REG - Strategic Minerals - Redmoor - Infill Drilling Contract Signed

Strategic MineralsAnnouncement

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RNS Number : 8590W  Strategic Minerals PLC  17 March 2026

 

 

17 March 2026

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor - Infill Drilling Contract Signed

 

New drilling contract with Priority Drilling UK for infill drilling programme
at Redmoor - Europe's highest grade undeveloped tungsten resource*(1)

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to announce that its wholly
owned subsidiary, Cornwall Resources Limited ("CRL"), has signed a drilling
contract with Priority Drilling UK Ltd to commence a resource infill drilling
campaign as part of the prefeasibility study programme at its wholly owned
Redmoor tungsten-tin-copper Project ("Redmoor"), in southeast Cornwall.

Highlights

·    Contracting is complete between CRL and Priority Drilling UK Ltd for
a new drilling programme at Redmoor.

·    The programme is designed to enable conversion of inferred mineral
resources to indicated mineral resources, and to produce a reserve calculation
for the Redmoor deposit, as part of, and subject to, successful completion of
the planned prefeasibility study programme.

·    Drilling is fully funded through the previously announced £4m
placing completed in January (see RNS 22 January 2026).

·    The programme will begin with one drill rig, which has arrived at
Redmoor (see Figure 1), and will commence following the completion of site
preparatory works. The initial drill pads will utilise drill pads previously
permitted as part of the 2025 programme.

·    A planning permission application is expected to be submitted in
early April, covering additional drill pads and for the expansion of drilling
operations, subject to approval.

·    CRL has a positive track record in securing permissions for drilling
operations and works closely with local stakeholders and the planning
authority to ensure the route to planning approval and the effectiveness of
the drilling operations.

·    Further programme details will be released in due course.

CRL notes that the price of tungsten in ammonium paratungstate ("APT") form, a
key intermediate product, was reported to have reached APT $2,250/mtu*(2)
(metric ton unit) ($225,000 ton of APT) on 13 March 2025, with EU/USA APT
quotation sitting at a historic high range of $2,100-2,400/mtu and showing
continued strength. These prices have shown upwards momentum for the last 15
months, significantly above previous baselines used by the Company and other
peers.

Figure 1: Drill Rig 1 arriving on site at Redmoor ahead of commencement of the
infill drilling programme. Drill pad setup now underway, with the drilling
compound to be setup following arrival of further equipment and materials.

Dennis Rowland, CRL Managing Director, said:

"We are pleased to report that following the successful completion of the 2025
drilling programme, the design process for the resource infill drilling
programme was accelerated. The CRL team, working closely with Priority
Drilling UK Ltd, has proven its ability to complete drilling programmes ahead
of schedule and within budget, and has also shown that the new deposit model
for Redmoor has a high degree of reliability, with drilling consistently
producing high quality results.

"We look forward to commencing the programme, and to scaling the programme
further following the completion of a planning application, with additional
drill rigs already reserved."

Andy Jaques, UK Country Manager Priority Drilling UK Limited, said:

"We have a long-standing relationship with CRL, and I feel that our
partnership approach was successful during 2025. We have reserved personnel
and equipment to support the new drilling campaign and its phased approach. We
are already undertaking site preparation and are looking forward to commencing
drilling operations and further success at Redmoor."

Mark Burnett, Strategic Minerals' Executive Director, said:

"It is the Board's intention to build on our drilling successes from 2025 and
continue driving momentum as we move into the next phase of Redmoor's
development. The CRL team have been hard at work to prepare for a new, larger,
and incredibly important campaign, alongside delivering the remaining Shared
Prosperity Fund match grant funded project activities. This contract marks a
milestone in that preparation, with the first drilling rig already in position
at Redmoor. Following a short period of site establishment, drilling should be
underway very soon.

"With tungsten, tin and copper prices seeing sustained growth, and tungsten
continuing to set all-time highs, it is increasingly more important to
progress the Redmoor project and highlight its potential strengths as Europe's
highest grade, undeveloped, tungsten resource*(1)."

Note *(1): The Company understands Redmoor to be the highest-grade undeveloped
tungsten resource in Europe, following a review of other CRIRSCO-compliant
projects.

Note *(2): As reported by Fastmarkets on 13 March 2026.

 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.

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