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Propinquity

It is quite eye opening when you do a little digging, I knew tungsten was an essential metal for the west but I did not realise it is the highest supply risk out of the metals! Scary stuff but also very good for those invested in tungsten.

Also I would add a lot of these global players to talk about value in jurisdictions Brazil, Tajikistan etc but you do not get a safer jurisdiction than the UK. They can buy us out for $500million if they want a near term producer to add to their portfolio. 😆

Dobrewotnot

I just listened, mouth watering stuff.

What really hit home is when he said antimony got export restrictions 6 months before tungsten, if you want to be blown away look at antimony price over the last few years.

If tungsten follows antimony then all bets are off, $1500-$2000 / mtu? There are just a few tungsten mines outside of China.

Thankyou!

Still working in this weather, fantastic stuff.

Bluegrass TUN £100million+ market cap is the valuation on the fully diluted loan notes issued.

Tungsten price into new highs $705/mtu!!!

Yes tungstenman I do not think market has correlated that good news for TUN is good news for SML.

Also any shareprice increase at TUN will continue to demonstrate how cheap SML is. Actually looked closer at the numbers this morning TUN is around £200million at their recent high of 18p fully diluted loan notes, SML £35-40million.

Think fully diluted market cap TUN 18p was £140-150million think around 11-12p it is still over £100million.

TUN up 20% this morning, makes us look even cheaper.

Yes george spot on TUN has a great asset just been poorly run. Hopefully they get that financing that was RNSed a while back a lot of worry around that for TUN.

That is why a new board and leadership has been great for SML, and having the lowest market cap always helps.

Good news out at TUN, that is what is all about. Bodes well for us being so close.

“The progress we are making in this processing trial is an important milestone in restarting operations at Hemerdon and provides confidence to our neighbours”

Worth reminding TUN is closer to £100million market cap once fully diluted.

Some patience is all that is needed, hold onto your golden tickets!

· All 3 drill holes intersected the logged full thickness of the Redmoor sheeted vein system, with veining and visible mineralisation consistent with the high-grade Redmoor deposit, with some drill holes extending beyond their planned depth following the intersection of additional mineralisation.

· New metallurgical studies are underway to test ore sorting amenability, and ore processing flow sheet design, aimed at updating and improving metal recoverability assumptions and process economics ahead of the forthcoming mineral resource estimate ("MRE") update expected in Q1 2026.

Note *1: Tin assays are outstanding from the laboratory pending further check sample and ore grade analysis

Tungsten is over 700 mtu now was low 600s a few weeks ago. Crazy moves.

UK government have to get these projects asap or they will be paying 1000 mtu soon.

We have been here before share price starts to settle and derampers arrive.

Just look at tungsten price overnight and you will be sitting easy. They can only hold it back so long, so much news due before year end.

Everyone wants a straightline northwards but I am fine with the pullbacks. Comparing valuation to other global assets is just an easy way to put a figure on this.

For those that do not own tungsten stocks into 2026 they may regret that decision soon.

Ramps for only 40% and then deramps to try to get back in, what a crappy way to make money.

For long termers hope bonanza grades drop and lock out the traders on the sidelines.

Aimtodeath feels like you now have agenda, GMET was one example out of a large pool of companies based on all of these companies SML is significantly undervalued.

As to NPV $400million value that is based on a previous drill campaign and maiden resource so very much a real figure, actually much higher than $400million NPV as tungsten is up another 15% over last few weeks.

Yes true aimtodeath hard to gauge exact value as every resource is different but you can look at multiple globally listed companies with lower grades and they are valued significantly higher.

And makes sense why they are valued so high tungsten is up 200-300% in the last 5 years.

Yea I agree aimtodeath.

I do not know if you were talking to me specifically but I think £100million is actually quite cheap, take GMET for example £200million market cap on lower grades.

Of course all drill result dependent and will not happen overnight.

Do not think you need a crystal ball it is all there in the RNS as to what is coming.

· All 3 drill holes intersected the logged full thickness of the Redmoor sheeted vein system, with veining and visible mineralisation consistent with the high-grade Redmoor deposit, with some drill holes extending beyond their planned depth following the intersection of additional mineralisation.

· New metallurgical studies are underway to test ore sorting amenability, and ore processing flow sheet design, aimed at updating and improving metal recoverability assumptions and process economics ahead of the forthcoming mineral resource estimate ("MRE") update expected in Q1 2026.

Note *1: Tin assays are outstanding from the laboratory pending further check sample and ore grade analysis

Once in a generation tungsten move, the rise in tungsten has yet to really reflect in shareprice.

Probably once next drill results confirm the continuation of the resource and not just luck, then moves towards £100million market cap.

Large background buyer it looks like.

Market makers will try to hold it back but news can land anyday.