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1p is definitely not fair value as a starting-point - a minimum of 1.9p would be your fair starter for ten,

Was that 12.45k transaction at 08.40 a buy or a sell?

Note that from January 2027, the USA military will be banned from buying mined tungsten from adversarial countries such as China, Iran and others - https://carboncredits.com/u-s-tungsten-revival-rising-demand-tight-supply-and-top-stocks-to-watch-in-2025/

Two 12k-ish buys in the afternoon.

My list of the upcoming, positive events from now until the end of the year (as close to their order of release as I can infer from both publicly available information and the dates of the historical RNSes) - along with rough share price at time of release:

Interim results (by the end of September) - released Sept 30th, with share price of 0.375

Q3 Cobre results (mid-October)

Redmoor’s reassayed results from historical drill cores

Redmoor’s results from pad 1 of the current drilling programme

Progress on Leigh Creek’s flotation on ASX

Redmoor’s results from pad 2

Funding update on Tun West’s Hermedon tungsten operation

And Q1 2026

Redmoor’s results from pad 3

Redmoor’s Updated MRE

Around mid-October, so probably next week,

But the full payment for the call option was received on June 18th, so the six-month period would have started from then.

Ontarget. I side with you in that I feel the deal will be competed earlier than mid-December, for two main reasons - one, Axis Mining would have performed administrative due diligence on its proposed Leigh Creek ASX listing well before the non-binding heads of agreement, announced in April; and two, it would want to rapidly take advantage of selling copper into its rising price.

Nonetheless, for those with a curious disposition for upcoming ASX listings, click on this link - https://www.asx.com.au/listings/upcoming-floats-and-listings

And I thought they had six months to finalise the whole deal.

Tin marching on to $40,000 a ton.

Copper to $11,000 a ton.

And tungsten - perhaps parabolic.

Takes about six weeks for the results from the lab.

I’m already heavy in here, Slurm.

We know the drilling-results will be good, for which the market remains at the amber traffic-lights, with foot hovering over the accelerator - and with the imminent broadcast of the next couple of RNSes , this price will fade into irrelevance in the rear-view mirror.

It’s coming…

Another two years before this company makes any money - and Lamming instils no confidence in the way he scribes his updates; yet again he fails to reveal how much Keras received from Togo - treat the BoD and this company with a strong suspicion before investing in this one,

With the results of the new cores and reassayed historical cores potentially moving us to the one with the world’s highest-grade tungsten.

One of the most bullish RNSes ever published by SML - but this time with a concrete foundation instead of planks on stilts from some of JP’s (metaphor includes all previous BoD, too) previous bullish ones; and still the market reacts with a flicker of insouciance on positive, value-enhancing progress on all three projects - the ever-productive revenue generator that is Cobre; the BoD’s unalloyed optimism on enlarging the resource and economics of Redmoor; and the bonus cash-injection from Leigh Creek - any other AIM mining company that largely self-funds both its operations and its projects, with the now-realistic expectation of a large multi-bagger?

Looking forward to it, Tungstenman.

Part 2:

Key challenges and considerations

Dilution and recovery: The biggest challenge in narrow-vein mining is minimizing the amount of non-ore rock (dilution) that is mined along with the ore. This is crucial for maintaining the average grade and profitability of the operation. Advanced mining techniques and precise grade control are used to combat this.

Geotechnical risks: The parallel fractures that define a sheeted vein system can create unstable ground conditions. High rock stresses, fractured rock, and faults can complicate mine design and create safety hazards, especially for underground operations.

High costs: Underground mining, which is often required for deeper sheeted vein systems, is expensive. The profitability of the operation is therefore highly sensitive to factors such as ore grade, commodity prices, and overall operational costs.

Variability of mineralization: The quality and concentration of mineralization can vary significantly across a deposit. Comprehensive and accurate geological modeling and sampling are needed to create a realistic and profitable mine plan.

Metallurgical challenges: The mineralogy of vein systems can be complex, requiring specialized and representative metallurgical test work to ensure a high recovery rate during processing. Poor testing can lead to underperformance.

Examples of successful sheeted vein mining

Redmoor, Cornwall: An inferred mineral resource estimate of 11.7 Mt of tin equivalent was developed within the Redmoor sheeted vein system, with high-grade zones of tungsten, tin, and copper.

Cadia, Australia: The Cadia deposit in New South Wales features impressive sheeted vein arrays that have been successfully mined.

Kalgoorlie, Australia: The Super Pit in Kalgoorlie, Western Australia, includes a major sheeted vein array.

Running a Google search on ‘is a sheeted vein system good for mining’ yields the following AI response - Redmoor’s getting noticed:

AI Overview

Mining a sheeted vein system can be highly profitable, but its success depends on several key factors, including the grade of the ore, the density of the veins, the rock hardness, and the accessibility of the deposit. Sheeted veins are closely spaced, parallel fractures filled with mineral matter, which can contain valuable minerals like gold, silver, tin, or tungsten.

Potential for profitability

Significant mineral content: Multiple parallel veins within a single system can result in a large, aggregate mineral deposit, containing a substantial amount of valuable material. The Redmoor project, for example, defined a substantial mineral resource within its sheeted vein system.

High-grade zones: While individual veins can be narrow, sheeted vein systems often contain localized high-grade zones. When these zones are concentrated, they can be highly economical to mine, especially with selective mining techniques.

Bulk mining potential: If the veins are densely packed, or if the mineralized rock between the veins is also of value, the entire rock mass can sometimes be mined using larger, more cost-effective bulk mining methods.

Established mining practices: The mining industry has a long history of successfully extracting minerals from vein systems, especially mesothermal veins known for their depth and size. Modern technology has improved the accuracy and efficiency of these operations.

I hope he’s not looking to take us out on the cheap.