Member Info for Computer909

Italy commissioning was completed in December 2022, look how that turned out, Have to hope that Phoenix aren't as incompetent as Palumbo and Co.

A tramp peeing in the woods has prevented more wildfires than Eqt

Got a feeling we wont see the update until the very last moment possible, so could be june before we see just how much of a mess they have made of it

For completness the full statements

2021-2022

"2.7 Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and positions are set out in the Chief Executive Officer's Statement.

The Group had £7,048,094 of total assets at 30 September 2022 (2021: £5,442,157), of which £346,994 are held as cash and cash equivalents (2021: £93,288).

As part of their going concern assessment, the Board of Directors have reviewed cash flow forecasts reviewed for the 12 months from the date these financial statements were signed and considered the medium term outlook through to 2025 as described in the Viability Statement. The Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to December 2025 provided further funding can be raised as required.

Subsequent to the year-end the Group has raised additional funding through a share capital raised in order to further the development of the Group's activities (see note 20) however, the Board of Directors appreciate that significant further funding will be required to achieve the desired project outcome of cash generative production in 2025. The raising of further funding is not guaranteed and will be dependent on a successful definitive feasibility study to demonstrate the commercial potential of the project, for these reasons there is a material uncertainty in respect of going concern."

2022-202

3.3 Going concern

At 30 September 2023, the Group had £7,766,280 of total assets (2022: £7,048,094), of which £129,853 are held as cash and cash equivalents (2022: £346,994).

In making an assessment of going concern for the Group and Company, the Board of Directors have reviewed cash flow forecasts covering a period of 12 months from the date these financial statements were approved, and have concluded that it is appropriate to prepare the financial statements on a going concern basis.

The Group has successfully been granted a $5 million grant through the US Development Finance Corporation (DFC). This funding will be provided in a number of tranches aligned to completion of works related to the Definitive Feasibility Study. The DFC grant will not cover the entirety of the DFS costs and hence additional funding will be required during the going concern period. These conditions are considered to indicate the existence of a material uncertainty, which may cast doubt over the Group's and Company's ability to continue as a going concern. The financial statements do not include adjustments that would arise in the event of the Group and Company not being a going concern.

2022 they stated funding was not guaranteed, 2023 they seem pretty confident any funding needed can be achieved. They have told us they wouldn't be raising on the market at a discount

Regarding the "Wording" lets look at the last two going concern statements

2021-2022

"As part of their going concern assessment, the Board of Directors have reviewed cash flow forecasts reviewed for the 12 months from the date these financial statements were signed and considered the medium term outlook through to 2025 as described in the Viability Statement. The Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to December 2025 provided further funding can be raised as required."

2022-2023

"In making an assessment of going concern for the Group and Company, the Board of Directors have reviewed cash flow forecasts covering a period of 12 months from the date these financial statements were approved, and have concluded that it is appropriate to prepare the financial statements on a going concern basis."

This years statement is way more positive than last years regarding the "need" for funding.

"Ahh so there is absolutely no reason for the SP to be down 16% from an already undervalued position, lol."

Correct !

"Neither is it to be spent on working capital like wages etc,,,,,,"

You clearly have misunderstood the scope of the DFC grant and the tasks involved in completing the DFS from this point on.

The technical assistant grant is given to support BRES in the completion of the DFS and is released funding in 5 separate tranches based on achieving milestones, the DFC are not micromanaging or restricting what BRES are spending cash on, they are simply releasing in stages once the milestones are met, it's pretty standard grant based financing.

BRES could spend the money on hookers, drink and drugs if they liked, as long as they achieve the milestones agreed for the next tranche the cash would be released.

"My understanding is that the grant can be used however the company sees fit to 'deliver' the DFS?"

Absolutely the funding is released against defined milestones in the DFS delivery, it is not ring fenced for any specific activity.

" I am sure MR would have been shouting from the rooftops about it,"

We were told back as far as October 2022 - "Strategic Party" - "Potential to provide offtake contracts and project funding solution for Orom-Cross."

This was Chinese interest even before the DFC were in the picture

BRES has made no bones about the fact that they will need to raise funds to get OC into production, thats a given with theses micro miners, fundraising is in fact an inevitable part of this type of company's growth. The issue around fundraising for shareholders is a) who takes the issued equity & b) What discount if any the investor will require.

For BRES Mike has made it clear they have no intention/need to come back to the retail market for additional funding and will be looking at institutional/strategic partners which means the additional equity issued (if any) wouldn't be placed on the market. Regarding possible discount, remember the previous investments from investors for example RAB in April 2022 were at a premium relative to market price, and warrants issued were at 150% !

This isn't some failing AIM shambles scrambling around bucket shops to raise working capital on a death spiral, this is a premium world class project developing investment value and strategic value.

The price action this morning is simply a reflection of the crappy market at the moment, the MM are taking advantage of weaker retail investors that cant sit on their hands for 12 months without breaking out into a sweat!

Obviously all in my Opinion !

I asked the company specifically that question, the response being.

"the shares have been exercised - they have paid for them, they just CAN'T take them into their account yet due to the nature of the discussions which they are presently party to (they have already talked about offtake and strategics)."

Still that persistent 100K a day seller holding this back, surely they must be close to done by now?

No let’s keep a warehouse full instead of the cash we would get from selling it!

It’s flying off the shelves!

The winners of BBC One’s 2023 Traitors series has been announced, they have spent weeks lying and cheating and finally walked away with everyone else’s cash

Sounds like Palumbo and JV Liar!

You don't make a profit from storing vast quantities of Biochar, you make a profit by getting it out of the door, from JV Liars photos looks like EQT are currently doing more of the former rather than the latter !

The Directors exercised warrants in July 2023

Cameron Pearce £40,000

Sam Quinn £30,000

Mike Ralston £40,000

Alex Passmore £16,000

"I just don't get it anymore how this works."

"Keeping a small holding here just in case but have been moving more of mine into Blue Chips"

You basically answered your own questions, the small cap market has seen massive withdraws with the interest rates being high and the bond market flying. The S&P did 23% last year and the NASDAQ over 40% and even the FTSE did 7% whilst AIM has been shocking (and may never recover due to a fundamental lack of confidence now), and even main market small caps have taken a hit as investors rush for safer grounds.

But risk v reward is the game for making big money, patience is needed here as things start to line up and get ticked off.

If it's not good for your health then truly you have invested too much as any investment should never be a health risk.

Unfortunately BRES is coming to a peak when the equity markets are absolutely shocking, but the DFC funding is a differentiator here, you just need to keep the faith.

I hope so anyway !

“£2.9m @ 2.5%“

It’s “2.5% over the six-month Euro Interbank Offered Rate (Euribor), which at the time of announcement makes the interest rate c. 6.5%“

Let's hope that Mike isn't falling into the same trap as many of the micro cap companies CEO's, making promises using words such as "imminent" regarding deliverables they have little control of, In the current climate the market just punishes that type of action over and over again, better to be cautious and over achieve.

"Does anyone know how many shares still Altair has? Thank you."

Loads, and when they get a bit low Palumbo will gift them a few more million !

I notice proactive were all over "EQTEC surges as Italian bank approves loan drawdown", we don't see any "EQT Slumps as investors wake up to charlatan management bull"