RE: New Analyst Notes25 Feb 2026 16:00
SUMMARY....
Once again Redmoor provides further proof of its continuity, grade and consistent nature. It is, in our view, one of the highest grade tungsten resources globally and a deposit which is not yet fully defined in extent – along strike or at depth. We also expect the resource to grow from some of the veins outside of the defined SVS which may be thick and continuous enough to trace along strike and depth and create additional exploration upside. We can’t yet determine by how much the resource will grow after the new drill data is combined into the updated MRE, and the tungsten price used will be all important, but we do expect an increase in resource size (Mt) and contained tungsten. We are, however, optimistic that future PFS drilling will further expand the resource. We continue to see fair value at 4.8p (XXXX note 28.01.2026)