Member Info for SloppyG

I can work with that. Cheers.

Okay fair enough if it is a typo but it will be the only options /warrants in the prospectus where a typo has been made if so !

I must admit these DFC grant reward options had gone slightly under the radar. They are effectively NCOs given priced at 0.5p (Not 5p). They must have been spitting teeth when Trump issued the EO to freeze payments since they needed that 5th tranche for these bad boys to kick in. Probably a few more warrants/options flying around than we thought hence CPs recent comment about if we need funds then there are the warrants etc !

Anyway small fry in the grand scheme of things. Locked and loaded now so looking forward to the mother of all inflection points in due course.

Cannot argue with any of that C909.

There is so much material news in this AR that should have been RNS'd at the time that it is simply staggering. Some supporters have clearly chosen to average all the way down in the belief that no news means everything is on track; unaware of the shambles ensuing behind the scenes.

In a nutshell: No Revenue growth; no cost reduction; no narrowing of operating losses; all investments impaired; every project stalled/dead; partners pulling out; need €800k-1m funding each quarter to keep the lights on; only remaining asset of value on the balance sheet is intangible Spain Goodwill !.

The only thing that is not clear is the point at which DP pulls the plug. Probably a few more loose ends to tie up and then his work here is done.

It really does represent quite staggering value this imo. The c£12m MC just seems completely arbitrary with no basis; even today it could be valued several times this and I am sure there would still be discussions as to why so cheap.

The principal risk here for me is that the project becomes so big/valuable that, despite their current support, the Ugandan Gov heads get turned with the size of the prize (repatriation, change of terms, new ownership etc). Not saying this is remotely likely (or else I would not be so heavy here) but having witnessed it now a couple of times with previous investments it is perhaps a reason why the lid is being kept on the price for the time being; market not yet convinced of Bres' future role. Mitigation against this risk does however come in the form of a Bilateral Investment Treaty between UK and Uganda which provides some protection for us as investors against any skulduggery were it to ever happen.

Either way something is allowing an incredible opportunity to be presented here imo.

Yes different scenario here to some other cases I would say:

Single asset, all activity mothballed, skeleton staff, very low G&A and litigation funds can be used to cover G&A in this regard.

Even over at PAT, where they had to do a Feb G&A raise for costs associated with another asset , the SP never fell back at all and actually within a week or so surged 50%+. Different animal these Arb plays it would seem.

Personally I think this is about as low as we go especially with the $2.2BN being a quoted reference point now as opposed to speculation. I am also expecting some hot money to arrive here after PAT publish their SOC within the week which will be a key milestone for some to take a bit off the table and spread the risk. Lets see.....

To be fair the company did state H2 25 for DFS completion in their April presentation so this is not unexpected and is already news in the public domain; hence they are able to effectively confirm drill campaign timing is still as per expectations etc.

We also don't know whether the DFS will be on the basis of one consolidated project or released piecemeal in line with the phased approach. In the case of the former I would expect it towards the end of H2 for sure and clearly earlier for the latter.

Funding wise we are still completely in the dark as it's impossible to know in the absence of all the facts. It is very difficult to call the absolute bottom and then to acquire a meaningful stake at that juncture. The only way however one does not make a significant profit from these levels imo is if the project is killed for whatever reason/s; and one has to assume the likelihood of that happening is incredibly small ( at least in my view).

Excellent news indeed and they are clearly not messing around in terms of moving this forward at speed.

It's interesting note that with PAT, where I am also invested now, it took the litigation funders (LCM) a year of trawling through documents to decide whether to take the case. In the case of Emmerson the funders reached the same conclusion in a matter of weeks - perhaps there is a smoking gun here after all.

I also note in today's RNS the first formal reference to the asset being expropriated as opposed to simply EIA rejection/due process etc.

If the SP settles in due course to the historic 5-10% of SOC then there is considerable short term upside irrelevant of the hearing date. The G&A piece is the one uncertainty for me; yes it is significantly covered by the facility but even a small shortfall will require them tapping the market and at what price etc ?

I sense there was a fair bit of forward selling in advance of this raise so not sure if there is much more if any to come. The SP moved at speed from 4p to 3p mid a couple of weeks back, which looked a bit smelly given it had been range bound at c4p for a while.

Then Trump's Tariffs took it sub 3p before the offtake RNS bounce. Shortly followed by the raise RNS so think it was all done a while back and a little orchestrated tbh.

It seems a crazy low price given everything but admittedly we need a very strong RNS to give it some impetus from here. Gold feels like the only play in town at the moment so overweight there. Bres' day will come of that I am sure (imo).

Indeed and not to mention "In addition, Mr David Palumbo, a director of EQTEC plc, is also a director of CWTL. CGTL and CWTL are therefore considered related parties as defined in the AIM Rules."

Think we have seen this film before !

"As part of the Novation process the Company will enter into an updated debenture and guarantee with CWTL, in the same form as the agreements entered into with the Secured Lenders."

It looks like housekeeping to me with the security over EQT's assets simply moving over to CWTL. I suspect CWTL want the business and the IP but needed to remove the debt and security first that Riverfort had over the assets. This cleaning house now paves the way for their next move.

Agree. The dial clearly moved with the "frozen" DFC payments which we know was always a risk the minute Trump announced his EO back in Jan.

If one steps back from the noise and considers the current MC/SP in light of what Bres has achieved over the last couple of years then it has to be an outstanding opportunity imo. If one cannot make a healthy return from these levels then we may as well all give up.

In terms of whether further funds will be required to complete the DFS/WC, no-one knows as we simply don't have the facts to ascertain that. It's a wait and see but either way said opportunity at 3p remains.

I would say it's a given that some WC funds will be required in due course as the company have gone on record saying as much. The unknown is will this come in the form of a raise; in which case, at a premium or a discount as the company has form with both; OR will it come as part of Phase 1 wider project funding. We seemingly have strategic partners lining up for a slice of the action from every continent now so one presume there will be options to get creative re.funding. Essentially no-one knows but it is at least reassuring to see the bounce from recent lows as it was already at c3p pre-Trump action.

Have to agree this is a prelude to full buyout in order to get their hands on the IP for peanuts. As said before the net £2.5m gave them cash runway until the end of March hence the point we are now at; DP had to get even more creative given the restrictions he faced with raising equity rand debt etc.

This is just kicking the can down the road before the inevitable. The cash will give them 4 months or so of runway to tidy up a few bits and get their house in order before delists into private hands.

The only question that remains it what price will the final transaction go through at. Have to factor in the c£5m of Riverfort debt secured against the "assets" so this might now be as good as it gets ?

One senses, without knowing the specifics, that there will be multiple angles to Emmerson's claim:

EIA "rejected" by Regional but no transparent process or indeed process whatsoever for consideration of amendments;

EIA rejected on unreasonable grounds/impossible targets hence tantamount to licence rescission; and

Discrimination / Inconsistent/ Unfair treatment v other parties (OCP) etc

Either way there are 11m reasons to think they have a fairly robust case. Personally I have now split my investment between this and PAT as in the case of PAT there appear to be clearer lines - repatriation of the asset and subsequent auctioning of it.

This really is excellent news. Privately had moderate concerns given the expanded project impact and also personal involvement with Emmerson (EML) whereby the final environmental permits have been used as a blocker in an attempt to repatriate the asset, forcing the case into arbitration. This is apparently becoming more common these days where National authorities can hide behind the stricter ESIA requirements in order to try and repatriate or move assets into the hands of those prepared to simply pay more.

Anyway further de-risks the project and this was essential to obtain funding. It can take months/years to come through so the fact it has been "expedited" further reiterates Bres' stance that the project has full backing by Uganda authorities. Coiled spring.......

Incidentally anyone interested in arbitration plays check out PAT and EML; really interesting space and happening more and more.

To be fair @HarChris has posted, at least in my view, appropriate informed questions/challenges and these should always be welcomed on any balanced board when considering the merit of one’s investment.

@ LW in sheep’s clothing is however a different matter. Lacking in basic market intellect , manipulative , rinse and repeat posts and believes we are in a junior Bull market !!….. QED.

Legal Wolf in Sheep’s clothing. If you read my posting history you would realise I am generally always balanced in my view on my investments, unlike your good self; it comes with the nature of my profession. My issue and indeed others with posters like yourself is multi-fold:

Firstly you are a broken record in that you C&P the same info ad infinitum. Secondly you spread misinformation as a matter of course and post as fact when you are not qualified or regulated to do so. Thirdly you are a complete hypocrite in as much as you invest in basket cases like GEX, lose a small fortune by getting your timing horribly wrong and then accuse anyone of having a contrarian view to yourself as spreading FUD and so on …….

I haver never changed my tune or opinion here. If a raise is indeed needed it would be due to a change in circumstances arising from the DFC “frozen payments” and not the utter BS you had posted that BRES had stated they are not fully funded for the DFS.

Your comment recently about being in a junior bull market was utterly embarrassing to read and that just about sums up your extremely limited understanding of the markets and ulterior motives etc - hence you were rightly called out by someone equally flabbergasted. Let’s all name 20 gold juniors and say it’s a bull market - what a complete ignorant t wat ?!

We are know when you are long you accuse everyone of spreading FUD and when you are looking for an entry point you accuse everyone of

I think comments are generally fair but there are simply too many moving parts to try and draw reasonable conclusions at this juncture.

My own view is there are seemingly numerous interested parties here but that there are certainly conflicts of interest to navigate for Bres which must be challenging. The project will also be in 3 phases hence different partners are intended to be introduced along the way such as the Chinese spg partner to offer operational expertise for Phase 3; which likely further complicates matters.

Stepping back from the noise for a second and trying to view this objectively, I would say the only way one does not make a healthy return from this level (£9m MC which is less than the DFS cost alone) is if the project is deemed to be commercially unviable and hence not suitable for funding; the chances of this, imo, is extremely minimal.

The barriers to entry in this space, from both a cost and time perspective, are significant and Bres is in a fantastic position to capitalise on this when some near term catalysts transpire. Is it possible that they will require some additional funds to bridge any DFC frozen payments ? - absolutely it is. Maybe we have just seen this week some forward selling into a 3p raise given the speed of the movement. Who knows.

Ultimately however we are talking fractions if the SP plays out how some, including myself, anticipate. Personally I already hold a reasonable position but must admit am right on the verge of going "All-in" now as the disconnect here to potential is one rarely seen in my experience. The stars are gradually aligning but there are just a few near term hurdles for Bres to clear which has clearly put pressure on the SP. Anyway, lets see where we are at end of year........

And in the meantime SP continues to make positive moves. To think this was available at circa 0.25p in the immediate aftermath of the "unfavourable recommendation" RNS. Some could be sitting on a 10 bagger in short time. Just goes to show you different ways to skin a cat in terms of generating healthy returns. Managed to grab a fair few at 0.4p so miraculously at close to b/e now; more through luck though !

Interesting that both this and PAT now at similar MCs ($30m) and both anticipated to submit similar SOCs (c.$1BN ?). 3% of claim etc. Potential to surprise to the upside re. SOC and the base case 5-10% infers maybe still an opportunity.

Interesting space this even if it's not where many intended it to be when joined the party.