Member Info for Stevie02

I’m guessing we will see a sharp rise in the SP between now and Thursday. Better top up quick.

One option to transport ore is by rail. I have experience of working in quarrying (aggregates) and with a number of locations that transported by rail. There are a few rail lines nearby to Redmoor. Closest is 4 miles I think. Whether that is an option for goods travel I don’t know but hey you never know and not impossible in my opinion.

I agree Propinquity. My further question (I am not being negative here) is that TUN to my knowledge bought the Hemerdon site including plant. They are aiming to go into production at the end of 2026 having modified the plant. But is the plant really good enough to realise the full potential of the SML deposit? Not just tungsten but very high grade tungsten plus copper, tin and silver? Or should SML go into an agreement with somebody and build an all singing all dancing plant that maximises its return on assets including Duchy deposits yet to be discovered?

In my opinion, the logistics of hauling ore to Hemerdon are not good either. I live in the general area and the roads are not good. There may be resistance from locals to hundreds of additional vehicle movements. I don’t think the obstacles are purely planning related. That said, if it is a nationally significant resource then I’m sure that will be a primary consideration.

Majority of my holding was bought at 0.79p in October 2025. At this rate double digits dont sound unreasonable.

Somebody posted on here recently that who ever guesses the SP just before MRE (or closest) then everybody has to buy that person a virtual pint. I guessed 6.9p. I’m getting thirstier by the hour……. :)

So an unknown investor buys £4.7m shares in SML at 3.5p. Shares are now worth 5.0p so he/she has made £2m in the last few days. This world can be so so cruel sometimes :)

I even invested £1k in SML at the end of January for this years holiday spending money. Over £700 up so far. At this rate it will pay for next years holiday too :)

Drilling is a specialist niche service that is typically contracted out. For a relatively high capital cost (rigs and transport) plus a need for competent and skilled operators it wouldn’t be the ideal situation for SML to do it themselves. It’s a short term thing at this stage…..unless they explore more and more Duchy land of course ;)

And me

Is there a prize for the highest guess? If so I’m going to say 20p :)

On the subject of the MRE release date I’m sure an indication will be given a day or two before the RNS is released by a a sharp increase in the SP. There always seems to be a ‘leak’ on good news.

26th and 6.9p

Thanks Dobre, yeh I hear you.

Looking to make significant increase (for me!) early next week then a few bits and pieces nearer the end of March.

Many thanks for your input.

Given that the MRE is due by the end of Q1 and the majority of RNS postings are on a Thursday I’m thinking that this will be 26th March. So I need to maximise my holding by no later than 25th March. Anybody have any different views?

Propinquity, an interesting article. You probably know this anyway but here in the UK virgin aggregates are subject to an aggregates tax (environmental tax). This is currently £2.03 per tonne. So ‘waste’ aggregates from a tungsten operation would not be subject to this tax giving a commercial advantage in the marketplace.

I worked in quarrying for 29 years processing aggregates so don’t know much about metallic ore processing. I thought this may be useful:

Processing metallic ores (tungsten, copper, tin, silver) differs significantly from aggregate processing (sand, gravel, crushed stone) in complexity, purpose, and intensity. While aggregates are primarily processed through physical, mechanical means—crushing, screening, and washing to reach specific sizes—metallic ores undergo rigorous beneficiation (liberation), chemical treatment, and extraction to isolate valuable, low-concentration elements from waste rock (gangue).

The key for me is not only the complexity of processing as above but the location of processing. If this is not on site then the haulage costs could be huge. In my opinion, the best option is a buy out for current shareholders.

Tungstenman, I agree we have the best management team at SML……but if a partnership was possible with TUN would we think the same about the management of TUN regarding their ability to address some of the points I have raised? That’s the biggest question of all regarding a partnership in my opinion.

My Part 2

Further questions:

7 The cost of road haulage from Redmoor to Hemerdon would also have to take into account Tamar Bridge toll fees. A relatively low cost but could be significant with potentially thousands of crossings?

8 Will Plymouth council allow thousands of additional vehicles transporting raw feed to Hemerdon?

9 Will there be local resistance to these extra vehicle movements (there is already local resistance in Press regarding the Hemerdon mine as it stands as it is located on edge of Dartmoor national park)?

That’s it for now.

Yes that is interesting.

My questions about the Hemerdon plant would be:

1 Does it have the required capacity?

2 What would be the cost of using the TUN plant?

4 Could recoverability be increased and at what cost?

4 What would the haulage costs be?

5 Could the plant recover Tin, Copper & even Silver?

6 If 5 is a no how much would it cost to modify and timescales?

I guess there are more questions particularly as the size of the Redmoor deposit hasn’t been released yet but imminent.

Hoppa, I’m 100% in the latter too and will not only be holding but buying more as well.