RE: Interview with the Cavendish Analyst22 Jun 2026 12:35
Personally, I think this is more likely to be funded via project-level equity.
From an investor’s perspective, buying into the project directly is often more attractive than taking equity in the listed company.
1. A project stake provides direct exposure to Orom-Cross without the risks associated with a listed AIM company, such as share price volatility, takeover risk, management changes or future corporate actions.
2. Capital can be deployed in stages as the project advances, rather than committing a large amount of money upfront. This allows the investor to manage risk and increase exposure as milestones are achieved.
3. Ownership is fixed at the project level. The investor owns a defined percentage of the asset and is not exposed to dilution from future share issuances at the PLC level.
4. It offers flexibility. An investor can initially fund Phase 1 and then decide whether to increase its participation in later expansion phases, or allow other partners to come in alongside them.
5. If Orom-Cross develops as expected, the investor benefits directly from the project’s cash flows and value creation rather than relying on the market to properly value BRES shares.
For a strategic investor, offtake partner or infrastructure fund, that can be a cleaner and lower-risk route than buying a large stake in the parent company.