Updated JORC (Infilling)5 Nov 2025 08:23
I have always been very excited for the DFS completion and a major rerating and excited about the new areas of drilling to be included in a JORC But these infilling drilling previously not excited thinking ya increases confidence of resource, ok move on.
What I did not realise is that within PFS and DFS you can't include inferred resources only indicated and measured. So this infilling will convert inferred to indicated and measured and hence increase PFS calculated NAV based on 14 years to 20 years plus (potentially) for the DFS.
Currently BRES has alot of inferred resource that can't be included in the DFS!!! So just this infilling could increase NAV by 50% ??
then you have the future battery plant to add to DFS NAV, I think there is a real chance of $1 billion (maybe slightly below or above) on the DFS NAV, so 15% of this, we are looking at a market cap of £100 million plus BEFORE funding (once the DFS sinks into the market, thinking big rerate upon DFS release that will also increase for a while after).
Then with funding, woow!!!!!! So now incredibly excited with this updated JORC.