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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

Keyboardfive - maybe re read my statement.

The AFC is not a replacement for DFC, it will compliment it along with other funding sources.

Maybe reread the RNS if you dont believe it. Some highlights to help you:

"as a co-funding solution partner"

"includes both debt and prject level equity" (we know DFC are unlikely to take equity and we were told we expected some equity

"potential funding participation in the initial start-up phase"

"Complementing Existing DFC Support" i mean there is literally a paragraph on this in the RNS

Chairman's comments - "With AFC now engaged alongside DFC"

The AFC is not a replacement for DFC, it will compliment it along with other funding sources. It's been clear from Mike's interviews. DFC will not fund 100% of the project, that is their normal stance. The Phase 1 is too small for them. So it seems AFC will fund the initial phase which gets the project moving much quicker than waiting for the DFC funding for the larger project. It's also been communicated that the DFC grant will come after milestones are met, and seeing as the DFS is yet to be completed, it's not surprising that there is still $1.5m to be received. Possibly they should have received another $500k by now which may be delayed with the transition. But the refocus of the DFC puts Orom Cross more firmly in their sights as aligns with the critical minerals strategy, the step away from China supply chains and ensuring returns on financing. I think the warrants are now a realistic target for next funds with significant value adding events to come. This stagnation of the share price cannot last much longer with what is coming.

I think the recent media published with Mike shows a man that has a great deal of confidence in what he is about to deliver.

£1.2m of £1.9m was raised in shares issues in July which pays for the remaining bulkier DFS costs including the drill. Plus another £126k from warrants exercised. So there's £1.5m raised in Nov plus £126k plus £1.5m from DFS and £1.3m share payments. They are well funded and about to deliver a substantial JORC upgrade, multiple offtake agreements, project funding partners and ultimately a DFS in excess of $1bn NPV. With potential debt and equity parners circling from 4 continents, I dont see downside risk from 4p a share.

This is what they said in Nov funding RNS.

With the Fundraise, Fee Shares, July Subscription, and DFC Grant, Blencowe has access to approximately £4 million and is well-capitalised to target DFS completion in H1 2025.

Trump signed of the DFC in the first place. The focus is on cutting foreign aid and focusing on investment. One of the key strategies is to focus on cutting dependency on China. There is also talk of increasing the investment ceiling.

So it seems that the proposed changes are only going to put Orom Cross more firmly in the sights of the DFC. The increase in resource expected to come shortly will add to the interest in its strategic importance.

"A reauthorized and strengthened DFC will be an important instrument of U.S. foreign policy—leveraging private capital to achieve both developmental impact and national security goals simultaneously. It is imperative that the U.S. Congress promptly reauthorize this crucial agency"

https://www.csis.org/analysis/clock-ticking-dfc-reauthorization

Per July 24 RNS, a big chunk of the drill is being funded via equity. So this is not absorbing cash flow.

I remember shares like Greatland Gold and a few others going through the same cycle early on. Value will take over in the end providing they deliver on the project which is increasing in size significantly. I thought we were beyond a raise at this level but if it dilutes us by 10/15% on a $1bn plus project there is still incredible scope for capital growth from a £10m mcap. The important thing is x% of something large is much better than 100% of something that falls over due to funds.

Excellent interview. So strategic investor is still there. They continue to raise funds with project partners and existing investors and tying up partnerships.

Drilling program to commence which is a big chunk of the partner shares. Will add to the resource and the NPV. Larger resource will help the project stand out among the best graphite mines.

Bulk sampling to complete

Tier one offtakes being worked

SPG processing JV on the cards.

Going to be a big second half of the year, and completion of the DFS, project funding and decision to mine will soom be upon us. Much sooner than the MCAP for the project NPV suggests.

There is a big return to shareholders on offer here over the next 12-18 months.

There's around £5m of warrants at 7.7p average. Priority should be to deliver something to get the share price to a level to get these warrants away, as that will provide funds within the existing fully diluted share capital.

It's not impossible with further offtake agreements to come and other things progressing that we could see this happen. They need to deliver something of substance. Show that offtakes are with the right people and at the right levels. Deliver on the NPV at 2x current level. Only 5 months left of this year, so with expectation of DFS to complete end of year/early next year, we are getting to key milestones now.

Every milestone achieved makes the funding case easier easier.

We need x million in order to deliver a project worth $1bn+ that happens to be a high quality product, at low production cost for a critical mineral at the top of many countries supply chain priority lists in a desirable location with no issue with trade tariffs. And the US government are already financially involved...... not exactly selling ice to Eskimos.

Excellent progress. The company continues to move orom cross forward.

Regardless of political preference, labour pledge to go ahead with net zero by 2030 and pledge over $7bn to green energy, including $1.5bn for gigafactories.

Biggest indicator is the company carrying out the 600tn bulk sample is first to the table to tie up a large proportion of the product. They know more and they got in first.

One point to note is that the investor is already committed to and approved the investment. The prospectus is to satisfy a requirement due to the size of the capital being issued, and not as part of the investors due diligence.

The main question is whether we will find out who the investor is and whether it might be significant enough to show what direction they are heading in with offtakes etc.

The £2.5m additional equity for the strategic investor we are waiting for the prospectus for could be a similar thing with a potential offtake partner buying in?

"Posco acquired a 15% stake in Black Rock in 2021."

Pic - its in the sep presentation (although says 500tn) as part of stage 2 of the enlarged DFS.

https://blencoweresourcesplc.com/wp-content/uploads/2023/09/Blencowe-Presentation-Sept-2023.pdf

Sounds to me the point of the video is a last chance warning to get before things start moving.

First milestone about to complete

Product with OEMs for testing

Institutional money expected to come in

Talks continue with DFC on funding

Presentation suggests 50% concentrate sold to market and 50% processed to SPG 99.95%+ in Uganda. Perhaps concentrate initially focused on china and SPG sale focussed on US

Also on that point - in order for the EV industry to grow they need infrastructure in EV charging, reduced costs and barriers to entry for car owners, government incentives/policies - lots of market players working together . With one or two projects only ,graphite can't supply the growth in the EV market. It needs everything working towards EV growth. It's almost waiting for everyone to catch up and then it will take off when all the supply chains and infrastructure is there. This is why Blencowe are targeting production for 2025 to time it perfectly

Of course Blencowe are not the only graphite play - per their own presentation they say that the market requires 100 new projects according to Benchmark Minerals Intelligence (BMI)

Not many of those projects will be US Gov funded and have super premium graphite grades.

https://blencoweresourcesplc.com/wp-content/uploads/2023/09/Blencowe-Presentation-Sept-2023.pdf

It will likely take a decade for anything to compete with current batteries at the rate of growth expected. And that will only gain market share it wont fully replace them.

Short - yes it talks about alternate materials for batteries. There is always going to be drives to improve batteries and use alternate materials. I am sure when the Tesla Roadster went into mass production in 2008 there was talk that lithium would be superseded by now. And one of the main reasons they are looking at alternatives is because they know there will be a shortage of graphite.

We now see today pretty much all vehicle manufacturers have an electric vehicle offering. Some are just getting to the stage where they are releasing their first e vehicles. Jeep for example. The market is still very much in its infancy. Along the drive to increase electric vehicles different OEMs will be at different stages in the evolution of batteries if and when things move forward. Nobody is currently model a graphite market that matures in the next 10 years. All models expect exponential growth through 2035.