Member Info for Tungstenman

Unfortunately our PR contracted has generated Zilch even after the MRE. Full takeover is best solution now.

Zeus note says 43p highly possible

Redmoor project is extremely robust. Even at low prices (i.e. back to where we were 9 months ago at $400/mtu) the project as modelled generates an NPV10 of $613m (5p of share value risked at 30%). If demand can’t be satisfied by new supply and the price remains high then at $2,000/mtu the project generates an NPV10 of $4,673m (43p of share value risked at 30%). The low case of $400/mtu produces an NPV10 nearly 5 times larger than that produced the 2020 Scoping Study. We expect the project to improve in size and scope throughout the period of its PFS and DFS. Redmoor still has secrets to give up in our view.

Just catching up on all the posts. Looks like there’s been havoc and drama created around planning concerns. Focus for this board needs to be on the Zeus fair value note and the enormous value to come out here. It’s up to the Board now to realise the value between 14.9p and 43p and they are suitably incentivised to do this.

Any bidders now know planning is all in situ for the foreseeable future. 43p (Zeus Note) here we come. 4p is just a nonsense. Put Leigh Creek to bed in July and we will be rocking.

Best SML RNS this century- this won’t be independent too much longer.

Leigh Creek needs to be executed now which will realise good value and eliminate management time thus enabling management to realise the full value (43p) from our Cornwall asset. Leigh Creek gone on too long now IMO

Redmoor project is extremely robust. Even at low prices (i.e. back to where we were 9 months ago at $400/mtu) the project as modelled generates an NPV10 of $613m (5p of share value risked at 30%). If demand can’t be satisfied by new supply and the price remains high then at $2,000/mtu the project generates an NPV10 of $4,673m (43p of share value risked at 30%). The low case of $400/mtu produces an NPV10 nearly 5 times larger than that produced the 2020 Scoping Study. We expect the project to improve in size and scope throughout the period of its PFS and DFS. Redmoor still has secrets to give up in our view.

Only 8 weeks to the next back stop. Let’s see if the lads can execute within this timeline.

Redmoor project is extremely robust. Even at low prices (i.e. back to where we were 9 months ago at $400/mtu) the project as modelled generates an NPV10 of $613m (5p of share value risked at 30%). If demand can’t be satisfied by new supply and the price remains high then at $2,000/mtu the project generates an NPV10 of $4,673m (43p of share value risked at 30%). The low case of $400/mtu produces an NPV10 nearly 5 times larger than that produced the 2020 Scoping Study. We expect the project to improve in size and scope throughout the period of its PFS and DFS. Redmoor still has secrets to give up in our view.

At last - beautiful deal this is for SML. Another $1.75m of cash and a 20% carry in the listed vehicle. Addresses a non core asset but gives us huge upside as well as giving management more time to realise the 43p value from Cornwall.

Unlikely

Let’s hope he backs up his appointment with some Director buying. Mark Burnett still hasn’t bought a single share yet either. Come on lads - show some faith in your ability.

Good update today. Moving the PFS forward is critical to next value creation.

As said in earlier posts, it’s up to the board now to realise this value.

Daltry I echo your frustrations on the PR but the fair value figures are too low IMO. It’s up to the board to demonstrate that value not the broker notes. To date the board haven’t done that - I would have de merged Cornwall into a separate listed vehicle which would have put a true value on Cornwall after all the IPO verifications. Let’s see the AGM statement tomorrow, hopefully they’ve got something to say other then issue recorded votes.

Hopefully some news flow momentum starts soon. I’m surprised our new NED hasn’t purchased any shares yet , must just be here for the fees. Having said that Mark Burnett hasn’t purchased a single share since joining the company but he’s scooped £4m profit in options. I personally like to see Directors purchasing stock and with a 14.9p fair value V’s a 4.6p price why wouldn’t they?

I think we’ve lost a bit of momentum here. PR has been poor TBH when you consider this is the second largest undeveloped Tungsten mine in the World. What a story but the Board can’t get any PR or mainstream articles about the business.

I added more yesterday at 4.5p as I can’t see past this asset with a 14.9p fair value. However, the Board need to demonstrate they can execute corporately as the move towards the next phase at Redmoor. Executing Leigh Creek transaction will go a long way to proving they can transact.

Past 4 weeks there’s been strong buying momentum. Is it the new Directors?

Yes a lot of stale holders to clear. Market will clear these sub 1p before taking this way up

Big recovery play here - potential is amazing

Daltry ,LCCM. it’s only worth 0.9p per share. Fair value currently 14.9p

£10m in bank and fully funded for the PFS. I would reiterate that post PFS we can command 50% of the NPV which will value Cornwall close to $750m which is roughly £600m or 23p and that’s based on a $1.5bn NPV from Zeus using $850 Tungsten price. Using a $1200 price which is still conservative a fair value is more like 46p. Zeus extract below suggesting 43p - “Utilising an updated tungsten price of \(\$2,000\)/mtu (which is significantly higher than the broker's \(\$850\)/mtu benchmark, yet roughly 36% below spot peaks), the project yields an estimated NPV of approximately \(\$4,673\text{m}\), translating to an upside share value of 43p”.

I’m pleased to see further investment in Cobre which is low hanging fruit to accelerate cash and profits. A masterstroke but an obvious one may I add.

Onto Leigh Creek , worth 0.9p per share so in the overall sum of the parts it’s pretty insignificant when you consider Cornwall could be worth 43-46p . However, we still have another $1.7m to collect and our free 19.9% carry could be liquidated up ahead generating significantly more for shareholders.

I reckon the Board are now out of a long close period following the release of the annual report and today’s update on LC. Zeus suggest a fair value of 14.9p so 300% upside as a min. Will Mark Burnett spend his first £ buying some shares in the company? Let’s see