Member Info for Legalwolf

As long as we go up each week, I'm not all that fussed. The news we received is exactly what we wanted and has kickstarted what will be a transformational plan. Hopefully, we will get a positive update from MB regarding the meetings he has had with PC. We already have a MOU with them I believe, and they are doing our workover for us as well through DQE. So no reason why we shouldn't be able to reach a mutually lucrative deal with them for our oil.

MM collecting whatever stock they can. They've likely been shaking out whatever they can for the last month or so.

It's inevitable that some good news is on the way here from just the basement drilling. They've already found Helium and increasing depth and so are bound to find even more in the additional 150metres. And when they do, might they even drill deeper? Why stop if you keep hitting Helium and Hydrogen?

Don't forget the Hydrogen folks. Doesn't that need to be added into these numbers?

News must be close. I'm sure they are not just twiddling their thumbs and the likes of Gervaise, PJ and POW are not involved here for nothing.

Well price action is really tightening up between ~ 4.15p - 4.20p. At some point shortly, it will have to decide which way it wants to go and breakout in that direction. With massive news only less than 3 trading days away, you would think it will resolve this tightening to the upside.

Come on MM, time to release the handbrake and let it go.

Let's see if we make a move up this pm. There can't be too many more shares available at sub 4.15p now, and a lot of sellers higher up have been taken out already as well. I'd be happy with a close around 4.5p, which then sets us up nicely for a run into NICE announcement next week, and beyond.

Spread is tightening up. Looking poised to move. Good point to add for the next leg up.

I'm also expecting a RNS early next week. I don't think they would mobilise crew to sit around doing nothing!

Zak's sees this current price action breaking out to 8p.

https://www.youtube.com/watch?v=PfRgqpOtAcU

Let's hope so. We have a small bull flag within a much larger double bottom pattern, both of which are usually bullish patterns. Won't take much to get us to 4.5p, and if strong price action continues into the afternoon, we could have a strong close to the week, which then sets us up nicely for the big news next week. GLA

The next raise needs to be for a decent amount - £2 million if possible. Even more than this if it is to include Argentina drilling as well. This then gives OMI a clear cash runway for at least the next two or three drilling campaigns, and that in turn gives investors more confidence of share price growth and the next raises being done at higher levels. It also buys time to attract a new JV partner and get the deal over the line, including with all these time consuming regulatory approvals!

I don't know, even with an elevated POG, whether OMI can raise such an amount in what are tough market conditions for equity raises?

Considering the weakness across the market today, GDR did really well to hold its own. If it was going to decline, then today was an ideal day for it to do so. The fact that it didn't suggests that it's gearing up for another move up. Only 3 days left until the big news lands. Whether or not we get a FOMO Friday tomorrow, hopefully it will rise into the news next week, and then surge up further on the actual announcement itself. GLA

BT - it's not as simple as that I'm afraid. There are more examples of companies on AIM that have become slow death by dilution than there are companies who have grown through, and notwithstanding, dilution. Therefore, for an investor (more so than for a trader) it is absolutely essential that you accurately estimate what impact dilution is going to have on your longer term investment. Otherwise, your holding just get diluted and decimated over time.

This is particularly a risk with juniors that have an expensive gold project to prove towards a declared JORC resource. Drilling is not cheap and a Havieron level of drilling might be needed at Anza. MMA have already spent £30-40 million on the project, and barely got going.

There is simply no way OMI avoids 'death by dilution' by going it alone. It might have purple periods when POG is strong, but at other times it will retrace and successive dilutions will happen at lower prices. Therefore, a JV is imperative, but having just lost a JV, you have to wonder whether and when a new JV partner might step forward? The jurisdiction isn't the most appealing....

Noodle - I agree with a but. Too many juniors take on too many projects, which they can't then progress. Thought MR would have learned that lesson from having to scrap the Aki project. However, if there's an opportunity to grab an exceptional project at good value, with a view to progressing it only once capex has been arranged for Orom Corss, then why not. Would be a good move in those circs in terms of growth of the company. Aki was taken on too soon, and Bres couldn't afford it. The position might be different in 2025.

Red inky - have we not already had the pullback following the presentation? Don't think we will get another one unless there is some negative news, which at the moment, there isn't going to be. I've always thought that drilling the basement fracture play will produce some good results. I'm no geo, but given that they have already found Helium at increasing depths and at 4.7%, you would think that the COS for the basement drilling is very high indeed.

In all probability, the next two RNS we are likely to get here are as follows:

1) Commencement of drilling the basement play

2) Helium shows

You would think that one or both of these will give the share price a real boost. Remember what happens when the herd arrives here. It's the biggest herd on AIM.

I have been wondering, particularly since watching the presentation, why Rudyard isn't being drilled first. And if it was, whether things might be different?

That's fair enough Dr R, and don't think anyone can discount that possibility. Oh if only OMI had an extra £1 million in the coffers, we wouldn't even need to worry about the financing for quite a while.

Dr R and Karl - don't disagree about the multibagging potential here upon a JV. I think 95% of us would agree on this.

Only issue I have at the moment is the cash position ahead of any future JV. I'm no longer concerned about the deal being concluded or still being in negotiation, as the most recent interview from BG has made clear that it's been agreed but is awaiting regulatory approval.

So just the cash position that is the ? for me. Project itself is as good as they come when it comes to gold.

SPM - the views I have expressed now are broadly consistent with the views I expressed back then, only now fortified by having had more experience of Bres. There have been better and more near term opportunities than Bres and so I have moved my funds into those. Nothing wrong with that and I would imagine that most investors/traders actively manage their portfolios and move funds around.

I regularly dip in and out of companies I am invested in based on a range of factors. Bres is no exception. But these days, from bitter experience, the finances of a company/dilution are the primary consideration for me before I will take a substantial and longer term position. Again, perfectly valid consideration.

Not too fussed if others think I am de-ramping. This is not an exercise in synchronised swimming, and we don't win or lose together, but as individuals. If strangers on a BB don't agree, or think ill of my posts, I really don't care all that much. I'm not here to make friends, or get claps, but primarily to make money.

If you guys think this share will rise before DFS money is secured, fair enough. I don't, and that is also fair enough. Like I said, I get it wrong with these calls as often as I get it right, so time will tell with this one and let's see how it plays out. All imo and GLA

Yes, for those of us who have watched a few of these, the feeling of 'here we go again' or 'heard it all before' loomed large. However, if you hadn't heard it before, you would be left thinking what a compelling set of projects these are and how cheap the share price is, and of the high risk to reward/re-rate potential. The positives for me were that:

1) They definitely made it feel like this Anchois drilling is low risk and high probability.

2) It was good to hear them say they went for a smaller raise this time because of the dilution. They are clearly aligned.

3) Confirmed that this raise will see them through to FID - that's a biggie imho - just hope it doesn't turn out to be a big porkie!

4) They will be securing £15 million (or was it £50 million?) for TP in the "coming months". Therefore, TP shouldn't be a material drain on Chariot's precious resources in the near term. That's a welcome relief.

5) Mentioned the "cash consideration" from FID a couple of times. Added to the TP money, Chariot likely to have a minimum of £30 million coming in and a lot more if ENOG exercise their option.

6) A successful outcome at Anchois, coupled with the above newsflow, will surely mean that this recent placing will be the last that is carried out in single figures.

JWM said it was the most exciting period coming up in Chariot's history. Yes, we've heard it all before, but maybe it's also true when you consider the share is only at 7p, and Anchois is approaching crunch time.