New @Zeus_Capital note! “We believe Redmoor to be a high-priority project and one that could easily be a company maker for Strategic Minerals,” say Zeus analysts who see fair value overall “at 14.9p per share.” Full note on @research_tree: shorturl.at/MLo0U

We are proud to share that our subsidiary @CornwallRes won two prestigious awards at @ukmccornwall. 🏆 Exploration Discovery of the Year 🏆 Finance Deal of the Year These awards recognise the significant progress made at Redmoor and the team's hard work and dedication. #UKMC26

SML and its subsidiary @CornwallRes will attend the @ukmccornwall and will deliver a detailed project update during their speaking slot. 🕘 Weds 10 June | 9:00am 🎤 #SML CEO Mark Burnett and #CRL MD Dennis Rowland 🎯 Recent progress, key milestones, future priorities #UKMC26

Nikkei reported that Japan’s tungsten imports from China fell by 50%. That is technically true. But it misses the critical number. Tungsten export to Japan have effectively stopped. Zero shipments since the overnight ban. But... Japan’s import data can still capture cargo that had already left China before the restriction fully hit. Material at sea does not disappear from customs data just because the policy changed at the Chinese border. The Jan. 6 measure was effective immediately. If suppliers had cargo ready to clear, there was every incentive to push it through before the window closed. Anyone who has dealt with China-side customs timing will understand how quickly that behaviour can happen around a sudden policy change. But once the control had landed, no Chinese exporter was going to risk jail time just to sell Japan a few extra tonnes of tungsten. So from Japan’s side, imports look like they are falling. From China’s side, the flow has already stopped. That is the real story. And the impact on Japan’s tungsten industry is not theoretical. China exported only 2 tonnes of APT, which 0 went to Japan in 26Q1. Japan is now trying to work around the shortage by importing tungsten scrap from other countries. Imports of tungsten scrap from the US jumped by around 1,000%. That is emergency substitution in desperation. The pressure is already hitting Japanese manufacturers. Mitsubishi Materials has announced price increases of more than 3x for some tungsten materials from June orders. Sumitomo Electric says procurement from China has stopped. Around 30% of its cutting-tool raw material previously came from China. NS Tool says tungsten prices have risen around 7x over the past year, making earnings forecasts difficult. OSG is increasing imports from Europe and warning that cost pass-through is unavoidable. One Osaka carbide toolmaker is reportedly considering production cuts of around 20%. Japan can recycle more scraps. It can pay more for US, European and Southeast Asian material. It can stretch inventories. But it's not sustainable. Recycling cannot instantly replace a Chinese supply chain that took decades to build. The market intelligence I have seen suggests some Japanese users may only have enough tungsten to last until around late June. If that is even roughly correct, the next few weeks matter. This is why tungsten should be watched closely. It is not just a niche metal. It is critical for carbide cutting tools, automotive and aerospace machining, semiconductors, electronics and defence applications. China spent decades controlling the upstream supply and the licensing channel. Multiple laws & regulations have been revised to tighten their control. A 50% fall in imports sounds manageable. Zero China-side exports is the warning signal.

🚨 Redmoor drilling update 🚨 1st drillhole of infill drilling complete, intersecting the SVS. Expanded infill expansion programme underway alongside feasibility study sampling and data collection, with 2 additional rigs on standby. 👉 shorturl.at/pfT6a #SML #Tungsten

📣 An updated analytical methodology for previously reported tin assays highlights the value add from our relogging and sampling programme. Full news👉 shorturl.at/bsK7x #SML #CriticalMinerals #Cornwall #Tungsten #Tin #Copper #Silver

EXCLUSIVE: "Worse Than the Iran Helium Problem"... Semiconductor Industry Faces 'Tungsten Crisis' "Helium can be sourced from the U.S. or Russia. For tungsten, there's nowhere to go but China." While concerns over semiconductor process material procurement — including helium — have emerged in the wake of the Iran war, the semiconductor industry points to tungsten hexafluoride (WF6) as an even more urgent supply risk. Japanese suppliers, which account for roughly 25% of global WF6 supply, have signaled production cuts in the second half of the year. The reason: China's tightening of tungsten export controls toward Japan has made it difficult for them to secure raw materials. According to multiple industry sources on April 3, Japanese WF6 suppliers such as Kanto Denka and Central Glass began notifying Korean semiconductor companies — including Samsung Electronics and DB HiTek — of raw material supply disruptions starting last week. A source familiar with the matter said, "They indicated they can maintain supply through May–June using existing tungsten inventory, but cannot guarantee anything beyond that for the second half." The source added, "They asked Korean clients to seek alternatives such as SK Specialty or Foosung." Samsung Electronics has a higher dependence on Japanese WF6 than SK Hynix, making the switch to domestic suppliers more urgent. SK Hynix is reportedly in a relatively better position, as it already sources some volume from SK Specialty, Foosung, and the Chinese supplier Peric. Meanwhile, some foundries are now under pressure to fast-track process qualification of Korean-made WF6 — a procedure that typically takes over 18 months, parts of which are now being skipped given the urgency. WF6 is a critical precursor used to deposit tungsten films on semiconductor wafers. These tungsten films serve as pathways for electrical signals within chips. While WF6 is used across DRAM, NAND, and logic, consumption is overwhelmingly concentrated in 3D NAND — its vertically stacked cell structure means that at 200 layers, tungsten must be deposited 200 times. A technology transition to replace tungsten interconnects with molybdenum is partially underway in leading-edge NAND processes, but full-scale adoption will take considerable time. WF6 manufacturers import Chinese tungsten powder, react it with fluorine gas at high temperatures, then distill and purify it into high-purity gas for semiconductor use. China accounts for 80% of global tungsten powder supply. Since February of last year, China has imposed an export licensing regime on strategic minerals including tungsten. On top of that, following Japanese Prime Minister Sanae Takaichi's remarks on Taiwan in January of this year, China added export controls on "dual-use" items destined for Japan. Tungsten powder qualifies as a dual-use item — it is both a semiconductor material and a component used in weapons systems including tanks, missiles, and aircraft. As China's export controls have taken hold, tungsten prices have surged relentlessly. Tungsten powder prices have risen 6–7x over the past year. According to Bloomberg, the international benchmark price for ammonium paratungstate (APT) — the raw material for tungsten powder — has climbed 557% since February of last year. South Korea remains relatively free from China's export controls, and SK Specialty and Foosung have maintained their tungsten powder imports. However, SK Specialty has reportedly notified customers of a more-than-double price increase for WF6. Foosung is taking the same stance, as the cost structure is identical. An industry source said, "The bottom line is that domestic WF6 suppliers stand to benefit from the windfall."

A massive update in the week for large holding STRATEGIC MINERALS. The update confirming this is Europe’s highest-grade undeveloped tungsten deposit (based in the UK) and a lot bigger and a lot more valuable than expected. Some points from the update: 1. The 2020 scoping study told one story and this new one blows it apart. The NPV surges from $128m to $1.54bn and is driven by two thing: a much bigger resource (2.4x more mineable tonnage) and the tungsten price that has moved to $1,200/mtu in the base case. If one uses the upside case at $1,800/mt then we arrive at a mind blowing after-tax NPV of $2.71bn and an IRR of 55%. Pricing today though sits at $2,500–$2,800/mtu, much higher than even the upside case. The economics are exceptional vs the market cap with Capex to build it at $109.7m. Market cap at time of writing? £115m 2. The resource grew in EVERY direction 49% tonnage. 31% tungsten. 55% tin. 30% copper. Silver also confirmed. 3. Mine life nearly tripled from 12 years to 29 years. Again, huge, Not just looking at a bigger resource and swollen numbers but it changes the entire investment case, de-risks the project for any potential partner or acquirer. 4. Metallurgy improved too. Recovery rates on tungsten trioxide jumped from 72% → 85.8%. Better recovery means more revenue per tonne and ultimately better margins. A bigger resource but also much more efficient. 5. What’s coming next? Right now infill drilling is underway and a new drilling contract signed with Priority Drilling UK. The campaign is fully funded and using one rig immediately, with the sole focus of upgrading Inferred resources to Indicated status (the classification needed to support a reserve calculation and unlock a PFS). Then before summer more rigs will be added.