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Wow thats extremely bullish and confident compared to MRs cautious and understated demeanour.

Many of us already understand the significance of this project. Penny is starting to drop with others and soon new investors will be wanting in on the action

In May you were claiming 10 months to complete the drill! Yet here we are 2 July with an RNS saying its complete.

And again, they have suggested full scale project funding may come with DFS.

Its all coming together and this is going to escalate quickly.

Its a phased drill programme. Assays for Northern Syncline were already dispatched by 7th May RNS. Results will start to come through soon.

Its not 12-18 months for financing for the pilot… the point of the pilot is that this can be funded more quickly. This was expected at a similar time to the DFS for production in 2026.

However, per 26th June RNS we may see full scale project funding delivered with DFS. Perhaps seeing as the DFC had to undertake a review of orom cross for the grant, this may have provided an accelerated route for funding. Things are moving along and the significance of this project is growing. I think its going to be in the best interest of all stakeholders to get large scale production up and running sooner than planned.

People are going to get caught out here. The profile of Orom Cross is going to take off very quickly from here.

2026

Pretty certain with recent news they will be looking to commence with a larger operation than planned. Phased production was to get to profitability before full scale project funding. Recent RNS suggested this could come much quicker with DFS. With all the interest and developments here, i think its going to be in everyone's interest to scale up production sooner rather than later.

https://blencoweresourcesplc.com/wp-content/uploads/2025/04/Blencowe-Presentation-April-2025.pdf

I keep asking what would it cost to acquire Orom Cross as it is today. I really dont think $100m would even come close. With a DFS coming soon that i expect will be north of $2bn, and funding i believe is pretty much as good as sorted. JORC, DFS and then funding will provide a material rerate.

Good to have some unexpected news on top of everything that is lined up to be delivered in the near term:

Next DFC funding tranche

Assays

JORC

Further offtakes (including UK - with possible UK Gov funding)

DFS

SPG strategy

Funding for Phase 1 - AFC? Equity investment in Orom Cross

Decision to mine going from Phase one to ramp up and full project funding

Assays

UK offtake

JORC

DFS

Phase 1 funding

With the JORC upgrade and DFS expected, really should be £50m mcap before too long

What a load of rubbish!

The DFS is for the full project which mike says in the VOX interview he expects a couple of months. Mikes couple of months maybe 2-4 months.

If you have a company with a 175m grant valued at 4m please tell!

For me one of the biggest risks of junior minors is that they dont have the resource that they claim to have. I fully appreciate this update. We have pre qualified product of the highest quality in a resource that has distinct characteristics rather than being a blanket commodity. Seeing visible evidence of the core on drills that will go a long way to expand the resource and validate the estimates of having 2-3 billion tonnes of graphite and being one of the largest projects worldwide.

From a project point of view you cannot fault this.

They had a $500m project they could have moved forward with…. Said no thanks thats not big enough… going to produce something 2-4 times bigger. The dilution to get there will be worth it. The slight delay will be worth it.

Simple fact is it would cost significantly more than out mcap to buy this asset and it will be worth several times our mcap when it goes into development fully funded.

Im simply not bothered at the 2-5p level couldnt care. Im more interested in the rerate. Its coming

There is a distinction between USAID (foreign aid) and DFC.

You are referring to USAID articles. You can see the distinction from looking at the various websites. USAID is shut down pending corruption reviews and most of the programmes shut down and people relieved from office. DFC website you can still log on and apply for funding.

https://www.dfc.gov/apply

https://www.usaid.gov/

Funds diverted from USAID expected to help increase the DFC budget

DFC needs reauthorizing by Oct 25. It is expected by then they will have wider authority and an enhanced budget.

DFC priorities include energy and minerals and removing reliance on China. All aligns to Orom cross.

It quite clearly states in the prospectus that $1m is due after completion of the drilling and updated JORC and $500k is due on submission of the final DFS, Clearly these two milestones have not been completed yet.

The prospectus also clearly states that without DFC funds they have a £0.9m capital gap for the period ending 12 months from the prospectus which will be Nov 2025. This has now been met and was the plan B and this has taken reliance away from the timing of DFC payments.

Share price was trading around 3p only a week ago, so i understand why they have done this now.

It’s frustrating because i do think they are very close to not needing this. I think the drill being a bit behind schedule is to blame. Not worried about the DFC, that money is still in play and not due until after the drill.

It's all coming together. They are going to double the resource size, add more to measured, increase mine life, set up an SPG strategy with leading industry experts, maintaining a high basket price with value added strategy, deliver a low cost environmentally friendly solution, pushing up phase one plant size to deliver earlier profitability, continue to firm up further offtakes, agree terms with AFC tier one finance for first stage production and possible equity participation, whilst keeping DFC involved for full project funding which is going to deliver a DFS in excess of $1bn.

And in a resource that differs in quality and characteristics they have prequalified a high quality product that appeals to leading consumers. The graphite squeeze will come and BRES are perfectly placed to capitalise. Plant construction due to begin this year. Many value adding milestones will be met before then.

And best of all they have done this on minimal dilution with help from DFC grant whilst retaining 100% of Orom cross as of today. On top of that they are not subject to the compulsory free carry for the government of 15% that came in since the license issued which is hugely significant. The strategy may mean the sp has been depressed whilst they get here, but over the coming months and next few years that strategy should be handsomely rewarded as the value is unlocked.

Doesnt sound like a company worried about funding. Its all about building it bigger and better. Another £2k tucked away for me.

Ah Zinger looks like you down big time on JAN. I wouldn't be surprised if JAN are the seller here, they must have no cash.

I am very comfortable with my investment in bres.

Lol laughable the negativity. Only got to look at the last 3 RNS to understand the real picture here. Share price is all time low and people talking about it being risky! Next few months this will explode, whether the DFS is completed in 3 months or 6 months, it wont matter. There will be some huge positive surprises and there will be nothing that can keep this share price down. Suspect next funding will be strategic and will be a catalyst to put some real value into orom cross.

"Drilling continues to progress on schedule"

"It is anticipated that work thus far will have a materially positive impact on DFS results."

" prefabricated units imported from Turkey now being installed. This tangible step demonstrates visible project advancement to key stakeholders, including the Ugandan Government."

"This latest drilling program continues to progress well, with both geotechnical and infill drilling now completed."

"National Environmental Management Authority (NEMA) of Uganda has approved its revised Environmental, Social, Impact Assessment ("ESIA")"

"Tripling of planned production rates, increasing Orom-Cross's commercial potential and returns"

"Offtake MOU signed with Apollo"

"further offtake discussions continue with multiple global graphite end-users, including leading OEMs"

""Following a successful marketing tour of the USA, this MOU is the first of several that we anticipate bringing to market near term."

Re read the RNS - The purified graphite will be produced in Chicago by AETC from phase 1 production. So they up up-scaling concentrate from Phase 1 production, therefore getting nearer term higher margin product before the SPG facility is even set up.

Phase 1 production, the purification (to be undertaken by AETC in Chicago) elevates the value of fine flake concentrate, transforming a traditionally lower-margin product into a high-value offering, positioning this agreement as a lucrative niche offtake opportunity within the specialist energy storage sector.

Biggest thing from this RNS is the fact they are engaging with several US parties. Certain people trying to say the US market was dead to us, which is clearly not true.

Much bigger things to come, this will all come together quickly now

We know the drill is late - they are still doing the drill and yet to announce results.

You know very well after being proved wrong with facts last time that the DFC payments are not late. Share price is down because one individual sold a lot of shares at a discounted price.

Per the prospectus, $1m is due after drilling is complete and $500k due when the DFS is delivered. Both these milestones expect to complete within the next 3 months. $3.5m already received.

Page 77.

https://blencoweresourcesplc.com/wp-content/uploads/2024/11/Blencowe-Resources-November-2024-Prospectus.pdf