Member Info for FortunaFavet

Https://ke.usembassy.gov/remarks-by-susan-burns-at-the-kenya-mining-investment-conference-and-expo-mice-2026/?hl=en-GB

Hey Jam. The NPV increase would be from a lower strip ratio and higher grade front-loading, not the extended life of mine?

Project equity covering phase 1 for a phase 1+2 solution should protect the share structure but might equate to 25-35% of the project? If Ugandan Gov also takes a 15% stake that would leave BRES with 50-60% which isn't a bad result for investors... I hope they would infill drill Beehive, revise the mine plan and append the DFS to a higher NPV, making for a very handsome buyout valuation

Finally uploaded to companies house

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/FYUaPts5SSzP1_VYqm__q0JYB_N1nAHsgrQFat8L5JU/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3FZ7FCTDD%2F20260501%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20260501T105555Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEFUaCWV1LXdlc3QtMiJHMEUCIQCYrDT%2F2FLca5sg78xX%2BVm6fDie5aCxt1CdjSfJU7S50gIgQCwnQtC6KL7sr945m6AGGJeX8rjHgqVX61k8S0kNchkqgQQIHhAFGgw0NDkyMjkwMzI4MjIiDOQl%2BzikNG%2BmpDAJ7SreA604kmziYDn57hrLPZq1gvBn7hDdQbDitMbMJcuW2KQFu%2B349%2BdveCJhwC55M11fuI4TD9FRMHYbQOr%2FCvNF2fs4muHv%2F8yExDhbShMzpewuvPgm3tFy3E7ipWoaweDo9hvR35TpAU4Xt0umcqX5qbr9YSm3dZLsBPPtIwt6u2iRZwTZwUNssGgfVC4nlz5FDTa1C3PjbwD8lDeCgX8KbeWP7xm5cegY2KV5cz8UZKn3fsFKS%2F6uruGU3qvTMmWmr6Pu7IIfQ5d1C9uhYoXRrtKUKgr8llyVzLGkfu0lCQTpJjxu0wuq6Y1HZDpbjZT%2FePEDYvyIdZOQ7isT4LdhCTb8s4jFZKWPLxADgcQfkAQcNIKDfC5q1VatT1x9WJWyjesb5xpgml8r1ONO2z7Yw6QwAV4xVI973LZDXlWrDonpfR4ByTIUehBDB06WSdTNGetsR2XEBgAb4RHRWZVxaMjf8YkCkKJ5A5oOZnYi%2FsmQysVPDSkgO4mwcBY%2Fo5RTaDcDeufTvONuB41sGXKsI784pHD37iKUJiZ7Ty%2FTkcwWYZvKcCzsEcKVnSn0hTpUkXJ4TaCP2h9SY5VOOJ4qfIHEkKq9axOT0CfySlSdfV5gzWGJTO3rM4hmTBFtHK8wv%2BrQzwY6pQFaCQlCJnqlG1E41p0ybVXKgcd8KnmGL0tjvDfgeeGLcR69zdYm%2Bqzgz68dPlTrn1Zo7WJw7TJIsTUY5vtgKHRxYsBh4YqU9pNNBBfODMfuynk%2F35Th52ftKJouEYQ5a1AafX7tmwlrLjSPfyEk1UfqIgkfKTnwk0Tk2QQgfOHa5nnssESlRILz9%2F%2Fz%2BQIAcy3hRJXhzRRA5D9%2Fv5Xlxlg2xOe3cLU%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=434dfb4b2d7ff5c07358aa569004a87fd9f1c3dc1f422b36506f9602ec10b6fe

I suspect +25Mt might be the base case now? and I can see total JORC resource for the broader Orom Cross project reaching 70Mt... Which would support Phase 2 production (70ktpa) for more than 40 years!

@Computer - Why do you suppose, as they're transitioning from explorer/promotor to funded developer, they're not posting about DFC funding progress, commercial negotiations, offtake discussions, project vault supply and plausible DIBC bids? I don't think it's because they're lazy...

The real catalyst forcing the DFC’s hand is 27th Nov though. That's the date China’s 'temporary suspension' of strict graphite export controls expires. The US DoD knows Beijing can slam the export tap shut in November. Because BRES and AETC can provide defense-grade USPG, Orom-Cross is a national security hedge against that November cliff edge. Phase 1 funding must certainly drop before then? Hopefully long before then

I only have a small position in PLSR, but 85p was such a gift! Brought by average down nicely from previously buying at £1

If Blencowe Research Ltd isn't a BRES subsidiary or SPV for ring-fencing intellectual property (which market rules would demand an RNS for) then the specific name signals a dedicated narrative vehicle. With BRES well-funded from Q4, this plumbing probably isn't for a defensive placing (we hope), it’s most likely the authorised translator preparing to defend the sum-of-parts valuation for upcoming, non-dilutive project-level equity...

The DFC will want an equity match, a strategic partner will want the bankable beehive JORC (confirming tier-1 scale, multi-decade life of mine) before signing... In my book, current silence = sound of final due diligence... Happy to hold and build with dips

Analyst Michael Pearson incorporated "Blencowe Research Ltd" on April 16, 2026...

Hybridan LLP has provided "Small Cap Feast" coverage and detailed research notes on Blencowe for years.

Michael Pearson is the Director of Research at Hybridan, effectively the "pen" behind the Hybridan analysis that has consistently promoted the Orom-Cross project to the City for the last 3–4 years.

Interesting how this incorporation coincided with Beehive assays landing after a long period of silence/possible MAR blackout.

Separating physical assets from intellectual ones?

Thanks for sharing Sloppy. That's nicely aligned for Phase 2 and a potential change of control.

Also this is of interest:

https://uk.investing.com/news/stock-market-news/trump-administration-preparing-critical-minerals-pact-with-price-floor-93CH-4612811?hl=en-GB

Whether it's 1 or 2.4 trucks per day for phase 1 I'm fairly certain the DFS will have looked at the "definitive" feasibility... Guys, there is no concern regarding road transport for phase 1 volume.

If moving two or three trucks a day down an established commercial corridor was a fatal operational bottleneck, the project would never have advanced past the Pre-Feasibility stage, let alone entered the final stages of debt structuring with the US DFC.

@Sloppy - Where have you read that Phase 1 is marginally profitable? Yes it's a proof of concept, but given the DFS weighted basket price for raw concentrate of $1,240/t and an AISC under $500/t, margin is approx $700/t. That's about $15M per annum (~35% annual cash return on initial CapEx) is it not?

@PJ - The July 2022 PFS established the bankable project economics. It explicitly outlines the road freight solution, stating "there are existing tarred roads from the regional centre Kitgum (90kms from site) all the way through to Mombasa port." https://blencoweresourcesplc.com/2022/07/18/pfs-results-july-2022/?hl=en-GB

Complex rail transloading is not mathematically required or modeled for Phase 1.

The physical capacity of this road-to-sea corridor was definitively proven. Blencowe successfully excavated, trucked, and exported 600 tonnes of heavy raw ore out of Uganda to China via Mombasa, as verified in their April 2024 LSE Bulk Sample Update.

https://www.londonstockexchange.com/news-article/BRES/bulk-sample-update/16422144?hl=en-GB

If standard commercial trucks successfully exported a 600-tonne bulk sample using current infrastructure, moving ~50 tonnes a day (approx 8 trucks per week) for Phase 1 commercial production is a solved logistical equation.

The UK-backed project to fully seal the final 28km access road aligns perfectly to unlock the high-volume transport requirements needed for the Phase 2 expansion...

Well said both

I think 8 trucks per week for phase one is easily managed?

71 of 110 assays complete. 39 remaining. At current pace these could take another 30 days. I'm still intrigued by the near complete silence for a month on social media, so we are entering the phase where management are being careful about what they can and can't say/share. The results are solid, and further de-risk the asset for equity partners.. but MR has already stated they won't be re-doing the mine plan before construction of phase 1. This means infill drilling could run concurrent with construction and/or first production to provide further upside on the road to Phase 2 USPG facility. Continues to stack nicely for a change of control when the graphite demand squeeze really begins in a couple of years. I was hoping for bigger news, but that's the usual retail trap... Patience is all we need here.

@Spank - That plusnews article comes across as Eastern-aligned propaganda, maybe designed to sow mistrust by ignoring Blencowe’s local USPG beneficiation plans...

However, it also provides bullish validation, confirming Orom-Cross is recognised regionally as a vital asset within US strategic defense architecture!

Yet another tailwind

https://www.theassay.com/articles/ev-sales-rebound-lifts-outlook-for-battery-metals/?hl=en-GB