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Fair points, but I don’t see it the same way this time.

Nobody is saying a broker note is proof the share price goes straight to target. AIM never works that neatly. But I think the difference here is that SML now has a much clearer sequence of potential value drivers ahead of it: drilling results, resource upgrade work, then the PFS. That is a very different position from simply relying on sentiment or a broker valuation.

The reason I’m less focused on short-term ebb and flow is because Redmoor is now being advanced at a time when tungsten has become strategically important, especially with China’s dominance and the wider critical minerals/defence angle. That changes the backdrop.

My view is that continued drilling success can keep momentum building, and if those results support moving more of the resource from inferred to indicated, the market will have to reassess the valuation properly. By the time the PFS is out, I think buying at today’s levels may look like the sort of opportunity people wish they had taken.

So yes, the price can move around in the meantime. But I don’t think the last placing price or a £98m market cap is the right way to frame the upside if Redmoor keeps de-risking.

Personally I think valuing SML at around a £98m market cap is too conservative if Redmoor keeps moving in the direction today’s RNS suggests.

The key point for me is that this is not just another small AIM resource story. Redmoor is tungsten, tin and copper in Cornwall, with tungsten now sitting right in the middle of the critical minerals and defence supply-chain debate. Today’s RNS also shows SML is well funded for the next key stage, with $10.76m cash at 31 May and enough funding to substantially take Redmoor through to PFS completion.

China’s dominance of tungsten supply changes the context completely. A serious UK-based tungsten project has strategic value beyond a simple near-term market cap comparison. If Redmoor starts converting inferred resource into indicated, and the PFS supports the economics, then I think a £98m valuation will look very modest in hindsight.

Nice to see SML up 8% today.

Interesting that some seem worried about the latest planning comments, but they read more like requests for additional archaeological information than anything fatal to the project.

Am I wrong?

The real question for SML is whether a circa £140m market cap is expensive for a strategically important UK tungsten/tin/copper project, with a Redmoor sensitivity case showing around US$1.5bn NPV and 40% IRR???

That is the disconnect imo.

The infill drilling is not some blind punt either. They are drilling into an already defined system, so success here is more about increasing confidence and moving the resource up the curve.

If that drilling lands well, people may look back and wish they could still buy at these levels.

I broadly agree, but I’m not sure the biggest SP move necessarily waits for the PFS itself.

The market is forward-looking, so if drilling keeps confirming continuity and supports conversion from inferred to indicated, I’d expect some of that confidence to be priced in before the PFS lands.

That said, Redmoor is still earlier than some people seem to treat it — the current economics are still based on a 100% inferred resource, so drilling/resource conversion is the key step first.

By PFS time, there’s always the chance optimism is already in the price. If the PFS beats expectations on capex, recoveries, mine plan and funding route, great. But if it’s only in line with what people already hope for, I wouldn’t rule out some “buy the rumour, sell the news” behaviour.

You seem really confident about this, which is encouraging. Out of curiosity, roughly how many shares are you holding, and how long have you been invested here?

Yeah I agree. We already have big NPV numbers, but a bid now would still be on lower certainty.

A PFS gives buyers more confidence in the resource, recoveries, capex, mine plan and economics.

That’s the difference between a cheeky offer now and a serious offer later at a much higher level.

Good RNS this morning imo.

Most interesting bit for me was CRD042 getting extended beyond planned depth because mineralised structures kept continuing. Combined with the drilling programme now increased to 22,500m across 44+ holes, does feel like confidence in the wider Redmoor system keeps building.

Worth remembering this is already a 17.4Mt resource as well, so they’re not drilling from scratch here but looking to upgrade and potentially expand it further.

Interesting to see how next holes turn out.

Redmoor’s published March 2026 numbers were base-case after-tax NPV(8) of US$1.54bn, 40% IRR and capex of US$109.7m. Crudely reverse that over the assumed 29-year mine life and you are talking about implied after-tax project cash-flow potential of roughly US$150m per annum. I know it is still preliminary and based on Inferred resource, but that is exactly why I think today’s valuation still looks far too low. What am I missing?

Happy to see the move, (up 15% in two days) .

For me, SML remains materially undervalued relative to Redmoor’s potential, and I see a market cap of 350–400m as achievable if the project continues to de-risk as expected.

Obviously everyone has their own strategy, but I’m holding.

Nice to see Baron adding again. I’m also holding 77k shares here(all bought today) — Redmoor looks far too interesting to ignore at these levels.