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I meant the former despite the latter (but you know what i mean...!)

I'm very surprised that people are saying that the share price has not reacted to the DFS. Or suggesting that it's going to take funding to move the needle. This view is superficially attractive but is totally inaccurate and flies in the face of what has actually happened. The easiest way to see and explain this is to first of all separate out what we mean by a reaction. Put simply, a reaction means that in response to the DFS, there will be a significant change in the trading of the shares. So have we had a reaction to the DFS as defined?

YOU BETCHA - WE'VE HAD A MASSIVE REACTION. In the last 6 months, we have traded around 510 MILLION SHARES. That's an average of 85 million shares each month. In the last two months alone, we have traded 226 million. That's an average of 113 million shares/month. This has been over a tenfold increase on the amount of shares that BRES usually traded before the DFS.

So the market HAS absolutely reacted to the DFS. Probably more strongly than any of us would have imagined. Therefore, i'm rather bemused that people have been decrying the the DFS reaction - if someone had told you the reaction would be 510 million shares traded in 6 months you would have bitten their arm off for that!

But what hasn't happened is the 'DFS re-rate', which is different to the 'DFS reaction'. The simple reason we haven't had the latter despite the former, is that RAB have been selling down and millions of warrants have been exercised. It's not just the 35-40 million warrants, but also the large original holdings that RAB and JAN held which they have also sold. However, despite this, we have still seen a triple digit rise in the share price with a high of 9.8p. Not a re-rate, but still a triple digit rise.

At some point the force of this DFS reaction will overcome the force of the selling - that's clearly the direction of travel. The RNSs simply provide liquidity along the way. The result of this is inevitable. When the market sees that the selling is becoming spent, buying will become even stronger it will see that the brakes are coming off the share price and will see that the resistance has been cleared. So nothing to do with funding, but simple demand v supply battle playing out, with only one winner to be declared soon imho. DYOR

Very tight spread going into the close.

As I said yesterday, looks to me on the monthly to be gearing up for another major breakout. Often, the longer these consolidation phases take, the higher the next move up ("the longer they base, the higher they race").

Will the breakout happen simply on the technicals (supply/demand dynamics), will it be on news, will it be the macro picture, will it be seasonality, or a combination of these factors that causes the next major breakout? Who knows, but on that monthly chart, it looks like its building up towards this. Hopefully, we come out of the traps running in the new year. But it should be a great 2026 and with so much accumulation and supply having been taken out in this current consolidation, with £15 million to 'drill baby drill', with four incredible projects all looking very tasty, then I think we can all be very confident that in 2026, we will see new highs here - unless there's some calamity that strikes. So sit back, add when you can, and let it all play out in 2026 like it has in 2025.

Big patience should be rewarded with equally big gains. All imo and DYOR

That's just my take on things and thesis - I might be wrong of course, but it's how I expect this to play out in the forthcoming period. But as always DYOR and GLA

BRES are playing this very smart. They will know RAB are likely exiting and cashing in their warrants, so the placing at 7p has given the share price a floor, around which demand will continue to be strong. This is flushing out the sub 5p warrants, with the majority of these now done. As I said yesterday, there will be strong volume at these levels and the volume over the last few months has been insane (for BRES). As this high volume continues, the warrant related supply will dwindle and demand will grow stronger in realisation/expectation of the consequential move up.

In simple terms, we now have a buying range between 7p and 9p for flushing out warrants, strengthening the balance sheet in the process, for new demand to load up for 2026, and for the share price to build energy for that inevitable breakout into double figures.

So patience needed, and just load up what you can in the 7p to 9p range. The best buys now will be around 7p. Then once warrants supply at this level dries up, price will move towards 7.5p and absorb the warrant supply at that price level. Once those are done, it will then be 8p and so on. This is what we are seeing playing out imho with the 6.5p to 7p level having already been taken out. Now it's 7p to 7.5p level. At some point shortly, we will inch towards 8p.

It might seem like a slow grind, and it is, but as Kahuna's post about the warrants shows, they are drying up at a decent rate and will be gone in weeks. So as I said, add what you can at the best price available in this 7p to 9p soak, and then let it all play out next year. All imo and dyor

Buy at 7.56 just gone in - looks like back on the move after a bit of a warrant flush/shake.

We already know there are warrants being flushed out - and that they will dry up. It will just slow down the rise, but won't stop it. £3 million has come in at 7p, so incredibly cheap value at these prices. Buyers will continue to take the warrants flush, and once its done, then whoosh!

Recent engagement in the United States by senior management highlighted strong interest in scalable, long-life graphite projects ex-China, capable of supporting growing downstream supply chains.

Liking the sound of this and the fact that more offtake news is on the way.

Wow that is some hit from surface. Incredible new find. Both new discoveries are going to generate huge interest.

With supply starting to dry up we will soon the market scrambling to get in below 9.5p - the big breakout point. Can’t wait for 2026. GLA

Must be trolling as your last post was predicting 80p on the DFS.

Folks - take a look at the monthly chart - what do you see for the last 4 candles? Looks like a very tasty bull flag prepping for a big breakout to me!!!

Rob - i'm expecting the next warrants update will show that a lot more have been cleared. In any case, 20 million is nothing when you look at the volumes this has been doning. They will go very quickly and easily once this gets going again. Re APTA, yes let's see what happens when they get back there, but the initial drilling looks like it's going to be focussed on Pepas North, El Cedro and El Pantano. But I guess they will make a decision on APTA once the MRE consultants advise them how much more drilling will be needed to get it to MRE. Dream situation to have all these fantastic projects to drill baby drill with £15 million to throw at them.

Incredible year coming up here and we look like a major breakout is coming - see monthly chart again for reference.

Thanks Kahuna - the information you have shared is on par with getting a great RNS. The warrant overhang is likely to clear very quickly indeed when you look at how many have been absorbed already and the volume of trading that BRES is doing right now. For example, we've traded an average of over 100 million shares in each of the last 4 months. That is crazy!!!

At current volumes/rate of warrant clearance, we are likely to enter the new year with pretty much all of the sub 5p warrants cleared. It's amazing to think what will happen to the share price when the largest supply/sellers have been fully cleared. Imagine what happens if or when institutions decide to jump on board here? With BRES more than cashed up for the year (with additional monies coming in from remaining warrants), no more warrants to be issued, and only 2p from a major breakout point, we couldn't ask for a better setup here going into 2026.

I can't wait to see what happens when we hit 10p. I think the speed at which this will move once it gets there is going to catch a lot of people out. There's few situations better than buying a globally significant Tier 1 critical minerals project, that has done all the hard work, is fully cashed up, has major newsflow to drive it and no overhead resistance. Dream situation for buyers!

Strong start to the week by BRES. Bid and Ask in the 7s. If this continues, then we will go into the Xmas/New Year in very strong shape. Once the market sees that that there's a floor in, it gives it the level and comfort to buy from that floor, and there's less holding back (which is another way of describing FOMO). IF we go into January with such a floor firmly in place, as is looking like happening, then we can hopefully look forward to a strong start to the year from the following:

1) A floor to buy from.

2) Significant newsflow in January.

3) BRES being tipped as one of the best share picks for 2026. Expect to see it feature prominently in new years lists.

4) Newsflow continuing into Q1.

The giveaways of a second trolling account are as follows:

1) Posting at the same time period as the troll. Usually one person at the computer using multiple logins.

2) A new or fairly new account which spends a lot of time posting on the same shares as the troll. As above.

3) A very old account which appears to support the trolling account in some way. The logic here is what seasoned poster would still succumb to trolling after all their time on bb.

No matter how many times we say it, people still feel the need to mention the troll in their posts. It's because people mention his name and give him attention, that he does his windup posts in the first place.

Those replying or mentioning him in the posts are the problem. He isn't going to change, so you lot have to stop giving him the oxygen he craves. The only way is to filter or completely ignore.

Even then, some of these trolls use multiple accounts, so that if no one or few reply to them, they use the other account reply to themselves. Sad and pathetic, but happens a lot. It's the game they play with us and the bb. So when another account 'replies' a lot to the trolling account, you have to become suspicious that it's another trolling account.

As a minimum, the upgraded JORC and the new discoveries will represent significant upside potential to the current NPV. It is based on a 15 year LOM, but the upgraded JORC will demonstrate that there's in reality decades of mine life at Orom Cross. Whilst no figure can be put on it (less than 2% of the project is covered by the existing drilling), and as MR said recently, there's multi billion pounds worth of Graphite in the ground.

If a large player took the project, like a Tesla, it would be worth significantly more than the current $1.1 billion to Tesla. Not saying Tesla will take it - though interesting to note the difficulties they are having with their current supply source - but more to illustrate the point that whilst the DFS gives us an NPV of $1.1 billion, the true value of the projet is well north of this. It's actually a huge MULTI billion dollar Tier 1 Global Scale project.

Again, when it comes to any sale, or a JV if BRES go down that route, they will be making this point to the buyer. MR said as much when he said any sale would need to reflect the true value and upside in the project. That's where these two new deposits will be significant, even though they aren't in the DFS!

The DFS has only just come out and BRES has hardly had much time to waive it around. That will change in early 2026. We have already tested the top of the range recently. With all this and the incoming newsflow, we should get that big breakout in 2026. It seems only a matter of short time given the technicals and fundamentals. Smart to add now in the run up to the new year. Once the sub 7p shares are gone, that should set a new floor. And once a floor is firmly in, it should serve as a firm basis for another push up as sub 5p warrants continue to dry up. Will hopefully be one of the best performing shares in 2026. All imo and GLA

Should start the year strong with all the assay results to report from the two new huge discoveries, the upgraded JORC, further offtake and then into funding news. All whilst the US starts to restrict Chinese supply (and vice versa with counter measures being taken by China). The commodities trade war between these two largest players could really heat up in 2026!

Perfect storm scenario for a US DFC funded Tier 1 World Class Criticial Minerals Project to gain traction. A potentially transformational year coming up for BRES. Still at £30 million mcap, which is crazy, but won't last long as the last of the sub 7p placing price shares continue to be absorbed before Xmas, leaving BRES to have another push up on the incoming newsflow in the new year. All imo and GLA

And so it begins. Get what you can in the next week. With gold breaking out this is perfect timing for OMI ahead of some major newsflow in January. GLA

Nap - do us all and yourself a favour and filter him. Nobody wants to read anything to do with the troll. It's the ONLY way.