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Looked further and net cash at the start of 2025 was $12.6m

Net debt currently stands at $7.5m

Quite a reversal. Appreciate delays of sales but marekt clearly would have liked a better financial performance

Not easy i suppose with oil going backwards

Orders only on 21.5p

Mms have accept 30k or below but would have be an order

Those comments would suggest so.

Fabulous x

Hi, a bit surprised to see net debt on the balance sheet now. Seems a backward step but maybe I have missed a large bit of capex or something? Thanks x

Looks like a move beyond $4,100 imminent again

Good to see the tsx reverse from red to flat yesterday too.

Hopefully a good day here pre tomorrows webcast

Hi everyone, hopefully the event to kick start the journey back north. We’re too cheap down here and good to see there’s no stock available at 19.60 right now

X

Tungsten has just hit a new all time high at $665/tonne

In simple terms, analysts think this business can make after tax cash that’s around a $1bn (before other news lands). Just digest that vs today’s laughable £33m market cap and you won’t be doing anything but buying. Ultimately, analysts are saying that the capex investment can pay back within a year. What you have here is a future cash cow monster that can organically grow, return cash, buy other firms. Currently the shares are trading at 1.5p but it will have a 0 on the end of it ahead. The opportunity here is major

Immense upside given the market cap is only £34m

Reality is the market now is grasping the huge valuation disconnect

A 1 yr payback is stuff of dreams tbh

Some here are going to become very very wealthy

That’s what you call the mother of all upgrades ha!

Market will look at SML in a very different light now

This is super material and even more so when you consider the explo results still to come.

Hard to see how this is trading below 2p for much longer

Here we go, digest this. This will likely be over 2p very quickly now:

“ In the intervening period commodity prices have strengthened to a current APT price of ~US$630/mtu, US$ 10,700/t for copper and US$35,600/t for tin”

“Using current commodity prices and escalating capital and operating costs by 30% to accommodate inflation, we estimate that, using the same discount rate as the company’s October 2020 update, the after tax NPV8% rises to ~US$400m, the IRR is 53% and payback is achievable within 1.1 years“

For context, the previous NPV8% was $128m and and IRR of 29%. Blooming incredible !!

10’mins ago

They are estimating a payback back on latest economics at just over 1 year!!

When the market see’s the new estimates NPV (just literally completed by SP Angel) this will go vertical lol

N/T to buy in any decent size

I genuinely thought these would be 2p (in a flash)after the last Tungsten results but seems like market is cottoning on now. The discount to the peer group is insane

Main deal in mining is grades. If you’ve got the highest grade then it’s cheaper to extract, much cheaper. Thats the major boon here.

Markets are waking to the insanely low valuation here

Thank goodness for that!

Tungsten pushing into new all time highs and Tin now above $36k

And SML isn’t even over a £30m market cap!

Major upside here, hopefully more fireworks tomorrow