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The answer is simple: warrants are being cashed and there are a lot of them!

Without the warrants, the share price would have been well north of here. You only have to look at the volume of shares that have been traded leading up to the DFS and then since the DFS. Basically, the entire float's worth of shares have been traded. So the market reaction has been VERY significant in that sense. What we haven't seen is a re-rate. Again, that is because a large volume of the shares traded have been a) RAB/JAN exiting their existing positions, and b) RAB/JAN and other warrant holders cashing in their warrants.

IMHO, it really is that simple!

The answer is simple: warrants are being cashed and there are a lot of them!

Without the warrants, the share price would have been well north of here. You only have to look at the volume of shares that have been traded leading up to the DFS and then since the DFS. Basically, the entire float's worth of shares have been traded. So the market reaction has been VERY significant in that sense. What we haven't seen is a re-rate. Again, that is because a large volume of the shares traded have been a) RAB/JAN exiting their existing positions, and b) RAB/JAN and other warrant holders cashing in their warrants.

IMHO, it really is that simple!

Break - we need to factor in the possibility, or indeed likelihood, that even these fantastic calcs you have outlined are going to change for the better if (or when) we discover more Pepas's. These will also need to go into the calcs

The MRE for the existing Pepas deposit is just going to be the starting point. By the end of H1, we might well have additional discoveries at PEPAS and looking at a much larger scale production scenario than the one currently envisaged. The UPSIDE from additional discoveries could double those calcs.

This month's MRE is merely the starting point! The project that actually goes into production is going to be MUCH larger imho! That's why the big boys have positioned as they can see the bigger prize looming in the horizon.

The beauty of OMI is that the existing PEPAS deposit will underpin a much higher valuation, but then we have £15 million to "drill baby drill" and each new discovery will just add more to the value.

Last couple of weeks have seemingly taken out most of the supply between 7p and 7.5p. Hopefully, we are now taking out the supply between 7.5p and 8p.

A couple of closes above 8p should signal that an uptrend is gearing up. REALLY strong price action imho given that we've had a) a huge placing, and b) huge warrant bank to clear.

I can't wait to see what might happen to the share price once the remaining supply is taken out. That can't be too far off now! GLA

Good to see this little tree shake getting bought up. If it ends up being a shakeout of more weaker hands, it should allow price to firm up over the coming period ahead of the major items of newsflow expected this month - Pepas MRE and El P initial assays. All we need is price to be hovering around the 24p-26p level when that MRE lands and it should hopefully trigger a breakout! But let's see and GLA

Https://x.com/breakoutcv/status/2007357511196967347?s=46

The geopolitics are likely one of the biggest drivers of the gold price. This latest move is only likely to increase tensions, and in turn probably support the gold price. So in that sense, positive for OMI, but not good for world harmony and peace.

Chart looking very promising folks (best observed on weekly or monthly). If next week simply replicates this week (never mind better it), we are back in the 8s! Great looking setup for January 2026. Where will BRES be by month end? News to land this month as well!

"It won’t be long before consistent 5-10% blue days as we rerate."

I'm thinking the same as we currently clear through the "cheaper" warrants and slowly grind our way back up into the 8s. If we can then just consolidate in the upper 8s, it will signal that the supply at these levels has been absorbed, and set us up nicely for hopefully a great 2026. GLA

"I will sit and let the STORY develop and the SP will find its way to higher ground."

Great post and this is exactly the right approach. 2025 was merely the first chapter after OMI reclaimed sole ownership of Columbia. And what a great opening chapter it has been. It has left us going into this next chapter with all projects looking extremely tasty and £15 million to explore them with. It has left us with a strong institutional book with some great names. It has absorbed most of the warrants and ensured that no more will be issued. It has left us with Gold surging towards 5000.

What an absolutely fantastic backdrop this is. You couldn't write a better one. In this next chapter in 2026, the STORY is about to stir into life with that MRE landing and the first of the El P results. Then from February onwards, results should continue to feed through from El P, and OMI will resume drilling around Pepas and/or El Cedro - where we have the 5 day turnaround for gold assays.

So basically non stop story telling newsflow throughout H1 of 2026, making this THE gold story stock on LSE imho. All we have to do is position ourselves, and then sit on those hands and let this great STORY unfold and do the rest. All imo and GLA

Nobody can say how high the share price might go in 2026. What we can be confident of though, is that it will be an action packed year on the ground. Probably the most action packed that OMI has ever had. The prospect of making new discoveries is very real here, when you consider the early enouraging signs at El Pantano, around the existing Pepas deposit, and at El Cedro. These are all very promising targets which will be drilled in Q1/H1 of 2026. Then we will also have the MREs, one to land for Pepas next month, and then maybe another at APTA later in the year.

So I have high confidence that OMI will achieve high success on the ground.

But we ALSO need the market to be in good shape (i.e. bullish) and gold to continue its uptrend. This is going to be as key as what OMI achieves on the ground. If we get all of these factors coming together again like they did in 2025, then it's very much game on and it will be another great year for the share price. GLA holders for 2026 and looking forward to your contributions on here. If we can make one resolution, it should be less engaging/reacting to the trolls - old and new.

Welcome Fortuna - a lot of trolls/mischief makers use new accounts, so you can forgive some for being a bit cautious. Anyway, my own initial summary response would be as follows:

We know from multiple MR presentations over the years that demand for the type of Graphite at OC is going to significantly increase and current supply levels means there will be an increasing deficit of supply. Research also suggests that much of this increase is going to be driven by North America. This is a perfect backdrop against which to market the project.

I think when it comes to NPV, the DFS represents only a starting point and a starting model. BRES has to start somewhere! The actual NPV will of course depend on what scale of project is eventually taken forward into production, and the speed of any ramp up. This will depend on which parties take it forward and what their supply needs will be - against the backdrop set out above. Will Orom Cross become THE main supplier for the US and/or UK and/or Europe? Will some giant offtakers come forward and enter the story, requiring a different production model? We know that TESLA are looking at alternative graphite suppliers and have been willing to source from countries like Mozambique and Tanzania. Or, will the project be sold or JV'd into production?

Therefore, too many variables and permutations at this stage to be sure of who's going to take the project forward. What is beyond question is that BRES has a globally significant district scale critical minerals project, with a $1.1 billion NPV representing a tiny fraction of the project and what it is capable of producing. Currently sitting at a ridiculous £30 million mcap.

So whatever the NPV, there ought to be MASSIVE upside coming down the track here in terms of the share price!

A couple of closes above 26p and we should be ready for a big breakout. Seems only a matter of short time now especially as SO much supply has already been taken out at these levels during this multi month consolidation.

MRE and El Pantano results all landing next month, followed by drilling for more Pepas's by the sounds of it. Should be a blistering start to what should be a gun blazing year for this stock!!!

It's not going to take much at all for this to start motoring again. A couple of closes above 7.5p will signal the following:

1) Warrants to be cashed at these levels have been bought up by the market.

2) The floor is in going into what will be a big year for BRES.

3) Resumption of the uptrend can commence.

Expecting BRES to feature in some of the top new year stock recommendations that are common at this time of year. So getting in below 7.5p in the coming days and ahead of the January newsflow is the smart play imho. GLA

Https://x.com/Share_Talk/status/2005976305586876473

OMI is set up to have a stellar January with the newsflow that is landing here next month!!!

@cakeman - an account created specifically for BRES with 15/15 posts all negative. Hmmm don’t usually engage with trolls so farewell!

What happens if this breaks out before any project funding? Do you still wait until end of Q1 funding to buy in, by which time the share price could be in double digits? No, you jump in early to make the most gains.

That’s how FOMO works. So here it’s simply a question of whether FOMO starts before funding or only in response to it. I think it will happen well before and once those 15-19 million sub 5p warrants dry up. But let’s see. GLA for hopefully a transformational 2026 for BRES.

Again I must disagree. What we will have to wait for is that moment when the share price starts to show signs of upward movement. At that point, this being a fully cashed up company with a Tier 1 asset and having cleared its selling will become a very attractive stock for the herd. We’ve all jumped into stocks on such a basis. The new year tends to be a popular time for such bets.

So whilst fundamental based investors might want to wait for derisking type developments such as funding, most of the junior market is driven by pure FOMO. And that FOMO starts when they see the share stir into life, which can happen at any time. But let’s see hey!

Agreed. But whilst some of the 6p warrants will be cashed below 8p, you would think that the majority will be cashed at higher prices.

But we don’t need to wait for the 6p warrants. Once the sub 5p ones are flushed, price will tick up and stay up. This is what I’m waiting for and is why I mentioned only 15-20 million warrants because that’s how few sub 5p warrants we have.

Incorrect - we have circa 15 to 20 million of the cheaper warrants left. 35 million have been flushed through already and we are averaging over 115 million shares/month in volume. Not all the remaining warrants will be exercised at this moment in time, but even if they are, I think we will see their impact reduce by the end of Jan 2026. Assuming we trade decent volume again next month.

The market has a floor of 7p to buy from, knowing that as soon as the remaining cheap warrants are flushed out, these 7p buys will quickly be in profit. Big year coming up for BRES. GLA