Member Info for JamYesterday

I hope Mike will explain why they need to do more drilling in 2026.

I doubt any sp movement on this rns. Not enough meat on the bone in terms of reserve/tonnage increase, whilst the drip feed further release of drilling results just keeps everyone waiting for the main event, the DFS.

Let's remember that Enquest/Seascape need to deliver a FDP by October 2026, first, and then can begin production set up for 2027 at the earliest.

Good point, LW.

Well that wasn't expected.

"Are you invested Jam?"

Is 2 years long enough for you, AimMaf?

I can guarantee this newbie poster will be "long gone" by the time of 1 hour after the drilling RNS.

Which ramper were you on here in a previous incarnation?

Ohhh, you're referring to my post on FAR the other day. LOL. Yes, it's not bad for a starting point with hard numbers, but that's all it is. A starter.

Not used it for my largest position, though - SEA - which is doing rather well over the last year. And Bres, which is a story rather like Cmrs. That's why I'm definitely interested in cramming info here asap. From the interviews I've listened to, so far, Cmrs has a great set up in an attractive location, with some of the exploration risk removed already.

Still learning, though.

Stop being so "high and mighty", Jimzi. We know you're so clever by getting in early, but some of us more pedestrian types like to kick the tyres a bit before committing, after reading about the company for the very first time. That's the trouble with nearly every BB I frequent: there's always someone who gets shirty at the slightest hint of questioning the story, for whatever reason, and however well intentioned.

I'm watching you, Jimzi.

I've seen a realistic stab at estimated capex for an initial 750-1000tpd operation being $33-48mn, net to CMRS at a 60% share.

Do others concur with this order of magnitude? If Gilini is indeed bankrolling CMRS to this level of production, CMRS shareholders should expect significant further dilution (via a friendly shareholder) during 2026 to get there by year end 2026, although I suspect the re-rate will be well underway and it will be worth it.

Jimzi, you wrote:

"Given its funded to production, if you have faith in the BOD, which I do, we should be north of 10p atm given the low share count and tightly held."

Where does it say that, from CMR's pov? CMR has to fund the drilling program, the feasibility study, AND getting the project into initial production, in order to earn a 50% interest in the JV.

This company has a well documented history of significantly missed targets for feasibility study completion.

Unsurprising that some selling is ongoing as September comes to a close in 7 trading days time.

Oistar, isn't that exactly Charles Archer's end game scenario?

Reverse logic here, but actually I think the presence of people like Tellodome here in recent days, with some underlying knowledge of the space, seemingly de-ramping Bres, is a good sign . He wouldn't be here, posting away, unless he has done some dd and expressed an interest in getting involved.

Just out of curiosity, this is CoPilot's AI take on your question of de-risking around or after the DFS is produced:

When will Blencowe Resources flagship graphite resource at Orom Cross be de-risked from an investment point of view? How do you assess the steps taken so far to complete the upcoming DFS?

Blencowe Resources’ Orom-Cross graphite project is rapidly approaching a key inflection point in its de-risking journey. Based on the latest updates, the project is expected to be substantially de-risked upon completion of the Definitive Feasibility Study (DFS)—which is now in its final stages.

🛡️ Investment De-Risking Timeline

DFS Completion: Blencowe has completed all major infrastructure workstreams and its largest-ever drilling campaign. The final tranche of grant funding from the US International Development Finance Corporation (DFC)—US$0.25M—is contingent on DFS completion, signaling that the study is nearly finalized.

Expected Milestone: Once the DFS is published (likely within Q4 2025), Orom-Cross will transition from a speculative asset to a bankable, development-ready project, significantly reducing investment risk.

📊 Assessment of DFS Progress

✅ Infrastructure Readiness

Power: Two substations will provide access to Uganda’s hydropower grid—low-cost, renewable, and ESG-aligned.

Roads: A UK-backed upgrade of the Kitgum–Kidepo road includes a direct intersection to Orom-Cross, improving logistics.

Water & Communications: Already in place or being finalized, reducing CAPEX and accelerating time to production3.

✅ Drilling & Resource Expansion

A 6,750m drill program—the largest in company history—has been completed to expand reserves and test new zones.

Early indications suggest high coarse flake content, which commands premium pricing in battery and industrial markets.

✅ ESG & Strategic Validation

The project is positioned as a supplier of “green graphite”, aligning with battery offtaker requirements.

DFC’s involvement and grant funding validate Orom-Cross’s strategic and ESG credentials.

⚠️ Remaining Risks to Monitor

Assay Results: Final lab results from the drilling campaign are still pending. These will confirm grade, flake distribution, and economic viability.

Financing Strategy: Post-DFS, Blencowe must secure funding—likely a mix of strategic equity, debt, and possibly offtake-linked financing.

Execution Risk: Transitioning from DFS to construction and production introduces operational and geopolitical risks, especially in Uganda.

🧠 Strategic Outlook

Orom-Cross is shaping up as a low-cost, fast-to-market graphite project with strong ESG and logistical advantages. If the DFS confirms the economics hinted at in the PFS, and financing is structured to avoid excessive dilution, the project could be substantially de-risked by year-end.

The whole point of getting a (bankable) DFS is to set out the parameters that demonstrate the project has scale, an attractive IRR, a reliable capex projection, all ESG criteria satisfied by independent sources, key inputs secured, and a sound knowledge of the market supply/demand factors to sell into. All done by an independent, experienced third party.

You think that won't lead to an enhanced valuation, when the MC is just £20mn and it's a reasonable working assumption that the new NPV will be $500mn-$1000mn? Do a bit more research, sir.

Err, you do know that BRES doesn't have a published DFS yet, don't you?

According to Jangada's website,

"Jangada has 18,750,000 ordinary shares in Blencowe representing approximately 9.5% and 1,750,000 warrants with an exercise price of £0.08 per share & expiry date of 12 November 2024."

This is down from 21mn owned at 31.12.24 per Annual Report. I'd be surprised if this block is them finishing off their sale, without any prior TR1s being released, but stranger things have happened on the LSE.

"Still nobody can find me a post dfs company with nav 500-1b sub 100m cap 🤷 on lse."

Have you tried Ferro-Alloy Resources (FAR) by any chance?