REG - Strategic Minerals - Redmoor-Initiation of Resource Infill Drilling

Strategic MineralsAnnouncement

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RNS Number : 7157Y  Strategic Minerals PLC  31 March 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.

 

 

31 March 2026

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor - Initiation of Resource Infill Drilling Programme

 

Resource infill drilling has commenced at Redmoor with drillhole CRD042 at Pad
4; Other Project Updates

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 initiated resource
infill drilling as part of the prefeasibility study ("PFS") programme at its
wholly owned Redmoor tungsten-tin-copper Project ("Redmoor"), in southeast
Cornwall.

Highlights

Infill Drilling Programme

·    CRL has initiated its Infill Drilling Programme with Rig 1 on Pad 4
at Redmoor, commencing drillhole CRD042 on 28 March.

·    CRD042 is the first drillhole of this Infill Drilling Programme and
is the first of eight planned holes to be drilled from Pad 4, totalling 3,850
m - scheduled to take 6 months on this drill pad to complete - as part of the
wider planned Infill Drilling Programme at Redmoor (see Figure 1 and 2).

·    The programme is designed to support the conversion of Inferred
Mineral Resources to Indicated Mineral Resources, and to underpin a maiden Ore
Reserve for the Redmoor deposit, subject to the successful completion of the
planned PFS programme.

·    Following the £4m placing completed in January (see RNS 22 January
2026), and additional £4.7m subscription completed in March (see RNS 19 March
2026), the Company is focused on the delivery of this next important stage of
Redmoor's development programme. Further programme details will be released in
due course.

 Figure 1: Dennis Rowland, CRL Managing Director, and Rowan Thorne, CRL
 Exploration Manager, alongside Blair McDougall MP, Minister for Small Business
 and Economic Transformation, standing on drill Pad 4 following pad setup and
 ahead of the drill rig moving into position.

Figure 2: Chalcopyrite (left) and Wolframite (right) mineralisation within
drillcore, visually logged by CRL Exploration Geologists between 32-34m depth
downhole in CRD042.

Project Updates

·    On 25 March, CRL hosted Blair McDougall MP, Minister for Small
Business and Economic Transformation within the Department for Business and
Trade, at Redmoor. Dennis Rowland, CRL Managing Director, and Rowan Thorne,
CRL Exploration Manager, provided a project overview to the Minister and a
site visit (see Figure 1). Project opportunities and potential barriers were
discussed, and the potential for the project to seek further support through
government. The Company looks forward to further engagement with the aim to
highlight Redmoor's strategic status as a leading domestic critical minerals
project.

·    Following the release of the updated Mineral Resource Estimate
("MRE") and Economic Sensitivity Analysis (see RNS' 26 March 2026), the
Company held an Investor Meet Company webinar for new and existing
shareholders. A link to the recording of the webinar can be found here:
https://www.investormeetcompany.com/meetings/investor-presentation-1021
(https://www.investormeetcompany.com/meetings/investor-presentation-1021) .

·    On 27 March, the Company held a successful showcase event as part of
its UK Shared Prosperity Fund ("SPF") programme, aimed at highlighting the key
outputs and outcomes of the programme including the MRE and Economics updates.
Attendees included the SML Board of Directors, members of the CRL team, Anna
Gelderd MP - who spoke highly of the project - and other notable stakeholders,
including representatives from Cornwall Council's Shared Prosperity Team, as
well as councillors from parishes local to Redmoor, local community groups,
and certain investors and media representatives.

Following the event, guests were invited to join a site tour of CRL's logging
facilities and to meet CRL's geologists, followed by a site visit.

Tungsten Market Update

·    CRL notes that the price of tungsten in ammonium paratungstate
("APT") form, a key intermediate product, was reported at APT $2,975/mtu*(1)
(metric ton unit) ($297,500 ton of APT) on 27 March 2026, with EU/USA APT
quotation sitting at a historic high range of $2,800-3,150/mtu and showing
continued strength.

These prices have shown upwards momentum for the last 15 months. Tungsten
prices remain significantly above even the upside case pricing scenario used
by the Company in its updated MRE and Economic Sensitivity Analysis for
Redmoor, published on 26 March 2026.

Dennis Rowland, CRL Managing Director, said:

"With the Infill Drilling Programme underway and expected to ramp up further
following submission for and receipt of additional permissions from Cornwall
Council, the Company expects to deliver regular programme updates to
shareholders.

"Following the publication of CRL's updated MRE and Economic Sensitivity
Analysis, I am happy to report the successful completion of the SPF work
programme, with the Company moving into project closure and final reporting of
its outputs ahead of the last remaining grant reimbursement claim. The Company
would like to thank Cornwall Council and the SPF team for their support.

"Moving forward, the Company will continue to advocate for further project
support where available, including via grant funding opportunities and also
from government departments and entities responsible for overseeing or
supporting critical minerals project development."

Mark Burnett, Strategic Minerals' Executive Director, said:

"It is great to see the commencement of the new Infill Drilling Programme at
Redmoor, and early indications from the first drillhole already highlighting
Redmoor's abundant mineralisation. This programme marks a major increase in
the scale of project activities at Redmoor, with roughly as many metres
planned to be completed in this phase than have previously been drilled by CRL
in total to date."

"The Company would like to thank Blair McDougall, MP and Minister for Small
Business and Economic Transformation, for his visit to Redmoor last week, and
Anna Gelderd, MP for South East Cornwall, for her strong and continued support
of the Redmoor Project. With tungsten, tin and copper prices seeing sustained
growth, and tungsten continuing to set all-time highs, it is increasingly
important to progress the Redmoor Project and highlight its potential as
Europe's highest grade, undeveloped, tungsten resource*(2)."

Note *(1): As reported by Fastmarkets on 27 March 2026.

Note *(2): The Company understands Redmoor to be the highest-grade undeveloped
tungsten resource in Europe, following a review of other CRIRSCO-compliant
projects.

Additional Technical Update

In conjunction with the completion of the MRE update and the initiation of the
Resource Infill Drilling Programme, CRL's technical team have continued to
synthesise both geological and geochemical data to further develop the
geological model of the Redmoor Resource. An additional 40 drill core samples
from CRD040 and 55 historical drill core samples from CRD017 are currently
being analysed at ALS Laboratories, Loughrea, sent on 24 March, with the
objective of confirming the presence of, and extending recently identified,
non-Sheeted Vein System ("SVS") mineralised zones.

CRL's technical team, based upon the MRE update and improved geological model,
have also identified an additional ~980 m of drillhole intervals for sampling,
aimed at testing continuity of newly modelled mineralised structures across
drillholes, and to further support the ongoing drilling programme.

Additionally, 398 historical pulp samples have been sent for analysis with the
objective of improving historical datasets, following recent improvements in
analytical techniques, and are aimed at supporting the next update to the
Redmoor resource model.

Results from these analytical test works are expected soon, with further
sampling to follow.

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/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.

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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