Member Info for Tungstenman

We are also blessed to have a World Class management team to manage this World Class asset - we are very blessed.

Fair Value for Redmoor as a standalone 13p but DYOR.

Have a good weekend all.

I had the privilege to be invited to the SML Showcase event on 27th March in Cornwall. Representatives from the council, Shared prosperity fund and a Committee representing the local community along with their local MP were all present. There was nothing but positive presentations and comments from all parties with everyone all laser focussed on making Redmoor a global success. Extract from the RNS confirming such.

On 27 March, the Company held a successful showcase event as part of its UK Shared Prosperity Fund ("SPF") programme, aimed at highlighting the key outputs and outcomes of the programme including the MRE and Economics updates. Attendees included the SML Board of Directors, members of the CRL team, Anna Gelderd MP - who spoke highly of the project - and other notable stakeholders, including representatives from Cornwall Council's Shared Prosperity Team, as well as councillors from parishes local to Redmoor, local community groups, and certain investors and media representatives.

Long term holders who have been here over 10 years (like myself) understand the true value of this company. It’s frustrating to see these trolls but it’s a function of the platform. The new AIM rules will take care of this in due course. Meantime keep the faith - our project is worth more than GMET and TUN. DYOR

The guy is deranged

I’ve been consistent for the past 6 months with a 13p fair value. Just compare our 2 peers market cap but more importantly compare our tungsten grades to them too. Massive upside just to reach fair value

EEE , RKH and OSI trolls are on this board. Ignore them

Missed the boat trying to hold the price back by spouting nonsense.

Nice to see 5p but still miles off fair value. 13p min I’ve always maintained but maybe Zeus has this much higher. Not long until we find out

Both our peer comparisons now through £500m market cap.

Tungsten West now going through new year highs on the back of yesterday’s update. 4x upside for SML I reckon but DYOR.

For Zeus clients only

Hoping my 13p fair value will be confirmed by Zeus this week.

Yes , another company in the exact same sector which is a perfect way to benchmark SML. Hardly blasphemy- LoL. Selective narratives some people have. I wonder why

One of the big players like Glencore are likely to purchase Redmoor and land bank. Similar model to builders. The asset is world class

Focus for me as a long term shareholder on Cobre this week. Update is due this week.

Last year we sold 70,600 tonnes generating $4.7m which was the second highest revenue in 10 years. Important that run rate is maintained. Somewhere around 70,000 would be fantastic. Alongside this Cobre report we will also get a cash balance position - last year we had $530,000 cash at bank in hand. I’m looking for a cash balance closer to $12m this time.

Next focus has to be the disposal of Leigh Creek .

Our Redmoor Tungsten asset is undervalued but hopefully the Zeus note can correct this.

As an example GMET has a market cap of £530m Vs SML market cap of £105m. SML has 4x more Tungsten than GMET at a considerably higher grade so why such a gap in the share price? Our share price would have to increase 5x to match that of GMET despite our asset being significantly more valuable. Also remember that SML has a $4m annual income stream that delivers $1.5m profit and strong cash inflows. GMET has no income stream. SML is about to dispose of Leigh Creek for $9m in total and will enjoy a 20% carry in the Copper listed vehicle in Australia which is acquiring this asset. c$2m cash to come from Leigh Creek in the next 4 weeks to add to the coffers. I reckon we must have about $12m in the bank now - and don't forget Coffey who wont be content just holding 3.3% - he holds 14% of TUN.

There is now about 7 handles promoting EEE,OMI and RKH. Please can you discuss on the relevant board please. SML is a real company for real investors who understand the SML assets inside out. I think we all know who these people are !!!!!!

Lots of news due/overdue -

1. Cobre Sales and Cash news due this week - Tuesday or Wednesday

2. Zeus new fair value price to be released - this week

3. SP Angel revised price target to be released - soon

4. Leigh Creek News now overdue IMO - this month

5. Coffey - hoping to see his holding starting to move North from 3.3%

The company remains vulnerable to a takeover at current levels.

Let’s be having the Cobre sales and cash numbers please. Due this week.

Demand for Tungsten only going one way as China now a net importer

https://news.metal.com/newscontent/103817984-smm-analysis-china%E2%80%99s-tungsten-exports-fall-ore-imports-jump-in-early-2026

Focus needs to be on Cobre this week. Update is due Tuesday or Wednesday

Last year we sold 70,600 tonnes generating $4.7m which was the second highest revenue in 10 years. Important that run rate is continuing so look out for how many Tonnes sold. Somewhere around 70,000 would be fantastic. Alongside the annual April update we also get a cash balance position - last year we had $530,000 cash at bank in hand. I’m looking for a cash balance closer to $12m this time.

Next focus has to be the disposal of Leigh Creek . Let’s see the Cobre numbers this week then we can move onto the Leigh Creek disposal.

I wouldn’t dismiss Leigh Creek creating value for SML. The listing gives us a 20% carry and we will have a direct look through on a daily basis. Easy therefore to add back to what it means for SML. £50m market cap would give us something meaningful.

Lots of news due/overdue -

1. Cobre Sales and Cash news due this week - Tuesday or Wednesday

2. Zeus new fair value price to be released - this week

3. SP Angel revised price target to be released - soon

4. Leigh Creek News now overdue IMO - this month

5. Coffey - hoping to see his holding starting to move North from 3.3%

The company remains vulnerable to a takeover at current levels.