Member Info for Legalwolf

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.

Announced by both US and Iran. Futures are up. Let’s hope this kickstarts BRES back into action.

Futures are up inc Gold. Could this be the week that sees OMI bounce back?

Good to get another 15million off the books and the cash is always welcome. But if they are going to update us every 6 months, can we not have a breakdown of what's left at what strike price, with expiry dates.

Agreed BT - there is a 50/30/30 ratio that some investors use, which says that a stock's share price is 50% down to the market, 30% down to its sector and the remainder based on its own fundamentals. Some split it as 70/20/10.

Whether you accept the split or not, it's undeniable that we are going to move with the market and sector. Just take a look at the GDXJ, and although it's never going to be an exact match, it's chart is very similar.

Let's get this ceasefire signed first, as Trump has led us a merry dance over this so far. Part of me still wonders whether this latest announcement of a deal being signed is more bs, to help Space X launch properly (i'm guessing a lot of powerful interests will have invested into the IPO) and also to get through the World Cup. But maybe that's too cynical and let's see!

The bottom line is that very little has moved the share price needle in recent months. Although newsflow has not been as frequent as we would have liked in H1, there have been some significant announcements such as the disovery of Pepas West and the initial hole at Apta. Had either of these been announced last year, when the market and bid here was much stronger, the price action response would have been different.

So it's clear that we are not yet seeing the large scale volume coming back in. It's more accumulation or distribution type price action, which tends to happen over a prolonged period. The key question for us is which way will it break?

My opinion only, is that the fundamental newsflow we have coming up in H2 should mean that this is accumulation which will break to the upside. This doesn't necessarily mean no downside first, as we all know that accumulation can involve shaking weaker hands out, and we have all experienced the herculean amount of trolling that has been going on here aimed at getting people to doubt OMI.

If we remember all the talk about a "sale" last year, MR said that any such offers would need to reflect the upside in the project. I don't see any reason why they would then go on to drill the new deposits, upgrade the JORC, and then ignore this when it comes to funding negotiations or allow potential funders to ignore them.

I mean if they prefer, we can tell funders that if they don't see value in the new deposits because they are only resource and not reserves, then they can simply take a project level interest in the DFS deposits only, and we will happily go on to develop the new deposits ourselves (from the money we will get from the DFS deposits), and retaining a 100% ownership in them. Let's see if the funders still argue they have no value 😉

Disagree NC - it doesn't need to be fully modelled out in a DFS to add value. The new deposits show the massive upside in the project. They have returned drilling results better than the actual deposits on which the DFS is based. With some infill drilling, they can easily be converted into reserves. Confidence can be taken from the fact that the nearby DFS deposits have already successfully been taken from resource to reserves. There is no reason for anyone to think it will be different with the new deposits.

Furthermore, MR has expressly stated that the extra drilling was done to demonstrate the value in the project, and that any offers would need to reflect the upside in the project, not just the base case DFS.

Also remember this folks, negotiation is a bit of game. Delay is itself part of the negotiation. Just like MR said recently that BRES don't want to seem too keen by chasing funders, I would imagine that funders aren't going to come rushing and salivating towards BRES either. How fast or slow either party moves is itself a negotiation tactic probably.

I'm prepared to take at face value what MR says. He does have a reputation for being straight up. So when he tells us there are several interested parties, I believe this. Also, they have been saying this consistently since the DFS. Take, for example, this RNS in November 2025:

"Together with its corporate advisor WaterBorne Capital, the Company is advancing a financing solution for P1 Production with active engagement underway with:

· Development finance institutions (DFIs)

· Strategic industry partners

· Institutional investors

· Government and quasi-government funding bodies

Several promising structures are under evaluation."

This has been the consistent message ever since. So enough here imho to give us all some hope and confidence that a deal will get done.

I hope I am not sounding like Trump now!

"The big question is why, if, as everyone is continually saying financing in Q1 was a completely over optimistic target, did Mike state it?"

They set this target several months prior and BEFORE they appreciated just how much of a delay there would be over the drilling results. For example, in November 2025, they RNSd: "The remaining 192 exploration holes and the deep drilling results, which all ended in mineralisation, highlight the huge potential for further JORC Resource upgrades still ahead of us in early 2026."

As we know, the upgraded JORC landed in May 2026!!!! That's about 3/4 months later than they envisaged back in Nov.

I will cut them some slack when it comes to assays, because they are certaintly not the first company and won't be the last to suffer extreme lab delays. I have another junior that I am invested in where the lab assays have taken a similar amount of time. There is a history of labs overpromising and underdelivering in the junior sector. They nearly always favour their bigger clients. In fairness, MR did say that once the assays were dispatched, it would then have been too costly to send them to a different lab.

Yes, and having chosen (or been told?) to drill the new deposits, that was always going to have implications for the DFS/JORC. If there is some criticism, maybe they should have been more realistic. But they probably found themselves under a bit of pressure to give a tight deadline for funding, to make up for lost time over the DFS/drilling. One thing that has been evident is MR's strong desire for BRES to be in production next year.

In terms of being labelled a de-ramper, I am sure folk would first check your posting history. Many a de-ramper has had their pants pulled down and exposed themselves through their posting history!

Now where you say: "They had been fantastic for years at hitting milestones on time and underpromising & overdelivering." I have to reply and say I must have been following a different company, because BRES actually has a history of missing deadlines. The very obvious example of this was the DFS itself. I lost count of the number of times MR gave timescales for its completion which kept on slipping. We are not talking slippage of a few weeks or even months, it was actually over a year. Don't get me started on the delay over the assays either!

I think the issue of funding delay depends really on when you are measuring it from. Is it Q1, the originally promised but totally unrealistic timescale? If so, then yes there has been a delay, but so far, only one of 2.5 months. Or, it is from when they have completed the updated DFS and JORC? In which case, you can't really call it a delay until we get into Q4.

I would argue that we should be measuring from the latter point, and that this being so, there is currently NO DELAY in getting funding. But I understand if people want to measure it from Q1, because that is the timeline given by the company. However, even then, is 2.5 months such a big delay that it warrants us starting to ask questions of the BOD.

Final point to make here is even if we ever got to a point where there was a huge delay. I'm not sure how much of this would be down to management, or factors which are outside there control, such as lack of interest in Graphite or the jurisdiction, or whatever else. Management have progressed the project in much the same way as any other competent team would have done, with some notable achievements along the way, such as DFC grant, good relationship with the local community and the local Govt, etc, etc.

So overall, I am measuring this from when the DFS and JORC were done, because I don't think any funder would ever dream of closing any funding knowing that these key pieces of work were being completed. They would struggle to get this past their due diligence processes and their own BOD. So for me, I would say that if we get to around September without any sense that we have gone from "several interested parties", to at least: "advanced discussion with preferred party" (or even parties), then I will start to worry. But not before then for me. All imho