REG - Strategic Minerals - Operational Update

Strategic MineralsAnnouncement

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RNS Number : 5489G  Strategic Minerals PLC  02 June 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.

 

 

2 June 2026

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Operational Update

 

Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide an operational
update on the group wide businesses.

Highlights:

·      Cash balance as at 31 May 2026: $10.76m (31 May 2025: $1.52m),
which in the Board's view leaves the Company substantially funded through to
completion of Pre-Feasibility Study ("PFS") on the Redmoor Tungsten-Tin-Copper
Project in Cornwall, UK.

Cornwall Resources Limited ("CRL")

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK

·      The resource infill drilling programme at Redmoor is progressing
well, with outputs planned to inform the project's prefeasibility study. The
first hole, CRD042, was completed on 6 May at a depth of 464.40 m, having
intersected the full extent of the Redmoor Sheeted Vein System ("SVS"), and
identifying mineralised vein structures containing wolframite (tungsten),
cassiterite (tin) and chalcopyrite (copper). Drill core samples are in process
at ALS, Loughrea, with results expected soon.

·      CRD043 commenced on 7 May and is due to be completed today (2
June) at a depth of c.500 m. Cornwall Resources Limited ("CRL") can confirm
that CRD043 intersected the full extent of the mineralised SVS, with the
drillhole further extended due to the continued presence of mineralised
structures below the SVS.

·      CRD044 will commence imminently from the same drill pad
orientation as CRD043, as a daughter hole of CRD043. CRD044 will intersect a
deeper portion of the SVS, below CRD043.

·      Historical re-logging and sampling of drill core from the
previous 2017-2019 drilling programme and infill sampling of the 2025 drill
core continues, with samples currently undergoing analysis at ALS - these
results will inform a further planned mineral resources estimate update.

·      Planning permission to expand the resource infill drilling
programme is advancing, with CRL responding to comments from statutory
consultees where necessary. Drilling notifications are complete and additional
drill rigs are on standby for immediate mobilisation upon completion of the
planning process.

·      CRL and Strategic Minerals will attend the UK Mining Conference
in Cornwall from 9-12 June, with Mark Burnett and Dennis Rowland to present a
detailed project update at the conference.

Leigh Creek Copper Mine Pty Ltd ("LCCM")

Leigh Creek Copper Project, South Australia

·      Agreed a 3-month extension to the existing transaction timetable,
with funding and strategic discussions continuing to advance positively as the
parties work towards completion of the proposed transaction.

Southern Minerals Group LLC ("SMG")

Cobre magnetite stockpile, New Mexico, USA

·      Substantial investment in new equipment, including a Caterpillar
D6 bulldozer to support infrastructure works, reinforcing the Company's
long-term operational commitment to the site whilst improving year-round
capability and reducing reliance on equipment rentals.

 

Mark Burnett, Executive Director of Strategic Minerals, commented:

 

"We are pleased to report continued progress across our portfolio. At Redmoor,
the successful completion of the first PFS drillhole and continued positive
drilling outcomes mark important steps forward in unlocking the project's
significant potential as Europe's highest-grade, undeveloped, tungsten
resource. The programme is advancing through its next phase of technical work
and we look forward to the expansion of drilling operations. At Cobre, our
investment in additional operational equipment reinforces our commitment to
long-term, efficient site operations, whilst the proposed Leigh Creek
transaction continue to advance positively.

"We remain well positioned to accelerate development at Redmoor. Against a
backdrop of increasing focus on supply chain security and the need for
reliable sources of critical minerals, we believe Redmoor has the potential to
become one of the most significant tungsten projects in Europe and an
important future source of tungsten supply outside of China. We therefore
remain focused on advancing the project through PFS and look forward to
providing further updates to shareholders in due course."

CRL: additional sampling of historical drill core and programme updates

Resource infill drilling is progressing well at Redmoor. Through the purchase
of a CoreWise rotary diamond blade core saw, CRL has been able to accelerate
its sampling of historical drill core following the relogging process, with
geological structures containing visible mineralisation sent to ALS
Laboratories, Loughrea for analysis. Currently, 248 samples selected from
CRD042, the first infill hole, are at ALS Laboratories undergoing analysis,
with a further batch of 289 samples from historical drill core awaiting
analysis, and a further 59 samples from CRD001 shipped to ALS on 1 June 2026.
CRL geologists are currently re-logging drillhole CRD016, drilled during the
2017-18 drilling campaign, with additional intervals already identified and
selected for sampling and analysis.

CRL is also awaiting analytical results relating to the recent ore sorting
amenability study undertaken by TOMRA in Germany. The results from this
analysis will inform CRL as to the effectiveness of ore sorting technology in
relation to Redmoor's SVS mineralisation, and will form the basis for more
comprehensive studies as part of the prefeasibility study programme.

CRL, in conjunction with its external advisor Snowden Optiro, is currently
identifying and selecting drill core samples and planning additional
drillholes to support the comprehensive metallurgical testwork that will be
used in refining the previously developed mineral processing flowsheet. This
programme will support the process of confirming the full processing route,
including variability analysis of Redmoor's SVS mineralisation. Furthermore,
Snowden Optiro is also advising and directing CRL's geotechnical sampling
programme, whereby geotechnical samples will be taken in conjunction with
geochemical samples during the logging process. This will develop a
geotechnical database for the resource at Redmoor, which will subsequently be
used in the engineering studies of a mine plan design. Through these
integrated programmes, CRL endeavours to accelerate data collection to inform
prefeasibility study topics.

CRL's second warehouse is currently being fitted with industry specific
racking that will increase storage capacity and thereby improve the efficiency
of the logging and sampling process. CRL is also undertaking a series of
capacity building programmes, including hiring further technical staff to
ensure effective and high-quality delivery of its drilling and feasibility
programmes.

 

LCCM:

 

Further to previous announcements on 24 April, 23 May, 9 June, 18 June, and 22
December 2025, the Company has now agreed to provide Cuprum with a short
3-month extension until 31 August 2026, to complete the payment of A$1.75m
(the "Second Instalment") in relation to the proposed acquisition of LCCM,
reflecting ongoing progress toward completion.

 

The counterparty has advised that significant work has been undertaken,
including engagement with international funding partners and offtake groups,
with confidence that the required funding can be secured within the extended
period.

 

The Company remains supportive of efforts to complete the transaction and will
continue to update shareholders as material developments occur.

 

Unless otherwise defined, capitalised terms have the same meaning as in the
announcement made on 22 December 2025.

 

Cobre Magnetite Tailings:

 

In line with the Company's continued commitment to long-term site operations
under the lease, a decision has been taken to acquire a Caterpillar D6
bulldozer to support ongoing operational and infrastructure requirements.

 

The purchase follows recent engineering assessments relating to tailings dam
maintenance and associated earthworks, including slope reprofiling, drainage
remediation and haul road adjustments required ahead of the seasonal rains.

 

The Company expects the dozer to become a core operational asset, delivering
both cost efficiencies versus historical equipment rental arrangements and
enhanced capability to undertake year-round maintenance and development work
on site.

 

Figure 1: Newly acquired Caterpillar D6 bulldozer onsite at the Cobre
magnetite stockpile, New Mexico.

 

Competent Person Statement:

The information in this announcement that relates to Sampling Techniques and
Data and Exploration Results has been reviewed and approved by Mr Laurie
Hassall, MSci (Geology), FIMMM, QMR, FGS, who is a full-time employee of
Snowden Optiro. Mr Hassall holds a Master of Science degree in Geology from
the University of Southampton and is a Fellow of the Institute of Materials,
Minerals and Mining (FIMMM), through which he is also accredited as Qualified
for Minerals Reporting (QMR). He is also a Fellow of the Geological Society of
London (FGS).

Snowden Optiro has been engaged by Cornwall Resources Limited to provide
independent technical advice. Mr Hassall, a full-time employee of Snowden
Optiro, is acting as the Competent Person and is independent of Cornwall
Resources Limited. He has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration, and to the activity
being undertaken, to qualify as a Competent Person as defined in the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code), and under the AIM Rules.

Mr Hassall consents to the inclusion in this announcement of the matters based
on his information, in the form and context in which it appears. He confirms
that, to the best of his knowledge, there is no new information or data that
materially affects the information contained in previous market announcements,
and that the form and context in which the information is presented has not
been materially modified.

 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.

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