REG - Strategic Minerals - Redmoor Drilling & Programme Updates

Strategic MineralsAnnouncement

20/10/2025 07:00

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RNS Number : 9972D  Strategic Minerals PLC  20 October 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.

 

 

20 October 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor Drilling & Programme Updates

Further 3 drill holes completed with all intersecting the logged full
thickness of the sheeted vein system; new programme activities initiated

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

Highlights

·    3 further drill holes have been completed since the last drill
programme update (RNS: 11 September 2025), with a 4th well advanced, and
another commencing today.

·    All 3 drill holes intersected the logged full thickness of the
Redmoor sheeted vein system, with veining and visible mineralisation
consistent with the high-grade Redmoor deposit, with some drill holes
extending beyond their planned depth following the intersection of additional
mineralisation.

·    Drill hole CRD037 targeted a portion of the Redmoor 2019 Exploration
Target. This drill hole intersected veining and mineralisation consistent with
the Redmoor sheeted vein system ("SVS"), with visually logged wolframite,
cassiterite, and chalcopyrite, providing initial validation of the Exploration
Target and potential for resource growth (subject to analytical results and
modelling).

·    Figures 1-5 and 7, below, highlight mineralisation within sheeted
veins, consistent with the style typical of the Redmoor SVS deposit and
high-grade zones that form the resource, from drill holes recently completed
as part of the ongoing drilling campaigns. Logging is complete, with samples
selected for analysis.

·    To date, 3,661.70 m of drill core has been produced, logged and
reviewed, with initial exceptional tungsten results from drill hole CRD033*(1)
reported (see RNS: 13 October 2025).

·     New metallurgical studies are underway to test ore sorting
amenability, and ore processing flow sheet design, aimed at updating and
improving metal recoverability assumptions and process economics ahead of the
forthcoming mineral resource estimate ("MRE") update expected in Q1 2026.

Note *(1): Tin assays are outstanding from the laboratory pending further
check sample and ore grade analysis

 Figure 1: Example of coarse wolframite (tungsten) minerals and chalcopyrite      Figure 2: Example of chalcopyrite (copper) and minor cassiterite (tin)
 (copper) mineralised exploration drill core from drill hole CRD036, as logged    mineralised exploration drill core from drill hole CRD033, as logged and
 and sampled by CRL geologists. The core photograph shown is a selected example   sampled by CRL geologists.
 of logged drill core and is not necessarily representative of all

 mineralisation encountered.                                                      The core photograph shown is a selected example of logged drill core and is
                                                                                  not necessarily representative of all mineralisation encountered.

 Figure 3: Example of coarse wolframite (tungsten) minerals and chalcopyrite      Figure 4: Example of coarse wolframite (tungsten) minerals and chalcopyrite
 (copper) mineralised exploration drill core from drill hole CRD037. The core     (copper) mineralised exploration drill core from drill hole CRD037. The core
 photograph shown is a selected example of logged drill core and is not           photograph shown is a selected example of logged drill core and is not
 necessarily representative of all mineralisation encountered.                    necessarily representative of all mineralisation encountered.

 Figure 5: Example of coarse wolframite (tungsten) minerals and minor                                                      Figure 6: Example of lode-style mineralisation with quartz veins containing
 chalcopyrite (copper) mineralised exploration drill core from drill hole                                                  cassiterite (tin) and minor chalcopyrite (copper) mineralisation in
 CRD038. The core photograph shown is a selected example of logged drill core                                              exploration drill core from drill hole CRD039, outside of the Redmoor SVS. The
 and is not necessarily representative of all mineralisation encountered.                                                  core photograph shown is a selected example of logged drill core and is not
                                                                                                                           necessarily representative of all mineralisation encountered.

 Figure 7: Example SVS-style mineralisation with quartz-greisen veins
 containing wolframite (tungsten) and minor chalcopyrite (copper)
 mineralisation in exploration drill core from drill hole CRD036. The core
 photograph shown is a selected example of logged drill core and is not
 necessarily representative of all mineralisation encountered. Core is to be
 sampled and laboratory assays will provide quantitative results.

Dennis Rowland, CRL Managing Director, said:

"The drilling programme has accelerated following the mobilisation of Rig 2 to
Redmoor, with a further 3 drill holes complete, having intersected the full
logged thickness of the Redmoor SVS, with sample batches now being shipped for
analysis at regular intervals.

"We are pleased to announce that drill hole CRD037, the first drill hole to
test CRL's exploration target, intersected veins consistent with SVS style
mineralisation and a similar vein morphology as those previously drilled at
Redmoor, further validating the exploration model and potential for resource
growth.

"We are happy to report the initiation of further work programmes to support
the forthcoming MRE update, with the results from metallurgical and processing
testworks expected to update the recovery assumptions used in Redmoor's 2019
MRE."

 Figure 8: Drone photograph of Redmoor, looking towards Kit Hill, showing Rig 1
 on Pad 2, and Rig 2 on Pad 3 of the ongoing Redmoor 2025 drilling programme,
 as well as the location of Pad 1.

CRL Redmoor Drill Programme Update and Highlights

CRL's exploration drill hole programme at Redmoor continues at pace following
the mobilisation of a second drill rig to site during September (RNS: 11
September 2025). Since then, drill holes CRD036 and CRD038 have been completed
from Pad 2, and CRD037 from Pad 3 (see Figure 8). A further two drill holes
are actively being drilled, with CRD039 (Pad 3) having passed its halfway
point, and CRD040 (Pad 2) commencing drilling today, with the final drill
hole, CRD041, of the 2025 programme planned from Pad 3.

The nine drill holes planned for the 2025 drilling programme serve several
purposes:

1.   Testing a section of the Redmoor 2019 Exploration Target reported in
accordance with JORC (2012), with potential to add resource upside. Redmoor
has an Exploration Target of 4-8Mt @ 1.0 to 1.4% Tin equivalent (comprising
tungsten, tin and copper).

2.   Testing short-range continuity of grade, geology, and structure to
define appropriate infill drilling spacing for future drilling programmes
aimed at potentially upgrading parts of the current Mineral Resource to the
Indicated category (subject to other technical criteria) and supporting
prefeasibility study inputs.

3.   Twinning selected 1980s South West Minerals ("SWM") drillholes to
validate historical data for potential inclusion in the forthcoming MRE
update, thereby increasing confidence in the MRE and potentially reducing
future drilling requirements.

4.   Testing the potential for identification of additional mineralisation
outside of the SVS.

CRD036, CRD037 and CRD038 intersected the full logged apparent width of the
Redmoor SVS at different localities within the Redmoor deposit. Geological
logging of the three drill holes indicates the presence of visible wolframite
(the chief tungsten-bearing mineral at Redmoor), chalcopyrite (a
copper-bearing mineral), and cassiterite (primary tin-bearing mineral),
consistent with mineralisation previously identified and reported at Redmoor.

Importantly, CRD037 was planned as the first of several holes to test a
portion of the Redmoor 2019 Exploration Target JORC (2012). With an aim to
confirm the presence of SVS veining and mineralisation and therefore filling
in a key section of the exploration target integral to the project's Scoping
Study (2020) mine design. CRD037 successfully intersected logged SVS from
490.00 m - 592.70 m (downhole depth) with geological logging confirming
visible wolframite, cassiterite and chalcopyrite mineralisation (see Figure 3
and 4). CRD037 and CRD039 additionally intersected logged mineralised
structures outside the Redmoor SVS (see Figure 6), highlighting further growth
potential, subject to analysis and modelling.

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

 Pad Number  Hole ID  Easting    Northing  Dip at Collar  Azimuth at Collar  Total Length (m)  Status
 Pad 1       CRD033   235801.70  71341.07  65             165                600.40            Complete
 Pad 1       CRD034b  235802.10  71341.02  56             135                608.20            Complete
 Pad 1       CRD035   235802.30  71341.09  54             145                512.40            Complete
 Pad 2       CRD036   235709.30  71239.50  54             165                461.70            Complete
 Pad 3       CRD037   235583.00  71298.00  65             160                599.30            Complete
 Pad 2       CRD038   235709.30  71239.50  65             176                566.20            Complete
 Pad 3       CRD039   Underway
 Pad 2       CRD040   Commencing 20 October 2025
 Pad 3       CRD041   Planned

Programme Updates

Additional work activities are underway to support the completion of the
programme, part-funded by the UK Government through the UK Shared Prosperity
Fund, with final outputs to be reported before the end of Q1 2026.

Alfred H. Knight (formerly Grinding Solutions Limited, Cornwall) is
undertaking metallurgical testwork and flowsheet design necessary to identify
the preferred processing methodologies for Redmoor's ore, and to establish and
update metal recovery assumptions for the key metals within the Redmoor
deposit.

TOMRA has been engaged to undertake initial ore sorting amenability testing.
It is expected that the utilisation of ore sorting could potentially improve
any eventual mining process and efficiently recover high-grade ore material
whilst discarding waste material to produce a preconcentrate prior to
metallurgical processing. Examples from other deposits in southwest England
have shown significant reductions in ore feed for a small loss of contained
metal.

These activities aim to improve the understanding of processing design,
concentrate recoverability, and grades at an early stage in the project. All
datasets from the 2025 drilling and related studies, as well as the relogging
and sampling of CRL historical core, will feed into an updated Redmoor MRE to
be reported in accordance with the JORC Code (2012 Edition). This updated MRE
is expected to be completed in Q1 2026.

The current MRE, reported in accordance with the JORC Code (2012 Edition) in
2019, is 11.7 Mt at 1.17% tin equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu (or
0.82% WO₃ Equivalent)). This highlights the high tungsten grade of the
Redmoor deposit relative to many other global tungsten projects with a CRIRSCO
compliant Mineral Resource, based on comparable cut-off grades, modifying
factors, style of mineralisation and tonnages, or other notable projects with
historical*(2) designated resources. CRL is therefore confident in its
high-grade status, and in the Company's opinion Redmoor's position as the
highest-grade, undeveloped, tungsten resource in Europe, and one of the
highest-grade deposits globally.

 

Note*(2): "Historical resources" are estimates prepared outside current
reporting standards, or for which data quality is insufficient to qualify for
reporting under CRIRSCO-aligned codes (e.g., the JORC Code (2012) or CIM
(2014).

 

Sampling and QA/QC Procedures

The sampling, logging, and QA/QC protocols applied in the 2025 drilling
programme are consistent with those used for the 2019 MRE, which was reported
in accordance with the JORC Code (2012 Edition). These procedures have since
been reviewed and updated under the direction of the current Competent Person,
Mr Laurie Hassall, to further strengthen data quality and alignment with
industry best practice. The programme incorporates certified reference
materials, blanks, and laboratory duplicates at regular intervals, as well as
umpire assays. Full details are provided in the JORC (2012) Table 1 included
in the RNS released on 13 October 2025.

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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