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The average selling price of $500/t for concentrate and $2,500+/t for USG is still on the prudent side and others are using much higher prices in their NPV calcs. These are more inline with current Chinese prices and doesn't really take i to account no China or quality premiums or a supply squeeze on increasing demand.

Expect a few more warrants converting, which puts money in the bank which fights of placing fears. Could be final sell of on IIs. Just like before the churn will start to replace old holders with new, but this time IIs will be coming onboard which should help momentum. Even with a significant update, there's still many reasons to keep holding for further added value.

3 years of building a sizeable position for this and not disappointed.

I expect they will chomping at the bit to do some media

They have gone from a Ore reserve of 15m to 23m up 47% - this will increase mine life. 14 years - up 47%, mine life should be 20 years at least.

Mine Life (years) = Total Ore Reserves / Annual Production Rate. Only Ore reserves included, not indicated or inferred mineral resource.

There's an updated presentation on the website. I am pretty sure the mention of a SPG facility in Phase 1 is new. This wasnt expected until phase 3 2028. It's now coming in in Phase 1 2026!! Also phase 1 production up from 10000 to 20000, and phase 2 up from 50000 to 70000.

It just keeps getting better and better.

Latest version

https://blencoweresourcesplc.com/wp-content/uploads/2025/11/Blencowe-Presentation-Oct-2025.pdf

Previous version

https://blencoweresourcesplc.com/wp-content/uploads/2025/09/Blencowe-Presentation-Sept-2025.pdf

Candler - the improved JORC will extend the minelife. MR constantly talks about being limited to what we can sell and what the market can absorb. The PFS was based on a 14 year mine life. This will be greatly extended improving the project economics significantly. The PFS would have been based on the mineral resource but higher risk factors taken into account. In order to progress with the DFS resource needs to be converted to ore reserve, so its about achieving the required confidence in commercial viability and with more reserves at higher confidence levels increases mine life.

But the main upgrade from the PFS is the highly lucrative SPG strategy. This was not included in the PFS. PFS was based on supplying mesh at an average basket price of $1307/t. The down streaming will enable them to convert into products selling for up to $8000/t as in the 19 March offtake RNS and via their JV and in country SPG facility converting to SPG selling for many multiples of the basket price. This is what is really going to blow this up and create what the company promise to be something special. thos saying they expect an updated NPV of around $600m will be very surprised IMO.

Very well written RNS

Not sure he will be hiding it in his back pocket! Will be in neon lights!

“Anyone have a view on why so may late reported trades?“

Because this is an excellent undervalued opportunity on the cusp of a big rerate and buyers are coming in wanting chunks above the normal market rate.

Putting any JORC knowledge aside…….You would have to assume they haven’t spent £1-2m on a drill campaign for no added value. Its been done to improve the project economics and to reduce funding risk.

The only reason its stayed at this level is because of the huge supply of stock from RAB and JAN moving on to other things and warrants. That has or will dry up at some point.

Camp lode is high grade and up there with the best graphite projects. Grades are average down to around 25m. There is some higher grade in Northern Syncline.

Bres themselves in the camp lode RNS said this about Northern Syncline.

" Laboratories have confirmed that Northern Syncline infill assays are being finalised, and results are expected shortly. This area hosts large-tonnage, moderate-grade mineralisation, ideal for long-term production feed and blending flexibility"

It wasnt expected to be higher grade, but it adds scale and tonnage. It's a large asset still under explored, but what they have is already competitive with the best projects. This is delivering exactly what they need to deliver i high NPV project.

I cant understand why anyone would go near a sell button over the next month. Consolidating well 6-7, should start to move up into DFS

NPV was nearly $500m on the PFS before the updated jorc and before the highly lucrative SPG strategy and other premium products. This was based on a prudent basket price. Theres no way the DFS is only $150/200m higher. 1bn is conservative IMO MR talked about doubling it some time ago and there have been value added items since

No way this goes for only 22p.

Thats about $150m fully diluted. On an expected NPV of at least $1bn thats only 15%.

When the biggest value add is getting the project financed, they already have finance partners lined up with offers of intent. So why would you give it away for 15% if you’ve done the work to get finance partners lined up?

Warrants are priced into the fully diluted share count, and the churn is and will be sufficient to absorb these.

SPG will be Korean. SPG JV is already established. MR has explained that the partner do not want to make their name public until certainty is achieved. If it's who some think it is they are already making moves outside of asia and it is in their interest to help grow a market outside of china. Mike R has also commented on Nasa and the UK Offtake partner - both premium revenue streams with value added upgrading outside the SPG strategy.

Not going to claim to know anything about Ferro Alloy. But it is unlikely there are many mining operations out their that are attracting attention from interested parties like Blencowe are.

Personally looking at it from 2 angles:

1) 20% NPV. I am anticipating at least $1.2bn NPV. 20% / 468m shares is 38p per share. Worst case scenario with a low reaction. 19p at 10% NPV. However i suspect this will be top end with the interest in this.

2) Comparison with the likes of Graphite 1 - was some posts on this yesterday. If you rebaseline some of the variables in the 2 projects its a similar size project. Blencowe looks to have lower costs lower capex and some other upsides and seems to be a much better project. Graphite one also wont go into production until 2030 if it ever does. Value is £144m. If Blencowe was valued at the same, thats 30p per share.

I fully expect the project fundamentals to be superb and create value in itself. But i think with the interest from US gov, talks of the likes of NASA as offtakers, AFC, UK Government funding and others yet to come out of the woodwork along with relationships with industry experts, particularly in the SPG space, this could really take off and command a premium.

So absolute worse case, 19p.

Fair value 38p.

Premium with a few surprises... who knows.

Sorry project is in Alaska. Its Toronto listed company but project on US soil.

Also they are in Canada not the US which isn't necessarily straight forward.

Also i believe they plan to start importing graphite to process before they actually start mining their own so there is currently no imminent planned production with production stated for 2030.

Graphite one have spent many more times what Blencowe have to prove up a resource that still is planned to produce similar to BRES, which proves MRs comments on limited by wat you can sell not produce.

Their $6bn NPV also includes a weighted average basked price of $7843k/t! Blencowe used $1307k/t in the PFS. Their capex is also $5bn!

Production cost of Graphite one per tonne around $610/t excl shipping. Blencowe around $500/t

Graphite one has a MCAP of £144m!

When you dive into the technicalities and compare this to peers with the 6 fundamental requirements in mind MR talks about, it is not difficult to see why this is going to be so sort after.