Member Info for Humanbait

Correct me if I am wrong but don't some warrants expire at the end of this month i.e. this week.

If so, perhaps these big trades are these being exercised to make a small profit?

Does anyone have the details of these warrants that expire this month?

HB

This caught my eye :

''All sale contracts will move to binding agreements once project finance funding is in place...''

Posts on X

A photo from COO Iain Wearing’s visit to BTR to discuss the Orom-Cross project.

Engagement with the world’s largest anode and cathode manufacturer underlines the project’s relevance to the global battery materials supply chain.

11.7p

Not sure where they get us 0.5? down. Didn't we finish friday at 11.3/117 i.e. 11.5p mid?

Happy medium would be Uganda fund P1 and get their 15%. Win win:)

...and another catalyst. Hopefully opens us up to small cap II's

If Mike thinks this is worth just 15% of NPV then he's just given them £200k.

''The Company has issued 500,000 ordinary shares to Minex in lieu of fees. Minex has been appointed as consultant to provides access to project financiers that have been reviewing the DFS. Also, the Company has granted Minex with 1,000,000 options at 10p for a period of 3 years.''

Is this normal up front? I usually see the fees when the deal is done? Seems a lot to me albeit not significant in the overall scale of things.

Also, I thought they were trying to avoid dilution. This could easily have been paid out of cashflow or from the significant funds we're getting from the warrants.

HB

Very helpful thank you

Whilst I understand the avoidance of the regular RNS's, this is still a big block of additional shares that they have issued in advance. Presumably the Company hold these in treasury and issue them to the warrant holders upon exercise? So, BRES still get's the cash at the exercise price when the warrant is exercised? Sorry if I am being a bit dense...I was just trying to understand how this works as I've never seen this before and wanted to ensure this wasn't a raise in another guise.

I am not trying to deramp, indeed FWIW I'm very positive on this Company with a decent holding of 2.5m.

HB

But we will still see exercised warrant shares being sold into any increase in SP.

Can we assume that this block of shares MUST be used for warrant purposes?

HB

Can someone explain to me how a blocklisting helps with the outstanding warrants. Why would they need to block list them all now. When people exercise their warrants, they will still sell them in the market irrespective of the blocklisting.

Am I missing something g something?

HB

I thought it would be useful to explain why the huge 33% uplift in indicated resources is the most significant part of the RNS for our DFS.

Link to K J Kuchling Consulting Ltd, Mineral Industry Consulting Services :

https://kuchling.com/39-measured-vs-indicated-resources-do-we-treat-them-the-same/

''It appears to me that companies are more interested in what resource tonnage meets the M+I threshold but are not as concerned about the tonnage split between Measured and Indicated. It seems that M+I are largely being viewed the same. Since both Measured and Indicated resources can be used in a feasibility economic analysis, does it matter if the tonnage is 100% Measured (Proven) or 100% Indicated (Probable)?

The NI 43-101 and CIM guidelines provide definitions for Measured and Indicated resources but do not specify any different treatment like they do for the Inferred resources.

In my past experience with feasibility studies, some people applied a rule-of-thumb that the majority of the tonnage mined during the payback period must consist of Measure resource (i.e. Proven reserve).

The goal was to reduce project risk by ensuring the production tonnage providing the capital recovery is based on the resource with the highest certainty.

Generally I do not see this requirement used often, although I am not aware of what everyone is doing in every study. I realize there is a cost, and possibly a significant cost, to convert Indicated resource to Measured so there may be some hesitation in this approach. Hence it seems to be simpler for everyone to view the Measured and Indicated tonnages the same way.''

So my own reading of this is that the huge increase in indicated is the most important and these are treated in the same category for DFS purposes. That's what will dramatically increase our NPV.

I can't wait for this week for DFS and Mike's presentation at the conference.

HB

Thank you for taking the time for the comprehensive response and I am sure that this will be very helpful to many on here.

I am decent shareholder with just over 2m shares.

Like many have said on this board, I appreciate the experts on this BB.

For balance with all the positive posts, what do we think are the risks remaining here.

It appears we have no issue with almost unlimited resources in the ground, the JORC update and subsequent DFS look to be very good news in the very short term. Given these near term potentially very positive factors what are the risks that explain why the sp has not appreciated much further.

As I said, I am a big supporter and have another wedge to add after the DFS. So, I am not ramping or deramping, but just looking for the experts guidance on the risks.

HB

Anyone have a view on why so may late reported trades?

I suspect many will be washing through the remaining warrants which is great for our cashflow but that still doesn't explain all the late reported trades...does it?

So why would the share price be stated as well below the bid price on close?

Once again, just personal insults. No one cares what you think of me but at least I try and discuss the situation. Happy to give both positive and negative comments rather than bashing the Company whatever they do and anyone who remotely supports them when they do something good.

No point in going on and on and on about the ferry and previous missed opportunities...as it stands at the moment, we have recently won $2m of tech orders in the last few weeks and started the Gabon contract.

For once, just say actually they have done a good job on these. They have told you the income and they've done an excellent job starting this on time as announced. $4m per annum income. I'll happily agree with some of the past errors but perhaps you can also bring yourself to say something remotely positive about the current situation....or are you just going to say everything that they do is bad no matter what? That's more dangerous and misleading than me!

HB

1. They have already won DRC… but cannot convert ( like Liberia contract that has gone quiet)

So, the problems in the east are down to Pete? Things seem to be settling down with the peace agreement and so I think it's good that this should be back on track later this year/early next year. That gives us time to fully implement Gabon first rather than doing both at the same time. This will also give us time to accrue cash from Gabon and these tech contracts.

2. You at least acknowledge that the Ferry venture was a fiasco

Yes, but the intentions were good at the time. But jees, how long ago was this. I only care about where we are at now and the profitable situation that we are in. And the possible other near term wins like Tema and DRC

3. There has been NO announcement that Wsg are profitable. You are speculating.

We know that Gabon has started on time (well done WSG) and the approximate profit margin on this model. We wont have long to wait to see the one months accrual in last years accounts. Will you at least recognise that this would be good news for the current year?

HB