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The most important line in my view:

"We will look to get out all remaining Iyan and Beehive drill results in February and build toward the next Orom-Cross resource update thereafter."

Whilst 12 new holes released today makes it appear like the lab is churning out just 3-4 drill results per day, they must now have confidence that the remainder are due in the next 3.5 weeks.

I agree this drip-feeding serves more as a reminder of lab delays which they cannot control, and it's unlikely to move the SP dial despite being technically excellent!

Totally agree 5>M. All that's needed now is patience

The (optimistic) thought I keep coming back to is that the US needs Phase 2 much much more than it needs phase 1. Ex-China USPG is the game changer.

Thanks SG! That's good to know

Hey SG. Where are you looking for warrants being exercised following the block listing? I haven't been able to find any clarity on this. My suspicion is that the TVR is only being updated in 6 monthly intervals to reflect any exercise of block listed warrants (obviously admissions outside of the block listing will require and RNS, eg MINEX). What this likely means is that some (much?) of the 95M shares traded in January are a steady drip-feed of warrant execution/subsequent flipping. Personally I'm not bothered by the warrant overhang as I'm confident it's decreasing in the background, it's suppressing price action which will eventually result (we hope) in a more pronounced re-rating. With a 3-12 month investment horizon I think the upside has massive potential and so I'm not stressing the warrants, they are what they are, but they won't hold back the power of the big news everyone is waiting for. All IMHO and DYOR.

At the moment it seems the timeline is bottle-necked by the slow South African Lab and possibly DFC due diligence. The team's focus will be on getting back some control of the narrative and order/scale of newsflow. Ideally the JORC upgrade would've landed pre-funding (to steer towards a joint phase 1+phase 2 combined solution) and mid-Indaba for maximum momentum/visibility, but there's been minimal room for slippage, so it could be a tall order to hit their own targets now? That said, they're a strong team with an incredible asset, strong fundamentals and highly favourable macro tailwinds. Very easy hold whether the re-rate comes in Q1 or 2

That said, the insurance cost would've needed to be a line item (General/Administrative) in the bankable DFS to achieve 96% IRR and lowest quartile AISC?

Dry stacking is the industry's safest and most ESG-compliant method isn't it? Doesn't the global insurance crunch for tailings storage facilities (TSFs) relate to high-profile failures of "wet" dams? Where have you read that Blencowe's on-site facility is uninsurable? I'm not sure that's accurate and I would've thought the DFC's active involvement serves as confirmation that Blencowe's dry stacking plan is technically sound and fully insurable under international standards?

23.3M sub 6p warrants remained in late Dec 2025 (per Big Kahuna's post).

Sub 8p could be nearer 30M (mainly guesswork).

Meaning the closer the TVR is to 507M, the lower the resistance (selling into news) and the clearer the air for upcoming major news/re-rating? (All IMHO. DYOR)

As I've said before I'm no expert, but I've been considering management's obligations following the Block Listing on 13 Jan. Because the 28 Jan RNS only increased total voting rights by the 500,000 shares for Minex, I don't think we've had a TVR increase that reflects even a single warrant from the 64M blocklisting. Unless zero of these warrants have been exercised in the past 2 weeks (unlikely?) then to comply with DTR 5.6.1 I think on Monday we should be expecting an RNS with a TVR update. Any increase from 477,795,645 would tell us how many of the 64,125,278 warrants have been exercised, and thus how much of an overhang remains?

In a world without price floors perhaps low opex is the only thing that really matters? Did this pivot just kill off some competition and underline the inherent value of Orom-Cross' ex-china, multi-decade supply?

Completely agree LW. A very interesting few weeks ahead, and all aligning nicely with Indaba

TT, with new institutional buyers hopefully entering as the mcap nudges to 50M and with recent qualitative derisking, do you expect RSI to climb and stay above 70 for a few weeks on the run up to binding funding announcement?

Ugandan election is settled, purity is confirmed, and the chart is screaming for a breakout. If they have the Iyan assays in hand tonight, surely they release these tomorrow morning? That's my guess

Https://ustr.gov/about/policy-offices/press-office/press-releases/2026/january/ambassador-greer-issues-statement-launch-critical-minerals-negotiations?hl=en-GB

https://home.treasury.gov/news/press-releases/sb0356?hl=en-GB

https://www.whitehouse.gov/presidential-actions/2026/01/adjusting-imports-of-processed-critical-minerals-and-their-derivative-products-into-the-united-states/?hl=en-GB

The target for binding funding is Q1... Nothing is late or delayed until April. The market might be holding its breath this week due to more tarrifs shocks (risk off macro fog) but this is more likely to accelerate the case for the US to fund Orom Cross due to the strategic importance of 99.99 graphite for its supply chains and the recent section 232 mandate. In an EU vs US environment, both blocs will be eager to secure purified, ex-china graphite. IMO this tension actually increases the valuation of the asset because it becomes a matter of national security for both blocs. They aren't just buying graphite, they are buying supply chain insurance. Patience. BRES is uniquely placed, in especially unique times. GLA and DYOR

From what I've read, stakeholders in this most complex part of project likely include Triessence Ltd (supply chain consultancy), CMC Engineering (construction) and AETC (technical-specialists to provide proprietary thermal purification). Though nothing's confirmed til it's confirmed.

Agree TT. Always DYOR.

Page 2 and the project has come a long way from when this was written:

"What is emerging is that Orom-Cross can deliver some of the highest quality graphite worldwide, which bodes well for future sales relationships as quality is paramount in this

industry [...] Aside from the credibility our relationship with DFC

provides we are confident this tier one financial institution will play a cornerstone role in the overall

funding solution for Orom-Cross implementation. Other financial institutions have also engaged with us

and we are building a strong base upon which we can be confident will ultimately bear fruit, and deliver

the substantial capital requirement to build our mining project."

View from Vox

"This is the second time an independent party has been able to get Orom-Cross material to the four-nines level. No doubt now that the product is good. Its independence from China will also be welcomed by potential customers in the West, particularly in the defence sector. This latest news adds even more upside to the already robust economics the company has demonstrated for Orom-Cross."

MR mentioned in Q&A this week that Phase 1 CAPEX could increase toward $50M IF the US insists on blocking all Chinese input/machinery. By 'Americanizing' the project in this way, BRES would align with Trump’s Section 232 mandate (14th January) which makes OC graphite infinitely more valuable to US military and tech sectors.

https://www.whitecase.com/insight-alert/president-trump-orders-critical-minerals-trade-negotiations-section-232-action?hl=en-GB#:~:text=On%20January%2014%2C%202026%2C%20President,1

A new technology doesn't instantly erase demand for existing technologies. Solid-state (which still involves a degree of high purity carbon) will likely be the Ferrari of EV batteries (low vol, high price) for the next decade or so. Meanwhile, the mass market (millions of affordable EVs) will rely on natural graphite anodes for many years to come. Orom Cross is on track to be the most significant "Ex-China" supplier for that inescapable mass market.

But batteries aside, achieving 99.99% purity has moved BRES into the National Security bracket. This should not be understated. Solid-state car batteries have no impact whatsoever on demand for graphite in nuclear reactors, missiles (thermal protection) or semiconductor manufacturing.