REG - Strategic Minerals - Leigh Creek Copper Mine & Redmoor Project Updates

Strategic MineralsAnnouncement

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RNS Number : 9693L  Strategic Minerals PLC  09 June 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.

 

 

9 June 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Leigh Creek Copper Mine & Redmoor Project Updates

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, provides the following updates regarding
its wholly owned subsidiaries, Leigh Creek Copper Mine Pty Ltd ("LCCM") and
Cornwall Resources Limited ("CRL").

LCCM - call option payment expected week commencing 9 June 2025

Further to the Company's announcements of 24 April and 23 May 2025, the
Company has received written confirmation from the Purchaser that it has
secured the necessary funds and will make the payment to Strategic
Minerals of A$100,000 for an exclusive call option to acquire 100% of
the Leigh Creek Copper Mine (the "Call Option") during the week commencing 9
June 2025.  The Company will make a further announcement on receipt of the
funds.

As previously announced, under the Call Option, which will be exercisable for
a period of six months from the initial payment of A$100,000 (or such longer
period as may be agreed by the parties), the Purchaser may elect to acquire
100% of LCCM on the terms announced on 24 April 2025.

CRL - drilling contract signed for 23 June 2025 start date

Following the securing of a match grant funded investment from the UK
Government, through the UK Shared Prosperity Fund, managed by the Cornwall and
Isles of Scilly Good Growth Project "SPF Project", and the completion of a
£1,000,000 fundraise by Strategic Minerals, CRL is pleased to confirm that it
has signed a drilling contract with Priority Drilling UK Ltd for a
fully-funded drilling programme at Redmoor as the major component of its match
grant funded project. CRL is exploring for further tungsten, tin, and copper
mineralisation in its Tamar Valley licence areas in east Cornwall, with a key
focus on its Redmoor Project.

Project Updates:

·    Drilling contract signed with the programme to commence on 23 June
2025, with one drill rig completing the first three boreholes (expected to
take approximately three months), followed by an additional second rig joining
the programme for a further three months, or until the programme is completed

·    The drilling contract covers CRL's proposed, and fully permitted,
drill programme of c.5,300m of diamond core drilling.  The drill programme is
part of CRL's SPF Project, and as such 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 compliant inferred MRE (2019) of 11.7
Mt at 1.17 Tin equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu)

·    CRL Leadership Team, including Mark Burnett, CRL Director, and SML
Executive Director, to attend UK Mining Conference in Cornwall, on the 11-12
June, in advance of drill programme commencement.  This will be preceded by a
site visit to Redmoor

Dennis Rowland, CRL Project Manager, commented:

"The signing of the contract for drilling services marks the first major
milestone for CRL's SPF Project and our plans for unlocking further project
advancements at Redmoor.  With drilling now locked in to commence on 23 June
we are working at pace to complete our other programme preparations.

"We look forward to providing further updates as the project develops."

 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:                       @SML_Minerals (https://twitter.com/SML_Minerals)
 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 Pls 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 completed the acquisition of the Leigh Creek Copper
Mine situated in the copper rich belt of South Australia.  The Company
continues seek opportunities to monetise the asset and has signed a
non-binding Heads of Agreement to grant an option to acquire 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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