Member Info for Valii

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

Tran - applications were sent through brokers - or I guess direct to the company.

Tungsten demand now seems likely to move further up, further increasing the supply shortfall.

The tin price at $ 57,728.00/T (as per https://www.lme.com/Metals/Non-ferrous/LME-Tin#Summary) is now off the table presented by Cornish metals in its February presentation (page 29 of 41)

https://res.cloudinary.com/investorhub/raw/upload/v1770644503/leaf-prod/212/documents/Cornish_Metals_-_Corp_PPT_-_February_2026_ng6kzk.pdf

being 70% above the $33,900/tonne assumed in the base case. At 50% above the NPV is estmated at £489m (Note UK pounds) whilst at 30% above it is £366m. A 20% difference between 30% and 50% therefore gives a sensivity response of £489-366= £123m.

So it seems reasonable to estimate the NPV at tin prices on Friday (70% higher than base case) as being £489m+ £123m = £612m.

Like Tungsten West, financial risk at Cornish Metals is being reduced by a surge in the price of the metal. Every day that goes by helps the 365 day rolling average metal price to rise, as each day a low historic figure drops out and is replaced by a higher current figure. The relevance of this is that debt providers are likely to be using 12 month rolling average tin prices in their calculations when assessing the financing.

"Europe’s highest grade undeveloped tungsten deposit and the 2nd highest globally

• Potential to supply ~30% of Europe’s tungsten and 15% of the world’s using 2020 Scoping

Link https://www.strategicminerals.net/docs/Strategic-Minerals-Plc-Investor-Presentation-November-2025.pdf

Many more shares were applied for than were issued. ====> Good after market

Two big new buyers appeared on the scene. ===========> Strong after market

The price of tungsten continued to rise sharply, which gives a geared impact on the value of the company. ========> puts further upwards pressure on the share price.

More money was raised than expected ========> so less debt needed. So a better debt finance deal likely ======> so share price benefits.

News to come

Finance deal/ offtake deal - who will be chosen as provider/partner? Competition likely to be intense.

Production start. Once production commences, +ve cash flow starts with big margins.

...................as the Chinese return from their holidays. Bodes well for the NPV

Mrcautious.. "if you chuck millions of dirt cheap placing shares into the pot how can it NOT dray the SP down !!"

-If the placees have agreed to hold the shares for a period of time after the placing. ( not known in this case)

-If the placees wish to add to their new holding in the market ( quite likely here)

- if the finance provided by the placing reduces financing risk to such an extent that the valuation increases dramatically. (again quite likely here as debt funding needs have fallen)

The placing price was set to be the same as the closing price the day before. So shareholders can argue there was no transfer of value to the placeees from the existing shareholders although a transfer of voting power. Anyone peeved at not being included in the placing could have bought the day before at the same price. An unusual situation and one where the management broker /advisers should be congratulated.

The steep rise in price thereafter probably represents belated recognition of the ease of gaining finance, and the extra security it brings further reducing discounts for financing risk in the valuation all backed by the shortage of tungsten.

Tungstenman - Would you give more details of the concert party and what they do that is "wrong" please? Sounds like a warning to us all.

Bluegrass ............................And is the tungsten ore the same at Hemerdon and Redmoor?

Hi Tortoise, I dont think going into production will be an issue. The company probably has a number of hopeful debt providers and also many potential customers hammering on their door for supplies of APT. Question is, how fast is fast track? Every day is very valusable now.

Not only has the US threatened its allies with a military intervention to take Greenland from Denmark by force, it has also threatened its allies (UK included) with crippling 25% trade tariffs because of lack of support for the US land grab.

So what has been the reaction of HMG? Has it stood up for its citizens like Canada? No.

Incredibly it has just signed a memorandum of understanding with the US so that the US can have the benefit of our critical metals.

See

https://www.gov.uk/government/news/uk-and-us-sign-memorandum-of-understanding-on-critical-minerals

https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial

The output from South Crofty (tin) and from Hemerdon ( tungsten) may well now go to the US. The first steps to facilitate this have been made. The EXIM bank - an arm of US government - has signed an LoI a precursor to an offer of finance to both companies involved - Cornish Metals plc and Tungsten West plc. The quid pro quo for finance is that output will flow to the USA.

What has the UK government achieved as a result of its helpful approach to the US?

Has it got a guarantee of no tariff imposition by the US in future? None has been announced.

Perhaps shareholders should make their interest known to management - after all the BoD are legally bound to follow their shareholders' interests. .......

fawzi.hanano@cornishmetals.com

I think the price of APT has moved up a lot since the Feb presentation was prepared. Every 1% rise in the price of APt puts about 2.5% onto the NPV so the NPV is around $2.5bn at current prices.

Rubio wants to create a Western supply chain for critical minerals not vulnerable to extortion from other powers.

Give me strength. Just a few weeks ago, Trump was threatening his Western allies ourselves included with penal tariffs because we had not helped him take Greenland from Denmark. Why is HMG so willing to oblige the US after that?

.................may supply Tungsten West's process plant either as an independent miner or having been taken over by Tungsten West, then do not miss the discussion going on at the moment on Tungsten West's chat board. The Wizard of Oz has arrived on the TUN share register.

Assuming the release of the TR1s from Drakewood and Mr Maxey were prompt and the shares they sold went in large part to Mr Coffey who filed towards close Friday afternoon, it looks as if the market price for those 81,428,562 shares bought by Coffey would have exceeded 32.5 pence.share costing around £26m-£27m

It will be interesting to see if it is Coffey who will be the buyer of 162,712,757 new Ordinary Shares (at 18p) pursuant to the Company's direct Subscription with a prominent international investor as mentioned in the RNS of 6/2/26......................costing £29,288,296.

Another less likely possibility which I have not investigated is perhaps that Coffey got around half the subscription of the "prominent international investor" in the first issue tranche at 18p and Drakewood/ Maxey sold to someone else. I think the chances of this are small because it is unlikely that about 11% could be sold to others without moving the price more than it did.

All will become clear shortly as further TR1s are released.

Grandalusia.

HMG through the NWF have acquired a near 30% stake.

What is the betting that Mr Coffey is also the " prominent international investor ("Subscriber") as per the 6 Feb RNS? If so, his recently declared 9% stake would rise further on or around 27 Feb when the subscription shares are issued. If not then we have another mega investor on the books............

Why declare the result of your purchases late on Friday afternoon? Probably because you dont want many people to see you are buying............

Do you have a link? This could do for tin what the Chinese export restrictions did for tungsten...............................