Member Info for OROM-CROSS

On the rise!!

DFS upgrade and 2x JORC upgrades, all incoming

@legal - could easily quadruple over the coming period

See latest twitter post from BRES!

In the rear window by end of play

Don’t worry about that, Paul. Close on today’s high imo

10p incoming today ???

Continuing to tick up. Can’t be long until the breaks come off ?

With the DFS being funded by the DFC and the results coming in above expectations, the likelihood of DFC supporting the development finance is extremely high..

For that reason, even with a share price 3x higher (£200m MC) is easily justified and not a ramp ! A big move is surely coming soon.

Upper teens hopefully

With project NPV ≈ $1.1B (~£870M) and fully diluted equity ≈ £50M, standard mining acquisition benchmarks suggest a buyer today would likely pay about 15–35% of NPV.

That implies a realistic immediate takeover range of:

• ~25p floor

• ~40–50p most likely

• ~60p+ if strategic pressure or bidding tension emerges

Why the upper end is credible:

• DFC involvement materially reduces financing risk

• High probability Phase-2 funding shifts project toward buildable status

• Western policy is driving urgency for non-China graphite supply

• Large advanced graphite assets are scarce globally

However, that pricing reflects a developer-stage discount.

If BRES holds and builds instead of selling early, valuation benchmarks change materially. Operating mines commonly trade at roughly 60–100% of NPV.

Applied to this project:

Production-stage valuation equivalent:

• ~£520M conservative (~£1.40/share)

• ~£870M full-NPV (~£2.35/share)

That implies potential long-term equity value of roughly 10×–17× current market cap if the project reaches production successfully.

Realistic bid range (most probable)

For a DFS-stage battery-mineral asset:

40p–70p per share

Reasoning:

• above 20% NPV threshold

• below full strategic control premium

• consistent with real mining acquisitions

What would justify >70p

Only if at least one occurs:

• financing secured….

• construction decision made

• competing bidders…..

• graphite price spike…..

• strategic government-backed buyer…..

The investment case strengthens further when you factor in that Orom-Cross has already delivered an outstanding DFS. DFC committed $5 million in grant funding to complete the study and structured milestone payments, meaning the project passed institutional technical and economic scrutiny. Crucially, DFC also secured a right of first refusal to arrange full project financing—something typically reserved for assets viewed as credible future funding candidates.

That combination is rare: a strategic critical-minerals project with a strong DFS and an existing U.S. government financing pathway. Most juniors are still trying to prove viability at this stage; Orom-Cross has already cleared it and sits positioned for potential development funding

Worth revisiting from 2023

Blencowe Awarded US$5 Million Grant from Development Finance Corporation for Orom-Cross Graphite Project

Orom-Cross is the first pre-production graphite project to achieve DFC (US Govt) funding support

DFC to co-fund the Definitive Feasibility Study and also to be lead partner for the project financing ahead to take Orom-Cross project into production

Highlights:

· Ground-breaking technical assistance agreement signed with a tier one financial institution to provide Blencowe with significant funding for the Definitive Feasibility Study ("DFS") programme.

· US$5 million to be input by Development Finance Corporation ("DFC") as a grant, with a 20% upfront contribution (US$1 million) to be paid immediately.

· Further DFC payments will be made upon as-agreed feasibility study milestones being achieved.

· US International Development Finance Corporation is America's leading development finance institution that partners with the private sector to provide finance solutions for project development in markets deemed as critical to US interests.

· DFC is geared to provide funding assistance for Orom-Cross as part of the US Government's strategic drive to secure a reliable supply chain of critical minerals and metals, within its wider US$1 trillion Biden-renewables strategy.

· As part of the US$5 million Technical Assistance Grant ("TAG") the DFC has a right of first refusal on commercial terms to arrange project financing for the Orom-Cross project, which may deliver Blencowe with a full funded solution to bring Orom-Cross into production with support from a major financial institution.

· The DFC partnership opens up the opportunity for Blencowe to consider a larger scale project with potentially far greater returns within the DFS. This will have material ramifications on overall Orom-Cross project value ahead.

Blencowe Resources Plc ("Blencowe" or the "Company") (LSE: BRES) is pleased to announce it has signed a US$5 million agreement with the DFC in order to provide substantial funding for the Orom Cross DFS programme, via a Technical Assistance Grant. The DFC is a proxy for the US Government which funds the organisation and ultimately sets its vision, parameters and funding distribution.

Cameron Pearce, Executive Chairman commented;

"This funding relationship with the DFC is a unique and game-changing event for Blencowe. To the best of our knowledge there has been no other graphite project worldwide that has received a similar type grant to date from the DFC. We appreciate and we value this support and we will do everything we can to build their trust within this relationship, to ensure we deliver a high quality project together.

We believe that having DFC as our strategic project partner substantially de-risks Orom-Cross and provides us with the means to deliver a world class project from here. Blencowe presented an excellent US$482 million NPV for Orom-Cros

As far as I can see, Orom-Cross is currently the only publicly disclosed graphite project to receive DFS funding from the U.S. International Development Finance Corporation. DFC awarded a $5 million grant to complete the feasibility study and has indicated it could act as a lead financing partner as development advances. This places Orom-Cross in a rare position within the U.S. critical minerals strategy as a project already supported at the study stage, not merely under consideration.

With +$200b to invest in Africa, an amazing DFS / project economics, I’d be surprised if DFC were to now walk away and leave the door open to Chinese investment

I don’t think the BOD will sell themselves short.

There’s many bidders out there also - so top dollar will be paid to secure Orom cross!

Hold very tight!

Orom-Cross:

• NPV ≈ $1.09bn 

• Initial capex ≈ $62M

That’s a ~17× NPV-to-capex ratio.

In mining, anything above ~5× is considered strong.

17× is elite-tier.

Using DFS NPV (~$1.1bn ≈ £870m) and 500m shares:

Even a conservative 0.2× NPV valuation = ~35p

Mid-range developer multiple ~70p

Current price = 9p.

Market is still pricing BRES like an explorer, not a funded developer.

That gap is where the upside sits and it’s enormous.

Hold tight !

The market has to start to price this as if funding is in place.