Member Info for MB11

At £240m the net profit this year is expected at $49m and next year at $99m

Very low price to earnings ratio for Serabi, trading on a low single digit

Https://www.miningsee.eu/zinnwald-lithium-emerges-as-a-benchmark-for-state-backed-lithium-projects-in-europe/

Very good point

The AISC here is so low the profit is substantial and returns / growth potential

Margin per ounce of $5,000 - AISC $1,100 = $3,900/oz

Annual operating margin a positive free cashflow of $312 million

At $5,000 gold and using the 2026 guidance midpoint of 80,000 ounces you would be looking at $400 million in revenue.

Hence why this is really undervalued.

Added Thor Exp to the ISA pot. Thor is simnifically undervalued as it stands with and with fantastic upside to come. Thor trades at a very low P/E ratio of around 4.8x and this is despite having a 223% earning per share growth.

Government Support & Funding: In late 2025, the German Federal Government confirmed its support for the project under the Temporary Crisis and Transition Framework (TCTF). Formalization of any grants or strategic investment from German or EU bodies in 2026 would serve as a major valuation uplift.

Strategic Partnerships: AMG Advanced Metallurgical Group currently holds a 25% stake in the company. Potential expansion of this partnership, or new off-take agreements with European automotive/battery manufacturers, remains a significant catalyst.

Lithium Market Recovery: Analyst consensus suggests the lithium market may move from oversupply back to a balanced state by late 2026. A recovery in lithium hydroxide spot prices would directly impact the perceived value of Zinnwald's 40-year mine life

Excellent coverage on MTL X account

"Take a look at how far construction progressed at our La India #gold project during Q2 and Q3 2025. Footage highlights on-site developments during August, September, and October - stay tuned for further updates!"

With the La India Project ahead of schedule and starting production in Q4, many will be jostling for positions as we get closer.

This could be from £2m at least a x 5 multiple by 2026 end under the new CEO if he plays it right.

In post next week.

Tungsten could well be the BiG blue sky move for us.

I am sure the new CEO will be onto this.

"aligned with the U.S. 'America First Metals' strategy to strengthen domestic supply chains. This includes our strategic tungsten targets, where we expect to receive results shortly from trench sampling following previously identified anomalous soil results."

The only elephant in the room holding us back at the moment is the 2026 programme funding a necessary evil unfortunately.

Does this come before the CEO starts to give him a good base for momentum or after he is in position and then with his detailed work stream. He has been involved via a consulting role so will be very familiar with the assets and probably influencing work streams now.

Added some stock in Great Western Mining as the new CEO is set to take this forward. Never been a better time to invest.

There is very good and diversified portfolio here and importantly in Nevada’s prolific Walker Lane Belt, with 100% owned projects focused on copper, gold, silver, and tungsten, these are strategic metals for clean energy transition and U.S. critical mineral security.

GL ALL

for me the sp should be 5p on wressle alone a fantastic licence hopefully targeting the *****tone flags which holds significant contingent resources, estimated at around 1.5 million barrels of oil equivalent plus gas.

Going to see what comes in this RNS on portfolio review which is due this month, at 4m very little priced in at the moment.

Union Jack Oil names new board members

https://www.proactiveinvestors.com.au/companies/news/1085473/union-jack-oil-names-new-board-members-1085473.html

The share price has rallied today and with its portfolio loaded with high quality revenue generating assets such as Wressle in the UK, as well as the good quality prospect in Oklahoma in the USA not to mention the potential elsewhere in the UK such as West Newton the shares look significantly undervalued, investors should be happy with todays news.

RNS due this month, hopefully a base to build on from the current 3m market cap.

"A comprehensive review of all of Union Jack's projects in the UK and USA will be issued in January 2026."

High impact 2026 coming up for FDR, a very exciting prospect in a very safe jurisdiction.