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There is the possibility that everything is on schedule. Perforation took place on 18/08/25; completion of the EWT was scheduled for 31/08/25 and assay results are presumably imminent.

LSE are a bit slow this morning.

https://www.londonstockexchange.com/news-article/EEE/empire-upgrades-to-otcqx/17212357

According to a Stockhead article, dated 28/10/24, graphite demand will require 30 new mines for the next decade. Coupled with the involvement of the DFC, I suggest BRES is in a good position.

https://stockhead.com.au/resources/us-eyes-domestic-graphite-plays-with-7-5bn-and-300-new-mines-needed-by-2035/?utm

My mistake referring to GEX as an AIM company, but the similarities between resources, planning and operational capabilities are clear. An example where a delivery target has been missed is BRES re the DFS.

FWIW, I am not looking to defend the GEX management team.

Miker444 - whilst I recognise the potential value in listening to alternative perspectives, it is not worth engaging with some people. My view is that this is a high risk / exceptional reward share that falls within my level of risk tolerance.

Many potentially successful companies on AIM encounter delays that result in the need for placings; such is the nature of AIM. If this is seen as a unexpected situation, perhaps people should consider alternative investments.

As a former employee of AMEC, I believe significant problems pre-date the involvement of Wood Group.

As someone who sold their share scheme shares a few years ago, I sympathise with the current staff share holders and PI's if matters are concluded on the basis of the proposed offer.

Taken from todays RNS from Rio:

"Outside of the three core product groups, Rio Tinto's Borates and Iron & Titanium businesses will move to the Chief Commercial Officer's portfolio for strategic review. An update will be provided on the outcome of these reviews in due course. Throughout this review process, these businesses will continue to focus on running safely and profitably to meet customer commitments."

There is an election due in January 2026; could this be influencing the SP?

Hardolestation - "Even you should know that thr decline rates here in this neck of the woods are 50+% naturally so do you great math on 1mmcf adding in declines and costs and we need lots of wells. Im not saying its not profiable theres no need to get so defensive but cant have you making up numbers and passing them off as "the truth"".

Can you help me here:

1. You refer to decline rates; what period of time are you referring to?

2. Which area are you talking about when you refer to "this neck of the woods"?

3. Where is the value "50+% naturally" derived from?

I am not concerned about the differences of opinion regarding the exact value of helium from each producing well. The value is already significant and G_G_G has illustrated how good it could be.

Another factor that needs to be considered is the potential number of producing wells. I am not aware of TAJ talking about the number of production wells, but HEX has floated the possibility of 20 at Rudyard which means, based on a pro-rata lease area comparison, Topaz could have 14 production wells.

There is also the question of additional leases; Topaz could be a district wide discovery and in an interview on 24/04/25 TAJ advised that a key focus "is to increase our land package as well, so we are looking in our area of interest in Minnesota too, so that's ongoing".

As with all things there will be taxes to be paid; 18.75% of the sale price of any He sold and severance tax of 9% (7% in the first year).

Despite my frustrations re communications, I consider Pulsar a potentially exceptional opportunity.

G_G_G - looking at this mornings activity so far, it appears that only a few people have read your provisional valuation.

Well testing has started and the results so far mean that I am much more comfortable about my investment.

LSE are a bit slow this morning:

https://www.londonstockexchange.com/news-article/HEX/mobilisation-of-flow-testing-equipment-to-inez-1/17187870

Https://www.londonstockexchange.com/news-article/GEX/hussar-ep513-drilling-approval-update/17187783

A positive 5 minute discussion from 1:27:44

https://audioboom.com/channels/5064437.rss

G_G_G – the potential is not in doubt and your calculations confirm this. If you consider that HEX has suggested a possibility of 20 production wells at Rudyard, which is approximately 50% larger than Topaz, then the potential production at Topaz is extremely attractive.

My reading about the well bore cleaning is that it is a commonly used technique that should deliver the desired outcome. However, as HEX found with the acidization at Ingomar, procedures don’t always deliver the hoped for results.

I have asked PLSR about the start date for the well bore cleaning and await their response, which will hopefully be via a comprehensive RNS (imminently perhaps).

PLSR do publicity well, but timely, realistic and material communication is very important, especially when there is a delay or potential delay.

dan ***** does not inspire me with his commentary / analysis; i don't recall him referring to the rather large elephant in the room which is dredging below the water table. he also ignored the issue of exportation and the issues with oluvil port.

on a positive note, i am hopeful that local investor involvement will help address some of the outstanding challenges before fid.

Hazbeen - I'm still here and watching the price rise nice and steadily. If this continues, no doubt the lunatics will arrive.

At least there has been some news, but it is only a non-binding expression of interest.

It is still very disappointing that there is no mention of the initiation of the well bore cleaning and subsequent testing.

99 - I seem to have lost approx 9m warrants somewhere.

Based on the current NPV and the impending DFS, I expect BRES will be valued well in excess of £100m.