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Knowing England, those would be fair odds

I'd suggest the Q3 strategic tender timeline (just a few weeks away) is the near-term FOMO trigger for the retail market. A successful tender outcome with US or European defense/aerospace, especially following the successful May 7th AETC rocket component test firing, would shift the 'four nines' narrative from a metallurgical test towards commercial revenue.

If anticipation of the upcoming massive commercial catalysts can hold the SP above 10.2p for a few days (£50M mcap), then the institutions watching (but currently blocked from investing) would likely kick this up further to the mid-teens, even before a funding term-sheet lands?

Hence the push from BRES to highlight:

Newsflow due from multiple fronts:

🔹Further offtake agreements

🔹Progress on strategic #Graphite tenders

🔹Ongoing product testing in higher-value applications

Funding milestones, partnerships and term sheets will be announced as milestones are reached.

https://x.com/i/status/2064287198002696536

Maximum alpha is generated during the anticipation phase. When will the broader retail market figure out the asymmetry of this investment comes from taking advantage of it's structural mispricing and absorbing the risk before absolute funding clarity hits the RNS feed?

Following the May 2026 maiden estimates for Iyan and Beehive, the total audited JORC resource is 64.3Mt at 6.03% TGC...

Applying the $3,000 per tonne price of fully purified USPG to unmined graphite in the ground also ignores all capital, processing, and metallurgical recovery costs.

The Optimised DFS models a 15-year life of mine based on a 23.1Mt reserve, generating the post-tax NPV10 of $1.254 billion.

But I do agree, this is simply the tip of the iceberg.

"The big hurdle now, of course, is financing. But talks on that have been ongoing for some time, so it wouldn’t be surprising if news on funding came through sooner or later. How exactly that fundraising is divided up will, of course, be key. But once it’s done, the difference between Oak’s valuation and the market price could start to narrow very rapidly." Vox Markets

Recognising there'll be increased interest here during the next few weeks (certainly should be with the asymmetric risk/reward, severe mcap discount and 35.7p target!), I thought I'd share this video (not mine) which provides a decent overview of the latest DFS optimisation and where #BRES is on its journey mid-2026...

https://youtu.be/cz4FAiKcsVo?si=BlAt8Hkggb8t_7At

Https://blencoweresourcesplc.com/wp-content/uploads/2026/06/OAK-Research-Blencowe-Resources-N2-V3.pdf

Agree with GB. Once Phase 1 is in steady-state production and Phase 2 is fully funded, a 0.75 pNAV is not unrealistic. If 60% project equity is retained (£588M NAV) this requires a market cap of approx £450M to achieve a share price in the region of 70p, assuming full dilution stays below 650M shares... It's not a delusional goal for a 2028 horizon, providing execution is near flawless and the 2028 EV anode market is actively experiencing a severe deficit of non-Chinese spherical graphite...

The delay (just 2-3 months at present) isn't a failure, it was evidently an engineering standstill. The strategic parties in the data room couldn't sign a binding $45M term sheet while the model was being optimised. Friday’s DFS gave them exactly what they wanted/likely requested: more accurate pricing, a 15% NPV boost to $1.254B and Gulu purification in Phase 1, with CapEx strictly frozen at $45M. While Iyan and Beehive provide massive future resource upside (not current reserves), this optimisation officially resets the clock for the data room. The true countdown starts now... Like everyone, I think a funding RNS in March would've been very nice, but a funding RNS in Q3 or Q4 will be just as nice.. even if it takes a small raise to get there I'm not deterred from the opportunity here

I predict CP will exercise the remaining 500,000 from this tranche in September looking at his £30k spend in March and now June. He doesn't want them to expire in December so it looks like standard portfolio management to me..

PJ. I was with you until you said you'd sold awaiting funding clarity. When that clarity arrives you're likely to be buying back in above 10p... But time is not free so I get it. And I suspect you're correct with some further timeline slippage... But, even with a minor/manageable bridging raise via Cavendish to maintain leverage over the data room syndicate, the likelihood of project-level equity not being secured for phase 1 appears extremely low to me. Unless I'm mistaken, beefing up Phase 1 to include 3,000tpa spheronised graphite from in-country beneficiation (at a proposed facility near to Gulu) is all about demonstrating supply capability for ex-China purified graphite - for which there is a significant deficit... Phase 1 is no longer just a concentrate play, which speaks to your comments about Graphite not being in short supply

"Demand for non-Chinese graphite products, particularly purified products, continues to build as Western markets seek supply chain resilience. That puts Blencowe and Orom-Cross in pole position, given the ongoing expansion of its inventory, the wide variety of production options its able to offer, and the range of commercial pathways that it’s already been able to identify. The company’s long-term strategy to deliver upgraded purified products remains central to its value proposition, and accounts considerably for its attractiveness both to potential partners and to investors. The shares have just about tripled in value over the past year, and given the progress made to date, it’s not hard to see why. But there should be more to come. The company just needs to get the financing over the line to be able to put Orom-Cross into development. At that point the real underlying value will likely start to show through."

Excuse my fast typing!

We enter a period with limited news left to sell, until the big one arrives and Friday's RNS, whilst you excellent, did not make this look imminent. I think it's great that Phase 1 will be project level equity, though with multiple parties I'm the data room I just hope the £2M in the bank stretches long enough to avoid a bridging raise in the interim. The asset fundamentally grows ever stronger, and if I can average down further below 8p due to retail impatience I'll be grateful for the opportunity... But the next catalyst, when it comes, is likely to be the game changer so exiting a position in this moment comes with risk as "moving to a term sheet" for phase 1 has been mentioned for weeks now. Good luck all

7M shares traded in a couple of hours, not too shabby. Patience people, be rewarded in time

Strategy is project level equity, protecting the share count...

I think I found it by just searching.. presumably messages are set to disappear etc?

I appreciate you trying!

Hey pic. Is it a private group on telegram? How does one join?

80p may be possible in a 2028 change of control. Holding this for a couple of years, ignoring the noise and focussing on fundamentals is my approach