Member Info for london_

Have they been 'forced' to sell?

I don't think it's over valued, no.

The way I see it is that the first drills caused the price to shoot up.

Current drills are showing improved results, but I think it's priced in and dropped back slightly.

I'm invested as I believe the MRE will see the SP re-rate to the true value of the asset.

Asset size + recoverability + polymetal + location + metal demand

Just a drift back from the SP exploding upward nearly 600% between Sep and Nov.

Yep, probably a probable step.

Maybe, MRE + enough extra drilling in new zones to show the resource is even bigger + PFS/FS with planning > sale?

The focus of the next 3-4 months is to analyse the remaining drill holes and to publish the MRE.

What do you think the plan will beyond that?

Move onto PFS/FS?

Or.

To explore beyond the current area first, based on the recent results suggesting a bigger deposit area?

I know that short term prices won't really impact what happens with SML, but apparently Tungsten prices are expected to surpass $1,000/mtu

Solid post IMO.

- Confirm or update on LC sale.

- Government money back from the drilling campaign?

- Add confidence of resource with MRE.

- Then medium to longer term; PFS, FS, planning, permitting etc.

- Financing, sale or JV?

I'm saying priced in for NOW. The SP has shot up from well below 1p, up to 1.8p and settling around 1.2 - 1.3p. So it's priced in for NOW, after a surge north of the current SP.

Still plenty more to come, but the results do not currently seem to be moving the SP much.

As said, hopefully the MRE in Q1 '26 is the thing that sees the price explode upward.

Zzzzzz.

My guess, it'll bounce back up later today.

Seems these drills are priced in at the moment.

Question is will the MRE see this bounce upward?

Quality results + high recoverability means this is going to be looked at by bigger fish.

So payback can be quick once the mine is set up.

Underground mines, if I've read correctly are harder/more expensive to set up?

If critical metal prices stay around or higher than the price used for the most recent NPV by SP Angel then this become even more desirable as the resource size grows. Plus, there's potentially more outside of this current drilling zone.

There's about 12 trading days (including this afternoon) left of the year.

So, potentially lots of news to come in that time.

If not, a big Q1 ahead for 2026, leading into the MRE.

$630 MTU? Is there any projection of where it's heading in the medium term? Just thinking of the longer term economics of the mine.

What Tungsten price was the last NPV using?

Roughly twice the price it was in June 25.

Yep, the directors having skin in the game is another plus. As I said, just trying to keep myself grounded. There's so much upside that I'm seeing after doing my research, that I need to keep myself grounded.

According to Chat GPT the liftetime of the mine is 10+ years based on current numbers.

Solid reply, thanks.

I've invested in junior miners before who showed promising drills results only to be 'done' by dilution (talks of JV's etc. from board members), so confidence has taken a hit over the years.

Just past investments haunting me.

Mainly to get the mine into production, the CAPEX is estimated at north of £60 million IIRC.

Just a curious question Tungsten. Dilution from funding is always the big worry for any PI.

Appreciate TUN isn't cash generating right now, the fact SML is cash generating is a big plus.

Good spot. Whenever I see CLN, I get VERY hesitant.

Would SML not run into this situation down the line though? High interest loans, for example?