Member Info for Valuation-it-is

Https://res.cloudinary.com/investorhub/raw/upload/v1743096483/leaf-prod/212/documents/2025-03_Cornish_Metals_-_Corp_PPT_f9kh3a.pdf

Roughandtumble. I do have skin in the game and wished to make sure this rumoured debt was not lurking somewhere unknown to me. It appears not to have been concluded.

I agree, it is a cracking time to be invested in Tungsten. I am wondering who will scoop the pool...................

Hi Croissant

I have trawled through the S&A of funds for 20/21, 21/22, 22/23, 23/24 and 1h 24/25 and have found no sign of it.

In that period though, funding of approx £48m came in from equity issuance, and a further £12+m from the CULS. So a shocking amount of money has been spent , so far to no avail. £60m in ,over 54 months.

Many thanks Croissant.

The text says "Financing Update:

The Company continues to progress towards final documentation for the previously announced signed term sheet for a US$30m (£26.5m) royalty sale. The Company is also engaged with a number of specialist asset backed finance providers and is seeking up to £10m of asset backed loans from these sources."

I would imagine when the capex was put on hold for the reworking of the flow sheet, that the royalty agreement fell through. Who would put $30m up front when the chance of getting nothing back has just rocketed? I will check though.

Listen to it about 47 mins in on tungsten - https://www.youtube.com/watch?v=Rv2tsl_9kJM

Probably the same cause as for copper recently. i.e. Massive flows going to the US ahead of tariff imposition?

Given the announcement yesterday of Trumps tariffs on car imports, one world reaction might be to restrict supplies of critical minerals to the US. This would only reinforce the need to move tonnage into the US as fast as possible. In that scenario $36k would only be the start of a price spike. In April 2022 on the 28th, when LME stocks got down to this level prices were over $40k per tonne.

Croissant

My understanding was that the off-take agreements with WB and GTP had lapsed. Perhaps some have been re-negotiated recently.

I had not heard of the $30m for 5% of future profits. Do you have a link/source for that?

Key lines..........

...........................the Supply Chain Resiliency Initiative. This initiative, approved by the EXIM board of directors on January 8, 2025, aims to diversify the United States’ access to global minerals supply chains by financing overseas mining projects with signed long-term “off-take” contracts with US companies.

There is a danger that critical minerals in the UK are going to be scooped up by foreigners who care little for the UK.

Lets hope HMG wakes up. NWF step forward.

Croissant

Given TUN was the first British Company to go through Biden's Defence production Act process, I guess JC has been focussed on trying to capitalise on that and probably has been spending quite a bit of time in the US. But getting grant funding when the US Administration has changed so dramatically must have been a fraught time consuming process.

However, loan funding may have got easier as a result of Trump's desire to get critical minerals, and German re-armament may also bring other suitors - perhaps with offtake agreements.

Management may also have been talking to the NWF who have so far invested in CL, Inivnity and Cornish Metals. Changes in personnel there may have slowed things down......................

Croissant 25/2/25 22.20

Perhaps we should ask ourselves why JC did not make himself available for interview. And perhaps why he has been so low profile for several months. ................................

Otherwise, the US may now be trying to develop a domestic supply of tungsten in Nevada, and to contract with S Korea for supplies. See

https://www.tungstenmetalsgroup.com/blog-blog/outlook-for-2025-tungsten-supply-chain-dynamics

The German re-armament programme may boost demand for W very considerably.

Croissant - Does anybody buy/sell at the spread prices these days? Your broker should be able to trade within a whisker of the mid spread price.

That implies a surge in activity to develop Redmoor.

Https://www.mordorintelligence.com/industry-reports/tin-market

Https://www.mordorintelligence.com/industry-reports/tin-market

Https://www.investorschronicle.co.uk/content/88c9e496-0d9a-5e4f-a744-fe90f72245d0

A new tin mine gives heart to an ailing industry

Aim has had a rare scrap of good news. Can it be sustained?

A new tin mine gives heart to an ailing industryPublished on February 6, 2025

by Bearbull

Last week, sandwiched between the market shocks of DeepSeek and tariff-bluff, the Aim-listed Cornish Metals (CUSN) managed to successfully raise north of £56mn to advance restart of the mothballed South Crofty tin mine in the village of Pool, near Camborne in Cornwall.

The equity injection, anchored by a £28.9mn commitment from the UK’s National Wealth Fund (NWF), is expected to get the company to a formal final investment decision (FID). Given the new funds are earmarked for de-watering, long lead items, site costs, land purchases and ‘early works’, it’s hard to imagine that the green light won’t follow, possibly as soon as this time next year.

Though the figures involved are teeny by the standards of global mining projects, and less than 1 per cent of the size of last year’s rights issue by National Grid (NG) – 2024’s biggest equity raise in London, intended to fund capital spending several orders of magnitude greater than a smallish tin mine – it’s still significant...........................

Https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-tungsten.pdf

Https://www.internationaltin.org/global-tin-production-falls-in-2024-on-supply-disruptions/

Https://www.internationaltin.org/geratech-smelts-tin-with-scrap-aluminium/

VBR initially invested at 18p