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Let's see if we get follow through tomorrow and then into the weekend. If so, these could be the cheapest shares anyone will pick up going into Q3 offtake and funding news. I can't help but remember the Cavendish analyst's comments that he expects the share price to go up into offtake news.

I think many of us are posting less and less on here, because what started of as a decent bb, with some legitimate discussion about pros and cons, has now descended into bickering and personal agendas between bulls and bears, or more accurately, bulls and (in some cases) trolls. All hot air and pretty much worthless 'discussion'.

People have jumped into this share after some research and confidence in it, or they have just jumped in without really building that assurance. For me, this has always been a LTH. Because of the initial 'research', then getting in early, then not swing trading or buying at higher levels to raise my average, and because of the cash runway of the company, I am 'happy' to sit through the retracements. I've always maintained that this is a story stock bet for me, where I want to see the story play out to a certain chapter at least, before I would think of selling. We are not there yet!

As it was rising to the 40s, I went on hols and actually switched off. The other half kept asking: "how's that gold share doing?" and I told her "not bothered and will check when we get back home". I wasn't being reckless or cavalier (maybe I was?), but it was sort of proving to myself and testing my conviction in it as a LTH.

I am reasonably confident - there are no certainties in the markets - that we will make another leg up. Once we have bottomed, this will once more be a really good trade for swing traders and LTH alike. What you want in any entry scenario is to buy low, have lots of newsflow coming up and a decent cash runway. OMI has all of these.

Accordingly, if I had spare cash, I would be keeping a very close eye on this! Wanting to add or enter before that first big green daily candle emerges. But that's just my take on things and each to their own.

In terms of Computer's take on things, only he knows what his motivations are. But he does make some points that objectively, are correct. He is right to point out that BRES gave the market a Q1 timeline for funding. He is also justified in wondering what is happening with funding, and how far the process has reached.

But equally, others are also right to point out that timescales given by juniors are to be taken with a pinch of salt. A classic example of this is BRES itself. How many times did the timescale for the DFS slip? I lost count! Look at the delay with the drill results! Often these timescales are complete guestimates or "hopium". No where is this more true than when it comes to funding. It's a process that innately takes a long time and most juniors overpromise and underdeliver on timescales.

Let's be honest, how many of us really truly believed we would get funding in Q1? I had my doubts! My recollection is that this target was first set at the end of last year. But it was set not knowing how delayed the assay results would be, the knock on effect of this on the JORCs, and the optimised DFS. Neither did BRES know, when it set the Q1 target, that the US would start a war with Iran! Which has only just arrived at a fragile ceasefire and negotiation.

So wheareas most juniors have no real excuse for missing their own targets, BRES have quite a few here imho.

Hey folks - just caught up on today's posts and debate. I think this very last post actually hits the point that I wanted to make as I was reading all the responses to Computer. Namely, that this drop is NOT BRES specific - there is general market weakness right now across the junior mining sector on the LSE. In this regard, BRES is performing no different to other mining stocks I am invested in, or which are on my watchlist. Each day I see them all red and in recent weeks I have seem them all struggle to sustain any rise. A number of them have retraced sharply from recent highs. I am talking retracemennts of 60%! This kind of drop is NOT easy for most retail investors to endure, unless you are swing trading, which is a skill that most lack. We are not built to endure such roller coaster action. I am certainly not finding it easy.

However, I am confident, or at the very least "hopeful", that we are witnessing a bottoming process before the next leg up. Sadly, this bottoming process often means shaking the confidence, and hence the shares, from retail, before the next leg up. Shares going from the "weaker hands" to the "sticky hands". From the "dumb money" to the "smart money". From the "impatient" to the "patient" - use whatever description you wish to, but this is sadly how the game is often played! And what better time to shakeout the cheap shares than before a major re-rate?

Look what other companies are getting excited about and compare it with OMI:

"The gold assay results from the first seven RC drill holes are terrific and a real game changer for Red Setter and the Company. To find gold starting as shallow as 45m is amazing and to see the hole grading 11m@0.7g/t gold that was still in mineralisation is incredible."

It looks to me like we are just waiting for supply to exhaust itself as these levels, followed by a decent green candle on volume, signalling that this latest consolidation phase is done. I think we are likely to see great results coming from Pepas West and Apta at least. What is very intriguing in BG refer to "juicy targets" at South Pepas. We have no heard anything until now about how the drilling had gone at South Pepas. This led some of us, myself included, to assume they had found nothing of interest there. However, today's tweet suggests otherwise. So along with some more juicy holes from Pepas West, we might get some positive sounding news from Pepas South. Add that to Apta and commencement of drilling at El Cedro, then there is more than enough there to trigger that bullish green candle. In H2 of 2026, Apta, Pepas and El Cedro will start to compete over which is the king of Anza.

Over in Argentina, the dark horse is El Pantano. Will there be enough in the initial results to have us looking forward to the next drilling campaign?

I thought the interview was really good in giving us insights into the Graphite sector and explaining the basis for the numbers in the report. He seemed quite knowledgable about the Graphite industry, about the issue of securing ex China supply of graphite due to export controls imposed by China, price sensitivity of Graphite as a result, the Orom Cross project itself in terms of small flake v jumbo, the SPG plant, the basis for his valuation and target pricing in his report, both risked and unrisked. I generally approach these reports with some scepticism, but listening to him actually explain it gives me a lot more confidence in it. Whilst he has no inside info, from his discussion with management, he anticipates that funding will be anytime in the next few weeks to few months. He's expecting offtake news to land during this period to give a further boost to the share price.

Now, two key points which will increase his current TP of 44-47p:

1) IF we secure P1 funding through one of these "several interested parties", then his current valuation "is an undervaluation."

2) Beehive and Iyan are not included in his projections, but he can see them being brought forward with debt financing.

Worth listening to the interview a couple of times as it contains a lot of useful insights and nuggets of information which make clear that if or when we secure funding, whichever way we do it, this is in for a major re-rate. Huge bargain at 7.5p.

Pro US and pro mining candidate wins the election as well.

Https://x.com/orosurm/status/2068842537700192736?s=46

El P result almost ready.

Adding ounces at Pepas West.

Juicy targets identified at Pepas South.

El Cedro targets ready.

Liking what they see at APTA.

Looks like we are about to start getting some exciting newsflow here.

It also depends on who the P1 party is. If they are already involved in the graphite industry in some way, or already do business in Uganda, as opposed to being pure financiers, then their experience will add value to the project and this might merit a slightly higher percentage than for parties that are purely finance partners.

We need to remember that P1 funders will be taking a stake in a project that has a high likelihood of securing debt funding for P2. So depending on how much interest there is in P1 - and we are told "several parties" are interested, BRES should be able to leverage the DFC's backing for the project in its negotiations with P1 parties.

We just need to give BRES the time and space needed to get the best deal. If it takes a short while longer but means we get a better P1 deal at the end, then it will be more than worth the wait in the long run. As MR said, we don't want to appear too keen (i.e. desperate) for a deal. Let the P1 parties come to us and compete for the project!

It happens to us all folks - there's nothing like a sharp retracement in the share price to suddenly take us from our previous position of hope and sunshine into one of worry and doubts. That's just the life of a LTH in a junior mining stock. If you have seen this kind of roller coaster through on other investments, then you are better able to handle the ebb and flows of the next one. If you don't have that experience, then it can be very difficult, as the retracements that come in every cycle, will really fray your nerves.

You just have to make a call, go with your research and instinct, and then be prepared to wait however long you think is reasonable to wait based on your thesis and reading of the situation. I think for most of us, Q3 sounds about right, by which time if we haven't had meaningful process, then questions will rightly be asked.

What I'm thinking, is what if us LTH just accept that OMI is a rubbish company with rubbish prospects?

What happens then. Does peace break out in the bb?

Agreed Rob - that's why I am holding this baby for dear life and not letting any of my shares get shaken out cheaply. Patience will be rewarded very handsomely here. What's a few months when you've already been holding for a few years!!!

Hi Rob - a few respected commentators have called for 3500. Others have said the low is already in and we are in for a bounce. So it will be fascinating to see what happens. At the moment gold seems to be making a bull flag pattern, but will it turn into a distribution pattern and break to the downside instead, and head for 3500?

But even the ones thinking 3500 are expecting gold to then hit 6000 in the next run up.

Again, for LTH, it shouldn't matter. You simply add on any weakness and retracements, and then watch your profits roll in when it resumes to the upside.

As for OMI folks, I can't see much happening until the elections are done and dusted and its back to "calm". But it should then be a great H2 of 2026 for us all.

BT - that's a very valid observation. We are currently underperforming against gold and the GDXJ, both of which are looking primed for a breakout from a long consolidation. Obviously, this could turn out to be a false breakout or even a breakdown by either. But at least they are gearing up to do something.

Meanwhile, OMI is just bobbing along at 19/20p!

The only thing I can say is that there is still weakness across AIM right now - though obviously not every single AIM share, before someone makes that obvious counter!

All said, we should be doing better, and surprised/bemused that we are not.

Meanwhile the share below 20p continue to get snaffled. Another ~ 500k in large buys today, showing that these quieter days are being used by larger players to accumulate these whilst cheap.

The quiet before the storm?

Actually correction, we also had a higher volume day in April when we announced the Pepas West discovery. So the interest in good news is definitely there, it's just that the macro and sector picture has been weak.

I've always maintained that we need the wider market and sector to be strong as well. We can outperform when the sector is strong, but we can't perform when it's not imho.

BT - I agree with you about the frustration. What I would say though is that although Gold has moved up, it has yet to break through some key resistance between 4350-4450. It is just touching the bottom of this resistance. So the market might be waiting for it to break through and confirm that break. That shouldn't be too far away now - unless it bounces off it instead. It is much the same for OMI, in that we appear also to be flirting around some lower resistance levels.

The other key thing is that volume is very low right now and has been since the end of March. Interestingly, the only exception to this was in the middle of May when we announced Pepas West expansion, and that was met with some high volume. It shows the interest is still there.

Given that BG has said that H2 2026 will make up for the quieter H1, and we know this from the operational ramp up that is going on right now, then the odds favour a move up. No one can reliably say exactly when, but looking at the chart and how many shares have been accumulated already below 20p, I think the first decent session we get on some higher volume, we should hopefully be up and away.

I said a "week", so let's see how the rest of it unfolds. Gold is up and approaching a retest of a key level. Also, just read that this so called peace deal doesn't get signed until Friday, so maybe the market will wait for confirmation of signing given how fragile the whole situation has been up until now.