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It has taken just one month for LME tin stocks to fall 500 tonnes to just 3,500 tonnes. Given Bisie is now closed ,supply of around 25,000 tonnes per annum has been taken off the world market, so stock is likely to vanish quickly. Another tin price rise seems only to be a matter of time.

This may impact CUSN in several ways.

1. Make it easier and cheaper to gain the debt finance for the process plant

2. Reduce the need for any further equity

3. May help bring forward the schedule

4. May encourage HMG to finance a smelter in the UK to provide resilience for a key critical metal.

And of course massively increase the NPV and IRR of the immediate project.

It will be interesting to see what is happening to LME tin stocks tomorrow morning.

Https://www.cbc.ca/news/business/critical-minerals-explainer-1.7473183

Https://www.cbc.ca/news/business/critical-minerals-explainer-1.7473183

Https://www.ft.com › content › b3709429-a99b-4105-afa5-001d08a3fd80

The ‘critical minerals’ rush could result in a resource war

Https://www.ft.com › content › b3709429-a99b-4105-afa5-001d08a3fd80

The ‘critical minerals’ rush could result in a resource war

Https://www.ft.com › content › b3709429-a99b-4105-afa5-001d08a3fd80

The ‘critical minerals’ rush could result in a resource war

Https://www.telegraph.co.uk/business/2025/03/10/the-uk-can-become-a-critical-minerals-superpower-if-we-dare/

Https://www.telegraph.co.uk/business/2025/03/10/the-uk-can-become-a-critical-minerals-superpower-if-we-dare/

Https://www.telegraph.co.uk/business/2025/03/10/the-uk-can-become-a-critical-minerals-superpower-if-we-dare/

Up 3% today, i.e.up $954 per tonne.

"The Pentagon is a money-no-object consumer, and defense contractors will have the first call on any gallium or germanium or tungsten they can get their hands on. But they can’t get it."

TUN ran its process plant to check that already mined material could be passed through the plant. It worked.

The hold up is in raising funds to provide £20m of sound proofing so that a neighbour a mile away has less noise.

Somehow I think national security concerns will over-ride the noise concern. Defence contractors all over Europe will want the tungsten from Hemerdon.

NMH21 "It should be impossible not to be profitable......"

Agreed but the multi million cost of sound proofing to reduce LFN for a neighbour a mile away does have an impact.

I think you mean $35,000 per tonne or $350 per mtu.

NWF must be in the frame. Demand from W Europe for armaments looks set to go through the roof.

David Roberts :- "Show ne a pre production miner not in debt.............................

Try CUSN. Not just got net cash, but more is coming in from VBR and the National Wealth Fund. i.e. Big boy backing.

Tin, copper, zinc, silver and an exposure to Lithium through Cornish Lithium

Try also Cornish Tin - through Crowdcube.

Tungsten now $350

The Chinese response to US tariffs is likely to see a large cutback in sales of critical metals / Rare earth from China to the US and its associates.

It may or may not be overt, i.e. it may or may not be an announcement of a ban, it might just involve China building its government-held stocks and leaving little to be sold outside China.

But the requirement for licences to sell outside China is now likely to be brought into use.

The West will scramble to find alternatives, and the explorer/developers in Cornwall and elsewhere are likely to see a huge rise in interest.

Munitions/armaments will increase demand /growth for tungsten.

The Chinese response to US tariffs is likely to see a large cutback in sales of critical metals / Rare earth from China to the US and its associates.

It may or may not be overt, i.e. it may or may not be an announcement of a ban, it might just involve China building its gvernment-held stocks and leaving little to be sold outside China.

But the requirement for licences to sell outside China is now likely to be brought into use.

The West will scramble to find alternatives, and the explorer/developers in Cornwall and elsewhere are likely to see a huge rise in interest.

Defence electronics is likely to be added to the list of demand growth factors for tin.

Given the way the tin price is currently heading, and the expectations for increased demand for tin over the next 5 years with very limited additions to an otherwise diminishing supply, it would be surprising if the remaining funding is not easily found. Just looking at the very small discount at which the recent share issue took place is another indicator of the confidence existing investors and new investors have in the SC project. Both VBR and NWF, will have looked very closely when doing their due diligence, and their INCREASED percentage holdings/ stakes speak volumes for the smaller shareholders. Geopolitics also suggests that a supply of critical metals / minerals is top of Trump's agenda at the moment.

SC is a key primary source of tin -a critical metal- for the West - a characteristic that makes it strategically important not just economically attractive as an investment.