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I meant I know it’s not only for SML.

Brad, Inknow it’s not for SML - I never stated that,

Anyway, I’ll let SML’s results do the talking from now on.

Both companies have their merits, and SML”s valuation will continue its climb north as the good-news RNSes our between now, the PFS, and the new drilling in its Duchy exploration area.

Besides, SML will have to be confident that Tun can consistently operate its facilities before committing itself to any venture; therefore, on that basis, nothing on that topic to pursue until the end of this year - at the earliest.

Stevie, My head hurts from all the different metrics I’ve been inputting to calculate various MRE valuations; and, now, it’s compounded further by options on whether we proceed with the mine, truck, or merge.

Valii, An enjoyable discussion; however, I strongly believe that SML will maximise its value up to PFS before considering any form of tie-up - other options exist for them other than Tun West, which the PFS will reveal, and by which time we’ll be comfortably in double-figures.

Stevie. Thank you - I forgot about that part. Anyway, I shall repeat myself: if anyone thinks that our BoD will let SML sell or merge while its grossly undervalued - probably by a few hundred million, in the worst case - then you would have to scrutinise our resources, our high grades of in-demand metals, our vast Duchy licence still to explore, and the clear, undiluted path to PFS - and that we generate profit from Cobre to cover our operational costs, incoming cash from Leigh Creek along with a 19% stake in the ASX-listed entity, making us entirely debt-free; we are not desperate for cash like the majority of other junior explorers are.

Brad,I was not at all referring to the funds for the 2025 drilling programme - rather, I was referring to the 50 million fund setup by the UK govt last year.

Let's continue the discussion after SML releases its MRE, PEA, and PFS - it will blow a hole in Tun West: grades are king with tungsten. You will find that SML will be into double-figures by Easter weekend.

I will maintain my stance that SML remains the more-valuable of the two, for the reasons I have mentioned in my previous posts. But, yes, a partnership of some sort will materialise over the next year when their market-caps better reflect their true worth.

Valii, Compelling calculations, indeed. And, straight away, it's distinctly obvious how undervalued SML's market-cap even on a conservative P/NAV based on today's prices applied to the 2020 P/NAV - the forthcoming MRE and PEA will put Tun West's NPV in the shade.

Nonetheless, minimal value gained from combining the two entities at their current valuations - and SML will under no circumstances entertain any merger or takeover below 500 million: its assets contain resources with far-greater economic benefits than Tun's: many investors forget our Duchy exploration licence to explore another sixty sq. km.

Https://www.mining.com/web/china-pulls-silver-from-global-markets-to-meet-surging-demand/

Valii, Of course, if Tun’s reaping a few hundred million in revenue from next year, then the financial means change in its favour for SML.

I would expect a takeover offer by Tun for SML would have to be at a minimum £500 million, accounting for the now-expected multi-billion NPV8; I cannot envisage TUN with the financial means to bag SML - a merger, however, will be more likely as they both move in lockstep to more-realistic market-valuations.

Brilliant - thanks for the reminder.

Brad, I understand your fabulous kitchen metaphor; however, in my humble opinion, SML’s grades, polymetallic offering, and the as-yet-unexplored Duchy land contribute to its superiority - the £120 million CAPEX wall will not be a problem when its resources are already worth billions; folks are overemphasising its setup costs - they will be small in relation to the overall value of the resources, and they will unlikely find it difficult to raise, especially when the UK govt has funds assigned for expediting Cornish mining,

Valii, Was it you who posted about Redmoor’s designation as nationally strategically significant?

SML will give a larger multi-bagger than Tun West at their current prices.

More likely it will happen after Tun West is in production and SML’s between its PFS and DFS: at present, they both remain significantly undervalued.

Brad, Hear, hear.

In Trump’s voice: ‘China, China, China…’

https://www.economist.com/science-and-technology/2026/03/18/china-is-a-serious-contender-in-the-race-for-fusion-energy

The points remain valid for debate - the only disputable one is the combined NPV of 2 billion: SML’s 2020 scoping study’s NPV8 is probably worth that on its own at today’s prices.

Brad, Interesting post - SML’s NPV8 in the upcoming MRE and PEA will be more on its own than the combined NPV of 2.2 billion that you have just quoted: SML’s 2020 scoping study, using today’s prices, an 85.8% WO3 recovery-rate, 11.7Mt resource, and the now-recoverable silver push it close to a couple of billion.

And we now know, from the 2025 drilling programme, both the resource-size and the grades have substantially increased, not to mention the newly-discovered, separate ore-body of the North Tin Zone - we’ll know over the next few days how many billions the updated NPV8 will be worth.