Member Info for DoBreWotNot

'The UK is investing £2.5bn into Nuclear Fusion!'

2 recent posts on X by Dennis ....

'As demonstrated by the recent UKAEA visit to Redmoor, the supply chain of tungsten is tight and the future projected demand for tungsten into fusion is huge.

We look forward to potential engagement on ensuring domestic supply.'

https://x.com/i/status/2033819275253719093

'Our subsidiary @CornwallRes welcomed visitors from @UKAEAofficial this week.

With #tungsten critical to future fusion reactors, Redmoor – Europe’s highest-grade undeveloped tungsten project – could support future supply chains'

#FusionEnergy #CriticalMinerals

https://x.com/i/status/2032018771297386767

As a result of these posts I was reminded of the RNS from October 2023 regarding an MOU signed with Oxford Sigma. Given where we were at the time it passed me by but perhaps very relevant now. With the UKAEA visit & new investment is the destiny of Redmoors bounty pre-ordained & might they move to secure it ... interesting times .... 🙂

Highlights:

· MOU outlines how the two parties will collaborate to explore, develop, promote, and secure critical mineral supply pathways for tungsten to supply the fusion industry.

· As one of the only high-grade tungsten resources in the UK, Redmoor has the potential to be one of these supplies. In turn complementing the UK Government's Critical Minerals Strategy.

· Dennis Rowland, CRL's Project Manager, and Dr Thomas Davis of Oxford Sigma recently held discussions at CRL's Redmoor offices in Cornwall, where Dennis demonstrated the strengths of the Redmoor Project and the nature of its high-grade resource.

· CRL were encouraged by the projections of future tungsten requirements from the fusion industry, with each potential fusion reactor estimated to need between 100 - 5,000 tonnes of tungsten (design dependent), with a requirement to renew tungsten components on a regular timeline further strengthening potential demand.

· MOU signed for an initial 5-year period

https://www.lse.co.uk/rns/SML/mou-signed-with-oxford-sigma-limited-hvszigaubdjygpg.html

Caravan

If you wish to engage in commentary on gold/silver prices and related geopolitics & macro-economics then there are some very informed posters on the MTL board who often cover such topics ...... atb

Valii .... thank you for your reply & knowledge, I'm rather glad I reposted that now.

I certainly prefer your 1+1 = £120m capex saving than my 2+2 = 5 .... 😉

2. *subject to necessary permits etc

London ...

1. If it's 1 investor then a TR1, Holdings RNS will be required & suspect maybe around 25th when shares admitted trading.

2 . New funding ..... We have an mou with Duchy to explore their land so given Charles comments in RNS re 'surrounding area' ... Dennis's post on X looking to recruit extra Exploration Geologists, closing date 31st March & our overall objective of accelerating the project I reckon we're going exploring ... just my view so DYOR

3. My understanding is that a standard PFS takes 6-12 months & a fast-tracked one 3-6 months ... given they stated the latter it could be by end September. I have seen early July mentioned I think but I don't think that was anything official from the company so caution required on that at the mo. I'm anticipating an update together Infill Drilling commencement RNS, hopefully anyway.

Keep SMiLing 😃 Dobre

Valii ….. 👍

Valii, HZ .... given you mention TUN similar has been discussed before & below cut & pasted from post I made a few weeks ago ... as yet no-one has suggested I've read it incorrectly so ... 2+2 = 5 or something else .. 🤔

As we await the MRE & then onwards to PFS it won't be long before thoughts turn to mine building , if we build the mine ourselves of course. Has been discussed previously here & there was a long thread back in November regarding potential for us to utilise TUNs Processing Plant at Hemerdon. Interesting discussion with local knowledge but which ultimately floundered given none of us had knowledge of whether such capacity existed at the plant.

However TUN released an RNS earlier this week within which were the below points -

o An ore sorting facility utilising advanced particle scanning to separate recoverable, higher quality material from waste rock, reducing the amount of material required to be processed in the MPF by around 70%.

o  IPJ system to further upgrade the coarse particles feed material, further reducing the amount of coarse material needed to be processed inside the pre-existing MPF by a further 75%.

At face value that suggests to me that significant capacity may have been 'freed up', or am I reading it completely wrong ... hopefully someone who knows more about mining than me can advise.

https://www.lse.co.uk/rns/TUN/project-update-g6ukonhumh4jc31.html

TUN also recently updated their Corporate Presentation & having had a skim through a couple of points under 'Benefits for all Stakeholders' (p22) jumped off the page at me, namely;

- A gateway project which can help unlock further resources in the Southwest of England by providing mineral processing capacity & expertise

- Establishing a regional laboratory & research hub specialising in tungsten

Interesting ......

https://www.tungstenwest.com/_files/ugd/3e92e8_c49c4795d9824bbb9cfae990a87f8cb0.pdf

Biggieplums

I don't know how to put a value on us at this early stage & it's mere speculation until the MRE emerges. You mention NPV & m/cap so here's some thoughts .... no predictions from me just something to consider & run some rough calculations if you're so inclined.

In October 25 due to the rise in commodity prices SP Angel carried out a revaluation based on the 11.7Mt resource from previous Scoping Studies & a spot price for Tungsten of $630mtu. The new (current) NPV was $400m (£300m). Equating m/cap to that by ÷ 2.37b shares gives circa 13p which I think has been mentioned frequently since. You're absolutely correct that at this early stage we should be valued at 20 - 50% of NPV so 2.6p - 6.5p, which is roughly where we've been for the last couple of months.

This week Tungsten has hit $2500 so what might a NPV look like if SP Angel use 'spot price' again. Even if they were slightly cautious due to perceived volatility any price they use is surely going to be way above $630 ... & what will that do to the NPV just based on current resource.

What's our new resource going to be, no idea but I'd venture to suggest it's going to be significantly more than 11.7Mt. The drilling campaign had an 'exploration target' of 4-8Mt. Of course we don't know if we've achieved that yet, however this new management team tend to 'under promise & over deliver' so I can't imagine them stating that if they didn't have a degree of confidence in achieving it. However we do know we've discovered a new 'tin zone' aka 'The Poldark Quarter' 😀, confirmed Silver recovery & increased tungsten recovery rate by 19%. So what might that do the the resource size & NPV 🤔 there's not long to wait find out. Any new cakculations would obviously need to reflect expanded sharebase of 2.82b ....hope helps.

Keep SMiLing 😃

Dobre

Valii .. perhaps the below date will influence submission of any TR1 🤔

'It is expected that Admission will become effective and dealings in the Subscription Shares will commence on AIM at 8.00 a.m. on or around 25 March 2026 ("Admission")'

Moody ... they do like a Thursday so I'll go for that or Friday .... could be busy next week RNS wise as also anticipating -

1. Commencement of Infill Drilling for PFS & potentially bit more info, timelines etc re wider PFS project

2. TR1 Holdings RNS ... potential anyway dependant on how you interpret the language in the RNS as previously discussed on here ..

Keep SMiLing 😃

Dobre

Nice to get silver on the 'menu' today .....

https://www.mining.com/web/china-pulls-silver-from-global-markets-to-meet-surging-demand/

*11.7m tons ... not 10.7 ... soz

Sizer ... SML have previously used '12 month rolling average' in their reports.

This time last year Tungsten was circa $400 mtu & whilst it rose during the summer it only really 'took off' from about September ....

Just to add to last post that SP Angel used 'spot price' of $630mtu against the 10.7m tons when revising our NPV to £300 million in October 25.

What might a new NPV be if they use 'spot' again & against a larger resource .... 🤔

Forensics ... absolutely ... but why only 10p though.

Unless I'm mistaken the 4.8p 'fair value' came from applying commodity prices to our 10.7m tons from 2020 Scoping Study & using $650mtu for Tungsten.

If you doubled the Tungsten price used to $1300 against that tonnage you'd reach 9.6p ... not exact as other metals haven't risen as much.

However Tungsten is now $2500 -2800mtu so $1300 would be conservative & circa 50% discount. Of course that also wouldn't take into account any increased tonnage which given the info in the 9 Drill result RNS's, high grades, a new Tin Zone, Silver now included & increased recovery rates, as per todays RNS, is likely to significantly rise IMVHO.

I get the sense that Zeus's 'fair value' & SP Angels NPV revaluations could well suprise to the upside ...

Of course just my view so as always DYOR

Keep SMiLing 😃 Dobre

SheffTon

Welcome & that is a good 'find'.

SML - Dennis Rowland principally had some input into shaping of the recent strategy & sits on a National advisory board that advises Gov't. He along with others from Kernow including the local MP's (who are very supportive) have been frequent visitors to No10 recently & iirc recently met with the Chancellor. I've little doubt we will take the opportunity to contribute. If you can access X or LinkedIn there posts regarding those recent visits ....

Keep SMiLing 😃 Dobre

Dennis posting on X already .... 👌

RNS Breakdown #SML

• Met flowsheet testwork complete

• Results confirm significant increase in #Tungsten recovery @ 85.8%, up from 72%

• This 19% increase in recovery of W to concentrate will feed into economics

• Silver recovery confirmed, & contributing to copper con!

• Basically, early separation & focus on recovery of WO3, our primary economic driver, is key: Coarser is better for tungsten recovery

• This is where Redmoor’s strengths come in. Its coarse & clean wolframite mineralisation can be recovered early in the flowsheet.

.Tin & Copper recovery remain broadly unchanged with the report highlighting next steps of flowsheet improvements for PFS testworks

• Kept this one simple but the testworks were super detailed

• Final input dataset to the upcoming MRE & updated economic sensitivity analysis

https://x.com/i/status/2034895963463061631

RogB .... your answer should be in todays RNS which has been eagerly awaited ... & it was worth it ... 🙂

Worthwhile noting that SP Angel used $630mtu & Zeus $650mtu in their most recent valuations of £300m NPV & 4.8p fair value respectively which is a considerable 'discount' to where we are now 😀

Will be updated post MRE .... dyor

Tungsten - Rotterdam APT gets updated weekly on Thursdays on Shanghai Metals Market & latest average price today of $2650 🧐

https://news.metal.com/newscontent/103815138-Tungsten-Prices-Rise-in-Rotterdam-APT-Up-450-Ferrotungsten-Up-20-Amid-Supply-Demand-Talks