Member Info for Real_Adam-Smith

Fair point re-institutions & AIM, I was off base with that comment. My central thesis is that Tungsten prices will rise far above the current $400 per ton and that there are several Global Geopolitical and Monetary Drivers for this. China is one driver, US Currency debasement is another as is the urgent need for increased investment in European/UK investment in defence and low cost energy. I would not be surprised if Tungsten began to price like Coffee at which point these Tungsten reserves are worth a great deal more than $400 a ton. Remember, Buffett likes a defensible monopoly, also, whats the risk of losing money here? Whatever China does this is now a strategic military asset for UK, Europe and USA, it will get funded 100%.IMHO

Ran out of characters - Also, I think that assumptions on inflation rate used in IRR are likely low as are the assumptions on the US $ per ton for Tungsten - Also likely low, the trajectory of the Tungsten price rise since china banned exports would appear to indicate that prices are rising quickly which of course they are due to supply constraints. However with my macro hat on, what I think is also happening in parallel to the China supply constraints dynamic -Is that the USD is also falling relative to scarce commodities like gold for example and this is very likely continue in 2026 in my opinion. My 22 cents.

Full disclosure - I have a decent position in this company. I’m surprised that people are perhaps are not fully valuing this business for multiple reasons. Most reasons have already need stated but I think what people are missing are the inflation and currency debasement advantages of owning scarce commodities like this. Also, with Rachael Reeve’s mandating UK pension funds invest in UK companies, this ought to attract investment from pension funds wanting UK scarce commodity exposure other than precious metals. Finally, as an investment I can see limited downside here - its not like there is any substitute!