REG - Strategic Minerals - Redmoor Drilling & Metallurgical Study Updates

Strategic MineralsAnnouncement

12/11/2025 07:00

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RNS Number : 1455H  Strategic Minerals PLC  12 November 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.

 

 

12 November 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor Drilling & Metallurgical Study Updates

 

Further 2 drill holes completed, each intersecting the logged full thickness
of the Sheeted Vein System

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide updates from its
wholly owned subsidiary, Cornwall Resources Limited ("CRL"). CRL is actively
undertaking a fully-funded diamond drilling programme, and related activities,
at its wholly owned Redmoor Tungsten-Tin-Copper Project ("Redmoor"), in
southeast Cornwall, which the company understands to be the highest-grade
undeveloped tungsten resource in Europe.

Highlights

·    2 further drill holes have been completed since the last drill
programme update (RNS: 20 October 2025), with the final drill hole of the
programme well advanced.

·    Rig 1, which has been on site since June 2025 will demobilise today,
having completed drill hole CRD040 on 8 November 2025. Rig 1 completed 6 drill
holes for a total of 3,213.10 m of diamond core drilling.

·    Rig 2 completed drill hole CRD039 on 31 October 2025 and commenced
drill hole CRD041, the final drill hole of the 9-hole programme, on 3 November
2025, which is advancing well.

·    Significantly, CRD039, like CRD037 before it, intersected a key
portion of Redmoor's JORC (2012) Exploration Target, designed to test the
continuity of the Sheeted Vein System ("SVS") and evaluate areas with
potential to contribute to future resource growth within the zone integral to
the mining model in Redmoor's 2020 Scoping Study (RNS: 6 October 2020). Drill
holes CRD039 and CRD040 both intersected the logged full thickness of the
Redmoor SVS, with veining and mineralisation visually consistent with that
typical of the deposit.

·    To date, 4,392.77 m of drill core has been produced, logged and
reviewed for sampling, with notable results from drill hole CRD033 reported
(see RNS: 10 November 2025). Drill holes CRD034b and CRD035 are currently
being processed and analysed by ALS Laboratories, Loughrea, with samples from
CRD036 to be shipped imminently.

·    CRL notes that the outcomes from Stage 1 metallurgical studies are
encouraging with mass recovery to flotation feed of approximately 43.9%, and
stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an
average 2.1x upgrade ration. Full metallurgical study outcomes will be
released when completed, including updated metal recovery assumptions, and
will feed into the planned Mineral Resource Estimate ("MRE") update.

Figures 1-6, below highlight mineralisation within sheeted veins from CRD039
and CRD040, consistent with the style typical of the Redmoor SVS deposit and
high-grade zones that form the Mineral Resource.

 Figure 1*: Example of very coarse wolframite (tungsten) in drill core from      Figure 2*: Example of massive sulphides dominated by chalcopyrite (copper) in
 drill hole CRD039, as logged and sampled by CRL geologists.                     drill core from drill hole CRD039, as logged and sampled by CRL geologists.

 Figure 3*: Example of coarse wolframite (tungsten) in drill core from drill     Figure 4*: Example of coarse wolframite (tungsten) minerals and chalcopyrite
 hole CRD039, as logged and sampled by CRL geologists.                           (copper) mineralised exploration drill core from drill hole CRD039, as logged
                                                                                 and sampled by CRL geologists.

 Figure 5*: Example of very coarse cassiterite (tin) in mineralised exploration  Figure 6*: Example of coarse wolframite (tungsten) and chalcopyrite (copper)
 drill core from drill hole CRD040, as logged and sampled by CRL geologists.     in mineralised exploration drill core from drill hole CRD040, as logged and

                                                                               sampled by CRL geologists.

Metallurgical Study Update

Metallurgical testwork for full flowsheet design is progressing ahead of
schedule. With the study testing the full flowsheet for tungsten, tin, and
copper recovery, as well as analysis of other metal content and waste
characterisation. Rowan Thorne, and CRL's external Competent Person Laurie
Hassall, visited the Alfred H Knight Mineral Processing United Kingdom
("AHK-MP-UK") laboratory in Cornwall on 7 November 2025 to witness the
progress and discuss the timeline for remaining testwork prior to completion.
CRL expects to update the market of these work programmes in due course.
Improvements in recoveries, compared to those used in the MRE and Scoping
Study for Redmoor could produce upsides in project economics.

CRL is pleased to report that AHK-MP-UK has completed Stage 1 of the Redmoor
metallurgical flowsheet testwork, which is being undertaken on representative
SVS material from the project. Stage 1 comprised staged crushing and
screening, comminution and crushability testing. Comminution energy
requirements achieved were relatively low with "medium" grindability and
"easy" crushability achieved with further reduction to values expected when
evaluating pre-concentrated material. Stage 1 also included a comprehensive
heavy liquid separation ("HLS") programme on all +1mm -10 mm material. A range
of specific gravity ("SG") cut points were evaluated against mass and metal
recoveries, with an optimal SG of 2.95 g/cm³ selected. The HLS sink fractions
were subsequently combined with the -1 mm fraction, following fine gravity
testwork, to produce the feed material for Stage 2 of the flowsheet, bulk
sulphide and copper concentrate flotation trials (see Figure 8 of flotation
trials).

CRL notes that the outcomes from Stage 1 are encouraging, with mass recovery
to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3%
tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ration (see
Table 1).

Table 1: Stage 1 Metallurgical Test Results

 Stream                   Mass   Grade                      Recovery
                          WO              Sn       Cu %     WO₃ %    Sn %  Cu %
 Pre-concentrate Product  43.9%  0.9188%  0.5024%  0.9300%  94.3     95.6  90.7

Following completion and optimisation of the Stage 2 flotation trials,
AHK-MP-UK will proceed to the bulk flotation phase, designed to produce a
copper concentrate, as well as tungsten and tin pre-concentrate for further
gravity and magnetic separation in Stage 3 of the metallurgical programme.
Testing is continuing with floatation, gravity and magnetic separation testing
targeting separate Cu, Sn and WO3 products. Testing will be completed early
2026.

   Figure 8: Photograph of Flotation trials underway at AHK. Photo taken 7
   November 2025, during CRL site visit.

 *The core photographs shown are selected examples of logged drill core, from
 CRD039 and CRD040, and are not necessarily representative of all
 mineralisation encountered.

Rowan Thorne, CRL Exploration Manager, said:

"We are happy to report that the 2025 exploration drilling programme at
Redmoor is nearing completion. The geological team has maintained effective
control of the drill programme, with core cutting and shipment of samples for
analysis being the key remaining tasks once rig 2 completes its final drill
hole.

"Drilling was planned to meet several key criteria, including twin drilling of
1980s drill holes, validation of short-spaced continuity of grade and
structure within the SVS, and infill drilling of a key section of the Redmoor
JORC Exploration Target. We believe, subject to analytical testwork
confirmation, that we have met these goals, further derisking Redmoor and
providing key information for the MRE update and future infill drilling
campaigns.

"With metallurgical testworks advancing well, with positive early results and
the aim of updating metal recoverability assumptions, we expect to provide
updates on these in due course."

Charles Manners, Strategic Minerals' Executive Chairman, said:

"As the current drilling programme at Redmoor enters its final stages, we look
forward to analytical test results, alongside the metallurgical study results.
These datasets will feed into a new MRE for Redmoor, and an updated economic
assessment of the Project. With exceptional results reported from CRD033,
including significant tungsten equivalent values demonstrating Redmoor's high
grades, we look forward to the receipt of further results.

"With metal prices for tungsten, tin, and copper all showing significant
growth since the Scoping Study (2020), we anticipate that updated metal prices
and metallurgical recoveries may have a positive influence on Redmoor's
project economics, which is already the highest-grade undeveloped tungsten
resource in Europe. We expect all outputs to be completed within the timeline
of the UK Shared Prosperity Fund programme, and therefore prior to the end of
Q1 2026."

Exploration Programme Update

Rig 1 on Pad 2 (see Figure 1):

·    Drill hole CRD040 has been completed, with a final depth of 464.20 m,
concluding drilling at Pad 2 (Table 2), and

·    Rig 1 has now been demobilised and will leave the Redmoor site today.

Rig 2 on Pad 3:

·    Drill hole CRD039 has been completed, with a final depth of 580.37 m,
and

·    Drill hole CRD041, the final drill hole, has now commenced and is
advancing well.

·    CRD039 and CRD041 were designed to test the Redmoor JORC (2012)
Exploration Target.

Figure 7: Drone image of CRL drill pads & Rig 1 and Rig 2, prior to
completion and demobilisation of Rig 1.

Alongside CRL's JORC (2012) Inferred MRE of 11.7Mt @ 0.56% WO₃, 0.16% Sn
& 0.50%Cu (1.17% Sn.eq / 0.82% WO₃.eq), Redmoor has a JORC (2012)
Exploration Target of 4-8Mt @ 1.0-1.4% Sn.eq.

CRD039 was successful in intersecting the full extent of the SVS, within the
Exploration Target zone, intersecting numerous SVS-style veins, within the
full expected thickness of the SVS system, enriched in wolframite (tungsten),
chalcopyrite (copper) and cassiterite (tin), coupled with other mineralised
structures (Figure 1-4). This demonstrates the validity of the Exploration
Target and the potential for resource growth, subject to analysis, from these
holes and potential future drilling of the Exploration Target. Rig 2 has
commenced drill hole CRD041, the final drill hole of the 9-hole programme, and
is advancing well through the hole.

CRD040 has been successful in intersecting the SVS, and other mineralised
structures. Prominent vein structures were intersected that contained visible,
coarse-grained cassiterite (tin) (Figure 5), and SVS veins containing coarse
wolframite (tungsten) (Figure 6), and chalcopyrite. With CRD040 complete, Rig
1 has completed its planned 6 drill holes and has been demobilised.

Analysis results of samples from CRD034b are due to be completed shortly, with
analysis of CRD035 also underway, and CRD036 to be shipped to ALS
Laboratories, Loughrea, this week. Further cutting of remaining drill hole
core is progressing with additional sample batches to be shipped at regular
intervals. All analysis will be completed, and reported, prior to the MRE
update in Q1 2026.

Table 2: Drill hole collar details for drill holes from Pad 1, 2 and 3, and
hole status.

 Pad Number  DH I.D   Easting   Northing  Dip at Collar  Azimuth at Collar  Total Length (m)  Status
 Pad 1       CRD033   235801.7  71341.07  65             165                600.40            Completed
 Pad 1       CRD034b  235802.1  71341.02  56             135                608.20            Completed
 Pad 1       CRD035   235802.3  71341.09  54             145                512.40            Completed
 Pad 2       CRD036   235709.3  71239.5   54             165                461.70            Completed
 Pad 3       CRD037   235583    71298     65             160                599.30            Completed
 Pad 2       CRD038   235709.3  71239.5   65             178                566.20            Completed
 Pad 3       CRD039   235583    71298     60             166                580.37            Completed
 Pad 2       CRD040   235709.3  71239.5   54             185                464.20            Completed
 Pad 3       CRD041   235583    71298     58             180                600.00            Active*

* Planned final depth of CRD041, subject to change depending on progress of
drill hole.

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/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 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)

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