REG - Strategic Minerals - Final Results
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RNS Number : 9906E Strategic Minerals PLC 20 May 2026
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.
20 May 2026
Strategic Minerals plc
("Strategic Minerals", the "Company" or the "Group")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025
Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to announce its results for the
year ended 31 December 2025 (the "Period").
The full 2025 Annual Report will shortly be made available on the Company's
website at: https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
Financial Highlights
· Revenues from the Cobre magnetite operation were $4.2m, the second
highest levels since 2017. Margins improved from 82% to 85%
· Profit before tax reduced to $0.7m from $2.1m primarily due to a
non-cash share based payment expense ($0.6m), reduced Cobre profits ($0.3m),
costs associated with the Board restructuring and increased Group wide
activity levels including investment in the Redmoor Tungsten-Tin-Copper
Project in Cornwall.
· $2.1m invested in the Redmoor Project during the year, offset by
$0.8m of UK Government grant funding received in the year from the UK Shared
Prosperity Fund.
· Cash at 31 December 2025 increased to $777k (2024: $621k). A
further £8.7m ($11.7m) raised post year end through two equity placings in Q1
2026 to fund infill drilling and Pre-Feasibility Study at Redmoor.
Operational Highlights (By Subsidiary)
Cornwall Resources Limited ("CRL")
Redmoor Tungsten-Tin-Copper Project, Cornwall, UK
· Awarded £764,000 UK Government grant funding under the UK Shared
Prosperity Fund, matched by proceeds from the April 2025 placing, supporting
an accelerated programme towards pre-feasibility.
· Completed first drilling campaign since 2018, with 5,048.7m drilled
between June and December 2025, delivered ahead of schedule and within budget.
· Exceptional drillhole results with high-grade tungsten, tin and
copper intercepts, including 1.10m @ 7.19% WO₃ (7.51% WO₃.Eq) and 0.97m @
7.52% WO₃ (7.78% WO₃.Eq), among the highest-grade results recorded at
Redmoor.
· Identified multiple mineralised intervals and wide zones within the
sheeted vein system, reinforcing Redmoor's position as one of the
highest-grade undeveloped tungsten deposits globally.
· Re-analysis of historical samples confirmed prior underreporting,
with an average 9.2% uplift in tungsten grades.
· Invested in upgrading facilities and expanding the technical team to
support the accelerated exploration and development programme.
· Post financial year-end, reported an ultra-high-grade intercept of
0.60m @ 18.96% WO₃ (22.09% WO₃.Eq), demonstrating the exceptional grade
potential of the Redmoor Project.
· Confirmed discovery of a new mineralised structure ("North Tin Zone")
outside the existing deposit, with intercepts including 4.00m @ 0.25% Sn.
· Announced updated JORC (2012) Inferred Mineral Resource Estimate of
17.4Mt @ 0.65% WO₃.Eq, representing a 49% increase in tonnage and contained
metal - confirms status as Europe's highest grade undeveloped tungsten
project.
· Delivered updated Economic Sensitivity Analysis indicating potential
after-tax NPV(8%) of $1.54bn and IRR of 40%, highlighting a material
improvement in project economics.
Southern Minerals Group LLC ("SMG")
Cobre magnetite stockpile, New Mexico, USA
· Cobre recorded its 3rd highest annual ore sales in 14 years with
61,279 tons (2024: 70,658 tons) sold to a diversified customer base.
· Sales generated of approximately $4.23m (2024: $4.7m).
· Secured an extension of access to the Cobre magnetite operation's
stockpile from 31 March 2027 to 31 March 2029.
Leigh Creek Copper Mine Pty Ltd ("LCCM")
Leigh Creek Copper Project, South Australia
· Signed a non-binding heads of agreement to grant a purchaser a call
option to acquire LCCM, which was exercised. Company has received the first
instalment of the initial payment.
Board Changes
· Philip Haydn-Slater appointed as Non-Executive Director on 27 January
2025
· Peter Wale retired from the Board on 24 March 2025
· Charles Manners moved from Non-Executive Chairman to Executive
Chairman on 12 August 2025
Charles Manners, Executive Chairman, commented:
"We are looking forward to continuing to progress our clearly set out
strategic goals in 2026. The Redmoor resource had been largely overlooked for
too long, but this is no longer the case. We believe it is now widely
recognised as one of the highest grade undeveloped tungsten projects in the
world, and we will seek to use our now strong cash position, as well as
potential sale proceeds from Leigh Creek and existing and hopefully enhanced
positive cash flow from the Southern Minerals Group to advance Redmoor at an
ever greater pace through a Pre-Feasibility study and on towards Production."
"I would like to take this opportunity to thank my fellow Directors, our
management and staff in Cornwall, New Mexico, and South Australia, along with
our advisers, for their support and hard and skilful work on our behalf during
the year. Additionally, I would like to thank all of our investors, clients,
contractors, suppliers and partners for their continued confidence and backing
on this path to delivering a new world-class polymetallic tungsten mine in the
UK."
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 +44 (0) 203 829 5000
Zeus Capital Limited
Joint Broker
Harry Ansell/Katy Mitchell
Vigo Consulting +44 (0) 207 390 0234
Investor Relations
Ben Simons/Seb Weller/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 26 March 2026:
Resource category Domain Tonnage NSR WO(3) Eq grade WO(3) grade Sn grade Cu grade Ag grade
(Mt)
(US$/t)
(%)
(%)
(%)
(%)
(g/t)
Inferred Tungsten HGDs 7.30 499 0.98 0.83 0.12 0.53 7.0
Tin HGDs 1.95 208 0.44 0.14 0.50 0.50 7.6
Cu Domain SVS 8.02 196 0.40 0.28 0.13 0.34 4.3
Low Grade SVS 0.12 125 0.25 0.17 0.10 0.16 2.7
Total Inferred 17.40 324 0.65 0.49 0.17 0.44 5.8
Total Mineral Resources 17.40 324 0.65 0.49 0.17 0.44 5.8
The preceding statement of Mineral Resources conforms to the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor
discrepancies may occur due to rounding to appropriate significant figures.
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 completed the acquisition of 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.
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)
Key Extracts from the Company's 2025 Annual Report are set out below:
Chairman's Report for the Year Ended 31 December 2025
2025 was a transformational year for the Company, in particular driven by
developments at Cornwall Resources Limited ("CRL") and the Redmoor
Tungsten-Tin-Copper Project, supported by strong operational performance and
cash flow at the Cobre magnetite operation in New Mexico ("Cobre") and the
start of realisation of value from exiting the Leigh Creek Copper Mines
("LCCM") asset in Australia.
Together, the Company is well placed to realise underlying value and take a
commanding position as a leading critical mineral developer going forward.
Financial results
The Company delivered significant share price appreciation in 2025, up 472%
and one of the top performing companies listed on AIM.
Cobre recorded its 3rd highest annual ore sales in 14 years with 61,279 tons
(2024: 70,658 tons) sold to a diversified customer base, generating sales of
approximately $4.23m (2024: US$4.7m), and improved year-end cash balances of
$0.78m.
Post period financial events
The Company raised £4.00m before expenses on 22 January 2026 at a price of
1.3p per new ordinary share of 0.1 pence each in the Company ("Ordinary
Shares") and a further £4.7m before expenses on 19 March 2026 at a price of
3.5p per new Ordinary share, led by a prominent international investor. On 30
March 2026, it was announced that Gregory Coffey has joined the share register
having acquired 3.34% of the Company.
Cornwall Resources Limited
Redmoor Tin-Tungsten-Copper Project
During the year, the team at Redmoor continued to deliver on the strategy of
upgrading the understanding of the ore body and potential economics, targeting
a renewed Mineral Resource Estimate ("MRE") and Economic Sensitivity Analysis
in Q1 2026.
In detail, the team conducted the following activities:
· Secured £764,000 of UK Government grant funding from UK Shared
Prosperity Fund which, together with matched funds from the Company's April
2025 placing, is enabling the programme to accelerate Redmoor towards
pre-feasibility.
· 1st drilling since 2018 commenced in June 2025 with 5,048.70m
completed by December 2025, ahead of schedule, within budget, and with
exceptional results including;
o 1.10 m @ 7.19% WO3, 0.02% & 1.11% Cu (7.51% WO3.Eq) and 0.97m at 7.52
WO3, 0.03% Sn & 0.87% Cu (7.78% WO3.Eq), including one of the top 10
highest-grade sample results recorded at Redmoor from all previous drilling
campaigns.
· Multiple mineralised intervals and wide zones of mineralisation
within the Redmoor sheeted vein systems were identified, reinforcing Redmoor's
status as one of the highest-grade undeveloped tungsten deposits globally;
· Re-analysis of historical samples confirmed previous underreporting
of certain samples and an average 9.2% increase in tungsten grades, further
solidifying Redmoor's position as Europe's highest-grade undeveloped tungsten
deposit;
· Strategic Minerals Plc ("SML") invested in significantly upgrading
facilities and capacity at the Redmoor project and hiring additional team
members to support the programme.
Post-period events included:
· Reporting an ultra-high-grade tungsten, tin, and copper sample
intercept containing 0.60m @ 18.96% WO3, 2.76% Sn & 3.19% Cu for a
tungsten equivalent grade of 22.09% WO3.Eq from 563.13 m.
· Confirmation of the discovery of a new, large, mineralised structure
separate to the SVS deposit (the "North Tin Zone"), with a sample intersect of
4.00m @ 0.25% Sn, 0.01% Cu from 476.00m, including: 2.00m @ 0.40% Sn, 0.02% Cu
& 0.00 WO3 (0.34% WO3.Eq) from 478.00 m.
· Announcement of updated JORC (2012) Inferred Mineral Resource
Estimate of 17.4 Mt @ 0.65% WO3.Eq; Representing a 49% Increase in Tonnage and
Contained Metals Increases. Confirms Redmoor at 0.49% WO3 (0.65% WO3.Eq) is
Europe's highest-grade, undeveloped, tungsten project compared to other
CRIRSCO-compliant projects.
· Announcement of updated Economic Sensitivity Analysis Results in
Standout Economics with Base Case Scenario of Potential After-Tax NPV(8%) of
US$1.54bn and 40% IRR.
Southern Minerals Group LLC
Cobre Operations
In 2025, Cobre continued to provide a stable and reliable source of revenue
for the Group, building on the strong recovery in demand seen in 2024
following the return of its major client. Revenues remained robust, supported
by consistent shipment volumes and disciplined management.
The extension of access to the stockpile through to March 2029 continues to
underpin the medium-term outlook for the operation and positions Cobre as a
dependable cash-generating asset heading into 2026. The Company continues to
consider ways of further increasing magnetite sales and consequently enhancing
cash flow.
Leigh Creek Copper Mine Pty Ltd
Leigh Creek Copper Project
In April 2025, the Company signed a non-binding heads of agreement with Axis
Mining & Minerals Pty Ltd, which was subsequently novated to South Pacific
Mineral Investments Pty Ltd trading as Cuprum Metals ("Cuprum"), based on the
following conditions:
· The purchaser will make a non-refundable payment to Strategic
Minerals of A$100,000 within 30 days (subsequently extended by 14 days) from
23 April 2025 (or such further period as may be agreed by the parties), for an
exclusive call option to acquire 100% of LCCM (the "Call Option").
· Under 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$1.9m in cash.
· The purchaser anticipates completing a listing on the Australian
Securities Exchange upon which it will issue shares to Strategic Minerals
equivalent to 19.9% of the listed vehicle up to a maximum value limit of A$3m.
· The purchaser will pay an earn-out to Strategic Minerals equivalent
to A$4m to be paid on a half yearly basis from the commencement of commercial
production at the Project with each half yearly payment to be the equivalent
of 20% of net free cash flows from the prior period.
The initial payment of A$100,000 was received by the Company, and Cuprum later
exercised the Call Option on 22 December 2025. This resulted in the payment by
Cuprum of a first instalment of A$150,000 being the initial instalment of the
remaining cash payment as a minor variation to the terms. The balancing cash
payment of A$1.75m will fall due on the completion of the Definitive
Agreement, with the remainder of the terms remaining unchanged.
The Company continues to engage with Cuprum to progress the transaction
towards completion and realisation of value for the Leigh Creek Copper
Project.
Safety
The Company has a strong focus on safety issues across all its operating
subsidiaries and continues to maintain a high level of performance when it
comes to safety. In 2025 there were no safety issues reported (2024: one
minor).
Conclusion
We are looking forward to continuing to progress our clearly set out strategic
goals in 2026. The Redmoor resource had been largely overlooked for too long,
but this is no longer the case. We believe it is now widely recognised as one
of the highest grade undeveloped tungsten projects in the world, and we will
seek to use our now strong cash position, as well as potential sale proceeds
from Leigh Creek and existing and hopefully enhanced positive cash flow from
the Southern Minerals Group to advance Redmoor at an ever greater pace through
a Pre-Feasibility study and on towards Production.
I would like to take this opportunity to thank my fellow Directors, our
management and staff in Cornwall, New Mexico, and South Australia, along with
our advisers, for their support and hard and skilful work on our behalf during
the year. Additionally, I would like to thank all of our investors, clients,
contractors, suppliers and partners for their continued confidence and backing
on this path to delivering a new world-class polymetallic tungsten mine in the
UK.
Charles Manners
Executive Chairman
19 May 2026
Strategic Report for the Year Ended 31 December 2025
The Directors of the Company and its subsidiaries (which together comprise the
Group) present their Strategic Report on the Group for the year ended 31
December 2025.
Financial Performance
The Company and the Group's reporting currency is US dollars reflecting that,
previously, the Group's revenues, expenses, assets and liabilities were
predominantly in US currency and, currently, the bulk of revenues continue to
be sourced in US dollars.
The Group recorded a profit before tax including discontinued operations of
$0.467m (2024 profit: $1.996m).
The Group undertook a Board restructuring and significantly increased its
activities on its Redmoor Project, resulting in increased overheads during the
period. Having grown significantly in the previous year, revenue declined 11%
from $4.745m in 2024 to $4.231m in 2025.
Alongside the ongoing profitable and cashflow generating magnetite sales
activities in SMG, the primary exploration focus of the Group was on the
Redmoor Project in Cornwall. $1.287m was spent on the project, after income of
$0.791m from the UK Shared Prosperity Fund.
Cash at the end of the year was $0.777m (2024: $0.621m).
PROJECT REVIEW AND ACTIVITIES
Cornwall Resources Limited - Redmoor Tungsten-Tin-Copper Project
During 2025, the Company continued to execute its strategy of improving the
understanding of the Redmoor orebody and advancing the economic case for
development, targeting the delivery of an updated Mineral Resource Estimate
("MRE") and Economic Sensitivity Analysis in 2026.
A key milestone in the year was the award of £764,000 in grant funding from
the UK Government under the UK Shared Prosperity Fund ("SPF"), managed by
Cornwall Council through the Cornwall and Isles of Scilly Good Growth
Programme. This funding, matched by Company expenditure from the April 2025
placing, supported an accelerated programme of drilling and technical work
aimed at progressing the Project towards pre-feasibility.
Drilling recommenced in June 2025, representing the first drilling campaign at
Redmoor since 2018. A total of 5,048.7 metres was completed by December 2025,
ahead of schedule and within budget, delivering exceptional results. These
included high-grade intercepts such as 1.10 metres at 7.19% WO₃, 0.02% Sn
and 1.11% Cu (7.51% WO₃ equivalent), and 0.97 metres at 7.52% WO₃, 0.03%
Sn and 0.87% Cu (7.78% WO₃ equivalent), including one of the highest-grade
sample results recorded at Redmoor across all drilling campaigns.
The drilling programme identified multiple mineralised intervals and wide
zones of mineralisation within the Redmoor sheeted vein system, further
reinforcing the project's status as one of the highest-grade undeveloped
tungsten deposits in Europe. In addition, re-analysis of historical samples
confirmed that certain tungsten grades had been previously underreported, with
results indicating an average increase of approximately 9.2% in tungsten
grades, further enhancing the overall quality of the resource base.
To support this accelerated programme, the Company invested in upgrading
facilities and expanding the technical team, ensuring capacity to deliver both
the drilling campaign and associated technical studies.
Subsequent to the period end, further significant results were reported,
including an ultra-high-grade intercept of 0.60 metres at 18.96% WO₃, 2.76%
Sn and 3.19% Cu (22.09% WO₃ equivalent), highlighting the exceptional grade
potential within the system. In addition, the discovery of a new mineralised
structure, the "North Tin Zone", confirmed further upside potential beyond the
previously defined South Vein System, with intercepts including 4.00 metres at
0.25% Sn.
These results contributed to the delivery of an updated JORC (2012) Inferred
Mineral Resource Estimate of 17.4 million tonnes at 0.65% WO₃ equivalent,
representing a 49% increase in tonnage and contained metals compared to the
previous estimate. The updated resource confirms Redmoor, at approximately
0.49% WO₃ (0.65% WO₃ equivalent), as one of the highest-grade undeveloped
tungsten projects in Europe among CRIRSCO-compliant projects.
In parallel, an updated Economic Sensitivity Analysis demonstrated a
substantial improvement in project economics relative to the 2020 scoping
study, which had reported an after-tax NPV8 of $91m and an IRR of 23.4%. The
updated analysis indicates a potential base case after-tax NPV (8%) of
approximately US$1.54 billion and an IRR of 40%, reflecting the combined
impact of increased resource scale, improved grades, enhanced metallurgical
performance and stronger prevailing commodity prices.
The Board considers that CRL continues to hold a significant and increasingly
valuable asset. The scale, grade and improving technical and economic
parameters of the Project, together with its location within the UK, provide a
strong foundation for advancing Redmoor towards development for the benefit of
stakeholders.
Fig.1 - Exploration License Area Maps include location of Redmoor Project
Fig.2 - Deposit Model Map - MRE 2026 - mineralisation distribution of
Tungsten-dominant (red) and Tin-dominant (green) zones within the SVS
mineralised envelope (gold)
Cobre performance
In 2025, Cobre continued to provide a stable and reliable source of revenue
for the Group, building on the strong recovery in demand seen in 2024
following the return of its major client. Revenues remained robust, supported
by consistent shipment volumes and disciplined management.
The extension of access to the stockpile through to March 2029 continues to
underpin the medium-term outlook for the operation and positions Cobre as a
dependable cash-generating asset heading into 2026.
Cobre continues to benefit from strong operational oversight under the
leadership of Tim Klumker. The Board of Strategic Minerals also conducted an
in-depth site visit in October 2025.
SMG continues to have an exemplary safety record and has developed an enviable
culture that reinforces the highest safety standards. In 2025, there were no
safety incidents.
Fig. 3 - View of Cobre resource and open pit under excavation
Fig.4 - Beneficiation of magnetite on surface
Fig.5 - Loading of Cobre product on the weighbridge in preparation for
shipping
Leigh Creek Copper Mine Pty Ltd ("LCCM")
During 2025, the Company made tangible progress toward the monetisation of
LCCM, following several years of permitting, technical work and engagement
with potential counterparties.
In April 2025, the Company signed a non-binding heads of agreement with Axis
Mining & Minerals Pty Ltd, which was subsequently novated to South Pacific
Mineral Investments Pty Ltd trading as Cuprum Metals ("Cuprum"), based on the
following conditions:
· The purchaser will make a non-refundable payment to Strategic
Minerals of A$100,000 within 30 days (subsequently extended by 14 days) from
23 April 2025 (or such further period as may be agreed by the parties), for an
exclusive call option to acquire 100% of LCCM (the "Call Option").
· Under the Call Option, which will be 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$1.9m in cash.
· The purchaser anticipates completing a listing on the Australian
Securities Exchange upon which it will issue shares to Strategic Minerals
equivalent to 19.9% of the listed vehicle up to a maximum value limit of A$3m.
· The purchaser will pay an earn-out to Strategic Minerals equivalent
to A$4mto be paid on a half yearly basis from the commencement of commercial
production at the Project with each half yearly payment to be the equivalent
of 20% of net free cash flows from the prior period.
Cuprum exercised the Call Option by 18 June 2025 and subsequently paid a first
instalment of A$150,000 of the initial payment as a minor variation to the
terms.
The Company continues to engage with Cuprum to progress the transaction
towards completion and realisation of value.
LCCM has three approved Mining Leases that cover a number of copper oxide
deposits, including Lorna Doone, Lynda, Mountain of Light (Rosmann East and
Paltridge North) and the Mount Coffin deposit. All the Mineral Resources are
contained within the Mining Leases. They contain a JORC 2012 total resource of
3.61mt @ 0.69% copper for 24,900 of contained copper metal which forms the
base of the project and includes the following resource category breakdown.
Inferred Indicated Total Resource
Deposit Tonnes Copper Grade Tonnes Copper Grade Tonnes Copper Grade Copper Metal (tonnes)
Paltridge North 41,000 0.49% 879,000 0.82% 920,000 0.81% 7,400
Lynda - - 1,349,000 0.65% 1,349,000 0.65% 8,800
Lorna Doone 66,000 0.68% 1,280,000 0.65% 1,346,000 0.65% 8,700
Total 107,000 0.61% 3,508,000 0.69% 3,615,000 0.69% 24,900
An existing heap leach and Kennecott cone-based copper processing facility is
located at the Mountain of Light deposit (adjacent to Rosmann East and nearby
Paltridge North) and was successfully operated for a short period in 2019 to
test its capacity to resume full time operations.
Fig. 6 - Tailings ponds and existing infrastructure
The region around the project has excellent infrastructure with a modern town
(Leigh Creek), sealed airstrip, sealed and all-weather roads, power and water
utilities.
Fig. 7 - Existing mill infrastructure
In addition to the Mining Leases, two approved Exploration Leases, covering an
area of 686km² in the northern Flinders Ranges, are included in the project.
These provide excellent opportunities for exploration of new copper oxide
resources.
Safety
There were no safety incidents in 2025 (2024: one minor).
Board Changes
Name Position Appointment Date Resignation Date
Charles Manners* Executive Chairman 1 September 2024
Mark Burnett Executive Director 1 September 2024
Philip Haydn- Slater Non-Executive Director 27 January 2025
Peter Wale Executive Director 24 March 2025
* Charles Manners was appointed as Non-Executive Director on 1 September 2024
and subsequently appointed as Executive Chairman on 12 August 2025.
* Mark Burnett was appointed as Non-Executive Director on 1 September 2024 and
subsequently as Executive Director on 14 November 2024.
Key Risks and Uncertainties
The management of the business and the execution of the Group's strategy are
subject to a number of risks. The Group regularly reviews the principal risks
and uncertainties that the business faces and assesses appropriate responses
to mitigate and, where possible, eliminate potential adverse impact. There is
the possibility that if more than one event occurs, that the overall effect of
such events would compound the possible adverse effects on the Group.
Our principal risks and uncertainties are as follows:
Commodity prices and currency risk
Although the Group's main income stream at Cobre is focused on localised
markets, which minimises the impact of global commodity prices, the value of
its development projects can still be subject to changes in global commodity
prices. Fluctuations in commodity markets are affected by numerous factors
beyond the Group's control, including global demand and supply, international
economic trends, currency exchange fluctuations, expectations for inflation,
speculative activity, consumption patterns and global or regional political
events. The aggregate effect of these factors is impossible to predict.
Fluctuations in commodity prices, over the long term, may adversely impact the
returns of the Group's investments. The Group monitors commodity prices and
structures its portfolio of assets with commodities that are likely to
appreciate in the medium to long term.
The Group reports its results in US Dollars, whilst the functional currency of
the parent company from which the Group derives most of its funding is Pound
Sterling. Fluctuations in exchange rates between currencies in which the Group
invest, reports, or derives income may cause fluctuations in its financial
results that are not necessarily related to the Group's underlying operations.
The Group converts funds to a currency in which funds will be utilised on an
as needed basis.
Funding risk
The Group requires funds, both to manage its working capital requirements and
fund new and existing projects, as the Group seeks to grow. If the Group is
not able to obtain sufficient financial resources, it may not be able to
develop new and existing projects. There can be no assurance that such funds
will continue to be available on reasonable terms, or at all in the future.
The Directors regularly review cash flow expenditure requirements, and the
cash flow generated from its Cobre operation to ensure the Company and Group
can meet financial obligations as and when they fall due.
Since the year end, the Group has successfully raised £8.7m (approx $12.0m),
significantly reducing the funding risk for the foreseeable future. Funds
are expected to allow for the completion of and expanded resource and Pre
Feasibility Study at the Redmoor project.
Reserve and resource risk
The mineral reserve and resource relating to CRL are only estimates and no
assurance can be given that the estimated reserves and resources will be
recovered or that they will be recovered at the rates estimated. Reserve and
resource estimates are based on sampling and, consequently, are uncertain
because the samples may not be representative. Reserve and resource estimates
may require revision (up or down) based on future actual production
experience. The discovery of mineral deposits is dependent upon a number of
factors including the technical skill of the exploration personnel involved.
The commercial viability of a mineral deposit, once discovered, is also
dependent upon several factors, including the size, grade and proximity to
infrastructure, metal prices and government regulations, including regulations
relating to royalties, allowable production, importing and exporting of
minerals, and environmental protection. There can be no guarantee that a
mineral deposit will be economically viable. The Group undertakes studies in
order to mitigate this risk.
Licence and Permitting risk
The exploration, developing and mining of resources is, usually, governed by
licensing and permitting requirements issued, generally, by governments. These
normally cover limited periods, and risk may be attached to whether
governments permit these periods to be extended or institute "new" conditions
on their usage. While this is true for all resource projects it has
significant application to SML's primary pre-production asset, namely
Redmoor. The current exploration and evaluation work is reliant on the CRL
maintaining the necessary licences and permits in good standing and meeting
all obligation set out under them. Ultimately, a mining licence will need to
be obtained. However, for the present, the principal focus is on the current
fully funded project activities including drilling and the Pre-Feasibility
Study.
The Group are in advanced discussions relating to the sale of LCCM - The PEPR
permitting process provides risk, both to costs and timing of projects. While
the PEPR for mining copper oxide material from Paltridge North is
unconditional, at the time of writing, the variation to encapsulate the
transitional ore expected at the bottom of the planned Paltridge North pit has
also been submitted and is pending approval. There is also a need for a PEPR
for the Lynda/Lorna Doone deposit. Allowance for these undertakings is
reflected in our internal plans and valuations, but it is acknowledged that
risks to the overall projects value may arise from variations to expectations
around the granting of these PEPRs.
Customer risk
The level of profitability of the Group is currently dependant on the
performance of the Group's Cobre operation in the United States. The Cobre
operation has several major customers and should one or more of these
customers choose to not to purchase product it may have a substantial impact
on the performance of the Group. The Group continues to look for additional
customers at Cobre to address this risk and in addition will develop other
projects such as Redmoor to reduce the risk of dependence on any one customer
or project.
Operational and Environmental risk
Mining operations are subject to hazards normally encountered in exploration,
development, and production. These include unexpected geological formations,
rock falls, flooding, dam wall failure and other incidents or conditions which
could result in damage to plant or equipment, people, or the environment and
which could impact any future production throughput. Although it is intended
to take adequate precautions to minimise risk, there is a possibility of a
material adverse impact on the Group's operations and its financial results.
The Group will develop and maintain policies appropriate to the stage of
development of its various projects. In 2020, as a safeguard to both our
clients and staff, amendments were made to operational procedures to ensure
that delivery of material was contactless. These procedures have continued as
standard practice.
Strategic risk
Significant and increasing competition exists for mineral acquisition
opportunities throughout the world. As a result of this competition, the Group
may be unable to acquire rights to exploit additional revenue generative
assets such as Cobre and attractive mining development properties such as
Redmoor and LCCM on terms it considers acceptable. Accordingly, there can be
no assurance that the Group will acquire any interest in additional operations
that would yield reserves or result in commercial mining operations. The Group
expects to undertake sufficient due diligence to help ensure opportunities are
subjected to proper evaluation.
Uninsurable risk
The Group may become subject to liability for accidents, pollution, and other
hazards against which it cannot insure or against which it may elect not to
insure because of prohibitive premium costs or for other reasons, such as
amounts which exceed policy limits.
Product risk
The Group has a contract for access to magnetite iron ore at the Cobre
operation until March 2029. There is a risk that the supplier may terminate
the agreement, after this time, in which case the Group would no longer have
product to sell. The Group's proactive approach in securing access for the
coming years has minimised the impact this risk may have on future operations
and the Group's management actively engages with its supplier throughout the
year to proactively address any concerns that the supplier may raise.
Dependence on key personnel risk
The Group and Company are dependent upon the executive and local management
teams. Whilst it has entered into contractual agreements with the aim of
securing the services of these personnel, the retention of their services
cannot be guaranteed. The development and success of the Group depends on the
Company's ability to recruit and retain high quality and experienced staff.
The loss of the service of key personnel or the inability to attract
additional qualified personnel as the Group grows could have an adverse effect
on future business and financial conditions. The Group incentivises executives
and management with market-based remuneration packages, short term and
long-term incentive schemes.
Climate Change Risk
While climate change considerations can seriously impact resource companies,
the Group considers that there is little downside risk from these
considerations, given the metals and minerals in its portfolio, and that these
climate change considerations are likely to impact positively on commodity
prices for both copper and tin.
Ongoing War Risk
The ongoing Russia- Ukraine and Middle East conflicts continue to raise the
possibility of a global conflict. To date, these actions have generally
positively impacted on resource prices relevant to SML. However, there is
risk, that global economic growth may be severely curtailed, and this would,
ultimately, have a negative impact on the demand for resources.
Key Performance Indicators
The Board monitors the activities and performance of the Group on a regular
basis. The principal KPI's monitored by the Group are sales of product from
Cobre, the cash position of the Group, the investment in project activities,
the progress of the primary exploration and evaluation asset (the Redmoor
Project), the share price of the Group and the health, safety, and
environmental incidents of the Group.
The sales of product at Cobre were 11% lower in 2025 than in 2024, in part due
to the 10-day shut down during H1 resulting from the New Mexico wildfires.
Revenue in 2025 was $4.231m (2024: $4.745m).
The cash position of the Group as of 31 December 2025 was $0.777m which
increased from $0.621m from the previous year. Broadly speaking, cash
generated from the Cobre project covered the working capital requirements of
the wider group and also contributed towards the exploration and evaluation
work on the Redmoor project, which was largely funded through the funds raised
during the year, along with the SPF Grant funding. Subsequent to the year
end the Group has raised significant additional funds (approx.$12.0m) to
continue to advance the Redmoor project.
The share price of the Company increased significantly during the year from
0.25p at the start of the year to 1.43p at 31 December 2025, a 472% increase.
At the Redmoor project, a significant drilling campaign was undertaken during
2025 and into 2026, with the maiden MRE on track to be completed in Q1 2026.
The Group had no health and safety or environmental incidents during the year,
(2024: one minor health and safety).
Strategy
The principal strategy for the Company is the advancement and development of
critical mineral assets in the UK, supported by cash flow generation from its
US asset base, while generating long-term value for shareholders.
Outlook and Prospects
The Company is committed to the advancement of the Redmoor Tungsten-Tin-Copper
project in Cornwall, UK as a world-class critical minerals project. Robust
price performance for critical minerals in 2025, notably tungsten, provide a
strong foundation as the Company moves toward completing a pre-feasibility
study.
The Company's overheads continue to be supported by cash flow generation from
the Cobre magnetite stockpile operation in New Mexico, USA. The Company is
also committed to executing a sale of LCCM.
The Group will continue its policy, since the arrival of the current Board
members, of maintaining control of its overheads. The Board will also look to
reduce costs by simplifying the group structure, especially by focussed on a
reduction in the number of Australian subsidiaries.
Directors' section 172 statement
Section 172 of the Companies Act 2006 requires Directors to take into
consideration the interests of stakeholders and other matters in their
decision making. The Directors continue to have regard to the interests of the
Company's employees and other stakeholders, the impact of its activities on
the community, the environment and the Company's reputation for good business
conduct, when making decisions. In this context, acting in good faith and
fairly, the Directors consider what is most likely to promote the success of
the Company for its members in the long term. We explain in this annual
report, and referenced below, how the Board engages with stakeholders.
Likely consequence of any decision in the long term
The Chairman's Statement, Strategic Report Business Strategy and the Corporate
Governance Statement set out the Company's long-term rationale and strategy.
Interests of employees
The Employee section of the Company's Corporate Governance Statement sets out
the Company's approach to the interests of its employees.
The Board ensures that the Company's workforce is treated in a manner
consistent with its core values of integrity, safety, and responsible
stewardship of natural resources. This is monitored through regular reporting
from operational management, review of health, safety and wellbeing metrics,
and direct engagement with personnel across the Company's sites in Cornwall,
New Mexico and Australia. The Board reviews the operation of these
arrangements annually and confirms that no material concerns were raised
during the year ended 31 December 2025.
Foster business relationships with suppliers, customers, and others
The Company's approach to business relationships with stakeholders and
shareholders are set out in the Company's Corporate Governance Statement.
Community and environment
The Company's approach to the community is set out in the Corporate Governance
Statement.
Maintain high standards of business conduct
The Corporate Governance Statement sets out the Board and Committee structures
and extensive Board and Committee meetings held during 2025, together with the
experience of executive management and the Board and the Company's policies
and procedures.
Act fairly between shareholders
The Corporate Governance Statement sets out the process the Company follows to
ensure it all shareholder interests are preserved and enhanced.
Principal Decisions made by the Board
We define principal decisions as both those that have long-term strategic
impact and are material to the Group, but also those that are significant to
our key stakeholder groups. In making the following principal decisions, the
Board considered the outcome from its stakeholder engagement, the need to
maintain a reputation for high standards of business conduct and the need to
act fairly between the members of the Company:
a) Progression of Redmoor Tungsten-Tin-Copper Project
The Board continues to focus its attention on developing the Redmoor
Tin-Tungsten-Copper project. During 2025 the Group undertook a significant
drill campaign on the project which concluded in Q1 2026 with the completion
of a Mineral Resource Estimate and Economic Sensitivity Analysis.
b) Commitment to sale of Leigh Creek
Throughout 2025, the Board has concentrated its efforts to sell LCCM. While
the Board is confident that LCCM will be sold, management chose to fully
impair the value of the LCCM asset at 31 December 2024, and the asset
continues to be impaired. Cuprum, the proposed buyer of the assets,
exercised its option in December 2025, and both parties continue to work
towards completion of the sale in H1 2026.
c) Limiting of dilution in line with investment in value added project
progression
The Board has adopted a policy of seeking to minimise shareholder dilution as
much as possible and to, generally, ensure that the bulk of funds raised are
for value added purposes/projects. This has been achieved in 2025 through
the use of the UK Government Grant matching over £750k of expenditure on the
Redmoor project. Since the year end, the Board have successfully raised
funding for the next phase of work at Redmoor, namely the completion of
additional infill drilling and a pre-feasibility study, at increasing higher
placing prices.
d) Commitment to funding operating costs from Cobre cash flows
The Board has adopted a long running strategic objective to maintain corporate
overheads within after-tax cash flow generated from its Cobre operations. In
this manner, any dilutive equity issues are directed at, potentially, valuable
accretive investments to progress projects.
In making the above principal decisions, the Directors believe that they have
considered all relevant stakeholders, potential impact and conflicts, the
Company's business model and its long-term strategic objectives, and have
acted accordingly to promote the success of the Company for the benefit of its
members as a whole.
The Strategic Report was approved and authorised for issue by the Board of
Directors and was signed on its behalf by:
Mark Burnett
Executive Director
19 May 2026
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 31 December
2025 2024
Notes $'000 $'000
Assets
Non-current assets
Other intangible assets 9 - -
Exploration and evaluation assets 9 7,572 5,901
Property, plant, and equipment 11 101 60
Right of use assets 18 810 1,053
________ ________
8,483 7,014
Current assets
Inventories 12 4 4
Trade and other receivables 13 384 295
Assets held for sale 22 134 127
Prepayments 13 78 36
Cash and cash equivalents 14 777 621
________ ________
1,377 1,063
________ ________
Total Assets 9,860 8,097
________ ________
Equity and liabilities
Share capital 19 3,388 2,916
Share premium 19 50,283 49,387
Merger reserve 21,300 21,300
Foreign exchange reserve (853) (1,216)
Option reserve 560 -
Warrant reserve 19 - 5
Other reserves (23,023) (23,023)
Retained earnings (44,551) (44,403)
________ ________
Total Equity 7,104 4,966
________ ________
Liabilities
Non-current Liabilities
Provisions 16 208 270
Lease liabilities 18 627 737
________ ________
835 1,007
Current liabilities
Liabilities held for sale 22 1,169 1,098
Income tax payable 124 415
Trade and other payables 15 394 242
Loan and borrowings 21 - -
Lease liabilities 18 234 369
________ ________
1,921 2,124
________ ________
Total Liabilities 2,756 3,131
________ ________
Total Equity and Liabilities 9,860 8,097
________ ________
The above Consolidated Statement of Financial Position should be read in
conjunction with the accompanying notes set out in the full 2025 Annual
Report, available on the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
2025 2024
Notes $'000 $'000
Assets
Non-current assets
Investments in subsidiary undertakings 10 4,350 4,523
Loans due from subsidiary undertakings 10 2,819 1,431
________ ________
7,169 5,954
________ ________
Current assets
Trade and other receivables 13 21 10
Cash and cash equivalents 14 8 14
________ ________
29 24
________ ________
Total Assets 7,198 5,978
________ ________
Equity and liabilities
Share capital 19 3,388 2,916
Share premium 19 50,283 49,387
Merger reserve 21,300 21,300
Foreign exchange reserve (1,522) (1,397)
Option reserve 560 -
Warrant reserve 19 - 5
Retained earnings (71,103) (70,020)
________ ________
Total Equity 2,906 2,191
________ ________
Liabilities
Current liabilities
Trade and other payables 15 147 110
Loans due to subsidiary undertakings 15 4,145 3,677
________ ________
Total Liabilities 4,292 3,787
________ ________
Total Equity and Liabilities 7,198 5,978
________ ________
As permitted by Section 408 of the Companies Act 2006, the statement of
comprehensive income of the parent Company is not presented as part of these
financial statements. The parent Company made a loss for the year of
$1,083,000 (2024: $673,000).
The above Company Statement of Financial Position should be read in
conjunction with the accompanying notes set out in the full 2025 Annual
Report, available on the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Year to
Year to
31 December 31 December
Note 2025 2024
$'000 $'000
Revenue 4 4,231 4,745
Raw materials and consumables used (618) (846)
________ ________
Gross profit 3,613 3,899
Overhead expenses 5 (2,298) (1,726)
Other expenses 5 (612) (45)
________ ________
Profit from operations 703 2,128
Lease interest 5 (47) (19)
________ ________
Profit before taxation 656 2,109
Income tax charge 7 (615) (691)
________ ________
(Loss)/profit for the year from continuing operations 41 1,418
Loss for the year from discontinued operations 26 (189) (113)
________ ________
(Loss)/profit for the period attributable to the owners of the parent (148) 1,305
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange gain arising on translation of foreign operations 363 (71)
________ ________
Total comprehensive income/(loss) attributable to the owners of the parent 215 1,234
________ ________
Profit /(loss) per share attributable to the ordinary equity holders of the
parent:
Basic and diluted (loss)/profit per share from total operations (cents) 8 (0.007) 0.065
Basic and diluted (loss)/profit per share from continuing operations (cents) 8 (0.002) 0.070
Basis and diluted (loss)/profit per share from discontinued operations (cents) 8 (0.008) (0.006)
The above Consolidated Statement of Comprehensive Income should be read in
conjunction with the accompanying notes set out in the full 2025 Annual
Report, available on the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Notes Year to Year to
31 December 31 December
2025 2024
$'000 $'000
Cash flows from operating activities
(Loss)/profit (148) 1,305
Adjustments for:
Depreciation of property, plant and equipment 11 22 18
Amortisation of right of use asset 18 381 334
Loss from discontinued operations 26 189 113
Income tax expense 7 615 691
Lease interest 47 19
Foreign exchange gain 9 -
Share based payment expense 20 549 -
Increase in trade and other receivables 13 (89) (76)
Increase in prepayments 13 (42) (36)
Increase/(decrease) in trade and other payables 15 152 (721)
Income tax paid (968) (223)
________ ________
Net cash generated from operating activities 717 1,424
________ ________
Investing activities
Net cash used in discontinued operations 26 (189) (113)
Purchase of exploration and evaluation assets 9 (1,289) (418)
Purchase of plant and equipment 11 (61) -
________ ________
Net cash used in investing activities (1,539) (531)
________ ________
Financing activities
Proceeds from borrowings 21 - 62
Repayment of borrowings 21 - (104)
Net share placing proceeds 19 1,374 -
Lease payments 18 (426) (343)
________ ________
Net cash generated from/(used in) financing activities 948 (385)
Net increase in cash and cash equivalents 126 508
Cash and cash equivalents at beginning of year 621 112
Effects of exchange rate changes on the balance of cash 30 1
held in foreign currencies
________ ________
Cash and cash equivalents at end of year 14 777 621
________ ________
The above Consolidated Statement of Cash Flows should be read in conjunction
with the accompanying notes set out in the full 2025 Annual Report, available
on the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Notes
Year to Year to
31 December 31 December
2025 2024
$'000 $'000
Cash flows from operating activities
Loss (1,083) (673)
Adjustments for:
Foreign exchange on investment in subsidiary undertakings 10 - (112)
Foreign exchange on loans to subsidiary undertakings 10 - 56
Other foreign exchange movements 22 -
Impairment of loans to subsidiary undertakings 10 - 128
Increase in loans due to subsidiary undertakings 15 372 1,447
Foreign exchange on loans due to subsidiary undertakings 15 - (60)
Increase in loans due from subsidiary undertakings 10 (1,259) (549)
Increase in trade and other receivables 13 (10) (3)
Increase/(decrease) in trade and other payables 15 28 (227)
Share based payment expense 549 -
________ ________
Net cash (used in)/generated from operating activities (1,381) 7
________ ________
Financing activities
Net share placing proceeds 19 1,374 -
________ ________
Net cash generated from financing activities 1,374 -
________ ________
(Decrease)/increase in cash and cash equivalents (7) 7
Cash and cash equivalents at beginning of year 14 7
Effects of exchange rate changes on the balance of cash 1 -
held in foreign currencies
________ ________
Cash and cash equivalents at end of year 14 8 14
________ ________
The above Company Statement of Cash Flows should be read in conjunction with
the accompanying notes set out in the full 2025 Annual Report, available on
the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital Share premium reserve Merger reserve Warrant Initial Restructure Foreign exchange reserve Retained earnings Total equity
Warrant/Option reserve reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 2,916 49,387 21,300 5 (23,023) (1,145) (45,708) 3,732
31 December 2023
Profit for the year - - - - - - 1,305 1,305
Foreign exchange translation - - - - - (71) - (71)
_______ _______ _______ _______ _______ _______ _______ _______
Total comprehensive income/(loss) for the year - - - - - (71) 1,305 1,234
_______ _______ _______ _______ _______ _______ _______ _______
Balance at 2,916 49,387 21,300 5 (23,023) (1,216) (44,403) 4,966
31 December 2024
Loss for the year - - - - - - (148) (148)
Foreign exchange - - - - - 363 - 363
translation
_______ _______ _______ _______ _______ _______ _______ _______
Total comprehensive income for the year - - - - - 363 (148) 215
472 891 - - - - - 1,363
Issue of share capital
Exercise of warrants - 5 - (5) - - -
Issue of options - - - 560 - - 560
_______ _______ _______ _______ _______ _______ _______ _______
Balance at 3,388 50,283 21,300 560 (23,023) (853) (44,551) 7,104
31 December 2025
_______ _______ _______ _______ _______ _______ _______ _______
All comprehensive income is attributable to the owners of the parent Company.
The above Consolidated Statement of Changes in Equity should be read in
conjunction with the accompanying notes set out in the full 2025 Annual
Report, available on the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital Share Premium reserve Merger reserve Warrant/ Option reserve Foreign exchange reserve Retained earnings Total Equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 2,916 49,387 21,300 5 (1,337) (69,347) 2,924
31 December 2023
Loss for the year - - - - - (673) (673)
Foreign exchange translation - - - - (60) - (60)
_______ _______ _______ _______ _______ _______ _______
Total comprehensive loss for the year - - - - (60) (673) (733)
_______ _______ _______ _______ _______ _______ _______
Balance at 2,916 49,387 21,300 5 (1,397) (70,020) 2,191
31 December 2024
Loss for the year - - - - - (1,083) (1,083)
Foreign exchange translation - - - - (125) - (125)
_______ _______ _______ _______ _______ _______ _______
Total comprehensive profit for the year - - - - (125) (1,083) (1,208)
Issue of share capital 472 891 - - - - 1,363
Exercise of warrants - 5 - (5) -
Issue of options - - - 560 560
_______ _______ _______ _______ _______ _______ _______
Balance at 3,388 50,283 21,300 560 (1,522) (71,103) 2,906
31 December 2025
_______ _______ _______ _______ _______ _______ _______
All comprehensive income is attributable to the owners of the parent Company.
The above Company Statement of Changes in Equity should be read in conjunction
with the accompanying notes set out in the full 2025 Annual Report, available
on the Company's website at:
https://www.strategicminerals.net/investors.php#financial-reports
(https://www.strategicminerals.net/investors.php#financial-reports) .
Basis of preparation
In preparing these financial statements the presentational currency is US
dollars. As the Group's revenues and majority of its costs, assets and
liabilities are denominated in US dollars it is considered appropriate to
report in this currency. The financial statements are rounded to the nearest
$'000.
The principal accounting policies adopted in the preparation of the financial
statements are set out below. The policies have been consistently applied to
all the years presented, unless otherwise stated.
These financial statements have been prepared in accordance with UK adopted
International Accounting Standards in conformity with the requirement of the
Companies Act 2006.
The preparation of financial statements in compliance with UK adopted
International Accounting Standards requires the use of certain critical
accounting estimates. It also requires Group management to exercise judgment
in applying the Group's accounting policies. The areas where significant
judgments and estimates have been made in preparing the financial statements
and their effect are disclosed in note 2.
The financial statements have been prepared on a historical cost basis, except
for the acquisition of LCCM and the valuation of certain investments which
have been measured at fair value.
Going concern basis
The Directors have considered the Company's and Group's ability to continue as
a going concern through review of cash flow forecasts prepared by management
for a period of at least 12 months from the date of signing this report and a
review of the key assumptions on which these are based and sensitivity
analysis.
In January and March 2026, the Company raised £8.7m (approx. $12.0m)
principally to advance the Redmoor Project through a Pre Feasibility Study.
As a result, the Group is fully funded for all planned activities for a period
of at least 12 months from the date of signing this report, and therefore the
Directors do not consider there to be any going concern issues.
Consequently, the financial statements have been prepared on a going concern
basis.
Publication of accounts on company website
Financial statements are published on the Company's website. The maintenance
and integrity of the website is the responsibility of the Directors. The
Directors' responsibility also extends to the financial statements contained
therein.
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