Member Info for Tungstenman

Absolutely amazing - just keeps coming. SML now without doubt the star pick in Cornwall. Fully funded and driving forward and pace.

Poor TUN holders waking up to that news .

Steady as she goes - a lovely slow motion re rate . Still a very long way to go IMO. SML has to be the best value play out of all the Cornwall plays.

A once in a generation type investing this is Stevie. The share price is in re rate mode . DYOR.

Directors loading up I reckon

Up 9% - market now expecting a much higher offer

This could go past £1.70 again if StoneX arrive

Cornwall

On the global radar at last. However, there’s only one asset that meets the global grade test and that’s us.

The market cap of SML compared to TUN makes us the bargain of the century. Best grades in Europe never mind Cornwall, £4.8m in bank and ongoing funding generated from Cobre. I can’t see why Tun has a higher market cap

29th October 2025

October

Still to come -

1. 5 drill hole results over next 6 weeks (1 per week min)

2. MRE by 31st March

3. Leigh Creek Listing on ASX (also first payment of $1.7m)

The company already has a strong income stream from Cobre($4.2m) , fully funded through to 2027 with around £4.8m in bank (£4m from recent placing and £800k at cash in bank on hand)

The value that’s to none from Cornwall is going to be north of 15p I reckon. MRE will be the catalyst but we know Cornwall is worth 13p from the data that’s been released so far which has been confirmed by SP Angel.

Don’t forget Leigh Creek - this copper listing could be worth many millions for SML shareholders. LC seems to get lost with all what’s going on in Cornwall but we could see a huge windfall from the listing. LC disposal is worth a min of $9m to SML with huge upside from our 20% carry in a new Australian listing.

Sml is in play and must be a takeover target due to the strong income stream and world class asset in Cornwall.

A once in a generation investment comes along on Aim and this is it for me.

An agreement will be reached here but closer to £1.30

The tungsten west update was brilliantly set out today. They really have advanced many of the critical paths and communicated that brilliantly to shareholders.

That depends on a few factors.

1. SP Angel value Cornwall at 13p based on the limited data released this far. 5 more drills and an MRE still to come so 13p looks soft.

2. You would also expect many acquirers to turn up if 1 bid is made. You then get into a competitive process and that automatically drives the price much higher.

Not ramping but if we dealing with numerous offers then 20p is light .

I firmly believe this will be acquired soon after the MRE. Biggest resource in Europe. Has to be lots sniffing around here now.

Agree - slight drag on placing shares. Handbrake will be off soon - they must be close to being finished now.

News on next drill would be helpful

Still see a min of 13p by end March

Looking very very good. Still got 5 drill results before the MRE which Mark Burnet said will be released before end of Q1. On that basis we should have news every week now. Lovely to watch the slow motion re rate.

If that’s the metrics for TUN 4x uplift in Ebitda then our. Numbers must be off the charts based on comparable grades.

Well that looks like most of the placing shares have been churned. We should now move forward towards that 13p price target. MRE to be released within 8 weeks and we still have 5 more drill results ahead of that event.

We might be lucky enough to get Leigh Credk over the line pre MRE too.

The share is in a full re rate mode and volatility in the price is consistent with this kind of re rate. £40m market cap and so Angel suggesting closer to £300m . The share price still has a massive gap to close to reach fair value.

£4m in bank

$4.2m of annual revenue

Leigh Creek being sold for $9m

MRE re rate could see 20p

There is going to be the mother of all re rates here - that I'm sure about. Zeus 4.8p target is way too low but SP Angel are on the money at 13p and thats a min valuation. I recognise we have £4m in the bank but theres always a small speed bump to navigate post placing as some of those who invested probably have never heard of the company. You just need to keep dropping these parasites off along the way as we rise towards 13p.