving grade at depth.

• Native silver + native copper identified

→ adds a potential value multiplier as mineralogy becomes better understood.

• JORC Exploration Target work now starting

→ this is the precursor step to quantifying tonnage/grade ranges

→ before a maiden MRE targeted for 2026

RNS tomorrow will be interesting if not I guess it has to be next week.

The UK Ministry of Defence’s Digital Decision Accelerators for Defence (DDAD) programme is a £1.1 billion, four-year digital-innovation framework designed to accelerate AI, data and modelling capabilities across Defence. It is scheduled to begin on 13 November 2025 and run until November 2029, with an optional two-year extension to 2031.

The framework includes several specialist lots, and the areas most relevant to Defence Holdings / Whitespace are:

• Lot 2 – Decision Accelerators: AI-driven simulation and rapid-decision platforms.

• Lot 3 – Applications & Tools: modular decision-support and analytics apps.

• Lot 5 – Data & Integration: secure data-management and interoperability solutions.

These align directly with Whitespace’s strengths in secure data-fusion and workflow analytics.

According to the MOD’s published timeline, the supplier awards and framework start are expected around 13 November 2025. That’s when the successful companies should be confirmed and granted access to the £1 billion+ procurement channel for next-generation digital systems.

I'm dirty cash, the one that you asked for

I'm wanted by the rich and the poor

More and more, you just can't reject it

You're the junkie and I inject it

Into your blood stream, it's like a bad dream

Money's the theme, do you know what I mean?

The latest TR-1 shows RAB down from 4.9% to just 2.8% — around 11 million shares left. That means roughly half their original position has already cleared.

At current volumes (1 – 1.5 million a day) they could be fully out within the next few weeks, possibly by mid-December. Once they’re done, the overhang disappears and the float tightens again — setting up a cleaner run into the DFS and any strategic news.

These sales aren’t a reflection on BRES fundamentals — it’s a routine fund rotation. In fact, it’s often the final stretch of this kind of seller that marks the low-volume consolidation before the next leg up.

All lining up nicely for those with a bit of patience.