Member Info for Tungstenman

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

Tail wagging the dog. Sml board should execute a formal renunciation , keep the option cash paid this far and find a new partner. Dribbling around the goal mouth and forgetting to score a goal. Let’s hope that big seller last week wasn’t a Cuprum insider.

Not even a holding update despite the passing of the 31/5 deadline. Suggests Cuprum are in control here which isn’t good.

SML board have allowed this to go on too long IMO

Hope I’m wrong and it’s just poor communication from SML board. Either way it’s poor

Deadline was today so I would expect some kind of update tomorrow at 7am.

3 likely options -

1. Deal goes through as agreed - SML receive a further $1.7m cash and a 19.9% stake in a newly listed company on the ASX.

2. Cuprum fails to meet the deadline and SML board agrees to extend -

3. Cuprum fails to meet the deadline and SML board picks up the project and runs with it. SML has already banked a small % of the Option cash and is non refundable so we retain the cash received to date.

Option 1 and 3 are the best outcomes - option 2 is a poor result considering the length of time this has taken already.

My preference is option 3 as we can drive significant value from this Copper Asset and we now have the balance sheet to do it whereas 18 months ago we could not have considered.

Roll on tomorrow

Once they have cleared their holding the MM will just bring the price down that will allow them to start all over again. Boring

Organised trading gang for sure London

Baron and crew. His tweet is always followed by a big sell off. The guy is a trader not an investor. Baron Trump I think - lol

Hopefully this seller is done today.

7% spread to clear the seller at the offer price. Very large seller at work here.

Nothing to be concerned about, the open toe sandal brigade pop up when they see an opportunity to feel important. No drama TBH.

More importantly Leigh Creek deadline is Sunday so I’m expecting an update on Monday morning.

Ceasefire

Looks like crossfire is over. Demand for tungsten only gets stronger the longer this war goes on.

Since the outbreak of the war between the U.S. and Israel against Iran at the end of February, the pressure on the global tungsten supply has further intensified. The U.S. think tank Center for Strategic and International Studies warned last month that the current high-intensity military consumption could lead to recovery periods of several years for some key ammunition stockpiles of the U.S. military, implying that demand for critical raw materials like tungsten will remain high for the long term. According to data from the U.S. Geological Survey, the U.S. needs to import over 6,000 metric tons of processed tungsten products annually. Notably, commercial tungsten mining in the U.S. has been almost stagnant since 2015, and the related industrial chain has shrunk for years, resulting in a heavy dependence on overseas supply and recycling systems. Now, with the surge in global military demand, the U.S. is accelerating the reconstruction of its tungsten supply chain within domestic and allied networks.

Incredibly exciting period coming up for sure. I would be amazed if we can step back into Leigh Creek after Cuprum parting with the option cash. Let’s see

Cobre is an absolute Gem of a company - just keeps pumping cash on a daily basis. Redmoor asset now one of the best in the World. Leigh Creek disposal deadline 31st May- what’s the story there anyone?

Fair value 14.9p - we will get there.