REG - Strategic Minerals - Redmoor- Significant Increase in Tungsten Recovery

Strategic MineralsAnnouncement

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RNS Number : 3909X  Strategic Minerals PLC  20 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.

 

20 March 2026

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor - Significant Increase in Tungsten Recovery

 

Metallurgical study delivers a 19.2% relative increase in WO3 overall
recovery, up to 85.8%; confirmed silver recovery; and identified pathways to
further improve tin and copper recovery.

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, announces that its wholly owned
subsidiary, Cornwall Resources Limited ("CRL"), has received results from its
recent metallurgical study focused on improving and refining the proposed
metallurgical flowsheet for the Redmoor Tungsten-Tin-Copper Project
("Redmoor").

The study has resulted in a significant improvement in tungsten overall
recovery and confirmed silver recoverability, with results feeding into the
upcoming Redmoor Mineral Resource Estimate ("MRE") update. Recoveries for tin
and copper remain broadly unchanged, although the metallurgical report
identifies pathways for further improvements in future studies.

 

Highlights

·    Results demonstrate an increase in WO3 recovery from 72.0% to 85.8%,
representing a 19.2% relative uplift in overall WO3 recoverability.

·    With tungsten being the primary economic driver at Redmoor, this
increase in tungsten recovery is expected to contribute positively to the new
MRE and updated economic sensitivity assessment.

·    Recovery of silver has been confirmed, with 58.7% recovery to copper
concentrate at a grade of 270g/t.

·    Silver will be incorporated as a smelter credit on the copper
concentrate, and therefore contribute to the updated economic sensitivity
assessment.

·    The combined gravity concentrate resulted in an 85.8% recovery of WO3
and a 67.2% recovery of tin. The resultant upgrade from feed is 22.5x and
15.8x for WO3 and tin respectively.

·    Tin and copper recoveries of 67.2% and 82.4% respectively, remain
broadly unchanged from previous results (see Table 1). The metallurgical
report identified opportunities for further process improvements, which will
be examined in additional metallurgical studies planned during the
prefeasibility study ("PFS").

A summary of overall recoveries can be seen below:

 

Table 1: Highlight of metallurgical results

                                    WO3    Sn    Cu    Ag
 2020 Scoping Study Recoveries (%)  72.0   68.0  85.0  N/A
 2026 MRE Update Recoveries (%)     85.8   67.2  82.4  58.7
 Change in Recovery %               +13.8  -0.8  -2.6  N/A
 Relative Recovery Difference (%)   19.2   -1.2  -3.1  N/A

Dennis Rowland, CRL Managing Director, said:

"These results further demonstrate the quality of mineralisation at Redmoor,
with strong recoveries for the polymetallic mineralisation. The substantial
increase in tungsten recovery, the primary economic driver of the project, is
expected to positively feed into the project economics as part of the
forthcoming MRE and updated Economic Assessment.

"We are also pleased to be able to report that for the first time silver has
been demonstrated to be associated with copper mineralisation and recoverable
as part of the copper float circuit, with 270g/t of silver recovered per ton
of copper concentrate produced. For the purposes of the economic sensitivity
assessment, silver will be counted as a credit on the copper concentrate."

"The report associated with the process results highlights a small number of
additional testworks which can be carried out as part of follow-on testworks
during the PFS, which are expected to study further potential improvements in
the recoverability of tin and copper."

Mark Burnett, Strategic Minerals Executive Director, said:

"These new process results show a marked increase in recovery for tungsten and
for the first time demonstrate recoverability of silver within the copper
circuit. These robust results further enhance Redmoor's economic potential as
Europe's highest grade, undeveloped, tungsten resource(*1).

"With tungsten APT prices reported by Fastmarkets*(1) throughout the past 15
months having shown significant increases, any additional tungsten recovery is
significant for project economics. This large increase could be
transformational."

(*1)
https://www.fastmarkets.com/metals-and-mining/minor-metals/tungsten-prices/
(https://www.fastmarkets.com/metals-and-mining/minor-metals/tungsten-prices/)

Overview of metallurgical testwork

The metallurgical testwork programme was designed to characterise and evaluate
a representative sample from Redmoor's sheeted vein system high-grade zones,
as part of the first full flowsheet testworks conducted on the Redmoor Sheeted
Vein System Deposit. Previous recoverability metrics relied on Southwest
Minerals datasets from Redmoor from the 1980s and partial studies for tin and
tungsten conducted by CRL ahead of the 2020 Scoping Study. This programme was
designed to test previously achieved recovery performance and assess whether
improvements could be made to the proposed process flowsheet for producing
WO(3), tin and copper concentrates.

Testing was completed by AHK Group Ltd (Alfred H. Knight) across multiple
stages, including pre-concentration, flotation and gravity separation. A hand
magnetic separation of the final gravity concentrate was performed to
demonstrate positive magnet response and separation of wolframite
(paramagnetic) and cassiterite (non-magnetic). Insufficient sample remained to
perform a full-scale magnetic separation, and this will be targeted in future
testwork.

The results of the metallurgical testwork demonstrate a marked improvement in
WO₃ recovery, increasing from 72.0% to 85.8%, representing an improvement of
13.8 percentage points (or 19.2% on a relative basis) compared to the
metallurgical assumptions used in the 2019 MRE and 2020 Scoping Study for
Redmoor. These improved recovery parameters will be incorporated into the
upcoming MRE and updated economic sensitivity assessment.

Tin and cooper recoveries remain broadly unchanged at 67.2% and 82.4%
respectively, with the metallurgical report highlighting key opportunities for
further process improvements, which will be examined as part of larger
metallurgical studies planned during the prefeasibility study.

In addition, the testwork has confirmed that silver reports to the copper
concentrate, with a grade of 270 g/t Ag per ton of copper concentrate
produced, and an overall recovery of 58.7%. Silver will therefore be assessed
as a silver credit on the copper concentrate, and will contribute to the
updated economic sensitivity assessment, due to be released alongside the
forthcoming MRE.

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.

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

 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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