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Stamford - think you have nailed it. The AFR clearly states that cash reserves were £1.2 million in January and down to £0.43million by May. These figures are provided by the independent auditors who have gone through everything.

It is these funds that are being used to fund "current activities" which are basically getting the drilling permit for Hussar and the applications being made for Mt Winter. In order to actually prepare and then drill Hussar, they will need to raise cash. This is why they have NOT already ordered long lead items or contracted a Rig. They need to raise the cash for these "future" activities.

A placing is going to happen for sure - the cash position and AGM notice confirm this. The only issue is at what price? All imo and dyor

We should be through the 2 million broker warrants, or very close to, as we have traded multiples of that volume this week alone.

Just picking up what I can below 4p. Will hopefully have some more funds to play with next week, so don't mind having the handbrake on for another week or so. GLA

Just need the bid to tick up to 4p and then we know this handbrake (at 4p) has been released. GLA

Think no news today is good news, as Fridays is usually reserved for a negative RNS. Hopefully, we will get a positive outcome RNS early next week. The historical data is certainly positive:

"Weil #1 was drilled by a private company in 2012, which tested 0.9% - 1.3% helium with a flow rate of 2,500mcf/d, indicating strong reservoirs and the potential for higher absolute overall rates. The well is shut in and ready to commence operation as a production well once connected to Helix's proposed Rudyard processing plant. With grade and flow rate similar to that encountered in Darwin #1, Weil #1 has potential to generate a further $4 million per year of pre-tax cash-flow1."

That’s what I’m seeing too Jam. A very large IPO base has formed and we are right at the bottom of it. As the saying goes: ‘the larger the base the higher they race’. We will move to 6p before long imo hence grabbing what I can now. GLA

The major shareholders and the BOD are/will be loaded up at 5p. They aint selling up at 6p 😂

It was just a clumsy answer from MR, which has been taken out of context and without his full remarks.

Don't see what the attraction is now myself. Now doing heavily discounted placings at ever lower prices. Think it's had its moment to shine, but things just haven't worked out.

The insti's that have backed Bres have largely done so at 4p and 5p. Does anyone realistically think they would sell for 6p? No, it was just a clumsy way of answering a question from MR.

The herd will arrive when the RNS lands, but hopefully by then we will already be at ~ 6p...

Calm down Donald. We all salute you Sir! 😂

Some of the key takeways for me:

1) "All" of the big pieces of work needed for the DFS have been "completed". The DFS is "near" and "will be completed in the near term", which means 2025.

2) All assays for the JORC resource are pending - the more recent deeper holes are not going to be part of the JORC, and so won't hold it up. But expecting a "significant" increase in JORC resource. The drill results will demonstrate this.

3) Already have the necessary offtakers in place for Stage One. They will be "western" offtakers as this will ensure the best prices for the product. Future offtakers won't be an issue and indeed will be queuing up - he is "sure" of this because of the increase in demand v supply constraints - and the quality of the product.

4) Ugandan Govt/President can't wait for project to go into development. They want to see a "western" mining company in Uganda.

5) MR will steer the project so that involvement of any chinese company re the SPG will not present an issue for other stakeholders.

6) Already have a funding solution lined up for Stage One.

7) Every company that looks at that the product loves it.

8) Currently working on something with a UK company, who are currently looking at the product. A deal here could unlock UK Govt funding as well.

9) "A MASSIVE INFLECTION POINT IS COMING" - his words.

Next two quarters here are going to be "massive". A lot of the really big news will likely co-incide with the strongest seasonal months of the market as well (Nov into Jan), which again increases the potential for a serious re-rate.

I'm staking what I can at these levels, and will continue building a position into the above period. I think the move up here will start on "anticipation" and therefore well before the above newsflow comes in. It's a relatively tight float and don't see the warrants being an issue until we get much higher. All imo and dyor

I think MR was trying to make an alltogether different point, namely, what is a good offer? so rhetorically ended up asking whether £20 million would represent a good offer (to some) as it was double the current mcap. But it's clear this isn't his answer, because he spent most of the interview talking about the "massive" re-rate that he feels is coming up here.

Thinks we are entering a potentially "massive inflection point"

Offtakers in the bag for Stage One - expecting an avalanche of interest thereafter. Bres will be able to be very picky in who it offtakes with!

Sorry I meant I thought it might run into next year, but it's very close and will be done in 2025!!!

"DFS will come through in this calendar year..." - that's fantastic news, as I thoughit it might run into Q4! That's the biggie and excellent start from MR.

It certainly is. The CFO said a couple of weeks for the permit, so if it doesn't land within the next 10 days, i'd be bailing out. There won't be many buyers taking stock in those circumstances, so before you know it, the bid will go from 5.5p to 4p in a flash. So the first ones out will get the best exit prices.

Maybe we should measure how long he can go without mentioning his trading successes, and then give him appropriate feedback. I think he could probably do 6 weeks at most, but then his ego will need some validation and he will inevitably pop up and tell us about the latest success in his pf of 150 stocks.

Like I said, we should nickname him DJT.

It's now a race against time, which will land first, the placing or the permit? If the permit doesn't land before the AGM, then the market will know that a heavily discounted placing could land at any point. That will cause a sell off for sure, as the discount could be quite significant, so folk will sell at these prices (even if it means taking a hit) and then buy back at the placing price. All imo and dyor

Suspect the last of the sub 4s are being taken up. There can't be all that many left at that price and should see the bid tick up into the 4s going into tomorrow. Good to see Bres moving already in anticipation of drilling results and JORC upgrade.