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I think there is a good chance of a secondary placing to a strategic investor to get rid of Derek. That would catalyse a big and immediate move up. It should be a priority for the board and the brokers to arrange it

Hi Aquinaga

I couldn’t see a timeline for the DFS in the latest RNS - that was why I asked the question. Perhaps I’m just missing it. All I could find was:

“The PEP provides the foundation and definition for the Project to move forward into a feasibility study”

Thanks. And is that a global DFS for the whole Cascabel project (not TAM only)?

Hi all

Non-holder here (but interested in buying in). I’m trying to work out what feasibility study or studies the company is currently working on and when they’re due to be completed. I’m finding it surprisingly difficult to find this information. Can anyone help?

- Production up

- Costs down

- Debt reduced

- Project on time and on budget

Very happy. Plus the above reflects on the competence of management.

Well, I won’t say never, but I will say that it would be more usual to fear a placing following an unexplained 50% drop than following an unexplained 50% rise…

Pretty sure we’re all in that position. However, it won’t take much to turn it around drastically. With the right news we could be a year away from being a 10kpa copper producer, which is a 10 to 20 bagger from here

Maybe development funding news inbound. Certainly an unusual move in the SP

A reasonable valuation in my view would be TNAV plus 6 x PBT, which by my calculations is roughly 115p

It’ll mean what it says. The BCA itself is ready to go but there are some ancillary documents which they need a couple more days to complete

I suspect management will be given the bonus anyway, once commercial production is achieved (assuming it’s very soon). I’d actually support that tbf

Yeah I wasn’t promoting SVML… I don’t own it and never have. I was just saying the prospect of a takeover doesn’t mean shareholders of a graphite company are constrained never to see that company reach a sizeable market cap

Another company which is expected to be bought out by a major based partly on graphite (admittedly also rutile) is SVML. That has run to a market cap of £200m pre buy out (and in fact pre-DFS). So I wouldn’t assume that there are only a few bags on offer for BRES shareholders.

A DFS NPV between $600m and $1bn, plus either clear interest from a major or confirmation of serious funding options, could see this do 10-15 bags from here

If they had signed the definitive offtake they’d have announced it, surely. They’d hardly miss the opportunity to promote that.

Overall, I’m slightly underwhelmed by the wording of today’s RNS. No particular indication that anything is going to happen before end Sep, plus references to more funding needed.

Of course there are loads of positives also, but we already knew about those. Hmm

Extremely interested to hear that full project financing could be delivered alongside the DFS. This could be moving faster than previously signposted.

Outstanding update on the drilling as well

Some very encouraging remarks there about fast track to production (starting now…)

Isn’t Kenny correct below that AISC is actually lower than AIC, in that AIC includes all costs, not merely “sustaining” costs?

Loyal trader, have you shorted this or something? Why have you started a new thread with a title making a point you’ve already made earlier this morning?

Sorry, to clarify, three pours in Q1, but the first mostly attributable to December

I actually think the maths here is wrong. We only had two pours in Q1, not three. The amounts were about 420, 520 and 600, but the 420 was attributable primarily to December. So I’d say call it 1300 for Q1. That means over 500 oz per month for April and May