REG - Strategic Minerals - Corporate & Operational Updates

Strategic MineralsAnnouncement

14/08/2025 07:00

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RNS Number : 2543V  Strategic Minerals PLC  14 August 2025

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.

 

14 August 2025

 

Strategic Minerals plc

("Strategic Minerals", the "Company" or the "Group")

Corporate & Operational Updates:

Redmoor Project & CRL Management Updates,

 Leigh Creek Copper Mine Transaction Update

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide the following
corporate and operational updates.

Redmoor Critical Minerals Project

 

First drillhole achieved all expectations including notable mineralised
intersections

 

The fully funded and permitted exploration drilling programme being carried
out by Cornwall Resources Limited ("CRL") at the Redmoor Tungsten-Tin-Copper
Project ("Redmoor") is progressing well, with the first borehole CRD033
completed to 600.4m, and the second borehole CRD034b in progress with over
550m downhole drilled, and a further c.150m to drill.

CRD033, unique within the programme, will be sampled from top to bottom as
part of cross-correlating structures and mineralisation to a historical
twinned borehole. To date the top 300m of the borehole has been cut and
sampled, and samples are scheduled for shipment for analysis by ALS Loughrea,
Ireland (see Figure 1). The second 300.4m of samples, which contains the bulk
of the mineralised zones within this borehole, will follow in due course.
Analysis results from CRD033 are currently expected to be released in
September 2025.

Following completion of the three boreholes located at the current drilling
pad, on Redmoor Road in Kelly Bray, Callington, the rig will move to the
second drilling pad. It is planned for an additional rig to join the programme
for up to a further three months, to support the completion of the programme
in December 2025.

Dennis Rowland, CRL Managing Director, commented:

"Geological logging of CRD033 is complete. The borehole was planned as a twin
hole to one of the 35 historic boreholes drilled in the 1980s at Redmoor by
Southwest Minerals Limited. Geological logging and cross-hole correlation show
that key intersections are consistent across the closely spaced holes and that
mineralisation is present where predicted. This borehole twinning process is
aimed at strengthening the Redmoor mineral resource estimate, and providing
more data, as part of the planned MRE update.

The borehole intersected the Redmoor sheeted vein system, and notable
mineralised intersections have been recorded, containing wolframite and other
minerals. A detailed hole description, and key sample intersections will be
announced following receipt of analytical results."

This drill programme follows the securing of match grant funding from the UK
Government, through the UK Shared Prosperity Fund, managed by the Cornwall and
Isles of Scilly Good Growth Project (the "SPF Project"), and the completion of
a £1,000,000 fundraise by Strategic Minerals. As the drill programme forms
part of CRL's SPF Project, 50% of the programme costs will be recovered from
the grant funding.

Data from drilling and the ongoing relogging and sampling programme will be
utilised to inform a new JORC (2012) compliant Mineral Resource Estimate
("MRE") for Redmoor, expected to be completed in Q1 2026. This will be the
first update since Redmoor's JORC (2012) compliant MRE published in 2019 of
11.7 Mt at 1.17% Tin equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu). Since that
update, there have been significant shifts in global markets and commodity
prices, with increased recognition of the importance of critical and strategic
minerals. The Company believes that Redmoor's resource stands out in
comparison to most tungsten projects due to the high-grade of tungsten
mineralisation, alongside the presence of tin and copper.

 

 Figure 1: Samples being prepared for shipment to ALS Loughrea, Ireland

 

CRL Management Updates

Strategic Minerals is in the process of rationalising its operations across
the Group, and to direct responsibilities to those most appropriate to deliver
results. In recognition of the leadership roles and responsibilities
undertaken at CRL, and achievements to date, Dennis Rowland, CRL Project
Manager, and Rowan Thorne, CRL Senior Geologist, have both received
promotions.

Dennis has been promoted to the role of CRL Managing Director and will take
wider authorities both for day-to-day programme management, as well as CRL's
operational planning and delivery.

Rowan has been promoted to the role of CRL Exploration Manager. Working with
Dennis, Rowan will manage the geological team and its projects.

Together, Dennis and Rowan will be responsible for delivery of CRL's ongoing
exploration drill programme, delivering material improvements to the Redmoor
Project through an updated mineral resource estimate and economic model
update, seeking further growth potential for Redmoor and targets within CRL's
licence areas.

Charles Manners, SML Chair, commented:

"Dennis has played a vital role in guiding the Redmoor Project, building
strong relationships with key stakeholders and securing major wins like the
Duchy of Cornwall minerals rights licence area and the UK Shared Prosperity
Fund grant. Rowan has brought impressive exploration expertise, managing our
current drilling programme and delivering encouraging results. Together, their
leadership will drive the next phase of growth at CRL as we advance the
Redmoor Project and unlock its full potential for our shareholders, and the
UK's domestic critical minerals agenda."

Leigh Creek Copper Mine Transaction Update

Further to grant of an exclusive call option to Axis Mining & Minerals Pty
Ltd to acquire 100% of the Leigh Creek Copper Mine ("LCCM") as announced on 24
April 2025 ("Call Option"), Strategic Minerals announces that the parties have
agreed, at the request of the Call Option holder, to novate the Call Option to
South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals
("Cuprum").

Subsequently, Cuprum (now, the "Purchaser") is bound by and must comply with
all the provisions of the Call Option.

As previously announced, under the terms of the Call Option, which is
exercisable for a period of six months (or such longer period as may be agreed
by the parties), the Purchaser may elect to acquire 100% of LCCM for an
initial payment to Strategic Minerals of A$1.9 million in cash. The Purchaser
anticipates completing a listing on the Australian Securities Exchange upon
which it will, if the Call Option is exercised, issue shares to Strategic
Minerals equivalent to 19.9% of the listed vehicle up to a maximum value limit
of A$3 million*. The Purchaser will also pay an earn-out to Strategic Minerals
equivalent to A$4 million ("Earn-Out Consideration") to be paid on a half
yearly basis from the commencement of commercial production from LCCM with
each half yearly payment to be the equivalent of 20% of net free cash flows
from the prior period.

*In the event of the share issuance to Strategic Minerals being less than A$3
million as a result of the 19.9% limit, the Earn-Out Consideration shall be
adjusted to a higher level to reflect the difference in value from the A$3
million maximum limit.

 

 For further information, please contact:

 Strategic Minerals plc                                                   +44 (0) 207 389 7067
 Mark Burnett
 Executive Director
 Website:                 www.strategicminerals.net (http://www.strategicminerals.net)
 Email:                   info@strategicminerals.net (mailto:info@strategicminerals.net)

 Follow Strategic Minerals on:
 X:                       @StrategicMnrls (https://x.com/StrategicMnrls)
 LinkedIn:                https://www.linkedin.com/company/strategic-minerals-plc
                          (https://www.linkedin.com/company/strategic-minerals-plc)

 SP Angel Corporate Finance LLP                                           +44 (0) 20 3470 0470
 Nominated Adviser and Broker
 Matthew Johnson/Charlie Bouverat/Grant Barker

 Zeus Capital Limited                                                     +44 (0) 203 829 5000
 Joint Broker
 Harry Ansell/Katy Mitchell

 Vigo Consulting                                                          +44 (0) 207 390 0234
 Investor Relations
 Ben Simons/Peter Jacob/Anna Sutton
 Email:                   strategicminerals@vigoconsulting.com
                          (mailto:strategicminerals@vigoconsulting.com)

 

Notes to Editors

About Strategic Minerals Plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing
minerals company, actively developing strategic projects in the UK, United
States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources
Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar
Valley Mining District in Cornwall, United Kingdom, with a JORC (2012)
Compliant Inferred Mineral Resource Estimate published 14 February 2019:

 Cut-off (SnEq%)          Tonnage (Mt)  WO(3)  Sn    Cu    Sn Eq(1)  WO(3) Eq

                                        %      %     %     %         %
 >0.45 <0.65              1.50          0.18   0.21  0.30  0.58      0.41
 >0.65                    10.20         0.62   0.16  0.53  1.26      0.88
 Total Inferred Resource  11.70         0.56   0.16  0.50  1.17      0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x
0.40. WO(3)(EQ)% = Sn% x 0.7 + WO(3) + Cu% x 0.28.  Commodity price
assumptions: WO3 US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery
assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu
recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at:
https://www.cornwallresources.com (https://www.cornwallresources.com)

In September 2011, Strategic Minerals acquired the distribution rights to the
Cobre magnetite project in New Mexico, USA, through its wholly owned
subsidiary Southern Minerals Group.  Cobre has been in production since 2012
and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company acquired the Leigh Creek Copper Mine situated in
the copper rich belt of South Australia. The Company has entered into an
exclusive Call Option with South Pacific Mineral Investments Pty Ltd trading
as Cuprum Metals to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared
Prosperity Fund.  Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of
Scilly Good Growth Programme (https://ciosgoodgrowth.com/) .

 

Cornwall and Isles of Scilly has been allocated £184 million for local
investment through the Shared Prosperity Fund
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus)
.  This new approach to investment is designed to empower local leaders and
communities, so they can make a real difference on the ground where it's
needed the most.

 

UK Shared Prosperity Fund

The UK Shared Prosperity Fund proactively supports delivery of the
UK-government's five national missions: pushing power out to communities
everywhere, with a specific focus to help kickstart economic growth and
promoting opportunities in all parts of the UK.

 

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus)

For more information, visit https://ciosgoodgrowth.com
(https://ciosgoodgrowth.com)

 

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