Member Info for Valii

RNS 3 March 10.57

https://en.wikipedia.org/wiki/Greg_Coffey 174,312,757 ord shares

RNS 6/2/ 26 + "prominent international investor" 162,712,757 new Ordinary Shares

Kirkoswald Capital Partners? or EMSO ?

337,025,514 = 27%

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Whereas Landsdowne Partners see RNS 18 Mar @11.12

28.211700%

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Company needs some more finance. Debt. Should we expect some debt to be convertible? Has LP got the financial firepower, or has Coffey?

Looks like the latter.

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

Substitute 49.8 for 153. in post of 22.16

Brad "This intraday noise is just the spring being compressed even further." "Golden Pocket support (61.8% Fib)" "The golden pocket is 27.32 and we might be heading there for a very short period."

Much appreciate your thoughts. Thanks.

DH goes to 28 if 257 added to 163. But big danger if DH and PII are dmed "pals". DH then can not do 257 or has to sell 153 in 12 days. Or Forced sellers have to sell 153 in mkt. Tall order. Payoff for Forced Sellers comes when financing completes, so better to take a lower figure now, (but still large profit on Bs) for a big gain on Os later. So, not sure I would want to upset Exim in the next 12 days, too much upside hangs on keeping them sweet And they have many balls in the air. So big ? on whether DH and PII are "pals" Not naming pii is keeping us guessing. on that. Against the rules?

Agree with you about the LT upside though. Guess you are fully invested....................................Great story, finally giving the deserved rewards.

Much appreciated BT

Risk seems to be Silver Hands will be dmed to be pals with pii and won't be able to take shares from the B holders. If not so dmed, then SH sub 30. Hence the great care taken not to name pii. Suggest you look at voisins RNS. (I guess you already have) I think another way to get exposure here is emerging there fast and may be even better. No blocking or difficult stakes....................

Down at Terra Firma they don't seem to be into their voisins though - surprisingly. Or am I missing something - pals again perhaps?

Email?

Brad "believe the house cleaning is nearly over. We have 257 million B shares left to convert and once those are flushed, the debt is gone. "

The debt is already gone - converted to B shares.

B shares have the same rights as the Ordinaries except for voting. So future B share dividends will be the same as for Ords. I know of no reason why Exim or other funding should have to wait for B share conversion - do you? If there is a reason, then we have an overhang of approx 250m ordinary shares which have to be sold to enable B share conversion - unless of course the B holders make a bid.

..........................what Trump and the DoW want, in spades! Cue action.

Versus TUN's £0.376bn or around £0.500bn fully diluted

The omens are good for TUN as it nears production although its shares are down nearly 50% since flotation.

Here is what Almonty's shares have done.........................

https://www.hl.co.uk/shares/shares-search-results/a/almonty-industries-inc-npv2

Ptun

I would be more optimistic. Cornish Lithium's project has achieved that NSIP status, and tungsten is far more important than Lithium with fewer sources of supply.

Prop

https://www.gov.uk/guidance/planning-act-2008-fast-track-process-for-nationally-significant-infrastructure-projects

Hi Prop

Try copy and pasting this link

https://planning.cornwall.gov.uk/online-applications/

Putting Redmoor into the search box under simple search,

then

the third one down (at the moment) is the drilling application.

Once in full production - slated for 2027 - the business is likely to produce enormous quantities of cash.

See slide 4 of 33 in the 2026 investor presentation.

The All in sustaining cost of production is estimated to be $135 per mtu i.e. 10kg or $13,500 per tonne. Yesterday's price for China Tungsten APT 88.5% FOB was US$2,248/mtu or $224,800 per tonne. Lets use $200,000/tonne to allow for lower grade production. The plant is expected to produce 3320 tonnes per annum of APT so a value of $664m in revenue per annum. AISCosts of 13,500 x 3320 = $45m leaving a surplus of over $600m per annum.

At 5 times that would value the business at $3bn.

But it does mean TUN is likely to have a lot of surplus cash. ......................... every year..........................for at least 10 years.

No wonder some big new investors have appeared on the scene.

Hi everyone. The number of shares in issue after the fund raise was 2,684,490,257 which at 3.8p gives a mkt cap of £102m

After the fund raise share options exercisable at 3.5p have been issued to three directors. So for a diluted market cap the number of shares would be

2,684,490,257 plus 233,675,000 - 2,918,165,257 which at 3.8p gives a fully diluted market cap of £110.9m.

If you use the fully diluted numbers then it probably would be fair to deduct the cash raised from exercising the options i.e 3.5p times 233,675,000 i.e. £8.2m for comparison purposes with TUN etc ending up with a figure of £102.7m.

... a mixed blessing. Grants are useful free funding. But equity investment from UKIB now NWF initially was very dilutive for original investors e.g in Cornish Lithium.

More recently, NWF investment in Cornish Metals was better as it treated existing investors the same way as new investors.

Hopefully the MRE towards the end of March, will make for such a compelling investment, government funding will not be needed.

One broker was indicating the tungsten price was $1585 on Friday last week, and are now indicating $1785. i.e. +12.6%

This does not seem to be european pricing, but is perhaps a guide to the level of price movement over the weekend+1 day

Tungstenman "...where next? "

Take a look at gggg21's post of 10.23 this morning............................. Amazing.

Part of the change in percentage is due to the company increasing the number of ordinary shares in issue.........................

To $259.78 an MTU +7.62 %

https://www.metal.com/Tungsten

Here is what happened to the tungsten price when the US went to war in Iraq.

https://x.com/alexsei88/status/2025700081463095517?s=46&t=klceItdHWWIeRy0yz3tFOQ

Demand is going to rise sharply - not just because of the war in Iran, but also because the US has decided to start stockpiling.

This may explain the arrival of some big US funding, as where demand goes, price goes, and then valuation and market cap follows.

Looks like there may be a lot further to go on the TUN share price.

Https://www.politico.com/news/2026/02/25/iran-weapons-trump-troops-defense-00797801