Member Info for OROM-CROSS

Won’t be long before someone steps in (an II ) and takes every warrant that’s available at this level.

@paul - if DFC elect to wait for P2, they might leave door open for Chinese to acquire the asset.

Https://thatstocksguy.substack.com/p/blencowe-resources-a56?r=28f0br&utm_campaign=post&utm_medium=web&triedRedirect=true

On 4 and 5, is there a window the Chinese could offer prior to DFC funding commitment? I can’t see how this world class asset and gap vs NPV can sustain

Good interview, open and honest, with lots of detail and insight.

I feel confident that 2026 will be transformational.

@atr - management just exercised options at 6p

I bought the ATH - so while I wish I had waited for 7p I’m still confident that 9.4 offers extreme value.

The “15 years is all we need” comment strongly suggests DFC’s required loan tenor is already known and 15 years is the minimum they asked for. That implies:

BRES and DFC have already aligned on funding terms in principle.

The DFS was the final technical box to tick.

The offtake partner is likely prepared to sign for at least 15 years.

In short: that line hints the financing structure (including DFC terms) is basically agreed — they just needed the DFS to formalise it.

The CEO being in the USA right after a successful DFS is a very strong signal that DFC-related meetings are underway.

DFC doesn’t spend two years and almost US$5m funding a DFS just to walk away.

Their entire mandate is securing non-Chinese supply of critical minerals.

Graphite is on the US Critical List, and Orom-Cross has now delivered a Tier-1 DFS:

• NPV10: US$1.087bn

• IRR: ~96%

• Low capex, low opex

• Clean flowsheet

• Huge life of mine

DFC now has first rights on project financing.

Walking away after a successful DFS would undermine their own strategic objectives.

Dfc already funded DFS to tune of $4.75m

Let’s be rational

DFC walking away after paying for the DFS and receiving a very strong technical outcome would be completely irrational.

If anything, the DFS increases the probability of DFC staying involved in the P1 financing.

Tier-1 DFS signed off by CPC:

NPV10 US$1.087B, IRR 96%, low capex, low opex, long life.

• P1 only US$40m capex → designed to be profitable from first production.

• DFC already funded DFS (non-dilutive) and has first rights on project debt.

• Part of MSP and EU SAFELOOP initiatives → real strategic backing.

• Capital structure clean:

No toxic debt, no converts, no death-spiral, fully diluted ~524m is normal.

• Management exercised options with cash → no selling, no red flag.

• Only ~2% of deposit drilled → huge scale-up still ahead.

Once funding is announced, I see fair value at 10–20% of NPV → 25–55p.

5-toe - I can assure you I will be here through all of 2026.

5toe -

Funding windows in mining look like this:

Pre-DFS – cheap accumulation

DFS delivered – fundamentals proven

Equity churn – early holders reshuffle

Debt/strategic partner negotiation – "price stability" is desirable

Funding package drops – equity and debt arranged

Share price rerates

You’re seeing stage 3 → 4 in reality

It is being held in a range until the capital structure for the project is settled.

When the financing partner(s) reveal themselves, the share price will reprice to the new reality very quickly.

A Tier-1 DFS with:

$1.087B NPV

Low capex

Low opex

Huge margins

Integrated downstream

Only 2% drilled

Zero red flags

…should not be trading at £30-35m MC

In any normal resource market this would be £150m+ already.

Company | Stage | Market Cap | Project NPV | Location

-------------------------------------------------------------------------------------

Syrah Resources | Producer | ~£690m | US$1.6bn | Mozambique

Black Rock Mining | Development | ~£140m | US$1.1bn | Tanzania

Tirupati Graphite | Small producer | ~£40m | No DFS | Madagascar

Blencowe (BRES) | DFS Completed | ~£35m | US$1.087bn | Uganda

Company | Stage | Market Cap | NPV10 | Risk-Adj NPV (80% disc.) | MCap as % of NPV

--------------------------------------------------------------------------------------------------------------

Syrah Resources | Producer | £690m | US$1.6bn | US$320m | ~43%

Black Rock Mining | Development | £140m | US$1.1bn | US$220m | ~55%

Blencowe (BRES) | DFS Complete | £35m | US$1.087bn| US$217m | ~3%

Company | IRR | AISC Cost/t | Product Focus | Downstream Capability

------------------------------------------------------------------------------------------------------

Syrah Resources | 40% | ~$600/t | Concentrate + AAM | Yes – Active US/EU projects

Black Rock Mining | 44% | ~$530/t | Concentrate + Purified | Yes – Planned Mahenge plant

Blencowe (BRES) | 96% | $485/t | Concentrate + USPG (99.95%)| Yes – In-country USPG facility

First post here – just sharing a view after going through the DFS and JORC

Just finished going through the BRES DFS and thought I’d highlight what stood out. This now moves firmly from ‘exploration’ into ‘development-ready’ with a financeable project and independently verified numbers.

DFS headline numbers:

NPV (10%): US$1.087 Billion

IRR (10%): 96% — extremely high

AISC: US$485/t — lowest quartile globally

Free Cash Flow: US$2.03 Billion over 15-year LOM

Average Annual EBITDA: US$230m

Only ~2% of the total deposit drilled, so mine life and scale almost certainly extend.

Capital requirement (lowest quartile)

P1 (20,000 tpa): US$40m – targeting first production 1H-2027

P2 (70,000 tpa + 20,000 tpa downstream USPG): additional US$120m

All further expansions funded by internal cash flow.

Offtake already in place for all P1 production (initial years).

DFS managed and signed off by CPC Engineering – same group behind Syrah’s Balama and Black Rock’s Mahenge (Tier-1 global graphite projects).

Integrated downstream processing:

Plans include in-country production of 99.95% purified graphite (USPG) – positioning Orom-Cross as first commercial-scale provider of purified battery-grade graphite in Africa and one of very few ex-China.

Financing:

Company now moves into execution and funding. Target to complete P1 financing by Q1 2026, aiming to use minimal plc equity (mostly non-dilutive structures).

Technical shift:

Price has finally broken through the 5-year range – suggesting the market has started to re-price this away from “exploration risk” into “development-stage asset”.

Not ramping — just sharing the facts as they appear: a Tier-1 project with real numbers, a clear path, and independently validated economics.