Member Info for Valuation-it-is

Jw330 "Whether the UK government will allow TUN to go ahead is another matter."

My understanding is that all permits are now in place, so my view is HMG has already allowed it to go ahead. It is now a matter of finding the finance.

Cornish Mining conference this week.

https://ukminingconference.co.uk/wp-content/uploads/2014/11/UKMC-All-Events-2025.pdf

Cornish Mining conference this week.

https://ukminingconference.co.uk/wp-content/uploads/2014/11/UKMC-All-Events-2025.pdf

Thanks again TUNX...........

Is the diesel kiln now back in or does it remain out? I wonder if it has been refurbished?

Https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Sn_cash

TUNX

Useful comment, thanks.

Apart from changes at the front end, i.e. mobile crushers and Tomra sorters, are you aware of other planned changes to the flow sheet? I am wondering how much energy is now to be saved and the quality i.e. percentage concentration, of the final product?

Thanks Hogsnipe.

Vii

........... good for all the miners in the SW of England.

I expect HMG will want to secure some of the resources at TUN for the UK..............

The news will draw attention to all the companies able to produce critical metals - CUSN being one of them.

....before the feasibility study was finished. This makes a huge difference. We may see a bidding war amongst off takers. Will the EU secure its tungsten supplies from the UK, or will HMG secure what it needs for its 6 new armaments factories? Perhaps the output envisaged will be cranked up as a result. Adding extra capacity should not be too difficult or expensive. Lorry constraints may be sorted by a new rail siding.

Hogsnipe

I wonder if this is the beginning of the run up to war over Taiwan. Perhaps the plan is to weaken the Western industrial base, then strike when disruption is at its peak.

Clearly, companies like Pensana should be fast tracked for funding, planning and any permitting to enable a small amount of alternative supply.

................are now at their lowest level since June 2023........................

Source https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Sn_cash

HoylesFitness

If VBR, NWF and the other major shareholders maintain their percentage for the final raise then there will not be many new shares left for those who want to jump on board at the last minute. All of which is not too far off now....................

$425 per mtu .....up 2.4% in 24 hours. It is going to be an expensive business re-arming. TUN will hopefully arrive like the cavalry just in the nick of time...

Hoyles Fitness I expect NWF (National WEalth Fund) will maintain their percentage stake when the time comes.

There are several possible cheeky candidates.

The Strategic defence review out tomorrow, may act as a catalyst for some cheekiness...........................

Propinquity

I guess they have plenty to talk about. But remember the problem over lorry movements at Hemerdon................................... A rail connection is needed for a tie up to work. ==> HMG help again required.

Gingy

I would not make any adverse comments about current management becasue I just do not know. I suspect they have worked hard to get this far.

At the moment my view is the project has been unlucky. First the impact of the Invasion of Ukraine caused chaos in the pricing of the capex for a while.

Then the surge in energy prices necessitated a rethink to the flow sheet. That coincided with management changes. Then the EA took about 2 years to announce their decision on Low frequency noise and whether a go ahead for production would be given. A delay which has cost millions, and put funding and a vital UK asset at risk.

Hopefully we are on a better footing now, but the adage once bitten twice shy, is pertinent here.

Good spot Propinquity.

A hint writ large...................Intriguing to think how the opportunities may be realised.

Real Adam Smith

I agree with your view about the value of and need for Hemerdon and am invested.

Thinking of sources of funding...................... HMG moves at a snail's pace. The MPs and ministers are learning on the job, and critical minerals is just one of many learning processes they are going through. HMG is short of cash so I don't think we can rely on HMG for significant help.

Then there is the NWF which is already invested in Cornish Lithium and Cornish Metals, so they are up to speed with come critical minerals. Understandably the NWF ( which operates independently although with a view to supporting government policy) does a considerable amount of due diligence before it invests. That DD takes 6 months or more. Has TUN been in contact with them for long - don't think so? So if funding does come from this source we might have to wait some time.

The US -which appeared to hold promise for TUN has probably made other arrangements for supply of tungsten. Trump's arrival has also made that source of funding unreliable. The EU is an unknown quantity to me.

Meanwhile, TUN is late with its feasibility study and needs cash. Hence the appeal to all readers of yesterday's RNS to contact H&P if they are interested in providing funding.

I have lost track of how many production plans there have been since TW came on the scene. Three or four perhaps? And the current FS is not finalised.

Why not? , Where did the £7m in 20/21, the £41m million in 21/22 and the more recent £xx.x m CLN money go? The story for each of those fund raises was just as compelling as it is now.

The RNS not only says the FS is not finalised but also that refurbishment of the plant is still not complete. Why not? IF the FS is not finalised how reliable are all the figures quoted?

The project may have a low AISC, it may have an attractive IRR/NPV, but we are being asked to invest in TUN, not directly in the project. And TUN has costs to bear before the project starts. I think those costs will not be included in the NPV or the IRR. Is it a good idea to put money into this before the "cavalry" arrive?

Will the cavalry arrive in time? And what will be left for us when the cavalry have taken their share? The investment by UKIB (now NWF) in Cornish Lithium set an appalling precedent for existing investors which if repeated here would not do TUN investors any favours.

Given the share price has been between 35.2 and 38.3 over the last week, to raise funds at 35p is a big vote of confidence by M&G and other strategic shareholders. i.e. no need for a big discount to raise funding. No wonder the shares have risen to 40p so far this morning.