Member Info for FortunaFavet

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

Likewise Bonkers. Appreciate the chart. Archer's narrative bridge is helpful too, about time the market caught up with the potential here, though I'm picking up small lots every day at the moment while keeping the position under 8p

No. That was technical assistance money for the DFS with £250k left to draw down. They raised £3M at 7p not so long ago and had cash in the bank before then. They should have a decent runway

I noticed they changed their DFS optimisation post on X from "pricing, costs, expanded reserves + new offtake talks" to "expanded resources" so that makes it look like the 7Mt reserves which were announced in late November were fully incorporated into the 15 year life of mine.

Mike's interview comment about "including the new reserves which we brought in here" must've been a slip of the tongue...

'revised DFS expected end-May after months of optimisation work (pricing, costs, "expanded reserves" + new offtake talks). Momentum now turns from resource growth to delivery' https://x.com/i/status/2056630575146914278

Cheers Jam, but we all know yesterday's RNS was about an increase in resource not reserves...

I'm referring to the JORC upgrade on 27th November, published just 2 business days before the DFS landed. Mike referenced, in his interview yesterday, that earlier Stage 7 drilling (non-beehive, non-iyan) would be brought into the DFS optimisation... As far as I can tell, the only "reserves" this could refer to is the 7.35 million tonnes from the 27th Nov upgrade which likely arrived too late to be incorporated in the existing DFS.

Mike confirmed additional Stage 7 reserves are finally being brought into the upcoming DFS optimisation. The December 1st 15-year LOM study likely ran on pre-upgrade numbers since the late November 47% reserve boost (+7.35Mt) arrived too late to be included in the calculations.

​Layering the expanded reserve count together with the high-margin, asset-light Western tolling models (Alkeemia/Yunasko via AETC) does two things: it extends the bankable life of mine while simultaneously lifting front-end profit margins. Crucially, by utilising secure ex-China processing routes, this should drastically optimise the project's Debt Service Coverage Ratio (DSCR) from Year 1 while keeping the upfront Phase 1 CapEx lean.

​While Beehive and Iyan are exciting resource prospects for the future, financing partners require this optimised DFS incorporating the full, integrated reserve count to clear credit committees. In my view, management is doing a fantastic job, progressing methodically through these technical derisking steps to finalise advanced, binding strategic terms...

Only 6.5M shares traded today on big, but widely expected, news and BRES still sits sub-8p. Whilst warrants cap positive movement on lower volume the market appears to have been punishing missed timelines, delayed funding, and non-binding offtakes amidst a global micro-cap liquidity drain. Macro factors like the Strait of Hormuz closure, high energy costs, conflict sentiment, and lost anti-dumping duties smother the sector, while the weekend WHO Uganda PHEIC Ebola declaration may have also triggered algorithmic risk-off...

​Yet, the bull case remains rock solid. The 64.3Mt resource scale provides vital geological insurance required by looming equity partners and sovereign lenders. Pulling the optimized DFS forward to late May proves engineering models are locked? Expect inclusion of additional offtakers like Yunasko (purification by AETC, the US partner) and other high-margin Western purification tolling via Alkeemia, minimising upfront CapEx. This should better establish the definitive bankable floor required to finalise advanced, binding strategic funding terms in the coming weeks/months

Updated DFS due end of May https://x.com/i/status/2056361564958069147

"DFS optimisation update: expected prior to the end of Q2 2026"

Https://www.londonstockexchange.com/news-article/BRES/beehive-deposit-maiden-jorc-resource/17595435?showDisclaimer=true

Yep, that's totally my mistake, setting an AI to scan for recent news doesn't always work out! Apologies all

Https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?hl=en-GB

View from Vox

We already know from other partnerships that graphite from Orom-Cross is likely to have a wide variety of real-world applications. That it’s now being used in American rockets shows just how wide. This is good news not only because it provides a new potential route for off-take, but also more generally because selling into the US military and space programme will provide key credibility for Blencowe to other potential buyers.

"The company has been disciplined about disclosure — elements of these programmes involve government and commercial stakeholders with strict confidentiality requirements. To the eternal disappointment of the five minute shareholder, that’s what working with serious counterparties actually looks like."

For some that part could be worth reading multiple times...

Https://www.cliffordchance.com/insights/thought_leadership/how-governments-are-backing-critical-minerals-investment.html?hl=en-GB#:~:text=In%20April%202026%2C%20the%20EU,on%20critical%20minerals%20supply%20chains.

The end of Market Prices? When leading analysts state projects are "unviable without public intervention" they are signalling that sovereign Price Floors are becoming a standard requirement for Western supply chains...

LW I agree. I believe the SPG partner is so far unnamed

Presumably you're considering it from a debt facility perspective rather than project equity Paul? I think the OC JORC resource base increasing well beyond 50Mt is a material component of pricing such equity, supporting a Tier-1 production profile etc.

This should blast some expiring warrants off nicely, expecting a high volume day

In summary: US policy shifts could guarantee Orom-Cross bankability via a "preferential trade zone" with enforceable price floors, neutralising market manipulation as the strategic "Plan B" for anti-dumping?