Member Info for Tungstenman

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We should start to see the real value being reflected in the share price this month. Jan target is 2.5p , Dec year end target 20p. DYOR

I can see this hitting 20p in 2026 making SML my conviction puck for 2026.

1. Assets are off the charts

2. Balance sheet very strong

3. Profitability very strong

4. Cash inflows c£2m in free cash pa

Can’t see past this

A good new year to everyone - SP Angel valuing Cornwall at 13p which seems realistic based on the first few drill results. 10x upside from here based on Cornwal alone but Leigh Creek disposal looks nailed on now. Cobre update is usually Jan so will be good to hear it’s booming along too. Once in a generation investment-DYOR

I think 2025 has been a satisfactory year for SML and 2026 should be spectacular. Market cap £30m and peer comparisons are c£250m. See you all on the other side and lets hope management can bridge the £220m gap. Good New Year to you all

Slurm the cobre payments are day to day inflows are daily sales and form part of their normal course of business. Leigh Creek is a disposal (one off cash inflow) and the fact Cuprum have been dragging their heels it would have been good to know they have performed under the new extended grace our board has given them.

Tungsten players apart from SML increasing considerably on back of this massive price rice. GMET heading for £2 by the look. Like to see more newsflow here at SML

Yes

Let’s see if Cuprum have transferred the cash - was due last Wednesday. I would expect an RNS to confirm receipt of funds.

Cuprum will now pay the Company the sum of A$150,000 ("First Instalment") by no later than 24 December 2025.

GMET finishing off the year on an all time high.

as 2025 comes to a close i am very pleased with progress. the new board have had a good year and really turned things around for shareholders. all assets are in play (first time in 10 year we have visible value in each asset that can be measured) .

old board removed after 10 years of suppressing the assets in order to extract every penny out of the company for their ridiculous salaries. they used those salary payments to buy shares for themselves and made out they were firmly alligned with us. bull **** - over promoted , over paid and on the verge of breaching their fiduciary duties. as a result of their actions none of the assets received investment unless it was a placing so not to interfere with their salaries. as we approach year end it looks like these parasites are also off the share register as well as the board and that in itself is worth 5p.

as we turn for 2026 the board have set this up brilliantly.

1. cornwall - worth £300m or 13p

2. cobre cash now being deployed properly resulting in huge value creation.

3. non car asset leigh creek quickly identified for disposal and expected imminently

i’m a very satisfied shareholder knowing mark and charles are in the saddle - first time i have been comfortable for 10 years.

roll on 2026

they both used their excess pay to buy shares. they should be ashamed of themselves. the chap wale i never understood- complete abject failure. **** off

Great to see the back of them both - over promoted, over paid and out of their depth. Abject failures. Off the board and off the shareholder register now. Onwards

4p would value the business at £90m Traderboy. Certainly 4p is a good first target but I believe Cornwall alone is worth 15p or £300m. SP Angel have a 13p value on Cornwall. We have still to see many more drill results which is likely to add further value as we keep moving forward.

Since this management team took control they have done absolutely everything right and more. By focussing on the knitting and addressing the prized assets the market has begun to give them credit. SML has been latent for 10 years but this years the new management team have turned on the engine. We have been well rewarded in 2025 but 2026 we should see this move towards 14-15p with ease. Well done Charles, Mark and the team - the foundation has been set in 2025 and the mega gains will come through in 2026 that i'm sure of.

Spot on Slurm. Management are doing a fantastic job of cleaning down non core assets at maximum value and creating value beyond belief at Cornwall which hasn't been reflected in the share price yet - but it will

Management have much bigger fish to fry than Leigh Creek. They have a £400m asset evolving and interest in our Redmoor site is brisk from all accounts. Leigh Creek is non core and on the balance sheet at Zero, however $9m in our coffers for a non core asset plus a 20% carry in a new listed IPO is a respectable solution for a non core asset. Selling it also frees up management time to drive the Cornwall monster. A once in a generation opportunity this is for sure but DYOR.

Leigh Creek disposal imminent now- hopefully next week. Cornwall worth between £300-£400m or 13p per share based on SP Angel latest note. Patience required for a 13x upside

This asset is just going to keep giving. So glad it’s ours

Best get security on that site. Probably oil there too - LOL