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Afternoon Valuation,

Let’s hope that UKIB maintains its financing momentum on the huge potential of British mining in EV and tech metals - SML should not be too far behind.

Western governments will still delay - as they have been doing, for decades.

Trump may decide that under a US takeover that the UK will become a big, beautiful resort island.

Similar funding trajectory for SML, perhaps?

Valuation, Great news from CUSN that should elicit in SML interest from a broader range of investors - as Mark Burnett mentioned in the latest RNS: ‘scaling the story’.

Mark Burnett states in the RNS that the company is rationalising the portfolio - and scaling the story; an investor’s inference therefore may well be that the share-price should similarly scale upwards.

A strong cash-generating business, projects with strategically critical minerals to the Western world, and no debt - a rarity of a company in AIM, where some of SML’s indebted, cash-raising peers still remain multiples above its market-value; only a matter of time before this breaks 0.5p - and some.

Dave Reeves is Keras’s third-largest shareholder, with about 12% of the shares,

How convenient - a vacant position now ready for Dave Reeves.

Diggit, it feels as though Keras suffers from its association with Calidus’s con merchant Dave - this company’s BoD has to be absolutely transparent in its strategy, its viability, and its path to profitability if it wants to increase value - and the market’s interest; at present, their comms provoke more questions - and concerns - than answers; not too dissimilar to Calidus’s modus operandi.

I think you are right - it may have been from around the heady days of TWIS.

That would give a market-valuation of about £180 million - hmmm…

Sounds like a video-game character.

Trout, Thanks for clarifying that.

Previous Q4 update was on Feb 8th 2024.

Do you think we’ll receive grants from Biden’s IRA policy, with the UK classified as a home producer of critical minerals for the US? Or, will Trump cancel the IRA, prolonging SML’s search for funding Redmoor?

Anytime between now and the first week of February.

The name that prompts caution with Keras: Calidus - whose capitulation after duping investors into capital raises for ensuring a profitable future tells a salutary story to current and would-be investors in Keras: completely distrust this company’s board on a bright future and paying down debts - until tangible signs of commercial progress and no major debt to third parties materialise.

Interesting that Pete Wale is not attending that conference, especially since he’s the departmental head of that part of the company.