Member Info for Tungstenman

No brainer here at 5p -

Oh I’m very happy indeed - my 13p fair value is nailed on and will be exceeded markedly. We should see 500m plus shares traded today. MM just taking the shares from the bed wetters at the moment. We could see double figures this week.

Finding it difficult to digest the quantum uplift in NPV. Looks like we have 4x more Tungsten than GMET and at significantly higher grades. GMET market cap £430n Vs SML at £140m but we have 4x more Tungsten. That would suggest a market cap of £1.6bn for SML or 50p. Now I’m not suggesting for one minute we are worth 50p but we have been seriously mispriced by the market by a country mile. Do the maths - as I need to go for a lie down after reading those 2 docs

Bluegrass - I hope you are not referring to me as a “hyper ramper” with my conservative price target of 13p?

So c£140m after the international investor shares are issued today. Still a min of 3x upside.

£114m , £120m doesn’t really matter. There is a min 3x upside from these levels.

Thank you ShangrLa. Less is more and I’ve probably fleshed out my explanation to the point it’s aggravated holders.

Regardless II am firm in my resolve that the market has SML wrongly priced from whatever angle or metric you use to compare us against TUN and GMET and that difference is our upside.

Catch you all tomorrow

Tungsten West Market Cap now - £400m

GMET Market Cap now £366m

SML Market Cap now £120m

The recent share price move to 5p still only takes us to £120m. Slowly closing the gap on our Tungsten peers but still bags of upside just to catch up. Min 3x upside just to pull up alongside them both. I am still of the opinion our Tungsten asset exceeds both our peers by a country mile and hopefully after this eagerly anticipated MRE is released that’s born out and our market cap doesn’t just match both peers but if leaps past them. I’ve been saying 13p is fair value for many months now which in reality only moves us alongside TUN and GMET.

Furthermore we eagerly await the anticipated revised price target from Zeus who have suggested they will issue post MRE news.

TUN and GMET have no revenue or pending disposals so they are 100% reliant on the market for cash. SML has a £309,000 monthly revenue stream , a $9m pending disposal and Tungsten grades both GMET and TUN can only dream about.

The market always get it right in the end and SML is the standout Tungsten play on the LSE.

If Tun want to swoop on SML they will need to be quick and the offer will need to be attractive. I personally can’t see it TBH but I can see a bigger player making a bid for Redmoor post MRE. 2 sleeps to go

Slow motion re rate which is what we want.

Possibly 8p today more like. Zeus revised target is going to be v interesting

About time we started moving towards fair value (13p) and that price only incorporates the current Tungsten price. I can see 20p post Thursday

Https://www.telegraph.co.uk/business/2026/03/20/chinese-war-metal-cost-of-missiles/

This week - woe

Just caught up with yesterday’s posts (lots) . I have always thought that Redmoor will be taken over post MRE. Not quite sure tungsten west will succeed but if the offer £400m cash then insure the board may consider.

Well is it this week or next week we see the MRE ? The way I look at this is similar to revaluing your house after 18 years. What was your house worth 18 years ago.

I’m confident the MRE will see us up over £300m valuation or 10p

Good luck everyone.

A simple distribution deal to process our material is all that’s required. Eliminates future capex for SML and gives us a plant to process on our doorstep. I agree that any merger needs to be done around the £300-£400m level. Conversely TUN makes an all cash offer of 20p for SML and they integrate both businesses making it a vertical .

4.8p is out of date by a country mile. The Zeus note is 8 laps behind re info and share price.

I have been suggesting a fair value price of 13p for the past 4 months but have been beaten down here. However, like Zeus I am now suspending my 13p price target and will post a revised target after the MRE.

They’ve effectively pulled the 4.8p price . They did look a bit silly with that price.