Member Info for Valuation-it-is

Tungsten now at 475/ mtu. up 40% over the last 12 months. Great news for the NPV of Hemerdon.

After months of being at the same price, it seems the price of APT is now rising daily. That suggests a shortage to me. Not easy to bring more supply on stream and arms and other manufacturers will not be shy about paying up. I guess demand is price inelastic. Same for tin now through $35,000/ton

Tungsten now at 465/ mtu. up nearly 40% over the last 12 months. Great news for the NPV of Hemerdon.

LME stock now down to 1715 tonnes and the tin price appears to be responding.

LME tin stocks still fallingToday 11:38

Now below 1900 tonnes at 1885 tonnes. i.e. under 2 days worth of world demand.

Now below $1900 /tonne at 1885 tonnes. i.e. under 2 days worth of world demand.

................... at a two year low.

Closed at $33,810

https://www.metal.com/Tin/LME_SN_3M

Even at £1.50 seems like a vote of confidence to me.

....... up again at $445/mtu

"There are many other technologies which are also vital for the Clean Energy Superpower

Mission but are not among these frontier industries. These include solar, bioenergy, storage

including Long Duration Energy Storage, heat networks, and smart technologies. We will

continue to support the deployment of these technologies."

https://assets.publishing.service.gov.uk/media/68587856b46781eacfd71de4/industrial_strategy_clean_energy_industries_sector_plan.pdf

"Growing our Clean Energy Industries and boosting domestic supply chains is fundamental

to supporting wider industry to decarbonise. Growing our Clean Energy Industries

and boosting domestic supply chains is fundamental to supporting wider industry to

decarbonise. Foundational industries such as steel, chemicals, critical minerals, composites

and other materials such as glass, provide critical inputs to enable growth in Clean

Energy Industries."

But when will we know for sure?

...are now down to 2,200 tonnes, some 540 tonnes down on the figure for 19th May.

The squueze seems to be tightening.

Real Adam Smith

If it is unclear to you how the NWF might be involved, I suggest you take a look at the deal done by NWF (when it was called UKIB) when they put money into Cornish Lithium. They joined up with Techmet and EMG, and existing shareholders (angels) were not even offered the same deal.

So if the NWF do buy into TUN equity, what price will they come in at?

"For long duration electricity storage, government has developed a cap and floor scheme, which

Ofgem is delivering, with the first round of projects due to be approved in 2026"

Para 4.22 page 74

Https://www.telegraph.co.uk/business/2025/06/10/make-cornwall-industrial-zone-net-zero-miliband-urged/

Https://www.telegraph.co.uk/business/2025/06/10/make-cornwall-industrial-zone-net-zero-miliband-urged/

Https://www.telegraph.co.uk/business/2025/06/10/make-cornwall-industrial-zone-net-zero-miliband-urged/

Shotgunmike

Thanks for pointing it out.

The RNS states the "resulting situation" as "-" which one would assume is nil. And I did.

Alternatively, under the LSE heading "director's dealing" it states he has 16m+ which if he keeps them it is re-assuring, but if the recent sale is just the beginning, unfortunately it is bad news.

It would be helpful if the TR1 could be filled out correctly, if indeed he does have 16+m.

Jw330 " He still holds quite a bit."

Not according to the RNS which states the resulting holding of shares after the sale is nil.