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PI - you seem to worry a lot; perhaps you should be investing in a building society.

Https://www.londonstockexchange.com/news-article/EEE/major-drilling-campaign-to-commence-at-pitfield/17463825

Https://www.londonstockexchange.com/news-article/GEX/hussar-ep513-site-inspection/17463899

RNS link.

https://www.londonstockexchange.com/news-article/BRES/us-ad-cvd-ruling-supports-non-china-supply/17461802

Great news and they haven't finished drilling JS6.

https://www.londonstockexchange.com/news-article/PLSR/additional-high-pressure-gas-at-jetstream-6-topaz/17461804

Location for JS7 now decided.

Nicely up in Toronto (+4%).

JS6 results must be getting close. If they are averaging 130ft per day, they could be down to 2,700ft.

JS5 first encountered gas at 837ft, although no pressure was given, whereas the first JS6 gas encounter was 1,287ft. If this corresponds with the first JS5 gas, and there are 3 zones at JS6, it would suggest that they will be drilling beyond 3,000ft. In any event, it is highly likely that there will be another update next week, or early the week after.

Merchantbanker - when you calculated the sale price as a % of the NPV, I think you may have used the NPV dollar value. Converting the post tax NPV value to GBP increases the sale price to 36% of the NPV; this will give a BRES a market cap of £280m, which is 52p per share using fully diluted share number of 550m.

Https://www.londonstockexchange.com/news-article/HEX/operational-update/17459644

Panman - I think that is a bit of an understatement.

Pj70 - is this the one you are referring to?

https://x.com/helixexp/status/2018217826675478794?s=46&t=Yio2q8EEy0KoP9edq2LYPg

I have been invested since Nov 2023 and it has been a bit of a rollercoaster ride like most of my AIM investments, but this announcement clears one of the major outstanding issues. I hope the new policy leads to a decision that will allow dredging below the water table which mean access to more material; dredging also offers the cheapest method of operation.

The granting of the mining licence will obviously further de-risk the project and with local investors on board, I hope that project financing can be delivered.

Back in the bottom drawer until the start of Q2 for me.

Bullish view.

https://thatstocksguy.substack.com/p/blencowe-resources-145

"Synthetic diamond manufacture is a specialised, high-value industrial market where feedstock quality and conversion efficiency directly influence cost competitiveness. These results confirm that Orom-Cross graphite meets the technical thresholds required to support economically viable diamond production outside China, opening additional downstream pathways alongside the Company's core battery and energy transition strategy."

https://www.londonstockexchange.com/news-article/BRES/high-value-synthetic-diamond-manufacture/17453283

Interesting to note that the Max Power Mining Corp share price has risen 436% in the last 12 months.

Metis20 - here is an alternative (optimistic) view of the gas encounters:

JS5 first encountered gas at 837ft, but no pressure reading was provided.

JS6 first encountered gas at 1,237ft - 576psi

This could mean that JS6 will encounter 2 further gas zones. Since no pressure reading was provided for the first JS5 gas zone, it is possible that it was not highly significant, whereas the JS6 first gas zone is significant.

If the first gas zone was encountered on 05/02/26, the drill time is 9 days so the rate of progress has been c140ft per day. Allowing for a slowing rate of progress as the depth increases to say 100ft per day, the TD of 3,000ft could be reached by 22/02/26.

As promised, there should be a steady flow of news, hopefully positive.

Toronto is currently up 10%, let's hope that is reflected here as the afternoon progresses.

I'm sure equality is enjoying all the attention he/ she is receiving so here is my contribution.

When analysing a situation, it is essential to consider the question that has been asked. I asked ChatGPT the following question:

"in respect of BRES, will lenders like the DFC require a liquidity buffer based on historical audited outflows and fixed overheads, even though those costs include drilling and other costs that will not be incurred in the future; also, will it ignore future revenue projections?"

Key points from the answer:

"In BRES / development-finance style facilities (including DFC-type lenders), the liquidity-buffer requirement is not usually calculated mechanically from raw historical audited outflows. Instead, lenders typically build the requirement from a forward-looking, normalized cash-flow view, with the historical audited data used mainly to validate assumptions."

"So, lenders like DFC do not typically require a buffer purely tied to historical audited outflows, nor do they completely ignore future revenues; rather, they rely on forward projections validated by historical evidence, with conservative stress assumptions."

LSE are a bit slow this AM.

https://www.londonstockexchange.com/news-article/PLSR/reports-pressurized-gas-encounter-at-jetstream-6/17451430

An extract from Iluka's quarterly review to 31/12/25:

“Upon commissioning in 2027, Eneabba will be one of the few rare earths refineries operating outside of China; a multi-decade infrastructure asset capable of processing a diverse range of feedstocks, from Australian and international projects, and producing both light and heavy separated rare earth oxides.”

A potentially ready made processing facility for SVML's heavy REE's

Another extract illustrates the need for deep pockets to develop a processing capability:

“Total capital expenditure at the Eneabba rare earths refinery through 31 December 2025 was $865 million. The capital estimate to deliver the project remains $1.7-1.8 billion.”

It could be an interesting 12-18 months ahead.

Ezhik - no problem.

Sheephatch - an interesting article and I agree with your comments.

Let's hope reality matches our expectations.