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BRES would have had to approve this research note, so in my opinion they have used it to broach the subject that a PLC raise is on the cards rather than a project level investment, and that the finance will be Q3 or Q4.

I suppose this is a better communication than simply updating the presentation on the website when financing moved from Q1

Mike has turned out to be not very consistent when it comes to raising cash, so it shouldn’t come as a surprise that a different funding model has been put forward by Cavendish.

With Mike’s down beat last interview and the end of H1 quickly approaching my expectation is now that they are struggling to get project based financing and that P1 cash will now come from a PLC level raise, for me a raise at zero discount and zero warrants is fine as it will unlock the true value of Orom-Cross and we can start moving forward rather than being hamstrung by these large sellers that are constantly offloading.

The fact that only 14m warrants have been exercised, doesn’t mean that they haven’t had a massive impact on the Shareprice. Those warrant holders have clearly sold their holdings and are riding warrants at this stage.

I think there are some good points being made, especially regarding the many delays that have occurred up to now, and how some people ignore that.

I think the original question was regarding faith in management, my stance is that until recently Mike has been very good at keeping shareholders onboard, that has however slipped in the last 6 months or so.

The big question is why, if, as everyone is continually saying financing in Q1 was a completely over optimistic target, did Mike state it, and why did the slip not get communicated better, was it just to keep shareholders on the hook, or does he genuinely think he can get it over the line in that timeframe, Its clearly shaken the investor bases faith otherwise we wouldn't be talking about it.

The fact that we are now discussing "faith in management" when you look back 2 years or so is concerning, two years ago Mike was bullish, we were waiting for the cash from a "strategic investor" , Mike was berating companies that needed to raise with warrants, etc, etc etc.

I do feel that Mike needs to put himself in front of investors and be brutally honest around what is going on with progress, and not simply roll out another VOX like interview which says nothing again.

The company has made considerable progress, but it does feel like investor confidence in management is beginning to wane, that being said, get the financing sorted and the seller out and everyone will be singing he praises again.

The issue is that without financing Orom-Cross is a worthless hole in the middle of nowhere, with financing its worth billions, so we need financing pure and simple, we can speculate on "true worth" all we want on the positive side, but in reality there is no speculation to be had for the value without financing.

If it wasnt for the confetti equity that was given away we could easily be sat at 10-12p with shareholders sat on their hands and waiting to see the outcome of financing, with the confetti equity we have "investors" that have millions of shares at 3p backed by warrants at 4/5p that seem more than happy to take the double their money and look to ride the warrants. That's why the shareprice is shambolic nothing to do with macro economics of the DFS figures etc.

Hold for financing or dont its your own decision, H1 2026 we were told, but Mike didn't seem that confident in his last interview, and they haven't really excelled at the financing up to now (if it wasnt for the DFC funding god knows how many shares would have been issued up to now, and how many criminally low warrants)

I have been in this with quite a considerable holding since April 2021, i can tell you the current action is frustrating but i'll give them some leeway but to be honest not too much more.

Well I hope they get their act together pretty soon, every day seems to be a red day here recently, this constant slide can only be explained by the delay in financing coupled with the confetti equity still floating around.

No way should we look to spend more cash on infill drilling for Iyan and Beehive, we need to get into production and pay for mine expansion out of revenue generated.

If we can’t secure £40m funding based on the figures in the now optimised DFS, we may as well call it a day, pack up and move on.

I seemed to remember Mike saying the DFC won't be involved in the P1 funding, for exactly these reasons, i.e the process takes too long, and rather the AFC are much more likely to be the source of P1 funding

To see how the AFC process funding : https://www.africafc.org/our-approach/the-solutions-we-deliver/principal-investing/how-we-invest

P1 funding was always going to be the most difficult to get over the line, it transforms Orom-Cross from a dusty patch of land in the arse end of Africa to a project potentially worth billions. The issue is now how much can we trust Mike and Co to get this over the line, financing has not been Mikes strength upto now, (remember the strategic investor that just disappeared after months of promise, and the warrant backed raises after say they wouldn’t do just that) Cavendish have been brought onboard to secure plc level funding and to hopefully add some stability to the Shareprice, but that looks to have spooked some retail investors as to what lies ahead, Waterborne Capital were supposed to be the ones helping with project finance. Let’s hope they can both deliver on their marketing promises.

We all agree that funding is now the critical news we need, Mikes funding timelines were self imposed and always seemed optimistic but not delivering on them has eroded confidence from shareholders and hence the 30% slip from over 12p. They have 30 days and counting to get this train back on the tracks, another missed station on this train won’t be a popular outcome

I think Mike’s interview did nothing to build confidence in retail investors, he has flip flopped between p1 or p1+p2 funding, we have slipped from q1 and it now looks like q2 will be a push to get anything over the line. The appointment of cavendish is a worry for retail investors in the short term, as we know institutional investors very rarely buy large amounts on the open market, and then the question is can Mike maintain the no discount no warrants stance from the last raise or will he revert to throwing confetti shares and criminally cheap warrants at the institutions in order to get their cash.

I think the selling today is again warrant holders offloading so they can enjoy the ride, or retail investors who have been scared off by Mikes interview.

For me I can give them the rest of q2 and will then be forced to assess whether the BoD are capable of monetising Orom cross or not, if we don’t have at least some more firmed up news by the end of June I fear for the affect on shareholders confidence

“Does this reflect the markets concern for some dilution in the short term or is it more complicated than that?”

It’s more complicated than that, the Shareprice is haunted by some decisions they were forced into over the last years, namely having to raise cash when the Shareprice was at all time lows, this means that there are a lot of share sat with traders and short term holders that are just here for the churn, warrant holders are more than happy to offload their holding at these levels and ride the warrants, 4p and 4.5p four year warrants were a absolutely criminal, and there is a long way to go before those shackles are finally shed.

These factors mean that BRES share price is shambolic, and is hit by offloaders on every single piece of good news.

You can ignore all the noise, the big ticket here is financing, if they can get that sorted this will clearly fly, if it drags on and on it could be a major disappointment to all. That’s the risk and reward.

The BoD don’t actually look to be that competent when it comes to the financial side, but seem to have recognised that themselves and have brought the right people on board to handle it.

As I said it’s all about financing, the noise around DFS, offtakes, partnerships etc is just noise that will just give the traders other chances to make a few quid.

Let’s hope that the Q2 timeframe they have set out is realistic, because that means they have just over 4 weeks to get it over the line.

The only message to the BoD if they are looking for more Institutions is “No Discount, No Warrants”.

From the RNS I would say it reads as though there won’t be a placing anytime soon but could definitely see some investment from larger parties down the line, which should be a good thing. It’s important now for the MCAP to get back and stay over £50M so funds can show some interest

“Anyone able to explain why exploration costs are so low at £107,000 vs admin costs of £900,000. I would have thought that more would have been spent on exploration.“

The vast majority of the exploration costs including the stage 7 drilling costs and Minrom analysis was paid for via Project Partners Funding Agreement , issue of equity in July 2024, so that would not have been reported in this period

(C)

under the warrant instrument created on 12 November 2024 the Company has outstanding investor Warrants over 22,850,000 Shares which are exercisable for 4 years from the date of issue at 4 pence;

(d)

under the warrant instrument created on 12 November 2024 the Company has outstanding broker warrants over 2,150,000 Shares which are exercisable for 4 years from the date of issue at 4 pence;

(e)

under the warrant instrument created on 25 April 2025 the Company has warrants over 31,666,669 Shares which are exercisable for a period of 2 years from the date of issue at 4.5 pence;

(f)

under the warrant instrument created on 25 April 2025 the Company has outstanding broker warrants over 2,000,000 Shares which are exercisable for a period of 2 years from the date of issue at 4 pence;

Again from prospectus so we don’t know how many are outstanding, we will find out next month

If they have extended the 8p warrant expiry date, would they need to RNS this?

Yes, that would be highly irregular so I can’t see them doing that. The may 2023 warrants aren’t the issue here it’s the November 2024 (4p) and the April 2025 (4.5p) warrants that were issued way too cheap

“Does anyone have the details of these warrants that expire this month?”

From the most recent prospectus….

(a)

under the warrant instrument created on 22 May 2023 the Company has outstanding Warrants over 6,985,000 Shares which are exercisable for 3 years from the date of issue at 8 pence;

(b)

under the warrant instrument created on 22 May 2023 the Company has outstanding broker Warrants over 459,576 Shares which are exercisable for 3 years from the date of issue at 4 pence;

How many have been exercised to date is unknown

Infill drilling of beehive and iyan would be a complete waste of time and money. The infill drilling in the previous stage 7 drill program was required by the DFC, so had to be done, with the drill rigs on site it made sense to do the exploration drilling at the two new locations.

If we can’t secure funding with the current DFS figures an increase in reserves won’t made the slightest difference.

Get to production and use that cash to scale out as and when offtakes demand, doing infill drilling now would be a serious red flag to the market,

“Seems like a pretty straightforward plan to me!“

You would think and hope so, just six weeks until the end of Q2, surely even if finance isn’t secured by then they will need to give us a more meaningful update on how it is going.

As long as it doesn’t start to cost large amounts of cash then BRES can continue to improve the JORC and DFS figures, anything improving the position for finance negotiations is ok with me.

I will however have a major problem if we look to infill Iyan and Beehive before starting production, that will be a massive signal that they are struggling with finance.

Sometimes you just need to draw a line and get to making cash rather than spending it.