Member Info for PaulFG

@reserved I don't think there's going to be much that can better the largest rutile deposit on the planet and one that has been stamped approved by the Japanese.

I'm not too familiar with the grades/quality of what EEE are claiming to be the largest Titanium deposit in the world but I doubt they can beat what SVML have when it comes to quality.

I think RIO have tried to sell the titanium business before so it feels like something they just don't want to be in. Not sure EEE would have figured that much in their thinking, but I don't know.

I know I've said it before but I would not be surprised if we saw a Japanese approach for this business, especially given the recent $7bn infrastructure commitment.

what's your thinking?

The only reason I can think of for the current sp weakness is the uncertainty hanging over the RIO situation.

I think SVML mgt need to think of something to get ahead of this. Perhaps discussions are ongoing between RIO & SVML but I don't want us passively waiting around, victim-like, as that's not going to help the SP at all.

This is all based on my assumption that RIO are not going advance the project as operator given their clear desire to exit the Titanium business.

We have a MAJOR value inflection point coming up with the DFS and I don't want to see that wasted.

Couldn't resist taking another chunk today sub-3p. But I'm probably now at my investment limit. Can't help but think, as long as the drill results are good, this will rerate substantially. I will not be surprised to see comments aligning it to the OMI situation this year, with their consistent drill results and stellar SP performance.

Also I don't know whether it's my YouTube feed or not, but I've found myself watching a lot of recent podcasts from companies with copper activities in Chile - but one thing I've noticed is that operations mostly seem to be high in the Andes.

This is something I know Sam has mentioned many times about our location being much closer to the sea at lower altitudes. Should drill results continue to be as good as previously all these factors will come into play in the rerate.

"- A 1.5%4 net smelter royalty over the Tempiute Tungsten Project and a 2% GRR over the Pilot Mountain Tungsten Project, both located in Nevada, US, and operated by Guardian Metal Resources Plc ("GMET") as its co-flagship projects.

o The Tempiute/Emerson mine was previously one of the largest tungsten mines in the USA until the Chinese flood of tungsten supply in the 1980s. The Tempiute project draws on the historic high-grade resource, significant in-place operational infrastructure, as well as substantial resource upside from an under-explored land position that has been materially expanded since GMET optioned the project. All of these leases are covered by Apex's royalty;

o The Pilot Mountain tungsten project is considered to be one of the largest undeveloped tungsten projects in the USA and is currently undertaking a pre-feasibility study that includes a drilling campaign to increase the existing Mineral Resource of 12.5mt at 0.27% WO3. The Pilot Mountain tenement package is considered highly prospective with the potential for both an increase in scale, as well as potential co-products such as silver, copper and zinc. Earlier in 2025, GMET was awarded a US$6.2 million US Department of Defense grant to progress Pilot Mountain towards construction."

I don't know whether anyone notice the paragraph in todays PWO RNS:

https://www.lse.co.uk/rns/POW/acquisition-of-strategic-stake-in-apex-royalties-41clahucd6wqpnp.html

"Pursuant to the Subscription Agreement, Power Metal is making an investment of £4.0 million in cash (approximately US$5.3 million) into Apex, alongside other investors, as part of a financing expected to raise gross proceeds in excess of US$10.0 million (the "Apex Fundraising"), valuing Apex on a pre-new money basis at approximately £24.0 million (approximately US$32.0 million). The proceeds of the Apex Fundraising will be used to finance part of the consideration for the acquisition of a royalty over the Pilot Mountain tungsten project, complete an option payment on a royalty over the Wuudagu Bauxite project, and provide additional working capital for future royalty acquisitions.2

Have I missed something? Has anyone seen this mentioned anywhere before by the GMET team?

Good point @SS

But the point better made, is if Gillespie proves to have the same characteristics as RV believes it to be multiples of Boland. We already know it's also a contained aquifer, we just need analysis on everything else - that's all!

Agree, good to see the warrant deadline put behind us - even if it's only a psychological drag (as I suspect) at this stage.

Whilst all these 'technical' updates are great for the converted here, as we can see the exponential impact in upcoming PFS & ultimately DFS, I think the general market do need to see MRE/JORC to get them excited.

SO I think COBR is going to continue to present a buying opportunity - on the REE side.

Once drilling kicks off in Manna Hill and results start flowing in, that could offer material changes as the general market understands stuff like grade & width in gold/copper far more easily.

I'm not sure that actual offers we're placed on the table for the company. If that was the case the Board has an obligation to present it to the shareholders. What probably happened is there was an approach to see if there was an interest to sell.

As investors look into the medium-long term market demands around copper - and I've seen numerous podcasts on this in the last few weeks especially since the copper price rise - investors will look to rotate into stocks that'll provide exposure there. The market here will be driven by the world electrification program, the demands of a dramatically increasing middle class especially in India/Africa, and the rise of African demographics which is just about the only region where the population is not in decline.

With the recent run up in GMET I have reduced my holding down to about 0.5% because, as I've voiced here previously, there's only so much exposure I want to Tungsten at the end of the day. Previously, GMET offered excellent exposure to copper/gold potential but with a clear de-emphasis on Garfield & Golconda, almost a discard, that exposure has been dramatically reduced, at least for the moment. They never even get a mention in any interviews and it's pretty clear nothing is being advanced in these prospects.

So I, probably like others here, have rotated some GMET investment into companies that'll provide that early stage undervalued exploration exposure.

I've no doubt the GMET SP will recover, simply because the Tungsten fundamentals look so good, but as Tungsten prices continue to rise I also expect increased awareness of other deposits & possibilities. The PFS will be very important to crystallise the opportunity here, as to how great it actually is, but I also note that it's rarely mentioned. I did note there were questions about it in the last Q&A of the last podcast, but again they were ignored.

Quick update from MR this morning:

https://www.youtube.com/watch?v=ahHolx61-VA

True LW, but I'm way over what I should have in here so I simply can't put any more in. Now looking at situations that'll start to look good in 2026.

It seems there still either exists a consistent seller here or the new buying isn't sufficiently strong to get us through the 7p with conviction. Obviously I expect that'll be a short term thing - I expect even the speculative buying will increase soon, but more importantly that sticky investment buying will start to land once we get the revised JORC which can't be that far away given the implication in the RNS that the other JORC-impacting drill results are expected to land very soon.

Meanwhile the World Bank has now lifted its ban on investment in Uganda with some $2bn flowing that way soon, all good for the macro jurisdictional risk: https://chimpreports.com/world-bank-injects-2-billion-to-power-ugandas-next-phase-of-development/

'Uganda is set to receive over $2 billion in new concessional financing from the World Bank over the next three financial years — a significant boost expected to accelerate the country’s development agenda across key sectors.'

Sounds like these results, with high grade zones, will add materially to the economics whilst the next set, probably within a week, will add substantially to the overall JORC.

"Laboratories have confirmed that Northern Syncline infill assays are being finalised, and results are expected shortly. This area hosts large-tonnage, moderate-grade mineralisation, ideal for long-term production feed and blending flexibility."

Interesting Copper macro view from Crux: https://www.youtube.com/watch?v=NUKUfwFRiuk

With a bit of luck we'll get the drill results before Christmas.

With a bit more luck they'll be as good as we all hope they might be, or have been in the past.

With some more luck we'll get highlighted in tip sheets for 2026 as an excellent early stage copper/silver play.

@Pricey, yes I noted that response too, but I didn't want to read too much into it.

Just seen the ARCM RNS where the Angle has exited the JV in Zamia because of lack of drilling in 2025.

Wondering if we might see something similar here with FQM - I mean can anyone remember the last time they drilled?

Boland is rapidly turning out to be unbelievable.

It'll be really exciting if Gillespie proves the same characteristics as Rupert believes that to be multiples of Boland.

If there is an entity accumulating there's only so far they can go without a reveal.

My gut tells me there's more than one person/entity. There is such a good story here you can imagine it catching quite a few slide-rulers.

Good point. I expect they'll announce the next drilling program for Beehive as soon as the DFS is out of the way, if not sooner.

Attended the podcast yesterday and I have to say I was not impressed with OF. The interviewer attempted on a number of occasions to get OF to justify his stance backing it up with geological evidence bur OF was back to his old form of repetitive long-winded macro talk. At one point when the interviewer pushed him as to why, given the geology, he believed a particular area was a good prospect OF answered because he'd been there. That bordered on arrogance.

Had i been a prospective new investor listening in I wouldn't have been impressed.

I know it's a mortal sin to criticise OF on here but honestly get some media training!