Member Info for JamYesterday

How are those NPV numbers coming along?

Added some more to my load at 6.70p. That'll do nicely, next year.

Yep. A coming of age placing.

Anyone notice the big difference with this placing?

There's a few previously loquacious posters here who have gone very silent. Maybe they've played the swing, so congrats to them. I'm not so smart, just holding for the Big Prize, and adding on technical weakness. Nothing fundamentally has changed for the worse here, and indeed the story has grown more robust, with the NPV numbers, the SPG offtake agreement, in principle, and many positive surprises to come out of America for Mike Ralston and his team.

Alexei Crassas of Gallini bought in last Friday at 3.17p. A nice show of confidence at this level.

My personal view is that these recent warrant exercises are a variety of PI punters lucky enough to get in the cheap 3p placing back in April, and are now cashing in some , but probably not all, now, to fund a good Xmas. It (the selling pressure) will dry up after late December.

Looking at all the warrant Exercise RNSs this year, there have been a total of 14mn exercised from the 4.5p warrants that were issued in the April 2025 placing. The rest had 2 years to expiry, but it may be safe to assume that the majority of these holders still want out early, leaving around 19mn to go.

That's where the heaviness in the market is coming from.

Dilution from warrants is the one factor that Charles Archer didn't discuss in his bullish piece.

The buying has dried up, too. Just 6 trades today, and 2 of those were mine. Oh well, better to be in before the thundering herd arrives.

Wow. What's with UPL these days? It has quadrupled in price from the lows this year, whilst the best we did was a triple last year, low to high. UPL MC is £70mn, SEA's is £40mn.

Why on earth is UPL being treated as a superior, higher valued play on SE Asia gas markets? I don't see any tangible evidence for it to be, yet.

Orom -Cross, you wouldn't expect trader types like Zinger to be interested in these facts. But I concede he/they may have a point that even with a committed DFC, a properly worked out funding deal will take weeks to finalise and sign .

Spank, it's "grammar". Just saying...

LOL.

If PG is "playing a blinder", I'd hate to sit and watch when he fouls things up.

Oh, wait.....

So, explain why it isn't.

If Bres go down that route, and it seems quite plausible, will they, and us shareholders, be taken out in their entirety or retain a stub interest in the operation as it ramps up to full production?

But why shouldn't investors become suspicious if there is no "deal" by end Q1 with all the expected great data to be revealed imminently?

My thought, Pierre, is that you're trying to lead all genuine investors in Bres in a merry dance, hence your name, for your own pleasure. Not very laudable.

First it was a DFS not ready until 2026, then it was disbelief that a 96% Irr could be taken seriously, then it was wanting to know why the valuation was so far behind the NPV, and now it's Chinese synthetic graphite that's your concern. What will it be tomorrow, and the day after that?

Please join the Samaritans on the street this Xmas, if you are so intent on helping poor innocent souls.

Mr Fandango, the value aka MC will gravitate towards the independently calculated NPV of circa $1bn as milestones I identified in my previous post are achieved. It's not rocket science, but it is objective, and that's what you (and I) are looking for. So it all comes down to how much trust you have in management to deliver on these key milestones along the way to full P2 production. That's my best answer.

1. Getting the funding in place.

2. Controlling costs on capex.

3. Realising premium graphite prices as per the DFS, especially for Spg product.

Secure all three, and the valuation of Bres will look after itself .