Member Info for Metalhead25

Excellent numbers and a positive outlook. With gas prices up and interest rates looking to come down, the future looks good here

Noodle, what he was saying was that we weren’t being rewarded for good news while the question of financing was unresolved, so it was thought better to raise the money before putting out further good news

Everyone entitled to their view but I do think the instant flip to trashing Mike and the company from many on here, including several who never normally post, is too much. If you listened to the Sponge interviews, Mike’s stated position was that he expected the SI money to come and therefore didn’t expect to have to come to the market, but he would if he needed to. We’ll see what he says but I’m guessing he will say the delays with the SI money were starting to risk being a real impediment to progress and that he decided raising this way was the lesser of two evils and would at least deliver certainty. If so, it’s not what we hoped for and expected, and I’m sure not what Mike hoped for and expected. But does it destroy a man who has shown nothing but competence and integrity for the past several years? Not for me, no.

I agree with zapsnap. The raise is disappointing and not what we expected. However, it is the first time BRES or Mike have put a foot wrong from an investor perspective. Confidence wobbled but intact

Excellent trading update. Contract manufacturing displaying very strong positive momentum. Longer to wait re AurTex but sounds like various irons in the fire there too. And it’s comfortable to wait when the company is separately becoming profitable

I do think there’s an issue (a general one, not limited to 6k) that the pace of technological progress is such that by the time anything gets through three phases of trials it will be looking out of date. That must be high on BP’s list of concerns whenever making an acquisition. I would say, though, that it must be less of a concern when they’re buying a platform, which can be continually deployed as the underlying warheads change over time

Lots of director buys of late

I don’t think they will use the existing infrastructure as it will be maxed out anyway. I do think they will copycat the existing operation, which is an advantage for sure. But the capital equipment we have bought will have to be bought again, possibly at a larger scale. And they will want to do some resource definition work before making that investment. As I said, we’ll see. If managed right it’s a positive for sure

Sorry AGBR but that’s now how it works. You don’t get the same valuation for an empty beach with a licence as you do for an operating project. Also, the current valuation includes something for the Hebei debt

Definitely good news but apart from this £45k I would like to see Walviskop up and running and turning a reliable profit before more capital is plugged into a larger undeveloped project. Slightly concerned this may delay the transition to “profitable producer” status in that, although Walviskop may be producing profitably early next year we may be seen as primarily a developer of a much larger early stage project. We’ll see. I do trust Dennis

1. Receipt of next tranche of DFC money.

2. Small flake offtake MOUs.

3. Additional large flake offtake MOUs, likely with Western offtakers.

4. Completion of previously announced institutional fundraise.

5. Formal contracts with SPG partner (currently MOU).

6. The CEO has recently been mentioning 3 new initiatives which should be announced soon.

Noodle, I don’t think this is one of the 3 things Mike mentioned in the Sponge interview. If you listen to the FocusIR interview, it sounds like those things are still to come

Perhaps, but I’d rather have the odd tiny typo or similar presentational error in market releases, but a highly competent CEO delivering commercially, than the other way round

In my view it’s going to become clear in the next few months that BRES deserves to be valued in a similar category to SVML (£200m) or a medium term valuation of ALL (£175m). That would mean more than a 10-bagger from here

Love the optimism but this is the same as all the other exploration results over the years - right geology etc but without the copper. Yes, they’ve found a bit. Not a lot. A bleb 500m down isn’t worth anything. It’s just like Motheo! … … but without the copper.

To be fair, several holes to come

The longer the consolidation the bigger the breakout. It’s a world class project with seriously good management, patience will pay in my opinion

This is starting to feel like there’s some big news coming which has leaked. It seems like someone wants a lot of shares

I wrote the bits of the Sponge interview I was referring to below down and put them in a photo within this thread on X: https://x.com/metalhead2525/status/1839647134120804648?s=46&t=Jne_cUYLxmaxpafySDDQ2A

Tony, focussing on the debt just from borrowing understates the enormity of the problem. According to the recent interims total liabilities were $440m, so make that $460m now

If you listen to the latest Sponge interview it hints at at least 1 of the 2 or 3 things having to do with European demand and/or Orom Cross being large enough to support higher production.