Yes many variables. Tungsten price seems to be going in an...

Yes many variables.

Tungsten price seems to be going in an upward direction. I don't think the west is going to go back to relying on china. Unless the communist party is overthrown.

The presentation said 'significant potential for expansion' at Bold head. Said 4.4M in reserves. Another 5 years maybe.

A PE of 10 is conservative in todays climate.

The cost of production is a factor, but they have a lot of infrastucture already in place. The port, power, water. It has already been a working mine. Needs to be modernised. The locals seem on board. Happy for the new employment I presume.

As long as the price stays high, meaning no major new resource is discovered somewhere. No new supply. That I see as the major threat.