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Would be crazy for ARV to give up majority ownership of the plant and WCE would need to be restricted on the amount of plant capacity they can use.

Full speed ahead, open the taps and get the deeps flowing.

Thanks Burton D - from the article ;

Smart investors may want to seriously consider the emerging narrative that LEX is 80% of the way to becoming a real miner with a very reliable partner through its JV with Harmony Gold, with whom it is certain to be applying for a mining license. Not only that, it has a stable of extremely interesting, potentially huge exploration plays in South Africa lurking up its sleeve.

How do you value all that? 16mn quid? Really?

So there is a possibility that financing is so far down the road that the reason Mike is flying out to the USA is to actually sign a financing deal.

JP Morgan has issued a bullish outlook on the mining sector for 2026, arguing that a paradigm shift around critical minerals is now underway and will drive strategic change across the industry.

The bank said capital markets are increasingly recognising the role of mining in national security, supply chain resilience, and electrification, particularly around copper, lithium, and gold. It expects major global miners to adopt proactive restructuring strategies to position for these future opportunities, including in frontier markets such as the USA and Argentina.

https://www.proactiveinvestors.co.uk/companies/news/1083708/critical-metals-and-minerals-are-predicted-be-a-major-investing-theme-in-2026-1083708.html

Good news Yelemes Deep licence granted

Acert - you have that totally wrong, read this it might give you a better understanding on where value lies , BRES are currently at the institutional / strategic investment phase.

https://smallcapinvestor.ca/the-lassonde-curve-understanding-the-mining-life-cycle/#:~:text=The%20Lassonde%20Curve%20is%20a,development%2C%20and%20ultimately%2C%20production.

Fandango -- a lse member for 4 days

This is why i would prefer BRES not to be sold, Dividend payments here could be Massive , more than current market cap.

Fantastic RNS, well done BRES team.

With the price gold still increasing you would think there will be a number of interested parties in the USA licences.

One has cancelled out the other.

You have got to wonder how so many investors have missed this, with a market cap under £35m and a huge Jorc deposit that is only 2% drilled, a DFS that is going to land in the next few days, also Blencowe has been advancing financing discussions with potential strategic and institutional partners, supported by its financial advisor WaterBorne Capital, to position the project for financing immediately following completion of the study.

Exceptional growth runway remains, with:

· 192 step-out holes (83% of full Stage 7 drill program) ready to be integrated into second major JORC upgrade post-DFS in 2026.

· Majority of remaining holes drilled across new Iyan and Beehive deposits.

· Geology at the new Iyan and Beehive deposits closely mirror Northern Syncline and Camp Lode deposits respectively, signalling potential to double the JORC Resource once incorporated.

· Deep drilling to ~100 metres, with all hole sending in mineralisation, indicating significant vertical expansion potential.

· Only ~2% of the licence area at Orom-Cross is drilled to date.

This JORC update marks the most significant technical advancement to date and sets the stage for the DFS to present a robust, scalable development pathway.

Continued ----

The implementation of a large randomized study still requires significant additional funding for the company. In our view, the core of Faron's investment story remains the clinical development of bexmarilimab and securing broader research funding.

Faron is still pursuing a collaboration agreement with a larger pharmaceutical company to finance the research. The tranche being raised now will give the company more leverage in negotiations and more time to conclude a potential agreement. However, other financing options and their combinations are also possible. The HCM financing arrangement includes a second tranche of 10 MEUR, which will provide Faron with additional flexibility in the future.

https://www.inderes.fi/analyst-comments/faron-aikoo-nostaa-vaihtovelkakirjapaketistaan-10-meur-lisaeran

Faron intends to raise an additional EUR 10 million from its convertible bond package

– Antti Luiro Development of Nordic Analysis, Analyst

November 25, 2025 at 8:45 a.m.

Faron Pharmaceuticals

Summary

Faron plans to raise an additional 10 MEUR from the previously agreed 35 MEUR convertible bond facility, which will give the company more time to maneuver.

The additional tranche is part of Faron's existing funding reserve and does not eliminate the need for broader research funding as the company prepares for a Phase II/III study of bexmarilimab.

Faron is seeking a collaboration agreement with a larger pharmaceutical company to fund the research, and the amount now being raised will provide additional support for the negotiations.

The HCM financing facility includes a second tranche of EUR 10 million, which provides Faron with additional flexibility in the future.

This content is generated by artificial intelligence. Please provide feedback on the Inderes forum .

More

Faron announced on Monday its intention to raise an additional 10 MEUR from the previously agreed 35 MEUR convertible bond facility. No other financing solutions have been announced and the additional tranche has been part of the company's existing funding reserve, so the announcement does not come as a particular surprise. Faron had communicated that its funding was sufficient until Q1'26 before the drawdown, so the raising of the additional tranche gives the company some time room to maneuver. However, the additional tranche raised now does not eliminate the need for broader research funding, as Faron is preparing to start a Phase II/III study of bexmarilimab in first-line MDS in Q2'26.

Additional funding gives time, but does not eliminate the need for broader research funding

Faron intends to issue a second tranche of EUR 10 million in convertible bonds to an entity managed by Heights Capital Management (HCM). This is part of a financing arrangement announced in April 2025, which included a first tranche of EUR 15 million and options for two additional tranches of EUR 10 million. According to the company, the funds to be raised now will provide it with operational flexibility and preparation for a registration study in high-risk MDS patients (HR-MDS). The final completion of the arrangement is still subject to certain conditions, such as market stability.

The additional tranche has been part of Faron's existing funding reserve, and the company has not announced any other funding solutions, so its withdrawal is not a particular surprise. According to Faron's previous estimate, its cash (before the additional tranche withdrawal) would have been sufficient for Q1'26, so the amount to be withdrawn now will, in our estimate, continue to provide sufficient funding for at least Q2'26. However, the arrangement does not cover the entire costs of the next phase II/III first-line MDS study aimed at marketing authorization, which the company plans to start in Q2'26

Excellent RNS, lengthy read with plenty of information, good to see it all laid out in black & white.

Not directly about LEX, but about the region.

https://investingnews.com/why-south-africa-remains-a-hidden-gem-for-gold-investors/

Https://www.miningreview.com/news/blencowe-dfs-orom-cross/

Thanks Kat - Good to see a bit more information in that updated presentation and to see in a bit more detail what is keeping Julian up at night.