Member Info for JamYesterday

Anyone care to guesstimate Blencowe's current cash position, and so determine if we've got enough funds to press on with infill drilling at Beehive, should it be required?

Yes I know. I was referring to any decision to infill from now onwards, once the basic areas had been drilled to resource level.

It's a huge resource. Always was, but it's getting bigger with every drill. And it's sitting at a giveaway valuation based on what is becoming an outdated NPV when the vastly increased resource drilled becomes reserves through infill drilling.

But if I can see this, why can't funding partners?

And why did Sarah Lowther give Mike such an easy time in her latest interview? She should have narrowed in on why no funding partner has yet agreed based on the outstanding existing DFS. Will infill drilling be the next step, and how much will that cost Blencowe? Have potential partners requested all this extra drilling for resource or is this a defensive measure on Blencowe's part, because they have not been able to get a funding partner yet?

So many unanswered questions. I can easily sit on my hands and wait this out, being a value investor, but I do feel a tad let down by wishy washy remarks by MR about this whole process. And all the while he still maintains that first production will be in 2027. They had better get their skates on with funding, then.

Considering it is at that level, you have to admit that the PRD sp and MC is a p i s s poor reflection of current reality and correct top-down market exposure.

It would be a bit of a shocker if they weren't "continuing discussions" ....

If you read the latest rns, no additional reserves were added.

They were just about all in the inferred category so don't carry weight with credit committees. Yet more in fill drilling will be required to prove up to reserve standard.

A long read but well worth it:

While any headline regarding Ebola and a country where a company operates naturally causes immediate investor concern, the actual threat to Blencowe Resources and the development of the Orom-Cross project is considered very low.

The situation is unlikely to materially impact Blencowe for several key reasons:

1. Geographic Isolation

The epicenter of the current outbreak is located in the Ituri Province in the eastern Democratic Republic of the Congo (DRC). While two laboratory-confirmed cases were unfortunately reported in Kampala, Uganda, from individuals traveling from the DRC, these are highly localized containment situations in the capital.

Blencowe’s Orom-Cross graphite project is located in the far northeast of Uganda (Kitgum/Orom district), right near the border with South Sudan. This region is geographically isolated and far removed from both the DRC border and Kampala, keeping the site physically detached from the current high-risk zones.

2. Operational Status (Not Yet Mining)

Blencowe is not currently operating an active, producing mine with a massive workforce. They are in the pre-production phase—finishing up the Definitive Feasibility Study (DFS) optimizations following their massive Beehive and Iyan resource upgrades.

Because they do not have thousands of laborers coming and going daily on-site, their current exposure to transmission risk or localized workforce disruptions is negligible.

3. Uganda's High Competence in Ebola Containment

Uganda is widely regarded by global health authorities as having one of the fastest, most experienced, and most aggressive epidemiological response frameworks in the world.

Having successfully managed multiple outbreaks in the past (including the Sudan strain outbreak in late 2022/early 2023), the Ugandan Ministry of Health utilizes strict contact tracing, rapid isolation protocols, and localized travel restrictions rather than sweeping, country-wide economic lockdowns.

Because the virus does not spread easily through the air (requiring direct contact with bodily fluids) and has a rapid, severe onset of symptoms, these outbreaks are traditionally contained relatively quickly by Ugandan authorities.

Summary

For Blencowe, this is fundamentally an "isolated headline risk" rather than a fundamental operational risk. The company is progressing its technical and JV funding work seamlessly, and unless the situation in Kampala escalates to a degree that compromises national logistics or international travel for executives, Orom-Cross remains entirely on track.

Maybe because TornadoTony wants in lower.

The question needs to be asked. Is Jasper working for the company? Very nicely timed research report there.

It would be, wouldn't it.

Shame about ADNOC though.

Not so.

There is no RNS stating that funding is contingent on the JORC upgrade.

There is no contractual linkage disclosed between the JORC and the funding package.

Funding discussions are already ongoing, not paused pending the JORC.

The funding deal is not waiting for the JORC, but the JORC:

* increases project NPV

* increases mine life

* increases scale

* reduces geological risk

* improves the DFS

and so strengthens Blencowe’s leverage in negotiations.

This is why management keeps emphasising the JORC upgrade — it improves terms, not enables funding.

Why does Charles Archer keep tagging Upl as a potential ten bagger?

Such a tiresome thread.

Ps_1988,

I am on the same wavelength as you as regards the macro attractiveness of Morocco as a mining and resource place to conduct business.

Why do you think that CMRS never mentioned the Tizert project in its latest Prospectus, when giving an overview of the Agadir Melloul project? Instead, they made copious reference to the Lubin mine in Poland, part of the Zechstein sedimentary hosted copper deposit.

Bonkers, on this one, I have to agree totally with your assessment. Respect for saying it as it is.

A member since....May 2026.

LOL LOL LOL

I think Paul is saying, quite rightly, that the DFS is modelled ONLY on the OC deposit. Unless Bres is intent on re-modelling it to embrace Ilya and Beehive, which will take months and months to re-think, then nothing changes from a financing point of view in regards to the debt facility required. All the added resource (and military link) is to reel in a large industrial partner by giving that entity future upside.

Squeaky bum time now.

One of these days, buying the meeting date update rns and selling on the morning of the meeting, is going to pay dividends for shareholders. But still not yet.

Nevertheless, CC will be asked about how the AV6103 trial is progressing. She will have her scripted comments ready.