Member Info for nc10g09

Reserved see this point in the RNS earlier:

The 36-months-long timeline of SAFELOOP action aligns closely with Blencowe's strategy to bring Orom-Cross into production by 2026 and ramp up thereafter. There is minimal cost to Blencowe within this test phase to be part of this initiative, and ultimately the Orom-Cross deposit is large enough to meet all anticipated graphite demand anticipated for SAFELOOP plus all other offtakers.

LW trying to spin this as a negative is laughable, BRES is pre revenue and moving towards DFS completion so what in your mind would constitute 'real news' in this period? Also your claims that more raises/funding are needed pre DFS have been disproven in the prospectus, any acknowledgement of that?

Yep, 1.5 million for the expanded DFS which includes the drilling program and 1 million for general expenses

Pages 9-10 of the prospectus under 'Working Capital' provide the clearest overview of funding we have had so far. Essentially 2.5 million is needed to complete the DFS and for general expenses over the next 12 months. This is fully covered unless the DFC does not provide the outstanding funds before H125 in which case there will be a 0.9 million shortfall. Hopefully this eases any concerns! (No reason at all at this point to believe the DFC funds will not arrive as planned given progress so far and ongoing relationship). Also interesting to note in the prospectus that the additional drilling is a request from the DFC, lots of interesting potential reasons why that could be the case

LW we are approx 6 months from DFS completion, risky to try and jump in and out here IMO. Underrated element of Mikes right financial management is that BRES still has less than 300m shares outstanding so dilution has been kept to an absolute minimum to get through to DFS completion

LW there was always going to be an equity portion for full project funding, you aren't going to get/shouldn't want 100% debt funding. Would imagine this would come in the form of binding offtakes which would only be a positive despite the dilution that would be needed (without it there's no project full stop)

Metal the NPV previously was based on selling a mixed basket of small/large flake for something around $1000 a ton (from memory). SPG goes for $2500, so based on the upgrading of all the small flake product I dont think doubling the NPV to a billion dollars is out of the question

I thought the same thing, great to see them straight into action. Also happy to see the 2-3 month timeline estimate as this shouldn't mean any additional DFS delays beyond what has already been stated.

There's the new warrants at 6p and I think some outstanding ones at 7 which I guess theoretically could also fill a final funding gap? Problem is getting to and beyond those prices which unless there's an absolute doozy of a RNS in the next couple of months I don't see happening. Not a great showing from Mike this week unfortunately, for me he still has plenty of credit in the bank though

Disappointing raise today, first major misstep from Mike since the weird and thankfully short-lived pivot into nickel. On a positive note the funding gap is closed and I will still hold until DFS completion but a bit less talk and a bit more delivery on promises is needed, particularly before the webinar in early Dec

Computer do you think that Syrah alone can satisfy US demand for graphite??? It will have zero negative bearing on funding for BRES

Undeniably a bit sloppy but also inconsequential really - this accreditation opens up significantly more funding and commercial opportunities for BRES which is the main thing. Don't forget we still own 100% of Orom-Cross, by the looks of it Mike is going to have a menu of extremely attractive funding opportunities to pick from once the DFS is complete. If anyone knows another mining company which has made this much progress and has a market cap of 12m I'd like to know about it!

I will add that if you believe in the sector and have faith in Mike to deliver on his plans then now is a great time to invest and where big money can (potentially) be made if you are patient enough

LW you aren't wrong about the overall status of the graphite industry at the moment it's pretty grim - BRES SP has actually held remarkably well compared to most in this sector over the last few years (where many are down 60/70/80% from highs) The macro situation of the EU/US needing to shift away from China is very real however and quality companies should prosper a lot in the coming years. I only hold two companies which I believe will do so in BRES and TLG on the asx. Both are pointless for traders or anyone hunting meme stocks.

"We have gone from original mine DFS, to original mine DFS plus separate SPG study now we have Mine DFS including SPG and milling, but all the while the market demands are changing and BRES is in danger of chasing its own tail."

You are missing the major point, that a DFS for the original mine without a downstream strategy is essentially pointless as it won't, by itself, be able to generate enough revenue/margins to secure funding. Mike has been transparent about this the whole way and while timelines have pushed as a result, I'd much rather wait another 3-6 months and see a DFS with 2x the NPV (or even more)

Also the market demands are for non-Chinese SPG producers which is what Mike is working towards? Producing concentrate isn't going to get us anywhere by itself. Don't understand where you are coming from tbh - although agree with your general frustrations on the SP, it feels ridiculous to still be in the 5p range. If indeed its funding that is holding us here hopefully that can be cleared up soon but I'm more convinced than ever investors here are onto a winner, will just need some patience to get there.

Https://youtu.be/dFSMFspgPGI?si=Uz4z_U9cJA3Bb6vb

Good listen as always with Mike, mention again of the 2/3 'gamechanging' initiatives which should be announced shortly. Any guesses on what these could be?

Couple of nice buys to end the week, deserved much more after the two cracking RNS' but Mike continues to make excellent progress and our MC of 11/12m is a joke compared to other companies in this range IMO. Onwards and upwards

Another great step forward that ticks all the boxes, creating non Chinese SPG alternatives is key and Mike is building a fantastic company and investment proposition here

Https://x.com/BlencoweRes/status/1818586409717928130

Once the SPG testing is complete things should get very interesting

There is no indication at all that the SI won't go through, in fact MR stated they are happy to come in at a higher price than 5p, so your assertion of an 'inevitable' discounted raise is pointless in the current context. Plus anyone who listened to the session and comes away only talking about the final piece of DFS funding won't be here for the long term regardless