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SP Chart analyses are as valuable as star-reading mumbo jumbo. In simpler words: utter bull. Couldn't be less relevant to a mining share which has been decades and still years away from production.

Strange how little comment this topic got. Presumably because it’s well-understood by everyone.

Anyway in case this has slipped your attention, the Zeus re-rate will set the new trading range and is therefore as important as the MRE itself. I have a feeling they will double their number and come in at 9.6p.

Just bought in with 30k shares at 343p. Yes this may got to £3, so what? -15%.

It will eventually go to £6 too.

Thanks Bluegrass, good take. I will be delighted to be proven wrong again. That's how I learn. although I must add - I'll be happy either way. Lo9wer and I'll top up, higher and I'll pocket short-term profits. Barring an unforeseeable event, SML will come VERY good and it's in my retirement divvy portfolio.

I was very optimistic about the size of bets pre-MRE and have been proven utterly wrong. Nothing's happened here since the 9th of Feb.

I have been in a very similar scenario with RKH. @Supra3 knows. Almost identical in terms of "awaiting the big news re final investment decision".

In RKH's case the SP has peaked 2 months prior to the actual FID RNS and then immediately lost momentum (exactly the same here). Then on the day of the FID RNS there was a modest spike, followed by a 20% retrace, where the SP remains flat today.

Applying the same to SML, the initial peak would be the 4.35p seen in early Feb. And then post-MRE the SP would settle in the 3.5p region.

I have a significant stake already (own about 0.5% of the co) and I'm not planning to sell. Although once the commotion is out of the way I could buy more at low 3s, if it happens.

Agree with you @Lenbeary the deescalation may come even sooner. I don’t think Israel truly wants regime change in Iran. They seriously degraded Iran’s military abilities and this was the main objective imo.

In the contrary, be greedy when others are fearful!

True, impossible to catch the bottom but those who know what they’re doing will make some money here.

Your expectaton (to know what the SP will be at each stage AND exit at the best possible point) is beyond unrealistic. I mean come on. What do you think sharedealing is?

The best you can do is to find empirical evidence from other similar (junior) mining/oil exploration projects. Even then you're highly likely to get this wrong. In your place I would look in the mirror and say maybe it's me.

No need to overanalyse. In general SPs are far more influenced by short-term tendencies. Imagine you're an institutional and have dry powder to allocate. You would go to BPs, Cehvrons, and Sericas, even Tullow, who HAVE production that can benefit from the current price spike. And the market consensus at least for now is that it is a spike. Why go to SeaLion now? I wouldn't and the market seems to agree with me on that. Chill. Our time WILL come.

Zeus View: We see Redmoor as an important and strategic project in the critical metals space. Much has been made of the Chinese control of the tungsten supply and that tungsten is utterly irreplaceable when it comes to manufacturing the drilling and cutting tools essential for industrial development and construction. The western economies need security of supply and in our mind the Redmoor project is perfectly placed on the edge of Europe with easy export routes to the Americas and Asia to form a dependable source of supply. Redmoor will increase in size with the new MRE, in our view, and Strategic has yet to properly test the limits along strike and at depth of this important deposit. We continue to see value at 4.8p per share until the release of the MRE when we will finally see the synthesis of all of the new data -–drilling, metallurgical test work, prices and costs.

Redmoor - last drill hole assay – “Ultra” high-grade Strategic Minerals announces its final assay results today for the last hole of the 9 drilled in 2025 at its Redmoor tungsten-tin-copper (WO3-Sn-Cu) project in Cornwall. It announces “Ultra” high-grade mineralisation. While this has no proper geological definition it is a great adjective for grades of 18.96% WO3 (2.76% Sn and 3.19% Cu for 22.09% WO3 Eq*) over 0.6m1 in a quartz vein in the SVS (Overall this lies in a zone of 6.64m1 grading 1.74%WO3, 1.20%Sn, 0.87%Cu - 2.78% WO3 Eq*). This is not the only high-grade intersection as there are also zones of high grade tin and copper e.g.: 1.52m1 of 7.45% Sn and 5.21% Cu; and 1.08m1 of 5.13%Cu, 2.09% Sn, 0.05% WO3 and 83g/t silver). These are high by any standards applied. Importantly the drill hole also intersects a zone of “untested” mineralisation and will therefore be additive to any tonnage increase in the resource. Today’s news is a marvellous end to a very encouraging drilling programme. We maintain our 4.8p per share fair value and look forward to the updated MRE with keen interest. Let’s not dwell on the “ultra” high-grades – these are exceptional and explained above in the opening paragraph. Instead let’s see what the 2025 drilling programme has revealed:  Strong, repeatable intersections and grades of tungsten, tin, and copper (and silver).  Good geological interpretation of the SVS (it’s where they expect it to be) Strategic Minerals understands the geology and controls on mineralisation and there is recognition of a new “North Tin Zone” which could form a separate orebody within the Redmoor vein complex.  All this exploration is set against a background of a tungsten price that has taken off due to Chinese control of this critical metal up ~500% in less than a year; a tin price which is $20,000/t over our long-term price; record high copper prices; and a silver price which is catching up to a normalised gold:silver ratio.  High copper usually leads to high silver. In our view this is silver associated with the chalcopyrite phase of mineralisation – in which case we view it as recoverable and will likely to be payable in the copper concentrate and form a valuable by-product credit.  Drill results on twinned holes match previous 2017 drilling and the 1980s drilling. The mineralisation is repeatable and modellable, and the1980s drill hole data will therefore form part of the new MRE in our view; the cost of redrilling these extra holes would be significant. It will both add tonnage and increase confidence in the resource in our view.  Continued reporting of high-grade assays mean this project is one of the highest grade tungsten projects in the world. Strategic view it as the highest grade in Europe and we would concur with that

It’s not difficult to imagine how the Iran situation will positively impact RKH’s long-term prospects.

While the partitioning of the world into two business spheres gathers pace, fights break out (literally) for access to commodities, esp energy and metals. In the current Iran episode we’re witnessing China lose preferential access to Iranian crude. Similar scenarios will play out elsewhere in the near future.

For crude, there’s an inevitable re-drawing of long-term offtake contracts in the horizon. You want long-term access to crude? You’re gonna have to position your economy as a docile client in one of the blocs.

Through its champions like Navitas, and their strategic investments in the relative vicinity of the US, Israel is carving itself a position at the supply table. A counter-balance to OPEC is forming (e.g. note Trump’s insistence on adding UK’s North Sea in the mix).

RKH is a long-term hold. Clearly.

Short-term: given the above, one would expect strategic buys while the SP is still a fraction of its potential. But 🤷🏻‍♂️

"The big money is not in the buying and the selling, but in the waiting."

While Munger made this phrase famous in the investing world, he often credited the sentiment to Jesse Livermore’s 1923 classic, Reminiscences of a Stock Operator, which contains a similar line: "It never was my thinking that made the big money for me. It always was my sitting."

RKH LTHs know what it means to sit.

Bull. There is no large seller. And no serious buyers. Look at the volume fgs. And the rather wide bid/ask spread.

For those who are shocked at the unmoving SP despite brilliant news.. The market has ample experience with junior miners and it has spoken. It doesn't believe SML is worth more than 3.3p at this point in time. The lack of volume says it all. There are no serious buyers out there who think 3.3p is a bargain for Redmoor's prospects. I disagree hence I topped up yesterday but I get the market's stance.

I interpret it that oil shares in particular, are not unrelated to the board’s topic.

Search your feelings. Perhaps you’re just resentful.

Just topped up with 600k at 3.38p

In fact SP Angel also released their Mining Flash Note now. The title is "Further drilling results highlight resource expansion potential at Redmoor"

We agree! SML just entered new territory.

Strategic continues to improve and expand the MRE potential at Redmoor via infill and step-out drilling of the high-grade tungsten-tin project. The 2025 drilling programme has boosted the Company’s understanding of the geology and zonation of Redmoor. As a result, whilst the Company remains on track to deliver the updated MRE in 1Q26, *we see ample scope for resource expansion at Redmoor*. We consider Redmoor a strategic asset with two key critical minerals, tin and tungsten. Both metals are currently testing record highs as the market looks to limited potential supply development opportunities, sustained demand and continued fractures on global supply chains. This is an exciting year for Strategic as they look to outline future development plans for Redmoor. We see the MRE release as the next major catalyst for Strategic, which is now well-funded following the £4m placement in January.

(*) Highlights are mine. The market seems to focus on the impending MRE, I get that. But to me the importance of today's RNS is that it indicates resource expansion.

Every time there's mention of the UK economy Trump specifically mentions North Sea. Once Labour is out of the way NS will be subject to an American takeover campaign. As soon as the Iran thing goes away and Brent corrects, I plan to add to my Serica, Harbour and EnQuest holdings.

Back in November (when there wasn't much to discuss) I posted

"I quite like Serica (188p) and Harbour (213p) at these levels. Once the Ukraine peace process collapses and in turn Brent corrects, these will go back to 220 and 240 respectively."

25/2 SPs:

Serica 246p (30%)

Harbour 242p (13%)

You're welcome!

Granted, one could have made the same if not better returns on other oilies. But these were the ones I mentioned.

Moral of the story: when there's an off-topic share tip, playing discussion board sheriff is against your best interests.