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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.

Not only do they have a mining licence they had it before the 15% Government free carry kicked in.

Imagine working for a company and being told if you want a bonus buy some shares!

Pretty much standard any company rewards their directors and employees with a bonus of some kind. This type of co its by way of options. Pretty standard stuff really and well deserved for what they are achieving with this.

Once the assays are in its just plug and play maths largely.

The SPG strategy could be the key here. They have given little away on this really. With a DFS that without this can be significant in its own, details and transparency on the SPG strategy could really fire this up.

JAN is a resource development company not an investing company. Anyone wanting to invest in BRES can do so directly without admin dilution. JAN did the right thing and JAN are more investable because of it even if in the short term they likely could have made a bigger gain here.

JORC will be 2 weeks after last results imo

DFS to follow

Its all basically maths from here on in.

It might seem odd timing with the rerate on the cards, but i think they have done the right thing. Made a nice profit and put funds in the bank. I never understood the narrative of buying JAN for BRES exposure as it would dilute the holding with their admin expenses. For too long there nothing happened that didnt relate to BRES. They have to do their own thing and if they have found an opportunity they believe in they have to back it.

For BRES to absorb this stock at the start of the rerate is very bullish.

The drill programme had 3 phases. This is probably the least valuable in terms of resource but important for mine design and these results may add further to the resource upgrade than expected.

The infill drilling and step out drilling is more key.

The drilling programme is structured in three phases:

1. Geotechnical drilling.

2. Infill drilling at the two existing deposits to increment Reserves (Camp Lode deposit and Northern Syncline deposit).

3. Step-out drilling to consider a newly identified potential higher grade deposit to the south (to increase the overall Resource size).

Key sentences for these results:

Significance: Adds higher-grade tonnes to the Camp Lode resource and optimises mine scheduling for early production phases.

Significance: Confirms shallow, high-grade mineralisation continuity in infill zones which are critical for low-cost, open-pitable production.

They don't need further exploration. Only 2% of the asset has been explored. Alongside development and production they will continue to understand the deposit, which is not unusual. It all adds value.

This deposit is so interesting they will keep on exploring. Hitting ore 100m down and signs of expansion in every direction they drill. Estimates of 2bn tons could be prudent.

The whole of the last 6 months has been about this drill campaign. It culminates over the next 3 months in an extensive resource upgrade and substantial DFS.

Company keeps delivering.

Considering it very bullish that a major shareholder has booked some profits and the news is delayed but the share price is still looking more like heading into the 6s than lower. It shows there is real substance behind the start of this rerate. And it is only the start IMO

Progress with DFC funding. $5bn available

https://www.ft.com/content/8d47a239-92e9-43b2-a75f-b2e2df7e7099

I could only guess on any equity for phase 1.

But for me a lot of junior mining companies over the last ten years or so bust their nut trying to convince one partner to take on their project, and they are at the mercy of the terms imposed on them if they are successful.

What makes this unique is the options available. Options available because they still own 100% and they are about to deliver a stellar DFS for a critical mineral resource. I really like the fact there are so many funding possibilities and it only improves Blencowe's bargaining position for any deals, however they are structured.

All of the potential finance partners BRES are talking about are in relation to debt financing or debt and some equity. DFC debt only, AFC debt and equity, UK Gov, grant/loan/, minerals security partnership debt and equity.

You sell a project early if you cant finance it yourselves. It's clear they have plenty of options to finance it, so why would they give away all the big gains and dispose too early? Plus the SPG strategy is where the big gains come in. I think they will see this into a fully financed scaled up project, as the value at this stage will be significantly higher than post DFS. It really comes down to how they fund phase 1 for me. Post DFS with phase 1 funding i see this as valued at $100m+, fully funded scaled up project can be anything $500m+

Warrants will be our friend if they can convert along the way. I would love to see £500k plus put in the bank before news. Its the placings that have stemmed any gains. Now on the way up warrants can avoid further placings and enable the share price to grow. The amount of funding available from warrants is significant and can fund working capital for the foreseeable several times over.

Pretty sure it is warrants and hoping. If warrants can put more decent cash in the bank pre news there will be no questions about working capital

I suspect there is some activity regarding warrants. Wouldn't be surprised to see another rns soon regarding further warrants exercised.

For those that are expecting a quick cheap sale on the DFS, this appointment suggests otherwise. A fully funded scaled up project is worth several times that of an unfinanced DFS. Warrants can provide any working capital in the meantime.

It's not necessarily about the size of the jorc resource. This just means more money spent drilling. No point having 200mt if you cant sell it. BRES have estimated 2bnmt, but there's no point drilling more at this stage.

50-100mt gives then enough to deliver a significant portion of the forecast increase in demand. It's about making sure they get offtakes for what they produce, and reaching those premium price markets with SPG and other higher grade products rather than just selling concentrate in bulk at low margins.

The key thing is we still own 100%. Had we brought a project level partner in earlier it would be more difficult to be open to offers. So these dilutions will be worth it in the end.

This will be one of the most sought after graphite projects being of the highest quality and scale and most importantly a tier 1 project outside of China.

I am looking forward to seeing how this plays out and i will retain about 80% of my holding for the end game.