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I've had holdings in AIM Explorers before whose CEO's ramped the 'goods' to high heavens. Raise, after raise led to nothing but a SP that dwindled into the ground. If the resource estimate is good enough and the economics too, then surely funding will be found from somewhere?

PXC could rise from the flames, but the big question is, why has there not been funding secured and why the radio silence? Curiosity is all. I see potential, just asking out of curiosity

Apologies, I had the 5Y share graph up.

The shares in issue at 40p in 2020 were ~60 million (so worth ~8-10p now)

And the shares in issue at 70p in 2021 were ~120 million (so worth ~35p now)

So the price spiked to 70p, double it's low price from when PXC was floated.

Since then it's gradually declined with a few peaks, to today's low price of below 3p

The number of shares in issue has increased by 5 fold in that time to now, to 250 million (still incredibly low for an AIM exploration company). So the initial float price of ~40p would be worth about 8p now.

They have tried to raise money in a non-dilutive way, which is yet to happen.

They've bought some equipment.

Is it as simple as financing will unlock this hole project? The initial production to then finance the deeper metals.

Why hasn't the financing happened if it is as 'simple' as that?

It's the 'algorithm' on here - if your trade was above the mid price, it'll show as a buy and if it's below the mid price, it'll show as a sell. Simples

About 65,000,000

Lots of big delayed trades coming through!

Apparently:

The full set of metal assays for holes CRD034, CRD035, CRD036, CRD037, and CRD038.

The full set of assays for holes CRD039 and CRD040 (and any subsequent holes) once they are completed, logged, sampled, and sent to the lab.

The tin assays for the initial hole CRD033.

Pre-production with the confidence checks MIGHT see 6-7p based on current NPV (that's a MCAP of ~£150,000,000, 50% of current NPV). The NPV could increase with the coming drills. Let's see what the Resource Estimate has to say.

And as production draws closer, and funding options announced, you might see the MCAP increase further.

It's all about confidence checks - location, IRR, payoff, funding etc.

Maybe compared to many AIM exploration companies, who often have billions of shares in issue?

I keep coming back to the confidence checks when it comes to exploration companies:

Jurisdiction

Funding

NPV

IRR

Payoff time

It looks like SML have all of these, and they may only improve.

@Gulu? We'd all love 10p sharp. And 20p longer term!

But 10p would give a MCAP that's 80% of the current NPV? Isn't that high (for now)?

This could be a perfect recipe for a multi-bagger from here;

Tungsten (critical + price increasing) + Copper + Tin

Excellent grades in the last drill.

Massively increased NPV.

More results to come. That NPV could increase.

UK = safe jurisdiction (site is in a MSA, which could be positive).

LC sale.

Grades + confidence could see the MCAP increased to a higher proportion of NPV as the resource is sured up, licenses given and funding route assured.

As per a post earlier, Redmoor is in a Mineral Safeguardin Area. The following from Gemini:

What a Mineral Safeguarding Area Means

Protection of Resources: The designation means that Cornwall Council must consider the presence of the significant mineral resource (Tungsten, Tin, Copper) when evaluating planning applications for non-mineral development in that area.

Preventing Sterilisation: The primary goal of an MSA is to prevent the "sterilisation" of the mineral resource—meaning it prevents development (like housing or large infrastructure) that would make future extraction of the minerals physically or economically impossible.

Planning Weight: This designation carries weight in the planning balance, acknowledging the national need for strategic and critical minerals like tungsten, which may ultimately influence decisions over local designations like Areas of Landscape Value (which the site is also within).

And GMET, just like EEE (and SML), are not producing.

If SML can increase the resource size and grade further, then surely the SP should explode here. A big few months incoming.

As said below, DYOR.

A nice consistent steady rise would be nice.

The NPV should increase as the drills come in. And the confidence with location and future funding should see the SP re-rate towards a MCAP that is a good fraction of the NPV.

Fingers crossed.

And EEE aren't yet producing as far as I remember. This could re-rate!!

With a good estimate of resources and clear path to producing (financing etc.), then the SP could re-rate towards NPV before production?

So an NPV of $400 million (~£300 million). Payback in about a year.

And this is based on previous drill results?

More drill results to come?

Potential funding from LC sale?

In the UK. Critical metals.

This all adds to the confidence.

Surely the MCAP rerates massively as (positive) drills come in?!?!? Confidence must be high based on world stage, UK-based, potentially funded, critical metals etc.

10 million delayed trade

And only 123 million shares in issue means that if the price starts moving North, it'll be tough to get in.