Member Info for Tungstenman

Commercial activity continues to build, with increased sales engagement across mining, agricultural and industrial customers in the region. Newly branded lime bags are expected to support direct customer enquiries and improve brand visibility in regional markets.

Anyone think the MRE will drop this week?

Daltry - I agree with you wholeheartedly on this. Whoever is doing their PR needs a kick up the backside, conversely why has the board not emptied the PR agency? Are the board happy with the coverage this far !!!!!!!

Some of the drill results could easily have been wrapped up nicely into a Sunday article , especially the 22% grade which I believe has never been recorded anywhere in the World. It’s a great home grown story whereby jobs are going to be created and the Cornwall area could be revitalised beyond all recognition. Tungsten West have really promoted their asset brilliantly and it’s populated everywhere. The Board are doing a brilliant job but they need to get the PR kicked into shape.

No raise needed this time. Combination of sales and debt will get the recurring cashflow rolling

Sure fire winner in 2026

News on Weardale imminent

“We’re pleased to begin the engineering design for our demonstration plant, with the first quantities of battery-grade lithium carbonate expected in early 2026,” said Stewart Dickson, CEO, Weardale Lithium Limited. “The integrated KBR-Geolith offering positions us to confidently scale up on-site production, contributing over £1bn to the North East England economy. Recognized in the UK Government’s Critical Minerals Strategy, this project is pivotal to the UK’s transition to a net-zero economy.”

“We are happy to see our DLE Li-Capt technology implemented alongside KBR’s PureLi technology at the Weardale Lithium demonstration facility,” said Jean-Philippe Gibaud, President and Founder of Geolith SAS. “Our technology is recognized for its highly selective lithium extraction with low-carbon and low-water usage, making it a sustainable method for extracting lithium.”

The Price Response: When Supply Lags and Demand Surges

Decades of underinvestment outside of China have resulted in a historic lack of tier-one discoveries and immense lead times to bring new mines online.

Tungsten's price re-rating has reflected this reality. Ammonium Paratungstate (APT)—the global price benchmark—has surged roughly 500% over the last year. Breaking out of its historical US$300 per metric ton unit (mtu) average, it traded at approximately US$1,775 per mtu in early 2026.

This completely rewrites tungsten mining economics. Previous discoveries are now being re-targeted, capital investment has become relevant again, and these long-dormant projects are beginning to capture headlines.

While gold and silver continue to benefit from geopolitics and safe-haven demand, tungsten is experiencing its own supercycle in 2026. Prices for tungsten concentrates, APT, and powder have multiplied by up to 110 percent since the beginning of the year and are now testing record highs—driven by Chinese quotas, declining ore grades, and exploding high-tech demand.

Price Recovery Becomes a Rally: +500% in One Year

Tungsten prices have staged a breathtaking turnaround over the last 12 months. Concentrates are currently trading at around 22,000–24,000 USD/MTU (Metric Ton Unit (MTU), where 1 MTU = 10 kg of tungsten trioxide), APT is breaking the 450 USD mark, and powder prices are climbing to 55,000 USD/t—an increase of over 500 percent since the 2024 lows. Analysts are referring to the “rising-easily, falling-hardly” phenomenon: the metal climbs effortlessly but hardly retreats, as the supply gap has become structural.

As the global market leader (80 percent of production), China cut quotas by 6.5 percent in 2025, tightened export contingencies, and raised recycling quotas—while ore grades in mines are simultaneously declining. CICC forecasts a global deficit of 20,000 MTU by 2028, as demand explodes from defense, semiconductors, EV batteries, and AI data centers.

Geopolitics Intensifies Pressure: Iran Conflict as a Catalyst

The escalation in the Middle East—US/Israeli airstrikes against Iran—supports not only gold but also tungsten as a “NATO metal.” As a critical raw material for tank barrels, missiles, and high-performance tools, tungsten benefits directly from defense spending. Reports from March 1 indicate further price increases in Shanghai, while Western governments bolster their strategic reserves.

Https://x.com/METhompson72/status/2031999232673026415

Tungsten at $3000 - absolutely wonderful. Demand can only increase as replenishment of weapons must be off the charts.

We might just see $5000 before the MRE.

Buys been rolling in for past 6 weeks now. Imminent news on new contracts and the step change into cash inflows.

GMET grades -0.206% - Market cap £430m

SML grades (pre MRE) already more than double that of GMET at 0.56% - Market Cap £90m

4.5x uplift from 3.9p just to catch up and that’s the grade before MRE.

Am I missing something?

Indeed hope9

1. Advent Calendar Out -

2. Milk and Cookies under the Tungsten Tree for Dennis

3. Quantum Computer on the fireplace for the calculation

Should be a historical day in the life of SML.

What a management team.

Troll with no shares

Moron is this character

I am certainly not sitting holding for 5-6p. Consensus so for would suggest a £130m-£150m Valuation !!!! Consider our peers which is a pretty conservative benchmark to use for SML valuation. GMET - £434M , TUN - £400m. SML has a current valuation of £92m.

GMET Grades - 0.206% TUN Grades - 0.12%. SML Grades -0.56% (based on drill holes so far grade expected to increase substantially).

Some Grade Highlights from the recent drill programme -

1. Min average grade reported (but not included in the 0.56% average) has been 0.8% WO

2. 3.05M @ 1.43% WO

3. 0.67M @ 1.17% WO

4. 0.54M @ 1.85% WO

5. 0.5 @ 1.96% WO

6. 0.6M @ 18.96% WO

7. there was also other credits for silver etc within the ultra high grade result in point 6 which combined gave us a 22.09% WO

SML has very high grades compared to GMET and TUN therefore our gross profit will be substantially higher by a very wide margin. GMET and TUN will also have considerably higher recovery costs as they need to lift more product out the ground than SML just to find a similar amount of Tungsten.

I am personally at a loss to understand why SML isn't valued higher than either of GMET or TUN but I am confident this will correct in due course.

We are also at an advanced stage with Leigh Creek which will see the value of our copper assets realised by listing on the Australian stock exchange. We will enjoy a 20% carry in the new listed vehicle and the deal comes with $1.7m of cash and c$4m of royalties too. . TUN nor GMET have any of near term realisations on their balance sheets !!!!!!

Finally, SML has c$400,000 of monthly cashflow coming from Cobre which is totally unique for an exploration business. Again . GMET or TUN are pre revenue, no recurring cashflows and totally reliant on capital markets and debt.

SML is very very special

In summary I ain't sitting here with a large holding in SML to see the price move from 4p to 5p or 4p to 6p(most optimistic so far)

Thats my view and I have no date other than the fact Mark Burnet has advised "MRE before end of Q1"

Sml and tungsten being one of the best hedges on the LSE.

More importantly SML isn’t a one trick pony -

1. Generates $400,000 of free cash per MONTH

2. About to list our Copper assets on the Australian stock exchange

Always worth reminding ourselves of these 2 assets. Cobre has been delivering year in year out strong cash. Leigh Creek listing is a masterstroke from this fabulous management team. We also get another $1.7m when LC signed.

And of course our Tungsten asset is worth ??????? I better not say 13p again as it could be closer to 20p.

SML and TUN now following the live Tungsten price. Tungsten is the new Gold

Tungsten West following the tungsten price.