Member Info for Computer909

The matched funding is a bit of a misnomer

The agreement between BRES and the DFC was for a split financing of the DFS, now the DFC aren't interested in checking the pennies/pounds that BRES are spending on the DFS so instead the two parties have agreed milestones that need to be met before the next phase of DFC funding is released.

Stage one has already been met (BRES have been working on the DFS for months at their own cost, ie paid for the bulk testing and have paid CPC engineering to do their work on the DFS so far), so hence the DFC are set to release the for $1M as soon as BRES request.

Stage two is already underway as we know from the company updates, we don't know the milestones but i'm sure we will hear as soon as they are complete and the next tranche of DFC cash is drawn down.

Stage three,Four and five will proceed in time.

So basically the funding is 50/50 but at no time will BRES have to demonstrate they have $1M cash in order to drawn down the next marker payment, they simply need to demonstrate that the milestones that have agreed are met.

If there are indeed 5 milestones to be met then the cost of moving from one to the next can be estimated at $2M, half paid for by BRES and half by the DFC, and keep in mind milestone one has been met already by BRES alone!

"I suspect some shrewd institution is building a stake here"

I would prefer they take an interest via issue of equity at the market rate rather than buy on the open market, that way the company has the cash to play with.

The DFC grant was only ever reported to "Joint fund" the DFS at 50% with BRES finding the rest.

Mike has always said we don't need to find £5M in one go but we will still need to fund our half of the activities, the £635K was part of that and i assume the £125K warrant uptake from the BoD will help also.

I think we basically have two choices here now (as nothing is likely to change in the management structure)

Sell up and take the hit, looking for another share you may be able to recover some cash from, or bottom drawer these for 24 months in which time they will either be bankrupt and worthless or will be worth around 0.25p and on the way up.

I have always tried to keep my average within about 20% of the shareprice but the last week has decimated that and now sit at around a loss of 65% on the remaining 16M shares, I considered investing more to bring the average down but have held off at present.

Next week will be decision time for me, lets see if the BoD come out with anything that marginally builds confidence going forward, we basically know the interims will be atrocious, but we need a no bull assessment on the viability of the company with the new "pivot" strategy.

Unfortunately this is the current market, as interest rates top out and begin to drop we will see more investors looking for growth stocks to buy, BRES is perfectly placed to ride that wave now.

Also remember that the last placing for £635K the investors took the shares basically at market price so the dilution was basically zero, if that can be repeated for the rest of the cash we need then happy days!

@Legalwolf don't agree that BRES have managed the DFC news poorly, you have to consider they were dealing with a government organisation where nothing gets done quickly, you also need to consider they have taken the initial news of the grant to fund the DFS and now we also have the possibility of full funding for the project these are major steps

@Cybertron, good luck with that, BRES have just removed two of the most difficult stumbling blocks for any junior miner, the cost of producing the DFS and the support for initial project financing before production starts. (They already secured £635K to contribute to the DFS and the board have committed £125K worth of warrant uptakes), So all going to plan.

This is a massive step forward for BRES, the SP may drop a little as traders take advantage but this has only one trajectory in the next 12 months.

The FCA should investigate the content of this weeks Deeside RNS compared to the March update,

There was no mention of issues between the partners on March but now we find out they were at loggerheads from the beginning of the year

You can’t trust a word this BoD says

DP should go, let’s give the French guy David Le Saint a go, he seems to be the only one able to deliver anything

Need to remember that most of the institutional warrants are at 8p, those guys aren’t stupid, anything below that level will see a nice return in 12-24 months

Well done team, let’s keep up the momentum now!

I get the impression from a few posts on social media with updates from JVL as this all seems to be part of the pivot plan

If that is true would explain why we think Altair have been offloading up until the beginning of the week and we get this news when they have finished.

Give his due JVL did actually come back at me when i told him he was absolutely useless, DP on the other hand has never responded to any query whatsoever

Dpalumbo @ eqtec.com

jvanderlinden @ eqtec.com

Everyone should contact the duo and ask for the update on current/ongoing financial situation and how they are paying the bills between now and april 2024.

Jeffrey Vander Linden

David Palumbo

If you get a response, please post

I still hold a considerable amount and at present a huge paper loss of around 67%

For me, i don't see the shutters comming down just yet, it is imperative though that the company sets out how its operations are to be financed until the revenue that has now been pushed back into 2024 is realised.

It is no good waiting until the interims are released, and no good letting everyone speculate whether the company will be able to keep the lights on, surely they realise the sh*t storm they have created with yesterdays announcement.

If we don't hear from them today or tomorrow that says a lot to me as to their mentality with regards the situation.

Perhaps its was "The Circular Economy Ltd" that Logik were trying to sell the project to on the sly?

With the benefit of hindsight, I have just reread the March 1st RNS update on Deeside, it’s clear that DP rolled out a pack of lies as we now know it had turned to crap since the beginning of the year,

The last placing raised just over £2K from existing shareholders so I don’t think even the delusional BoD will think they can raise cash from that stream.

Have Altair been able to offload enough shares over the last 3 months in order for them to offer up some more cash in exchange for further interest and fees? Maybe?

Will the bucket shops offer to take any, when they witness a 50% drop in two days the discount they would need to have would be 80% plus, devastating shareholders and the board would need to go.

The BoD need to man up and get out infront of shareholders and tell us what the plan is, most already fear the company is on the rocks so a dose of truth from the directors whose salaries we pay would surely be appreciated

Surely the idiots that call themselves directors will try to steady the ship, surely they don’t think they can wait until the interims are released next week?

Come on DP let’s hear from you, roll out the idiot CFO to tell us how the bills will be paid

@sampo18, the political pressure would have come from local government (labour largest party but no overall majority), to actually do something with the grid connection that EQT have sat on for years, clearly other company projects need the capacity and the local government told them to get on with it.

Also the Welsh government is labour, so although I have no time for the self interest focused Westminster government I don’t think the pressure to put up or shut up on this site would have come from there.

The issue with the announcements yesterday were.

i) Billingham - no one who has been here long saw that as a big issue, yes a £4M write down, but that money has already been spent.

ii) Deeside - yes the partner is a Dellboy outfit that has tried to pull a fast one, but that money has already been spent, whether we can recover any through the court is just basically irrelevant as that won't happen anytime soon

iii) The news of delays on the other plants is the major risk, and the reduction in revenue. No one is now concerned about the individual projects now we are concerned (even more than before) as to where the cash is coming from in order to keep the lights on.

This BoD are really a bunch of complete idiots, if they had set out the funding options for the remainder of the year alongside yesterday's news this firesale could have been avoided, now we are all left thinking where do we go from here.

We can only hope that the $1.6M loan to italy does actually get repaid as part of the refinancing in December