Member Info for FTJNY

I’ve put money in today - no chance anytime soon that I’ll be taking any out!

This has a long way to go to realise it’s true potential which IMO is huge!

MRE in Q1 followed by 16,000 meters of drilling getting us to a PFS hopefully before the year end!

Very exciting times if you’re an SML shareholder.

Long & Strong and no way are tree shake antics by MM’s getting me to part with any of my shares!

Just bought another 435k bringing my total holding just above 5m. Couldn't resist at this pull back price especially as once the MRE is out I dont believe we will be anywhere near this level again! IMO this is a once in a lifetime opportunity to buy into something like SML which could seriously be life changing! GLA

Unbelievable! How can someone who is a premium member not know that the official LSE closing price is the UT!

Just for clarity I haven’t personally seen the SP Angel note but quite a few posters referred to a 13p target coming from them which I took at face value (maybe wrongly!) and I was simply working the numbers back from 13p to arrive at an NPV / MCap calculation which could justify a 13p price target! Clearly if their note doesn’t reference these figures then a different calculation needs to be made!

Either way I believe SML is under valued and will re-rate upon publication of the MRE which will be based on higher metal price assumptions plus a larger mine footprint and resource estimate. IMO exciting times for shareholders particularly approaching the MRE and hopefully towards the end of the year a PFS. GLA

Monte - I’m still hoping for a competing bid hence I still have 840k shares from my original holding of 1.125m

Like you I have spent many years invested in Solg and feel betrayed that it’s ending with such a pitiful buy out price! But hay ho it’s sad very but time to start moving on!

With that in mind over the past month or so I have been slowly building a holding in SML which is where I see an opportunity to regain some of the stolen upside from what Solg should have delivered!

But it’s not over till the fat lady sings so still hoping for another bid which we all deserve after our years of patience! But whatever happens I wish everyone here all the best for their future investments wherever they may be! GLA

Yes that's correct Ontargrt they use a discount rate of 5% to 8% depending on the level of risk

This could explain SP Angels current valuation based on a current projected NPV of £1bn and using around 35% of the NPV to get to a projected MCAP of circa £350m hence a share price forecast of 13p.

And the really good news is with all the recent positive drilling these figures are only going to grow!

This article gives a reasonable explanation of valuing a Junior Mining company at the MRE stage :-

For a junior mining company at the Mineral Resource Estimate (MRE) or Preliminary Economic Assessment (PEA) stage, a reasonable market capitalization (Market Cap) is typically 20% to 50% of the project's after-tax NPV (5%).

At this early stage, the market applies a significant discount to the theoretical NPV to account for risks such as project financing, permitting, feasibility, and dilution.

Key Valuation Ratios & Benchmarks

P/NAV Multiple: 0.2x–0.5x (Market Cap / After-Tax NPV).

MRE Stage Typical Valuation: Often 1/3rd (33%) of the theoretical NPV or less.

Pre-Feasibility Study (PFS) Stage: Valuations may improve to 30%–60% of NPV as project risk decreases.

Exploration/Early MRE Stage: Many companies trade at even lower multiples, often due to high capital requirements and dilution risks.

Why the Discount?

The difference between the high reported NPV and the lower market cap exists because the NPV assumes the project is built and running. The "Value Gap" is filled with risks, including:

Financing Risk: The need to raise capital (often through equity dilution) to build the mine.

Permitting/Jurisdiction Risk: The possibility of delays or rejection in specific jurisdictions.

Technical/Operational Risk: The risk that the resource cannot be mined as anticipated.

You're welcome SeedyG. The more NO votes the merrier 👍

Couldn’t stop myself so I’ve just added another 500k shares. With so much positivity around critical minerals which are in short supply and SML sitting on one of the most valuable Tun / Tin mines in Europe the share price IMO is only going one way over the course of the next 12 months by which time it will be many multiples of where it sits now! Very exciting times for holders of Cornwall mining stocks especially SML!

Seedy. I’m with Halifax Share Dealing and was able to make my vote a couple of weeks ago. I would advise you to send them an e mail using their internal mailing system highlighting the upcoming General Meeting / Court Meeting and request they send you a form so you can vote on the resolutions. Hopefully this should work as I had no problem voting. Good Luck!

For me the most exciting narrative from the Zeus note was:-

confirmation of the high‑grade SVS in this area is a significant positive, indicating clear potential for resource growth and reinforcing the robustness of the deposit model. For context, the Exploration Target targeted by CRD038 is estimated at 4–8 Mt, a meaningful scale relative to the current 11.7 Mt inferred resource. Results from CRD037, expected shortly, will give further clarity on resource potential.

Basically if hole CRD038 is proved up through further infill drilling this could mean a circa 50% increase in the resource with assays still due from hole CRD037 on Pad 3 which has the potential to increase the overall resource even more!! And all of this is on top of the expected significant increase in the resource when the MRE is published!

SML just keeps getting better and better and I’m so grateful to the person who tipped me off on the Solg board and glad I invested in SML which I believe has the potential to be a truely life changing investment! GLA

Hey come on don't keep us hanging PS

Totally agree Tung! SML is IMO the best mining play in Cornwall as it’s still in the exploration phase and very early on in the Lassonde Curve so still huge opportunities for share price growth! Whereas Tun West is much much further along the curve so while there are still good upsides once they are into production this won’t be anywhere near the kind of upside SML generates as it proves up more of the resource and moves towards the MRE and PFS. Don’t get me wrong both are really good plays but SML IMO is exceptional from a wealth generating perspective

Good Morning RT. Would appreciate your view on the claim by TripleS that the Court Hearing is on the same date as the GM? I must admit that previously I had read the same so you saying that the court hearing isn’t until 27th Feb was a pleasant surprise!

as previously mentioned this is a big boost for the no vote! by my reckoning ( unless dgr's holding has changed?) this gives the no camp another 6.7% ( 204m) so if some of the ii's vote no and we get anywhere above 150 million pi voting rights against then there is a good chance this **** poor 28p offer will be booted out!

game is not over and still very much on! so as rt has been urging please can everyone make sure they vote!!

By the way I added just over 500k shares last week and a tad over 1m today ( wish I had bought today's last week!!) bringing me up to just over 4m shares. I was and still am a long term investor on Solgold ( until sadly it's finally sold for what is looking like will be a daylight robbery price!) so I am looking forward to my new journey with SML as a long term investment. GLA

Tung - Probably right. I was a bit sceptical when high net worth individuals were mentioned as they are more likely to want to take a 100% short term profit Vs Institutions who take much longer positions and it's these who we need to get more of on the share register!

Finally came through directly via e mail this morning so have voted AGAINST with my 1m shares

Not letting this go without a fight as 28p is like being pick pocketed!

Hoping for a counter bid or failing that a NO vote at the meetings so that JCC have to either walk away ( which they won't do) or make another offer which is the more likely outcome and would expect that to at least start with a 3. GLA!

Thank you for your email.

The meeting details for Solgold were only published by the company today. Our Corporate Actions team is still setting up the event on our system. Once this is complete, we will issue the voting details to customers.

These will be sent on Monday. This will give you time to submit your elections before the deadline.

If you have any further questions you may reply to this message, or you can call us on 03457 22 55 25. Lines are open Monday to Friday from 8am to 9pm.

Kind regards

Alexandra

Scottish Widows Share Dealing

So if anyone holds shares through Halifax Share Dealing you should hopefully expect a communication on Monday