Ann: Redmoor 2018 Resource Update, page-28

Using previous SP Angel research report and current resource update, our 50% share in Redmoor should be valued around £9.48m - £11.26m ($17.37m -  $20.63m) based on our current inferred resource. This value should increase as we look to expand our high grade resource and explore further potential targets.

“We estimate the value of Redmoor based on a direct comparison with the market value of the owner of the other 50% of the project and also by comparison with the market value of a basket of 4 other companies with advanced tin exploration/development projects around the world. On this basis, we estimate that Strategic Minerals’ interest in Redmoor is worth between £6.9m and £8.2m although there remains scope for an upgrading of this valuation in the event of a successful drilling campaign.”

“We have identified a number of other pre-development stage tin projects comprising the sole or principal assets of the holding company. In aggregate, these value in-the ground tin resources at £224 per tonne of contained tin equivalent which would value a 50% share in Redmoor’s 13.3m tonnes of resource at an equivalent tin grade of 0.55% at £224 per tonne of contained tin in resource or £8.21m before any possible further resource expansion.”

http://nae.net.au/wp-content/uploads/2017/05/SP-Angel-Research-Note-on-SML.pdf