Member Info for Metalhead25

Fantastic news, and with Q3 production confirmed as well. Should be off to the races now

There was some chat yesterday about the quality of Blencowe’s graphite being really important. I agree. For anyone who may be new here, or just looking in, there have been a number of RNSs on graphite quality but the best single one is from 30 Oct 2023, including:

“After purifying the material using high temperature (but no acid or alkaline treatment) to a level of 99.99 wt% C, AETC subjected it to spheroidisation and classification. The resultant graphite has a very impressive tap density (read 'energy density') of 1.1 g/cm3, with a surface area of 2/g. Both of these indicators highlight an extremely high grade end product.

The uncoated graphite was tested in the industry-standard CR2016 coin cells v. Li/Li+ counter electrode at C/10 charge-discharge rate. The material was seen to deliver very impressive reversible capacity of 367.58 mAh/g which is defined as "near theoretical" electrochemical performance, considering that theoretical capacity is 372 mAh, and hardly any graphite has been able to achieve this historically in practical applications. This indicator alone ranks Orom-Cross graphite as high as any other SPG product elsewhere.

The uncoated material was also surface-coated to form CSPG ("coated spheronised purified graphite"), which is the ultimate form of battery-ready graphite that goes into the anode. Application of surface coating makes batteries that use such graphite safer; additionally, graphite anodes which are composed of surface-coated graphite tend to have lower irreversible capacity loss, a key property linked to management of electrolyte levels inside an operating lithium-ion battery.

The coated material was put into batteries and subjected to short and long-term cycling. The carbon-coated version of this graphite displayed excellent electrochemical performance, with a reversible capacity loss and reversible capacity constituting near theoretical electrochemical behaviour which positions the material from Blencowe into the class of super-premium anode grade graphite for use in lithium-ion battery anodes.

The long-term cycling of this material has retained an excellent stability of performance characteristics as a function of cycle life, having scored a very low 1.39% degradation. Testwork suggests that Orom-Cross graphite can support 1,438 cycles while the United States ABC requirement for EV batteries is 1,000 charge-discharge cycles. Therefore, with nearly 50% additional cycles, the Orom-Cross material is again highlighting its premium quality and is ideally suited for application in the lithium-ion battery anodes.”

Unless I’m mistaken, SML has 20-bagged in the past year, so I’m not sure about the concept of waiting for that one to take off!

To be clear, I’m not saying there’s a major problem, nor that AFP is a bad investment, nor that it and/or its shareholders won’t make money. I previously held it and think it has terrific potential. I just think there’s a reason why progress has been slow and could potentially continue to be. I hold my hands up to the fact that, when I was a holder there, I did not foresee an extension application submitted in 2022 being still undetermined years later

Seriously wtf is wrong with you?

I make a point. It’s 100% correct. Despite that, you react like a total cretin, accusing me of all sorts of things.

I then demonstrate that my original point was correct.

You have nothing of substance to say in response but you continue the attack on me nevertheless.

Be better

From the AFP interims released 30 Sept 2025:

“ EPL 5772 has been renewed to 1 February 2026. A conditional Environmental Clearance Certificate for mining activities was granted on EPL 5772 and is valid until 16 April 2026. A 20 Year Mining Licence, ML 240, has been unconditionally granted until 23 March 20245 and covers a portion of EPL 5772 and approximately one third of the open pit resource. An extension to the Mining Licence was submitted on 6 September 2022 to encompass the wider Resource Area.”

I don’t do guesswork.

I didn’t say they didn’t have a mining licence. I said it only covers about a third of the project area and there is a pending application to extend it

The problem with AFP is their mining licence only covers one third of what they need it to, and although they have applied to extend it that application has been in the works without progress since about 1845. My interpretation is that this is the reason why AFP has been tumbleweed city for 2+ years

Excellent news that this was submitted on time. This one project will justify a market cap multiples higher than Lexington’s current market cap once full JV terms and economics are announced

Think we can safely assume Tony bought back in, haha

I do agree, by the way

Normal to have a bit of churn to see off the traders, particularly when we were up a bit going into today.

But this was a blockbuster RNS and should command some sustained buying over the coming days and weeks, ideally including some institutions (hence Cavendish). If that happens we could see a period where the SP goes up 5-10% every day or nearly every day for a few weeks. That’s where the real money is made

PJ, I don’t think P1 is going to be funded by BRES equity. The indications are for project level equity. Eg funder puts in $45m for 15% of Orom-Cross, makes more than 10x on that money in free cash over the life of project, everyone’s happy

Superb updated with greatly enhanced figures. The upgrades to free cash and EBITDA are particularly striking and show what an absolute cash machine this is going to be. And this is before Beehive, Iyan and SAFELOOP - three aspects which could pretty much be bundled together as a copycat project of similar or greater scale.

Results read really well. Plenty of cash and we are about to hit a run of news including DFS update, P1 finance and further offtake. The key thing here is the quality of the product

“Would some of you like to then fly out to Kampala the next day and stay in a hotel and go to restaurants?”

No but I’d be perfectly happy to fly out to the US for meetings with DFC, AETC and offtakers, which is more the sort of thing Blencowe need to be doing in the coming weeks

The Ebola thing is nothing here. The focus of the outbreak is in a different country. And we don’t yet have a significant in country workforce. I agree you never know what affects buy and sell decisions but this really shouldn’t

Great result from Beehive - the project now has proper, impressive scale.

Some very exciting bits from the interview. Some of it a bit cryptic but reading between the lines I think they are lining up a full pivot to the US/West which will feature announcements around all of (1) offtake (“cool” things happening there), (2) technological partnering (“evolving downstream pathways”), and (3) finance. This could be huge.

Also, since we’re to be happy with the DFS update, presumably the NPV and/or IRR may be increasing even further.

Hopefully in the next couple of months the value of this company is going to start to emerge

In case helpful for anyone, Bezant is roughly 38 mins to 52 mins

For anyone interested:

https://x.com/metalhead2525/status/2052364365194531145?s=46&t=Jne_cUYLxmaxpafySDDQ2A

Another perspective on the chart is that the pattern which has played out from December to now is very, very similar to that which played out from early October to early January. If it continues that way we could see a near doubling from here in the next 6 weeks. Could do with some commercial news (offtake/finance) to help it on its way though