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It is just I have not seen anything in terms of twitter / RNS from the guys regarding BESS and that what has been driving the rise in lithium prices recently.

I actually think we've missed a trick by not looking at the increase in BESS -demand.

That seems to be driving the increase in lithium prices and I think management is missing a trick not highlighting this increase meaning a structural demand increase for graphite.

I am not claiming to be an expert but tt does seem like Charles Archer alluded to in his article that these drilling results will lead to a new JORC upgrade and hence extended life of mine.

That will strengthen the hand for funding negotiations and hopefully a good deal for BRES.

I certainly if I was management not actually do a deal until we have the JORC upgrade if we expect a life of mine extension - It'll strengthen our hand.

Looks promising guys but let' see.

Thanks for this - missed it.

Hi,

Looking at this project there is a lot to like considering IONIC clay angle and US interest.

One thing - looking at their presentation I cannot see any tentative capex for the project . I see NPV but no capex.

https://harenaresources.com/wp-content/uploads/2026/02/ADU-Harena-Corporate-Feb-2026_Mining-Indaba_w.pdf

Does anyone know what they are saying is initial capex for the project?

Thanks

A very clever RNS imo.

Puts the board firmly on side of investors. Signals they believe this project is getting funded unless we get bought out.

Also the vesting period is three years which signals to everyone we are not rushing this thing. If someone wants to put in a premium price for a buyout now we'll do it. Otherwise we are comfortable taking this to funding - getting 50%-, executing P1 and than selling up.

So basically these guys are poker players. And very good ones at that.

It is not necessarily the end of the world that there is a lull in SP whilst warrants gets absorbed prior to JORC upgrade and funding news.

I actually think the SP is holding up relatively well absorbing warrants whilst there is waiting for the news.

About the project development vs sale I think a sale only happens if there is a rerate. And even than if the sale offer is deemed not to represent best value the decision maybe to implement P1 and than before P2 where the SP is potentially higher sale at that time.

I think they would comfortable doing P1 if need be.

I do think it's not just the funding happening / being confirmed - it is who funds it. If we get someone like DFC confirming it and terms are favourable it ties in with the narrative of western supply chain right now.

It also signals this project is happening - and whilst the asset is clearly fantastic we do have to acknowledge the team is more seen as someone more liable to sell the project at some stage than build it - a major reason the sp is low imo.

BRES starting to get more noticed now ? In the morning star today

https://global.morningstar.com/en-gb/news/alliance-news/1771252340018935300/in-brief-blencowe-shares-rise-on-latest-us-graphite-trade-measures

I agree legalwolf - the other thing I am watching today is the volume.

The reality is regarding funding it takes two to tango. We are somewhat reliant on speed of the other parties. I suspect parties like DFC, AFC are bureacratic and slow as f***.

Really the key thing is to have more than one genuine interested party. That is where BRES than has the leverage and call the shots.

GLA.

I think the disconnect is due to several factors. One this is not a team of builders. This is the key reason for me. This is a team that I believe will do P1 max before selling up.

Also we need to factor in if this resource was in Australia / US not Uganda the mkt cap would be higher.

That being said I believe the resource speaks for itself and the team can do P1 - if they choose too - and definitely get financing - hopefully from the dfc. Given the current emphasis on the west having it's own supply chain the mkt cap will naturally rise up if the above happens.

I went in just before dfs just under 8p effectively. I believe that at some point the market will recognise the mkt cap is undervalued despite these factors.

Let's see.

GLA

GLA

I agree legalwolf the volume was encouraging. One week ago on the 15th the volume was even higher.

I wonder if it is retail coming in on expected positive funding news for p1 and even p2. Come in expecting a quick buck on positive funding news and than leave.

Do people think the current team builds P1 if / when funding is secured - or they just go for a sale at this stage? I am more inclined - slightly - to think they'll look to deliver P1 rather than sell up after funding for P1 is secured.

The upgraded jorc will improve the economics of the project but the funding for p1 and / or p2 will likely be what causes a rerate - specifically who finances it.

If we get exim and or dfc than this project hopefully moves from graphite project to a western supply key strategic project.

Only time will tell.

I completely agree...but it seems the west is waking up and now prioritising projects in the critical minerals space that solves this.. Hopefully this means it is a question of when not if Bres gets funded. gla.

Thanks - will check it out.

Hi,

I am new to investing but I was drawn to this project recently by the west wanting to decouple and build it's own supply chain for critical minerals. An NPV of over $1bn and more than reasonable capex cost and market cap of £30m approx. I am surprised we did not see a rise post DFS - maybe that was priced in before - but given the excellent DFS, very reasonable capex costs and the west wanting it's own supply chain away from china surely this project gets funded.

And if it does get funded will that be when it rerates? Only time will tell.

GLA and DYOR.

Basically puts valuations in range of 15 to 35% of npv in dfs which we are generally thinking should be $700m at least. So circa 20p to 50p

That sounds v exciting and it does seem bres is undervalued by the market - hope I'm not jinxing it! Obviously though we must factor in dilution - Partricularly as time goes on. But they do seem v confident the NPV is going up on dfs release which sounds great. I really was drawn to bres by the low capex and v appealing npv/capex ratio myself.