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Right now the company is basically in holding mode waiting for permits. I'd like to see more shareholder engagement/more sophisticated marketing of the company, but having met the CEO he struck me as the steady type who isn't nearly as much of a promoter as some junior mining CEOs are. I think he's also confident that, given the MetalsX backing, the size of the resource, and the tin supply/demand outlook, he'll be able to get the financing when he needs it, so maybe he doesn't feel as much need to put on a song and a dance as some CEOs do.

At the end of the day, we just have to trust that with MetalsX having a 30% shareholding and representation on the board, we're on to a winner here. You'd assume they're confident around the resource, engineering, and permitting potential.

Good note from Zeus, but Exhibit 21 on page 18 highlights why people shouldn't be comparing other tungsten assets to GMET - GMET is horrifically overvalued per tonne of tungsten even when compared to producing tungsten assets like Almonty and EQ Resources. The disparity between other assets and GMET shows that GMET needs to come down, not that other assets need to rise.

The equipment finance package and potential $25m shareholder support is fantastic news, assuming the latter isn't on abusive terms. Really glad to hear that this is cracking on so well

Current movements just seem to be Trump/Iran related, exacerbated by the fact that this stock isn't very liquid. Think we just have to hols through this

Aren't the put options in AUD rather than USD though? So in USD terms they're still lower than spot. I may be wrong.

I think it's just existing large holders selling so they can convert their B shares into A shares without triggering statutory thresholds. Annoying in the short term but good in the long term I think.

If they have the information and it's material, they have to release it to the market. They don't get to hold it back until they're ready. I suspect it's just delayed.

Are you talking about the bit where he says "We await the MRE updated on the drilling so there's a little bit of uncertainty in there, but it's more about the scale of the upside"? Because of course there's uncertainty for any company which hasn't received an updated MRE, but there's nothing there to make me think it might be disappointing.

I don't think that's it, they've reported all the assay results which were fine, and they already have a good DFS using the previous MRE. I think this is just general market dumping due to Iran hitting a pretty illiquid stock.

I'm actually invested in both TW and SML, as well as a Canadian one called Fireweed. I'll think about what to do with SML once the updated MRE comes out. I'm just not a big fan of overly simplistic analysis, and especially comparisons to GMET which I actually think is pretty overvalued for where it's at currently.

Tungstenman, you are missing plenty of factors beyond grade which are just as important to value. Focussing on grade to the exclusion of these other factors and thinking that you can make a straightforward market cap comparison is, with respect, very silly indeed. These other factors include:

- Size of the resource

- Location of the resource

- Infrastructure nearby the resource/existing investment into infrastructure at the resource

- Depth and accessibility of the resource (and this is one area where SML is actually pretty weak compared to other tungsten projects)

- Size of investment necessary to bring the resource into production

- Progress of studies

- Permitting progress

- Time necessary to bring the resource into production

- Financing support

- Shareholder register

I'd be very surprised if the DFS includes anything to do with the monazite. They've had barely any time to work on it to a sufficient standard and without any formal resource declaration I'm not sure they're even allowed to include it in a DFS.

Yeah, maybe the wording could have been better but oh well. I was just at the Yellowstone event and spoke to the 1SN CEO a bit - he seems very sensible and down to earth, so I think we're in safe hands. Trying to work out what I should sell to top up here!

@JMUK26 that was announced to the market back in October, so it's not new news unfortunately.

It depends on how many buyers the news that TW has concretely raised £50m to help develop the mine draws in. I've thought about trying to day trade the SP over the next few days and I've decided to play it safe. At some point very soon big investors are going to start buying shares on the open market, which should send the price right up. At the present SP and taking into account shares to be issued, this company is worth almost half a billion pounds, which is FTSE 250 levela - not something major investors can ignore.

That SimplyWallStreet article is AI rubbish that thinks that, because our revenue and earnings have grown so quickly, it's because we have some odd corporate one-offs that may not be repeated in the future. It genuinely doesn't realise that revenue and earnings are up because of the increase in gold prices!

Very sensible post Longstr0ng - SML is high grade, but it is not the largest tungsten project in Europe or the second-largest in the world. Tungsten West has a bigger resource which, while lower grade, still contains more tungsten metal. I also agree that by the time SML comes online, mining costs will be significantly higher (cost inflation in mining has been crazy over the last five years thanks to covid and the war in Ukraine) and the price environment probably won't be as high as it is now. Tungsten is a small market and by the time SML is running Sangdong and Tungsten West will be at full production. To give some context, annual US tungsten consumption is about 10,000 tonnes, of which Sangdong and Tungsten West can supply about 60-70%. They'll have a downwards impact on prices for sure. I think SML will enter production, but the idea that it'll be 20p any time soon is just nonsense.

I don't think there's anything to be concerned about when the company has just raised tens of millions of pounds from institutional investors...

Yes, TUN is lower grade but I was responding to a comment saying "Biggest tungsten asset in Europe and 2nd largest in the world.". That's objectively wrong, no common sense needed. Fireweed and TUN dwarf Redmoor on both resources and contained tungsten, although Redmoor has better grades than TUN. Fireweed is the best of the lot, although it's SP hasn't run nearly as much.

Sorry but you've got this very wrong, in terms of size Redmoor is significantly behind Tungsten West in Europe and Fireweed in Canada - in terms of contained tungsten it's about one-sixth the size of both.