From Sasha, investor relations31 Jan 2024 11:32
"Morning all, just a quick message on these BRES accounts which seem to have caused some unwarranted panic in the market.
Firstly, the period they report on is until September End 2023 so as such, the accounts are retrospective.
At the end of that period, yes, the cash balance was low however again, note that that was the snapshot at the end of September when the company was expecting the DFC payment anyday.
SINCE this period the DFC have made the first two payment instalments totalling $2M, the second of which was only a week ago prior to the LOI for a more complete project financing (subject to conditions as listed within the RNS).
BRES also stated that “The Company is well on its way to completing the milestones as required for disbursement of the third DFC tranche of grant funds, which will deliver another US$1 million for additional DFS work.”
Whilst the accounts are always a few months old, it is sometimes taken for granted that the market might be able to clearly appreciate that these are retrospective and also have followed further newsflow on funding events such as the DFC Payments (two of $1m).
Unfortunately I didn’t get to see a final copy prior to release but have fed into the whole team that in cases like this that the market will need to be spoon fed for example will post period end notes as some companies do.
I hope that this provides some clarity and reassurance that company cash levels are far healthier than accounts for the end of the company financial year (end of September indicate).
Happy to answer any further questions but wanted to provide some clarity on this issue."
Sign In
Follow the stocks
