Member Info for pawgee

Great RNS this morning, confirming forward potential of project with non-dilutive loan, which secures cash-flow until long term financing put in place with Endeavour. Onwards up upwards

Just realised 7b = 7billion

Just my humble opinion, but wouldn’t want to be short on CUSN at the moment

Pleased that CUSN had posted on X that the new CEO starts work today. That should silence a few of the doubters. Onwards & upwards from here.

Oil majors also looking to diversify

Financial Times,

TotalEnergies considers foray into copper trading, top executive says

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Read the full article at:

https://on.ft.com/3BIxVZr

RT seem to be on a buying spree

Financial Times,

Rio Tinto in talks to buy Arcadium Lithium

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Read the full article at:

https://on.ft.com/3BKaqPJ

All the investment decisions we make are based on where to put our resources to get the best returns & VBR will be no different.

The PEA shows an excellent return & this is only likely to improve, so imho chances are high we’ll move towards production.

An interesting article in FT today posted below, IMHO, shows an interesting trend for the west to make up for the lost ground in taking back control of critical resources. Whist this article focused on rare earths, the tin resource in Cornwall is no different & will stop our reliance on China, Indonesia, Myanmar etc.

Financial Times,

Canada opens new critical minerals hub in push to end China’s dominance

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Ilya Gridneff in Toronto

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Read the full article at:

https://on.ft.com/47y66Pu

Vii - The easiest way for all serious investors in CUSN to register their ownership is to register on the CUSN Investor Hub, so no need to email Irene directly

Then:

Login to your InvestorHub account

Go to “account details” on the right

Then click “Investor Status” on the left and then you can add your holdings

Redkite1927 - many thanks for posting the news. You beat me to it!

CUSN hold 7,125,192 shares in CL and based on their last fund raise price of 20p, this equates to a book value of over £1.4 million, however I believe CUSN don't list this holding as an asset. It's now quite likely worth more than 20p/share & CL are also backed by a major industry heavy-weight in TechMet

Gingy - I don't think there will be a share dilution. One of the special resolutions submitted on 16 August to CH reports that CUSN are reducing their share capital by half to £13,579,605 & this amount will be credited to a reserve. As far as I'm aware capital reductions actually increase shareholder value. Time will tell why they've done this & with the new CEO starting shortly, I'm expecting some new positive announcements.

One of the documents is a Solvency Statement confirming that the directors of CUSN have no intention to wind up the company within 12 months and it is able to meet all its liabilities over the next 12 months.

I take this as encouraging news!!

IMHO, CUSN probably doesn't have sufficient cash to fund activities over the next 12 months, so therefore they are likely to be planning a capital/debt injection to move into the next stage of producing the feasibility study & making the decision to move towards production.

Vii

Would be interested on your thoughts on the significance of the documents filed on Companies House website between 16th & 22nd August . One of them is a shareholder security agreement between CUSN & OGR. Would this normally merit an RNS?

I note that Osisko has a 1.5% net smelter royalty agreement in place for South Crofty

That’s a different Richard Williams. Have a look at their exec team on the website

Vii - would be grateful for your thoughts on this.

Not sure if this is new news (cat out of the bag!), but opening summary of research note states

“ Work by Cornish Metals has expanded the resource base of the ‘Lower Mine’ area, which provides the bulk of the plant feed in a series of resource revisions expanding the contained tin content by over 80% since 2017 to ~80,700t of contained metal “

Multiplied by tin price at $US 35,000 this equals $2.8 billion.

I’m assuming contained tin is different to tin concentrate?

Joint CUSN broker SP Angel has today published a research note titled “ South Crofty’s PEA maps a path to production “ and has an updated valuation of 39p/share.

Log on to Angel website and it’s free to access- makes very very interesting reading.

Research notes are based on facts and empirical evidence and no ramping. I know Angel is CUSN’s broker, but they don’t embellish facts otherwise their reputation disappears for all their notes & if anything they’ll make statements on the cautious side.

All looks good to me at the moment. Mr Reed thinks so as well & has bumped his holding up to 33 million

GLA

Vii - Would be interested in your thoughts on the sale of this CUSN asset. IMHO possibly an astute move. Whilst to doesn't raise much cash (just C$1million), it allows to exploration and possible development of this asset to be advanced and payback to CUSN. CUSN could own up to 19.99% of the shares.

Northera Resources seem to be a very newly formed private Canadian company, so potentially a larger established operator is behind this. Until they list on TSX-V, we won't know who the major shareholders are but CUSN will have a sizeable holding.

Nickel King could be quite a large asset in terms of nickel production in North America.

From my own research.............

Largest (& only nickel mine in production in USA) is the Eagle Mine, owned by Lundin Mining has about 56,000 t contained Ni.

Largest Canadian mine (Raglan) produces around 20kT Ni per year .

Nickel King's infered/indicated resource is around 164,000 t contained Ni, so it is potentially up there in terms of scale.

A good move, but will be a long while before any potential payback.

Trunky - is this the article?

https://www.cornwalllive.com/news/cornwall-news/cornwall-planning-new-south-crofty-9316101

IMHO, 14 years mine life is just the tip of the iceberg. Once they start infill drilling and move to the newly discovered lodes (Wide Formation, Great Flat Lode & GFL Splay, etc) which are in close proximity to the existing indicated resource used in the PEA, the mine life will likely be extended dramatically. United Downs is also not that far away and may ultimately be linked, so there is a huge amount of Sn / Cu down there which hasn’t been taken into account.

IMHO - VBR are well ahead of the curve on this asset and as highlighted by Vii , should still have plenty of funding to develop out this mine, or get other mining industry players involved

I have no idea why the SP is on its knees, just doesn’t make sense when considered against all the positive evidence. Time will tell, but I’m prepared to play this one out to conclusion.

Interesting article in Financial Times,

Copper price to rocket to $40,000 a tonne, says top trader Andurand.

Price of copper and tin closely correlated, as good for CUSN & also plenty of copper present in shallower seams at South Crofty.

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Read the full article at:

https://on.ft.com/3yy4Z4W

Looks like the former CEO was given a financial settlement, so was pushed rather than jumped. Interesting.

Majority shareholder probably has other ideas in direction of CUSN possibly?

Vii

Interesting article in FT today along same lines as your post. Mainly mentioning copper, but tin very closely aligned

Financial Times,

Rush of fund manager interest drives metals prices to fresh highs

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Read the full article at:

https://on.ft.com/3wC6azU