RE: Evion Graphite1 Nov 2025 15:23
That’s an interesting angle pic12
Evion’s Maniry project (40Mt @ 6.5% TGC) carries a post-tax NPV of US$205M and trades on a ~A$25–30M market cap (≈£13–15M).
Blencowe’s Orom-Cross is already 2.5x larger at ~102Mt @ 5.8% TGC, with proven metallurgy and a cleaner, shallower mining profile — yet the market cap here is only ~£26M.
So, despite having a much bigger and arguably stronger project, BRES is valued at barely double Evion, when logically it could justify five to ten times that on scale, grade, and stage alone.
If Evion’s 40Mt resource supports a US$205M NPV, then Orom-Cross should be well north of US$300M (≈£260M).
Even valuing that at a conservative 25–30% of project NPV gives a fair market cap of £65–80M, equivalent to roughly 18–22p per share.
Once the DFS lands and offtake deals are in place, a re-rate into that range looks entirely achievable.