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Many thanks ML for your time effort in putting this summary together. Great questions with well summarised responses, it’s very much appreciated

Spread is under 5% on HL and AJ Bell 4.76 sell, 5p buy. Spread is narrowing further as the Ask continues to rise

Trading 212 by any chance Pic?

Zero trading fees, massive spread

It’s currently 4.76 to sell and 5.04 to buy, that’s a spread of 5.5% which is far better than it has been in recent weeks

So now the 5p investors are all on board, and we have confirmation that the SI will soon invest $2.5 million at whatever the market price happens to be, there’s nothing to hold this at 5p any longer. Therefore we should start to see some upwards ‘normalisation’ of the share price to reflect a market cap that’s more closely aligned to the story to date

Sorry spank you’re absolutely right, still a big difference though

I know very little about the US listed company Graphite One but note from the link posted below that they have just signed a non-binding offtake MOU, as has BRES. I also note that their market cap is precisely 10 X that of BRES which is interesting and perhaps demonstrates the extent to which BRES is undervalued for where it’s at

It’s been clear to me for some time now that he’s not invested and is simply spamming his repetitive negativity for a lower entry. His tactics are straight out of the de-rampers handbook, subtle at first showing concern for his non-investment but becoming increasingly more direct. His narrative that the onboarding 5p investors will act as a ceiling for the share price is nonsense, it’s more likely to act as a floor for the share price as a significant number of investors have chosen to come on board at this level as we enter a news rich period. As the saying goes “follow the money”

Spot on Zarathustra, major investors would not be coming on board right now at 5p if they didn’t foresee imminent SP upside

I don’t think anyone’s missing your point LW but that’s the nature of investing in pre-revenue small cap stocks. At this stage of the game funds need to be raised to progress the DFS and BRES are doing it in one of the most responsible ways I’ve ever seen, especially in this current market where some companies are raising at up to 75% discount. MR’s credibility is key for me here and he’s one of the most diligent CEOs I’ve encountered and with this collective funding, together with the DFC grants, we head closer and closer to DFS completion. Once we reach this, or probably well before, the share price is sure to re-rate. These new investors, and the upcoming strategic investor, have obviously done their due diligence and are confident that at a 5p entry price they will see handsome returns

Well he’s unlikely get it because developments and news flow so far are WAY beyond the £9.9M market cap. Today’s announcement should put an absolute floor on the share price so risk reward from here is looking increasingly attractive

Whilst building revenue is undoubtedly crucial, for me this is more about continued product validation and strengthening commercial viability, yet another tick in the box

Regarding commercialisation I worked in procurement in a Dow Jones listed global company for over 40 years so I am fully aware of the very lengthy lead times required in the US when it comes to sourcing major contracts. They are very particular and quite bureaucratic especially following the Sarbanes Oxley act in 2002. It is highly likely that there are numerous procurement activities going on in the background and we should soon start seeing these come to fruition. This technology is simply too special to be overlooked

No funding concerns from most of us here, especially following the $0.5 million latest tranche from the DFC yesterday, something you seem to have conveniently overlooked. MR almost spoilt for choice when it comes to non-dilutive funding options.

In addition, regarding the strategic investor, as Paulie posted yesterday:

The SI has set up the fund structure which is a key requirement to proceed with the investment and transfer of shares. It will go ahead, it’s just a case of timing so any talk about a placing (and particularly a cheap placing) is wide of the mark. There will be no retail placing at a discount. There won’t be funding from offtakers either because these are non-binding. The funding will come from institutional investors and debt funding, period.

This crossed my mind too Carlos. I’m also of the opinion that the delay to the SI entry could well be Mike Ralston‘s choice and not the choice of the SI. It’s highly likely there is significant alternative non-diluting funding interest and MR has already stated discussions are taking place with numerous potential investors

They have sorted something out, today in fact, the £0.5M DFC money. More to come from that source , in addition to the other various funding channels

I would suggest anyone concerned about dilutive funding or lack of news on the SI takes a listen to the Mike Ralston interview from a couple of months ago, I personally found this very reassuring (commencing from 9 minutes)

“There’s been a lot of interest from all over Africa to be involved in a project that has especially got the DFC involved”

“The African syndicate of high net worth people who are already invested will definitely put in more money when we think the time is right”

“We really only take cash as and when we need it”

“We are speaking to several funding partners right now”

https://www.youtube.com/watch?v=JnnCkdCPfT0&pp=ygUVTWlrZSByYWxzdG9uIGJsZW5jb3dl

Are they as sexy as you’re repeated deramps during those interim periods where you’ve traded out JJ? lol!

There was a lot of chat about Bracco Imaging being a potential bidder, they took over a radiopharmaceutical therapeutic technology company called Blue Earth Diagnostics back in 2021 under a very similar scenario. With their recent additional shareholding I would say that likelihood has now increased:

https://www.bracco.com/it/article/bracco-imaging-expands-its-portfolio-personalized-diagnostics

Same here, been sitting on the sidelines to add more for some weeks now. If the MM’s were to narrow the spread I’m sure there are many others also looking for a “sensible” entry price