Member Info for Valuation-it-is

Take a look at another of Strand Hanson companies. (i.e. that Strand Hanson advises or is NOMAD to). Look at what is proposed * and how it will affect shareholders who are not amongst the chosen few- 3 to be precise. In particular, read the paragraph headed “Additional B-Shares”.

The 3 favoured investors are to be given bonus shares equalling 10% of the issued capital – in effect transferring value from other shareholders. Not only that, but the scheme enables the chosen few to avoid having to make a bid under Rule 9 of the City Code on Takeovers and Mergers.

If it can happen at Tungsten West, Strand Hanson can advise to do it here too.

*Tungsten West plc (TUN) RNS of 9/12/2025.

https://www.lse.co.uk/rns/TUN/bridge-loan-project-financing-cln-update-0xayr0nnl3hbvbw.html

Take a look at another of Strand Hanson companies. (i.e. that Strand Hanson advises or is NOMAD to). Look at what is proposed * and how it will affect shareholders who are not amongst the chosen few- 3 to be precise. In particular, read the paragraph headed “Additional B-Shares”.

The 3 favoured investors are to be given bonus shares equalling 10% of the issued capital – in effect transferring value from other shareholders. Not only that, but the scheme enables the chosen few to avoid having to make a bid under Rule 9 of the City Code on Takeovers and Mergers.

If it can happen at Tungsten West, Strand Hanson can advise to do it here too.

*Tungsten West plc (TUN) RNS of 9/12/2025.

https://www.lse.co.uk/rns/TUN/bridge-loan-project-financing-cln-update-0xayr0nnl3hbvbw.html

Take a look at another of Strand Hanson companies. (i.e. that Strand Hanson advises or is NOMAD to). Look at what is proposed * and how it will affect shareholders who are not amongst the chosen few- 3 to be precise. In particular, read the paragraph headed “Additional B-Shares”.

The 3 favoured investors are to be given bonus shares equalling 10% of the issued capital – in effect transferring value from other shareholders. Not only that, but the scheme enables the chosen few to avoid having to make a bid under Rule 9 of the City Code on Takeovers and Mergers.

If it can happen at Tungsten West, Strand Hanson can advise to do it here too.

*Tungsten West plc (TUN) RNS of 9/12/2025.

https://www.lse.co.uk/rns/TUN/bridge-loan-project-financing-cln-update-0xayr0nnl3hbvbw.html

Take a look at another of Strand Hanson companies. (i.e. that Strand Hanson advises or is NOMAD to). Look at what is proposed * and how it will affect shareholders who are not amongst the chosen few- 3 to be precise. In particular, read the paragraph headed “Additional B-Shares”.

The 3 favoured investors are to be given bonus shares equalling 10% of the issued capital – in effect transferring value from other shareholders. Not only that, but the scheme enables the chosen few to avoid having to make a bid under Rule 9 of the City Code on Takeovers and Mergers.

If it can happen at Tungsten West, Strand Hanson can advise to do it here too.

*Tungsten West plc (TUN) RNS of 9/12/2025.

https://www.lse.co.uk/rns/TUN/bridge-loan-project-financing-cln-update-0xayr0nnl3hbvbw.html

.....

Prop

See also page 27 of the presentation for an analysis of the £198m

Prop

Many thanks for the link. Most interesting. That compares with the pre production capital cost of £198m at South Crofty see page 26 of

https://res.cloudinary.com/investorhub/raw/upload/v1762515897/leaf-prod/212/documents/Cornish_Metals_-_Corp_PPT_-_November_2025_xh1yct.pdf

SC already has shafts, a decline and surface infrastructure in place - the £198m comes on top. Furthermore, SC will focus on tin - easy to process, whilst Redmoor will have 4 metals to process, which I would think will be far more complicated and involve more kit. Tonnages at SC will be per annum 500k mined and 250k processed after ore sorting. Redmoor tonnages will be 600k p.a. . My guess is that the 2020 estimate for Redmoor will rise considerably and that costs prior to FID are not included in the figures. Scope for a few questions ....................

Hi Prop

I will take a look at CUSN and TUN numbers and come back to you. TUN was caught out by a large move in the cost of setting up, and CUSN saw a 40% rise between its estimated capex as of Jan 25 and the update a few months later so I am wary for SML especially as 2020 was some time ago. Compared with CUSN , there will be not just cassiterite to extract and process but tungsten in wolframite (the predominant ore and more complex to process ), chalcopyrite i.e. copper and silver in addition. SML will have to set up the mine as well, whereas for both CUSN and TUN that is largely done.. I will take a look to see what a decline costs to build these days and shafts. All will depend on the likely output per annum I expect. It sounds as if SML/MB/DR has already gone through this process if MB is talking tier 1. Nevertheless all very positive so far.

Hi Prop, good morning

To be a tier 1 resource your link states the resource has to have a risk adjusted NPV of over £1bn. As far as I am aware the NPV has not yet been calculated neither has it been risk adjusted. Am I wrong?

Pawgee

Thanks. A surge in prices is repeating acros tin, tungsten copper. Looks as if the forecast deficits may be arriving sooner than expected. Great news for all the explorers/developers seeking finance. SC NPV must be around £350m at these levels. Financing risk reducing.

..........to $40,750 per tonne

SML has the grades, but no mine, and no processing plant, TUN has the mine and a near complete processing plant. Logic might suggest that TUN runs its plant on its own production, first already mined/crushed ore in the MWF, then its own Hemerdon mine production, until Redmoor mine is developed, then switches to Redmoor ore.

That has the benefit of capturing high tungsten prices in the near term, and providing more resource to give Hemerdon plant a longer life. It would also help Hemerdon make the best use of its MWF and avoid SML shareholders having to find £200m-£300m for a process plant. Merger = > Everyone wins.

All the above assumes the ore at Redmoor is sufficiently similar to that at Hemerdon to be able to go through the Hemerdon plant.

Not only is Tungsten West production likely to go to the US, but the US has made off with Pensana's rare earths. When will HMG wake up?

Last 24 hours

Tungsten up

Copper up

Tin up

Silver up

We are on a roll.

Prop

Just a light hearted reminder that the tungsten price rose 2.7% yesterday. Given the operational gearing, that will increase the value of the projects of SML and TUN by around 8%, not bad for 24 hours.

McDonald is quoted as saying "“Ultimately for me it’s about can we attract this investment, and at the moment we are attracting the investment.”"

Oh dear not a good answer or policy!! Attracting investment from outside the UK, may result in offtake agreements which take all metal produced for overseas customers. We have already seen the outline of what may happen with the announcement by the US Govt backed EXIM bank stating it is capable of financing Tungsten West in exchange for the tungsten produced going to US companies. McDonald is an intelligent man. How has he missed this ?

Https://www.youtube.com/watch?v=ZEcqHA7dbwM

Https://www.youtube.com/watch?v=ZEcqHA7dbwM

Ontarget

It is the possibility of the NWF / (UKIB as was) being offered shares at a price below that offered to existing shareholders that you should be concerned about. A glance at their history in Cornish Lithium plc is worthwhile, instructive and scares this PI. No regard for smaller investors /angel investors. Just a desire to extract value from them. Shocking for a state institution. Have they changed their ways? The investment in Cornish Metals suggest that they may have changed., but once bitten - twice shy. HMG clearly want the critical metals, but do they want to pay a fair price for a significant stake in the company?

Https://news.metal.com/newscontent/103638754/Global-Tungsten-Market-Update:-Supply-Crisis-Drives-European-Prices-to-Multi-Year-Highs-%5BSMM-Analysis%5D