REG - Strategic Minerals - Redmoor - Updated Economic Sensitivity Analysis
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RNS Number : 1706Y Strategic Minerals PLC 26 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.
26 March 2026
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Redmoor - Updated Economic Sensitivity Analysis
Economic Sensitivity Analysis Results in Standout Economics with Base Case
Scenario of Potential After-Tax NPV(8%) of US$1.54B and 40% IRR
The Economic Sensitivity Analysis is preliminary in nature, based on a Mineral
Resource that is 100% Inferred, and does not demonstrate economic viability
(see Cautionary Note below).
Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to announce an updated economic
sensitivity analysis undertaken for the Company's wholly owned subsidiary,
Cornwall Resources Limited ("CRL") in respect of the Redmoor
tungsten-tin-copper-silver Project ("Redmoor"), in southeast Cornwall.
Updated Economic Sensitivity Analysis Highlights
· Economic sensitivity analysis, based on the 2026 Mineral Resource
Estimate ("MRE") published today, indicates the potential for standout project
economics under Base Case assumptions, representing a significant improvement
compared to the 2020 Scoping Study.
· After tax NPV(8%) of US$1.54B and 40% IRR
o Based on a WO(3) price of US$1,200 mtu APT
o Scenario selected as Base Case following a review of market conditions,
forward price projections, and following receipt of external expert opinion.
o This price is materially below current market prices (see Additional
Highlights below).
· Indicative pre-production capital cost of US$109.7m (see Table 3
economic assumptions).
· The Economic sensitivity analysis has evaluated a range of other
pricing scenarios to reflect market uncertainty and assess project
sensitivity, including:
· Upside case: After-tax NPV(8%) of US$2.71B and 55%IRR:
o Based on a WO(3) price of US$1,800 mtu APT (150% of the base case)
· 2026 MRE Case: After-tax NPV(8%) of $0.88B and 29% IRR:
o Based on a WO(3) price of US$850 mtu APT
o Consistent with pricing assumptions selected by Snowdon Optiro for the
2026 MRE
· Low Case: After-tax NPV(8%) of US$0.55B and 22% IRR:
o Based on a WO(3) price of US$704 mtu APT
o Reflecting a long-term forecast WO(3) metal price produce by Argus*(2)
See Table 1 for a summary of economic outputs, and Table 2 for metal prices
used in each case.
Table 1: Summary of Economic Sensitivity Analysis Cases (After-Tax) for the
Redmoor Project
Output Base Case Upside Case 2026 MRE Case Low Case
NPV (8%) US$ 1.54B US$ 2.71B US$ 0.88B US$ 0.55B
IRR 40% 55% 29% 22%
Table 2: Metal Prices used within sensitivity analysis, selected 9 March 2026
Metal Unit Base Case Upside Case 2026 MRE Case Low Case
WO(3) USD APT/mtu $1,200 $1,800 $850 $704
Sn USD/t $38,000 $44,000 (+15%) $38,000 $32,500 (-15%)
Cu USD/t $11,000 $12,500 (+15%) $11,000 $9,000 (-15%)
Ag USD/oz $75 $85 (+15%) $75 $65 (-15%)
Notes on Economic Sensitivity Analysis
The updated Redmoor economic sensitivity analysis (see cautionary note),
utilises the Redmoor 2020 Scoping Study, originally published in RNS: 6
October 2020, as the basis of the estimates. The Scoping Study has not been
reproduced as part of this project, and instead primary inputs to the original
economic assessment have been updated, including:
· Effective date of the economic sensitivity analysis is 23 March 2026.
· The cut-off date for metal price selection was 9 March 2026.
· Completed by Snowden Optiro (independent of CRL).
· The life of mine (LoM) schedule and NSR cut-off selection were
developed using a conservative WO(3) price of US$850/mtu APT.
· LoM schedule produced using Datamine StopeMax software.
· 2026 MRE resource was used for the economic sensitivity analysis,
replacing the Redmoor 2019 MRE and informing updated stope optimisation and
LoM schedule.
· A 200 m crown pillar below surface, was used to constrain the Mineral
Resource, such that resources are reported below -20 mRL. Whereas previous
MREs for Redmoor reported mineralisation to surface, but with the 2020 Scoping
Study applying a 250 m crown pillar reducing the undiluted 2019 MRE resource
to 7.2 Mt for the purpose of the mining study.
· Snowden Optiro have updated CAPEX and OPEX assumptions, including
mining costs, to reflect industry cost inflation since 2020, informed by
comparator projects. Total OPEX costs have increased from US$66/t to
approximately US$110/t.
· Updated metallurgical flowsheet and recovery assumptions, including
the addition of silver, as reported in the RNS dated 20 March 2026.Updated
metal price assumptions have been applied for both the MRE and the economic
sensitivity analysis, incorporating a range of pricing scenarios to reflect
market uncertainty.
· These assumptions have been informed by Fastmarkets (6-month and
12-month averages) for Ammonium Paratungstate ("APT"), comparator projects,
and independent market analysis and feedback provided by an external tungsten
market specialist who is a career expert in tungsten markets and trading.
· Argus long-term forecast (US$677 to US$763 mtu/APT; with US$700
mtu/APT selected as a reasonable low-range following comparator project
example.
Cautionary Note on updated Economic Sensitivity Analysis ("Economic
Assessment")
The economic sensitivity analysis is based on the 2020 Scoping Study and
updated inputs and is preliminary in nature. It is based on a Mineral Resource
that is 100% Inferred and is insufficient to support the estimation of Ore
Reserves or to demonstrate economic viability or provide assurance of an
economic development case at this stage. There is no certainty that the
results of the Economic Sensitivity Analysis will be realised.
Additional Highlights
· The Company notes that current market prices per mtu APT, last
reported by Fastmarkets on 20 March 2026 for their benchmark Tungsten APT
88.5% min cif Rotterdam and Baltimore duty-free, US$/mtu WO(3) were US$2,500
to US$2,800 mtu APT, for a mid-range of US$2,650 mtu APT. This price is
materially higher than those used in the MRE and all of the Economic
sensitivity analysis scenarios, including the Upside Case.
· Tungsten is noted as the main driver of project economics across all
scenarios, with variations in APT price assumptions having a significant
impact on project outcomes.
· Metal price assumptions for APT took note of the 6-month and 12-month
averages for APT using Fastmarkets as a reference, as well as prices used by
reference projects, as well as an Argus longterm forecast, and took guidance
from analysis and feedback provided by an external tungsten market specialist
who is a career expert in tungsten markets and trading.
· The Company notes that at 17.4 Mt and maintaining the 2020 Scoping
Study production rate of 600 Kt, Redmoor's potential mine life would be
approximately 29 years.
Future Optimisations:
The results of the Economic Sensitivity Analysis will be further evaluated as
part of planned updates to the Mineral Resource and during the Prefeasibility
Study, including:
· A review of mining production rate, which was out of scope for this
work package.
· However, the forthcoming PFS will assess a range of processing
throughputs, which may improve project economics by reducing the impact of
discounting in later years of the mine plan
Comparison to 2020 Scoping Study
The 2020 Scoping Study reported an upside pricing NPV(8%) for the Project of
US$0.13B and an IRR of 29%, at a WO(3) price of US$330mtu APT.
The key drivers underpinning changes to the Project's potential economic
outcomes include:
· The updated 2026 Mineral Resource Estimate, which reflects an
increase in overall tonnage and contained metal.
· Revised metal price assumptions, most notably the significant
increase in WO₃ pricing relative to those applied in the 2020 Scoping Study.
Dennis Rowland, CRL Managing Director, said:
"When we applied for the SPF project, we established key goals to achieve
within 12 months: an updated MRE, leading to an updated economic assessment of
the project, and the establishment of an economic case to accelerate the
development of the Redmoor project into and through feasibility. 12 months
later, and the project has delivered on all its promises and more.
"The newly updated MRE and economic sensitivity analysis are testament to the
world-class nature of the Redmoor tungsten-tin-copper deposit."
Mark Burnett, Strategic Minerals' Executive Director, said:
"The Economic Sensitivity Analysis builds upon the 2020 Scoping Study. Redmoor
now presents a truly strategic underground tungsten development project in the
United Kingdom, with a potential US$1.54B Base Case NPV, and decades-long
potential mine life. It is one of the highest potential undeveloped tungsten
projects globally.
"Importantly, we believe there is further upside to be demonstrated within the
PFS to follow. Given the significant 2.4 times increase in potentially
mineable tonnage, the outputs reflect the potential for a 29-year life of
mine, at the same production rate of 600 Kt/pa, as per the 2020 Scoping Study.
Under this current scenario, significant discounts factors are applied to
mining economics in later years of the mine plan, which can lower NPV
calculations. Redmoor's PFS will therefore test increases in annual production
volumes versus economics, with the potential to establish an increase in
production rates.
"Further, this of course does not take into account the potential for
satellite developments within CRL's expansive wider Tamar Valley licensed
areas.
"The Company is committed to advancing Redmoor at pace into and through
feasibility, with the fully funded infill drilling campaign commencing, and
further planned to ramp up shortly, with the aim to increase resource
confidence from inferred to indicated resources for the PFS."
Charles Manners, Strategic Minerals' Executive Chairman, said:
"The Company would like to thank the Shared Prosperity Fund ("SPF"), managed
by Cornwall Council, who supported the project throughout the past 12 months
through the provision of matched grant funding. At the time of application,
the Company was in a completely different position, with the Board having
recently changed, and a newly empowered project delivery team standing ready
to deliver, but with a project that had been starved of funds for too long.
SPF support provided a springboard for a capital raise, and the 12-month
programme. This clearly demonstrates the positive effects that directed
support from Government can have on a project and its development."
2026 ECONOMIC SENSITIVITY ANALYSIS ADDITIONAL INFORMATION
The economic sensitivity analysis was undertaken independently by Snowden
Optiro using Datamine StopeMax scheduling software to generate a high-level
mine schedule in 5-year increments.
The economic sensitivity analysis is preliminary in nature, based on a Mineral
Resource that is 100% Inferred, and does not demonstrate economic viability.
The analysis was based on the updated 2026 Mineral Resource block model and a
conceptual mine design. Price sensitivities were evaluated within a basic
financial model.
Stope dimensions for MSO of; 20 m x 20 m stopes with a 4 m minimum width (3 m
ore + 1 m dilution) (see Figure 2).
Figure 1: MSO and conceptual decline design
Key assumptions are summarised in Table 3 and are largely aligned with those
adopted in the 2020 Scoping Study. A full update of the Scoping Study was out
of scope for this project. However, a gap analysis study was undertaken to
review the robustness of the 2020 Scoping Study, and recommendations and
opportunities ahead of the prefeasibility study ("PFS"). Capital costs were
derived from the 2020 Scoping Study and have been increased by 20% to account
for inflation since that time. Operating costs were estimated based on
comparable projects within the UK and Ireland and have increased from US$66/t
to US$110/t.
Metal prices used for each scenario are provided in Table 2.
A discount rate of 8% has been applied, which is consistent with the discount
applied in the 2020 Scoping Study, based upon operating environment and safe
jurisdiction. A processing throughput rate of 600 ktpa has been assumed;
alternative throughput scenarios were not assessed as part of this study, but
are planned to be studied during the PFS.
Discounted cash flows, presented in 5-year blocks using a mid-period basis for
the base case scenario, are shown in Figure 2, illustrating the timing of
value generation over the potential 29-year life of mine. Discounting of the
5-yearly schedule has been applied using the mid-point of each 5-year block,
rather than applying the discount factor to the final year of each block, to
better reflect the distribution of cash flows within each period.
Figure 2: Discounted cash flow (5-yearly blocks) and cumulative discounted
cash flow for the base case at an 8% discount rate.
Table 3: Assumptions used in the 2026 economic sensitivity analysis
Mining method
Item Unit Value
Min mining width m 3
Planned dilution m 1
Level spacing m 20
Stope strike m 20
Rib pillar m 0
Rib pillar spacing m 1000
Sill pillar m 0
Sill pillar spacing m 1000
Possible HR m 250.0
Resource block m2 1000000
Resource Extracted m2 1000000
Pillar losses m2 0
Pillar losses % 0%
Mining losses % 5%
Extraction ratio % 95%
Development
Item Unit Value
Decline width m 5.5
Decline height m 5.7
Add development allowance m/m 20%
Access width m 5.5
Access height m 5.7
Add development allowance m/m 100%
Level width m 5
Level height m 5
Add development allowance m/m 5%
Decline cost $/m 3,826
Decline cost - with allowance $/m 4,591
Access cost $/m 3,826
Access cost - with allowance $/m 7,651
Level cost $/m 3,826
Level cost - with allowance $/m 4,017
Haulage $/tkm 1.8
Decline advance rate m/yr 3,000
Decline advance rate - with allowance m/yr 2,500
Access advance rate m/yr 3,000
Access advance rate - with allowance m/yr 1,500
Level advance rate m/yr 2,400
Level advance rate - with allowance m/yr 2,286
Production
Item Unit Value
Stoping t/yr 180,000
Mining cost $/t 70.21
Processing
Item Unit Value
Processing rate kt/yr 600
Processing $/t ore 21.36
Pumping / water treatment $/t ore 6.4
G&A $/t ore 12.5
Total ore cost $/t ore 40.26
Financial
Item Unit Value
Discount rate % 8
Upfront capital - Mining $M 7.0
Upfront capital - Processing $M 102.7
Forward Looking Statement:
This report contains "forward-looking information" that is based on the
Company's expectations, estimates and forecasts as of the date on which the
statements were made. This forward-looking information includes, among other
things, statements with respect to the Company's business strategy, plans,
objectives, performance, outlook, growth, cash flow, earnings per share and
shareholder value, projections, targets and expectations, mineral reserves and
resources, results of exploration and related expenses, property acquisitions,
mine development, mine operations, drilling activity, sampling and other data,
grade and recovery levels, future production, capital costs, expenditures for
environmental matters, life of mine, completion dates, commodity prices and
demand, and currency exchange rates. Generally, this forward-looking
information can be identified by the use of forward-looking terminology such
as "outlook", "anticipate", "project", "target", "likely", "believe",
"estimate", "expect", "intend", "may", "would", "could", "should",
"scheduled", "will", "plan", "forecast" and similar expressions. The
forward-looking information is not factual but rather represents only
expectations, estimates and/or forecasts about the future and therefore need
to be read bearing in mind the risks and uncertainties concerning future
events generally.
Competent Person Statement:
Snowden Optiro has been engaged by Cornwall Resources Limited to provide
independent technical advice. The information in this report that relates to
the Estimation and Reporting of Mineral Resources has been compiled by Mr
Laurie Hassall, MSci, QMR, FIMMM, FGS, who is a full-time employee of Snowden
Optiro and is independent of Cornwall Resources Ltd (CRL).
Mr Hassall is a Fellow of the Institute of Materials, Minerals and Mining
(FIMMM) and Qualified for Minerals Reporting (QMR). Mr Hassall 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 a Qualified Person 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:
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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)
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or CRL 2025 drilling
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Diamond drill core was oriented and aligned prior to sampling and cut
instruments, etc). These examples should not be taken as limiting the broad longitudinally using a diamond core saw. Half-core samples were collected,
meaning of sampling. with the remaining half retained for reference. Sampling was undertaken based
on geological boundaries and mineralisation style, with typical sample lengths
· Include reference to measures taken to ensure sample representivity of approximately 1 m, extending up to 2 m in zones of lower mineralisation.
and the appropriate calibration of any measurement tools or systems used.
· Unmineralised intervals were generally not sampled; however, selected
· Aspects of the determination of mineralisation that are Material to drillholes (e.g. CRD033) were sampled in full to support geochemical
the Public Report. characterisation of the broader mineralised system.
· In cases where 'industry standard' work has been done this would be · Drillhole orientation was designed to intersect the sheeted vein
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m system (SVS) as close as possible to perpendicular in order to obtain
samples from which 3 kg was pulverised to produce a 30 g charge for fire representative sample widths.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or CRL 2017-2018 drilling
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · Diamond drill core was oriented, aligned and halved using a core saw,
with sampling conducted based on geological boundaries. Sample intervals were
typically 1 m, extending up to 2.5 m in less mineralised zones.
· Unmineralised intervals were generally not sampled. Sampling
protocols are considered appropriate for the style of mineralisation.
· Drillholes were oriented where possible to intersect mineralisation
at high angles. Due to the presence of multiple mineralised orientations and
access constraints, not all drillholes achieved optimal orientation.
SWM 1980-1983 drilling
· Historical diamond drilling completed by South West Minerals (SWM)
between 1980 and 1983 forms part of the Redmoor database and split core
samples have been incorporated into the current 2026 Mineral Resource
estimate.
· Historical sampling was undertaken on diamond drill core, with
samples collected for both assay and density determination.
· Drillholes were generally oriented to intersect mineralisation at
high angles; however, some lodes (e.g. Johnson's Lode), which dip in an
opposing direction to the main SVS, were intersected at lower angles.
· Historical assay data were subject to verification through check
sampling programmes undertaken by Robertson Research International, Alfred H.
Knight, and subsequent resampling by SRK/NAE. Additional validation has been
provided through Snowden Optiro's 2025 data review and twin-hole comparisons,
supporting the reliability of the dataset for Mineral Resource estimation.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary CRL drilling
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · All CRL drilling (2017, 2018 and 2025) was undertaken using diamond
whether core is oriented and if so, by what method, etc). core drilling. Core diameters ranged from HQ3/HQ to NQ/BTW (approximately 63.5
mm to 42 mm).
· Core orientation was undertaken using Reflex ACT tools (ACT II, ACT
III and ACTx depending on campaign), with orientation achieved for the
majority of the core, particularly within mineralised zones.
SWM drilling (1980-1983)
· Historic drilling by SWM was completed using HQ, NQ and BQ diamond
core.
· Drillholes were primarily oriented to intersect the northerly dipping
SVS; however, some holes targeted southerly dipping lodes, resulting in
variable intersection angles.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and CRL drilling
results assessed.
· Core recovery was recorded on a run-by-run basis, typically within 24
· Measures taken to maximise sample recovery and ensure representative hours of drilling, by measuring recovered core lengths against drilled run
nature of the samples. lengths and reconciling with core blocks. Core recovery was generally high,
typically exceeding 90-95% across all campaigns, including within mineralised
· Whether a relationship exists between sample recovery and grade and zones.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material. · Broken ground, voids and zones of poor recovery were clearly logged.
Triple-tube drilling was used where possible (2017 campaign) to maximise
recovery in fractured zones.
· No material relationship between core recovery and grade has been
identified, and no evidence of sampling bias due to preferential loss or gain
of material is considered present.
SWM drilling
· All historic drillholes were completed using HQ, NQ or BQ diamond
core.
· Core recovery was recorded in historical logs and is generally
reported as high (typically 80-100%), with lower recoveries associated with
poor ground conditions.
· Where poor recovery occurred, holes were commonly re-drilled. There
is no evidence of a systematic relationship between recovery and grade.
Logging · Whether core and chip samples have been geologically and CRL drilling
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. · All drill core was geologically, structurally and geotechnically
logged to a level of detail suitable for Mineral Resource estimation. Logging
· Whether logging is qualitative or quantitative in nature. Core (or included lithology, alteration, mineralisation, structure (including alpha and
costean, channel, etc) photography. beta angles), and geotechnical characteristics.
· The total length and percentage of the relevant intersections logged. · Logging was undertaken digitally, supported by structural
measurements using a Kenometer. Improvements to logging templates in 2025
enabled separation of lithological, structural, alteration and mineralisation
datasets.
· Core was photographed in full and linked to downhole geology within
Leapfrog software.
· Logging is both qualitative and quantitative in nature, and 100% of
drilled intervals were logged.
· Selected samples were submitted for petrographic analysis to support
mineralogical interpretation.
SWM drilling
· Historical core was logged in detail, with qualitative mineralogical
and geological descriptions recorded. Logs remain available for review and
include all relevant mineralised intersections.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core CRL 2025 drilling
taken.
· Core was cut longitudinally using a diamond saw, with half-core
· If non-core, whether riffled, tube sampled, rotary split, etc and samples submitted for analysis and the remaining half retained in the core
whether sampled wet or dry. trays as a reference record. Sampling was consistently undertaken from the
same side of the orientation line to maintain representivity.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · Half-core samples were submitted to ALS Loughrea for preparation and
analysis. Sample weights were typically in the range of 2-7 kg. Samples were
· Quality control procedures adopted for all sub-sampling stages to dried and crushed to better than 95% passing 2 mm, after which a 1,000 g split
maximise representivity of samples. was taken and pulverised to better than 85% passing 75 µm.
· Measures taken to ensure that the sampling is representative of the · QAQC procedures included the insertion of certified reference
in situ material collected, including for instance results for field materials (for all analytes estimated in the 2026 MRE), blanks, coarse
duplicate/second-half sampling. duplicates, pulp duplicates and umpire checks at independent laboratory.
Internal laboratory QC data, including particle size checks, were reviewed to
· Whether sample sizes are appropriate to the grain size of the confirm preparation quality.
material being sampled.
· Sample preparation techniques and sample sizes are considered
appropriate for the style, grain size and variability of the Redmoor
mineralisation.
CRL 2017-2018 drilling
· Core was cut longitudinally using a diamond saw, with half-core
samples submitted for analysis and the remaining half retained in the core
trays as a reference record. Sampling was consistently undertaken from the
same side of the orientation line.
· Half-core samples were submitted to ALS Loughrea for preparation and
analysis. Sample weights were typically in the range of 3-7 kg.
· For holes CRD001 to CRD013, samples were dried and crushed to better
than 70% passing 2 mm. A split of up to 250 g was then taken and pulverised to
better than 85% passing 75 µm.
· For holes CRD014 onwards, samples were dried and crushed to better
than 95% passing 2 mm. A 1,000 g split was then taken and pulverised to better
than 85% passing 75 µm.
· QAQC procedures included insertion of blanks, standards and coarse
duplicates. Internal laboratory QC data, including particle size checks, were
reviewed, and duplicate sample results were assessed to confirm that sample
preparation was not introducing material bias or unacceptable imprecision.
· Sample preparation techniques and sample sizes are considered
appropriate for the style, grain size and variability of the Redmoor
mineralisation.
SWM drilling
· Historic SWM core was generally sampled at approximately 2 m
intervals using both split-core and geochemical chip sampling methods. Chip
samples, interpreted to comprise material washed from the core barrel, are
considered non-representative and were excluded from Mineral Resource
estimation. Only split-core samples were retained for verification and
modelling purposes.
· Sample-type codes in the database distinguish split-core samples,
chip samples, and mixed sampling approaches. Contemporary QAQC procedures such
as certified reference materials, blanks and duplicates were not routinely
implemented during the 1980-1983 drilling campaigns.
· Robertson Research International undertook retrospective checks with
Alfred H. Knight (c.10% of samples) and re-assayed Redmoor submissions
following identification and correction of an analytical issue, providing
reasonable confidence in the WO₃ data. SRK/NAE later performed limited core
resampling.
· 2025 CRL drilling twinned three historic SWM holes, and Snowden
Optiro undertook a detailed comparative review of lithology, structure and
assay results, and is satisfied that the historical data are reliable for use
in Mineral Resource estimation.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and CRL 2025 drilling
laboratory procedures used and whether the technique is considered partial or
total. · Analysis by method ME-MS61 was carried out using a HF-HNO3-HClO4 acid
digestion, HCl leach, and analysed with a combination of ICP-MS and ICP-AES,
· For geophysical tools, spectrometers, handheld XRF instruments, etc, including Sn, Cu, and W. The upper and lower detection limits have previously
the parameters used in determining the analysis including instrument make and been tested and predetermined by CRL and confirmed acceptable for the target
model, reading times, calibrations factors applied and their derivation, etc. elements of Sn, Cu, and W. A limited number of samples were also analysed for
Cu, Pb and Zn by method OG62.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · Where grades by method ME-MS61 exceed 0.30% W, as previously
accuracy (ie lack of bias) and precision have been established. determined by internal review, an additional assay for high grade W by method
ME-XRF15b was subsequently carried out. These results replace relevant W
values for ME-MS61. Where grades by method ME-MS61 exceed 500 ppm Sn, an
additional assay for high grade Sn was carried out using ME-XRF15b.
· The laboratory shared their internal QC data on blanks, pulp
duplicates and CRMs. CRL also inserted 7.5% CRMs to test WO₃, Sn and Cu
analyses and 5% blanks along with 5% coarse and pulp duplicates, as a further
control.
· CRM standards were reproducible and within analytical ranges as
certified; CRL's blanks show no significant contamination issues and the
assays of the laboratory standards, which cover a range of metal values for
each of Sn, Cu, WO₃, show no evidence of material bias.
· 2.5 % of samples are selected for umpire assays at an independent
laboratory and project-specific CRMs for WO₃ and Sn to maintain long-term
analytical confidence.
CRL 2017-2018 drilling
· Analysis by method ME-ICP81x was carried out using a sodium peroxide
fusion for decomposition and then analysed by ICP-AES for 34 elements,
including Sn, Cu, and W. The upper and lower detection limits are considered
acceptable for the target elements of Sn, Cu, and W. A limited number of
samples were also analysed for silver by method Ag-ICP61.
· Assay method selection (2017-2018): Where WO₃ by ME-ICP81x exceeded
0.50% WO₃, samples were re-analysed by XRF (ME-XRF15b) and the XRF results
replaced the corresponding ICP values for reporting and resource evaluation.
· Pulp re-assay and updated trigger (2024/2025): Following a review,
the XRF trigger was lowered to 0.30% WO₃. CRL re-assayed 73 pulps by XRF at
ALS; results showed an ~9% average increase in WO₃ relative to the original
ICP assays (with the majority returning higher grades). This work confirms XRF
as the preferred method for samples ≥0.30% WO₃ and supports its use for
future estimation and reporting.
· The laboratory shared their internal QC data on blanks, pulp
duplicates and standards. CRL also inserted 5% each of blanks, standards and
coarse duplicates, as a further control.
· While there was some spread in the repeatability of the 2017 coarse
rejects the results are acceptable and to industry guidelines; CRL's blanks
show no significant contamination issues and the assays of the laboratory
standards, which cover a range of metal values for each of Sn, Cu, W, show no
bias subject to the protocol above being used.
SWM drilling
· Historic SWM drill core was predominantly sampled at ~2 m intervals
using two methods: split half-core and geochemical chip sampling. Chip samples
are interpreted to comprise material washed from the core barrel and are
concentrated in low-grade or unmineralised zones; due to representativity
limitations they are not recommended for use in grade estimation. Snowden
Optiro have only used the split core samples for modelling and estimation.
· Historical SWM assay data were generated by RRI using XRF and
colorimetric methods; subsequent check work by Alfred H. Knight provide a
basis for confidence in the original WO₃ results.
· No additional information is available on the quality control
programmes used for the historic drilling.
· SRK/NAE re-sampled selected SWM core in 2012-2013 for verification.
Snowden Optiro reviewed these results and concluded that the quarter-core
versus quarter-core methodology was sub-optimal for the coarse, nuggety
wolframite mineralisation at Redmoor. Future verification was recommended to
employ half-core versus half-core resampling to maintain equivalent sample
support, or through twin hole verification.
Verification of sampling and assaying · The verification of significant intersections by either independent CRL 2025 drilling
or alternative company personnel.
· All assay and QAQC data were internally reviewed by CRL geologists
· The use of twinned holes. and the Exploration Manager, and independently reviewed by Snowden Optiro.
· Documentation of primary data, data entry procedures, data · CRL had previously undertaken analytical checks on historical pulp
verification, data storage (physical and electronic) protocols. samples, confirming the need to reduce the high-grade WO₃ re-assay trigger
from 0.5% to 0.3%. This updated threshold was applied to the assay database
· Discuss any adjustment to assay data. used in the 2026 MRE.
· Sn trigger levels were also tested and the 500 ppm threshold was
retained.
· 2025 CRL drilling twinned three historic SWM holes, and Snowden
Optiro undertook a detailed comparative review of lithology, structure and
assay tenor, and is satisfied that the historical split core data are
sufficiently reliable for use in Mineral Resource estimation.
CRL 2018 drilling
· Geologica UK previously validated the 2018 drilling database against
laboratory certificates.
· In 2025, Snowden Optiro completed an additional independent review of
the 2017-2018 assay data against original laboratory files.
· CRL also undertook targeted pulp re-assays in 2024-2025 to confirm
WO₃ grades using XRF. Snowden Optiro considers the resulting dataset fit for
Mineral Resource estimation.
CRL 2017 drilling
· SRK previously reviewed the database and laboratory certificates and
confirmed significant intersections.
· In 2025, Snowden Optiro re-reviewed the 2017 data as part of the full
MRE data assessment and confirmed the earlier conclusions regarding data
integrity.
· Snowden Optiro reviewed copies of CRL's assay database and laboratory
certificates and compared significant intercepts.
· SRK conducted a site visit and audit in 2017. Snowden Optiro
completed multiple site visits in 2025 / 2026 and reviewed data entry,
chain-of-custody and verification procedures. CRL maintains routine off-site
backups, and Snowden Optiro recommended migration to a secure relational
database and standardisation of historical and modern datasets.
· Within significant intercepts, values at detection limits were
replaced with half the detection limit. Where duplicate assays existed, the
primary assay result was used unless otherwise justified.
SWM 1980-1983 drilling
· Historical SWM drilling pre-dates routine modern QAQC insertion;
however, records indicate that RRI undertook internal check analyses and
submitted approximately 10% of samples for Alfred H. Knight check assay. All
Redmoor samples since April 1980 were re-assayed due to an issue with a faulty
x-ray tube. Snowden Optiro considers this an appropriate historical
verification step providing reasonable confidence in the WO₃ data.
· SRK re-sampled selected SWM core in 2012-2013 for verification.
Snowden Optiro reviewed this work and concluded that quarter-core versus
quarter-core resampling was not ideal for coarse, nuggety wolframite
mineralisation.
· Snowden Optiro therefore recommended twin-hole drilling as a more
appropriate verification approach. This was implemented by CRL in 2025.
· Snowden Optiro and CRL jointly planned a programme of twin-hole
drilling to verify SWM data through direct comparison of lithology, structure
and grade tenor. All three twin holes presented the same principal mineralised
zones and did not indicate any systematic grade bias.
· Snowden Optiro also completed side-by-side sectional review and
statistical checks, including Q-Q plots, depth-aligned paired analyses and
grade-threshold comparisons, as part of its independent verification.
· Collar locations for selected SWM holes were verified in the field
using handheld GPS. Downhole survey data and the applied −8°
magnetic-to-grid correction were also reviewed and confirmed as appropriate.
· Snowden Optiro independently checked relevant original logs against
the currently digitised database and considers that no material transcription
errors are evident in the geological capture.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar CRL 2025 drilling
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. · Planned collar locations were recorded as six-figure grid references
with RL in metres, in the British National Grid (OSGB) coordinate system.
· Specification of the grid system used.
· Final collar coordinates were recorded using a Reach RS2 GPS
· Quality and adequacy of topographic control. receiver. Variation from planned position was generally within 10 m.
· Collar RL's were draped on the 5 m resolution Lidar topographic
surface.
· Downhole surveys were undertaken using Reflex EZ-Trac at a minimum of
every 30 m downhole. Multi-shot surveys were also collected when drill
diameter was reduced from HQ to NQ and at end of hole, with readings taken
every 3 m uphole. Aluminium extension rods were used to minimise magnetic
error.
· Data were synchronised to IMDEX HUB-IQ, with survey QAQC checks
undertaken by CRL geologists.
· Initial collar set-up used an optical sighting compass for azimuth
and inclinometer for inclination, with azimuth checked prior to and after rig
set-up.
CRL 2018 drilling
· Planned collars were recorded in British National Grid (OSGB)
coordinates with RL in metres.
· Collar surveys were completed using real-time corrected DGPS by 4D
Civil Engineering Surveying Ltd, with final hole position generally within 5 m
of the planned location.
· Downhole surveys were conducted using Reflex EZ-Trac at minimum 50 m
intervals. Aluminium rods were used to reduce magnetic interference.
· Initial collar orientation used an optical sighting compass and
inclinometer.
CRL 2017 drilling
· Collar coordinates were recorded in British National Grid (OSGB) with
RL in metres and surveyed using real-time corrected DGPS by a professional
survey company.
· Downhole surveys were collected using Reflex EZ-Trac at a minimum of
every 50 m downhole, using aluminium rods to minimise magnetic error.
· Initial collar orientation used an optical sighting compass and
inclinometer.
SWM 1980-1983 drilling
· Historic collar locations are recorded on drill logs as six-figure
grid references in British National Grid (OSGB).
· Where RL data were absent, SRK projected collars onto 2005 LiDAR
topographic survey data.
· Downhole surveys were typically collected using acid tube tests or
single-shot survey cameras at approximately 50 m intervals.
· Historic plans and drillhole traces were digitised, and Snowden
Optiro reviewed collars against georeferenced plans and is satisfied that
coordinate positions are adequate for Mineral Resource estimation.
Data spacing and distribution · Data spacing for reporting of Exploration Results. CRL 2025 drilling
· Whether the data spacing and distribution is sufficient to establish · The 2025 programme aimed to extend previously identified
the degree of geological and grade continuity appropriate for the Mineral mineralisation, verify the validity of the SWM drilling dataset through
Resource and Ore Reserve estimation procedure(s) and classifications applied. twin-hole drilling, and test mineralisation within the 2019 Exploration
Target.
· Whether sample compositing has been applied.
· Twinned holes were typically spaced approximately 10-25 m from the
corresponding historic holes and were drilled at similar azimuth and dip where
practicable, in order to intersect the SVS at the same intersection point.
· Samples were composited to 2 m for continuity analysis and grade
estimation.
CRL 2018 drilling
· The 2018 programme was designed primarily to extend previously
identified mineralisation.
· Hole spacing is typically of the order of 70-150 m, locally closer.
· This spacing is considered sufficient to support geological and grade
continuity appropriate for an Inferred Mineral Resource classification.
· Samples were composited to 2 m for continuity analysis and
estimation.
CRL 2017 drilling
· The 2017 programme aimed to extend and improve continuity of
previously identified mineralisation, as well as confirm the presence of the
SVS, which was first discovered by SWM.
· Within the SVS, drill spacing is typically around 100-150 m and
locally less, depending on target geometry and access.
· Compositing was applied on a length-weighted basis in support of
intercept calculations and later resource estimation workflows.
SWM 1980-1983 drilling
· Historic drillholes and sample intersections are typically around
100-150 m apart within the main lodes and lode systems, including the SVS,
Johnson's Lode and Great South Lode.
· This spacing provided an early indication of geological continuity.
· All individual sample assays remain available for review and
modelling.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of CRL 2025 drilling
possible structures and the extent to which this is known, considering the
deposit type. · Drillholes were primarily designed to test the SVS, with some
secondary targeting of ancillary lodes such as Johnson's Lode.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a · The holes were oriented as close as practicable to perpendicular to
sampling bias, this should be assessed and reported if material. the SVS to maximise representivity of geological and mineralised widths.
· The drilling confirmed continuity of previously defined high-grade
zones and associated geological structures. Twin-hole drilling also confirmed
continuity of WO₃, Sn and Cu tenor within the corresponding mineralised
zones.
CRL 2018 drilling
· Drillholes targeted the SVS and ancillary lodes such as Kelly Bray
Lode.
· Some holes were drilled oblique to mineralisation in order to
minimise the impact on local residents and accommodate access constraints.
· Notwithstanding this, the SVS is interpreted as a broad tabular
mineralised zone and the drilling orientation is considered appropriate for
evaluation of the geometry as currently understood.
CRL 2017 drilling
· Drillholes targeted the SVS, Johnson's Lode, Great South Lode and
Kelly Bray Lode, which have differing dips and orientations.
· Because some holes intersected more than one target, they could not
be perpendicular to all mineralised structures.
· Some holes were also drilled oblique to mineralisation in order to
minimise disturbance to nearby residents.
· Despite this, the SVS mineralisation is interpreted to be a broad
tabular zone with an internal plunge component, and the drilling orientation
is considered appropriate for evaluation of this geometry as presently
understood.
· Reported intercepts are generally downhole widths unless otherwise
stated.
SWM 1980-1983 drilling
· Historic holes were generally oriented to intersect the SVS and Great
South Lode at angles between approximately 45° and 90°.
· In some cases, two or three holes were drilled from a single site to
reduce the number of drill pads, and this resulted in shallower than optimum
intersection angles for structures such as Johnson's Lode.
· Full mineralised intersections are available and no material bias is
considered to have been introduced. Differences between intersected and true
widths were accounted for in previous evaluations and in the current
geological interpretation.
Sample security · The measures taken to ensure sample security. CRL drilling
· All CRL drill core is stored at CRL's secure warehouse/office
facility in Kelly Bray, Callington, with no public access.
· Core is stored on racking, catalogued and available for future
review. Historical pulps and coarse rejects are also retained by CRL where
available.
SWM drilling
· Remaining SWM drill core is in CRL's custody and stored on private
land to which CRL has continued access.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. CRL drilling
· Snowden Optiro audited CRL's sampling, logging, and QAQC procedures
during a comprehensive review in 2025 and found them to meet industry best
practice.
· Snowden Optiro undertook a total of nine site visits to CRL's Redmoor
Project to review and audit drilling, logging, density measurement and
sampling practices, as well as standard operating procedures and is satisfied
that CRL is performing all activities to a high standard.
· SRK previously audited CRL's 2017 drilling programme (June 2017) and
identified no significant issues.
SWM drilling
· No external audit of the historical SWM QAQC is known other than
those undertaken by SRK and Snowden Optiro.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Redmoor Project is located immediately south of the village of
agreements or material issues with third parties such as joint ventures, Kelly Bray and approximately 0.5 km north of the town of Callington, Cornwall,
partnerships, overriding royalties, native title interests, historical sites, United Kingdom.
wilderness or national park and environmental settings.
· In October 2012, NAE Resources (UK) Limited (subsequently renamed
· The security of the tenure held at the time of reporting along with Cornwall Resources Limited ("CRL") on 14 November 2016) acquired a 100%
any known impediments to obtaining a licence to operate in the area. interest in the Redmoor Project through an Exploration Licence and Option
Agreement with the owner of the mineral rights. The licence area covers
approximately 23 km² and includes the Redmoor deposit. CRL are a wholly-owned
subsidiary of Strategic Minerals plc.
· The Exploration Licence was granted for an initial term of 15 years,
subject to modest annual payments.
· Under the terms of the agreement, CRL has the option to enter into a
25-year Mining Lease, extendable by a further 25 years. This option can be
exercised at any time during the term of the Exploration Licence.
· The Mining Lease provides rights for commercial extraction of
minerals, subject to obtaining the necessary planning permissions,
environmental permits and regulatory approvals.
· The agreement is subject to a 3% Net Smelter Return (NSR) royalty
payable to the mineral rights owner upon commencement of commercial
production.
· CRL also retains a pre-emptive right over the sale of the mineral
rights by the vendor.
· Surface access rights for exploration drilling and mining over parts
of the Redmoor deposit are included within the agreements.
· The tenure is considered secure at the time of reporting. There are
no known material impediments to maintaining the licence or progressing to a
mining lease, other than the requirement to obtain standard planning,
environmental and permitting approvals applicable to mining projects in the
United Kingdom.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Historical exploration at Redmoor was undertaken primarily by South
West Minerals (SWM) between 1980 and 1983. This work included diamond drilling
and limited underground channel sampling from the Redmoor adit.
· Data from the SWM programme form an important component of the
current geological and assay database used in the Mineral Resource estimate.
· Verification of the historical data has included laboratory check
assays by Alfred H. Knight (1980), core resampling by SRK/NAE (2012-2013), and
more recent twin-hole drilling by CRL under the supervision and review of
Snowden Optiro (2025).
· The Redmoor area also has a history of underground mining and
processing from the 18th century through to approximately 1946.
· Other than SWM and the historical mining activity, Snowden Optiro is
not aware of any material exploration undertaken by other parties.
Geology · Deposit type, geological setting and style of mineralisation. · The Redmoor Project is located within the Cornubian metallogenic
province, where tin, tungsten and sulphide mineralisation is spatially
associated with granitic intrusions.
· Mineralisation is interpreted to have formed from hydrothermal fluids
related to granite emplacement, depositing tin (cassiterite), tungsten
(wolframite) and copper sulphides along fractures, faults and vein systems in
the surrounding country rock.
· At Redmoor, mineralisation occurs both in discrete lodes (veins) and
within a broader sheeted vein system (SVS), comprising numerous closely spaced
quartz veins.
· The SVS forms the principal mineralised domain and is associated with
multiple high-grade vein sets and structural controls.
Drill hole Information · A summary of all information material to the understanding of the · Details of drillhole collar locations, including easting, northing,
exploration results including a tabulation of the following information for RL, azimuth, dip and total depth for material drillholes were reported in the
all Material drill holes: CRL announcement dated 1 December 2025 and also provided below.
o easting and northing of the drill hole collar
· Drillhole collar and survey data for the 2018 programme were reported
o elevation or RL (Reduced Level - elevation above sea level in metres) of the in the CRL announcement dated 24 January 2019.
drill hole collar
· Drillhole collar data and intercepts for the 2017 programme were
o dip and azimuth of the hole reported in CRL announcements dated 7 September, 1 November and 11 December
2018.
o down hole length and interception depth
· Historical SWM drilling locations and orientations have been
o hole length. presented in earlier announcements, including the 26 November 2015 release,
and have been incorporated into the current database.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the · The exclusion of full tabulated data in this release is not
understanding of the report, the Competent Person should clearly explain why considered material, as the relevant information has been previously reported
this is the case. and remains publicly available.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration intercepts are reported as length-weighted averages of
maximum and/or minimum grade truncations (eg cutting of high grades) and individual sample intervals.
cut-off grades are usually Material and should be stated.
· No top-cutting or high-grade capping was applied in the reporting of
· Where aggregate intercepts incorporate short lengths of high grade exploration results.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Internal dilution is included where a geological basis exists for
should be shown in detail. reporting a broader mineralised interval, particularly within the SVS.
· The assumptions used for any reporting of metal equivalent values · For previously reported 2025 drilling samples, results are also
should be clearly stated. expressed as WO₃ equivalent (WO₃Eq) values were calculated as:
· WO₃Eq = WO₃ + (Sn × 0.82) + (Cu × 0.27)
· For the 2026 MRE, all WO₃ equivalent (WO₃Eq) values were
calculated as:
· WO₃Eq = WO₃_% + (Sn_% × 0.403) + (Cu_% × 0.133) + (Ag_ppm ×
0.0046)
· The WO₃Eq formula used for previous 2025 exploration reporting
differs from that used in the 2026 Mineral Resource Estimate, reflecting
updated metal price assumptions, recoveries, and inclusion of Ag in the
NSR-based formulation at the time.
· The assumptions for the 2026 MRE WO₃Eq calculation are:
Metal Price Payability Recovery
Sn US$38,000/t 90% 67%
Cu US$11,000/t 90% 82%
WO(3) US$850/mtu (APT) 78% 86%
Ag US$75/oz 75% 59%
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of CRL drilling
Exploration Results.
· The SVS mineralisation is interpreted as a broad tabular body with an
· If the geometry of the mineralisation with respect to the drill hole internal plunge component.
angle is known, its nature should be reported.
· Drillholes are generally oriented to intersect the mineralisation at
· If it is not known and only the down hole lengths are reported, there high angles; however, due to the presence of multiple mineralised
should be a clear statement to this effect (eg 'down hole length, true width orientations, not all intersections are perpendicular.
not known').
· Reported intercepts are generally downhole lengths (apparent
thicknesses) unless otherwise stated. True widths are not always known at this
stage.
SWM drilling
· Historical intersections are considered to represent full mineralised
zones, and no material sampling bias is considered present.
· Differences between downhole and true widths were considered in
previous evaluations (SRK) and in current geological interpretation.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Appropriate maps, plans, cross-sections and longitudinal sections
intercepts should be included for any significant discovery being reported illustrating drillhole locations, mineralised zones and geological
These should include, but not be limited to a plan view of drill hole collar interpretation are included in the announcement.
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · The announcement presents a balanced representation of exploration
practicable, representative reporting of both low and high grades and/or results, including both higher-grade and lower-grade intervals where relevant.
widths should be practiced to avoid misleading reporting of Exploration
Results. · Where results are summarised, this is done in a manner that
accurately reflects the overall tenor and variability of the mineralisation.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · All relevant and material exploration data, including geological
reported including (but not limited to): geological observations; geophysical interpretation, assay results and supporting technical information, have been
survey results; geochemical survey results; bulk samples - size and method of presented in the announcement.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances. · Additional technical studies, including metallurgical testwork,
density data, geotechnical assessment and environmental considerations, are
addressed elsewhere where relevant.
Further work · The nature and scale of planned further work (eg tests for lateral · Ongoing and planned work includes further drilling to test extensions
extensions or depth extensions or large-scale step-out drilling). of the mineralisation along strike and down dip, improve geological and grade
continuity confidence, and support future Mineral Resource updates.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, · Additional studies, including metallurgical, geotechnical,
provided this information is not commercially sensitive. environmental and mining assessments, are also planned to support advancement
of the project.
· Exploration targeting will continue to focus on extensions to the SVS
and associated high-grade domains.
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
CRL drilling
· The SVS mineralisation is interpreted as a broad tabular body with an
internal plunge component.
· Drillholes are generally oriented to intersect the mineralisation at
high angles; however, due to the presence of multiple mineralised
orientations, not all intersections are perpendicular.
· Reported intercepts are generally downhole lengths (apparent
thicknesses) unless otherwise stated. True widths are not always known at this
stage.
SWM drilling
· Historical intersections are considered to represent full mineralised
zones, and no material sampling bias is considered present.
· Differences between downhole and true widths were considered in
previous evaluations (SRK) and in current geological interpretation.
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Appropriate maps, plans, cross-sections and longitudinal sections
illustrating drillhole locations, mineralised zones and geological
interpretation are included in the announcement.
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· The announcement presents a balanced representation of exploration
results, including both higher-grade and lower-grade intervals where relevant.
· Where results are summarised, this is done in a manner that
accurately reflects the overall tenor and variability of the mineralisation.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· All relevant and material exploration data, including geological
interpretation, assay results and supporting technical information, have been
presented in the announcement.
· Additional technical studies, including metallurgical testwork,
density data, geotechnical assessment and environmental considerations, are
addressed elsewhere where relevant.
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· Ongoing and planned work includes further drilling to test extensions
of the mineralisation along strike and down dip, improve geological and grade
continuity confidence, and support future Mineral Resource updates.
· Additional studies, including metallurgical, geotechnical,
environmental and mining assessments, are also planned to support advancement
of the project.
· Exploration targeting will continue to focus on extensions to the SVS
and associated high-grade domains.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The drillhole data used for the Mineral Resource estimate are stored
example, transcription or keying errors, between its initial collection and in a series of standalone Microsoft Excel spreadsheets containing the primary
its use for Mineral Resource estimation purposes. tables required for geological and resource modelling, including collar
coordinates, downhole survey data, geological logging and assay data.
· Data validation procedures used.
· The dataset is segregated into two distinct groups: historical SWM
drilling completed between 1980 and 1983 and CRL drilling undertaken during
2017 and 2018. As a result, duplicate tables exist for key datasets (e.g.
collars, surveys and assays), which increases the complexity of data
management. Despite these limitations, the dataset has undergone detailed
validation and verification by Snowden Optiro and is considered suitable for
Mineral Resource estimation.
· The use of Microsoft Excel spreadsheets as the primary data storage
medium means the database does not incorporate the controls typically provided
by a relational drillhole database, such as version control, relational
integrity, auditability or user permission controls. Snowden Optiro noted that
this represents a potential risk to long-term data integrity and recommended
migration to a secure relational database in future stages of the project.
· The SWM drillhole data were digitised from original drill logs and
drill plans by SRK in 2013. Snowden Optiro reviewed a selection of drillholes
and confirmed that the collar coordinates recorded in the digital database
correspond to those reported on the original logs and plans.
· Downhole survey measurements for the SWM drilling were digitised from
original drillhole sheets and converted from magnetic bearings to grid
bearings using an appropriate declination correction. Snowden Optiro reviewed
the original records and confirmed that the resulting drillhole traces are
consistent with those shown on historical drilling plans.
· The geological logging from SWM drilling was originally descriptive
in nature and later digitized by SRK. Snowden Optiro notes that the
digitisation process did not fully disaggregate lithological descriptions into
discrete geological fields, resulting in some loss of detail within the
digital database.
· Snowden Optiro only used the split core assay samples for the 2026
modelling and estimate. All chip samples were excluded due to quality of
sample collection methods.
· The CRL drilling campaigns completed in 2017 and 2018 generated
modern digital datasets including collar surveys, downhole survey
measurements, geological logging and assay data. Collar positions were
surveyed using differential GPS (RTK) and downhole surveys were collected
using Reflex EZ-TRAC instruments at regular intervals.
· Snowden Optiro noted several data management issues within the CRL
dataset including irregular sampling intervals, unsampled sections within the
mineralised system and the presence of duplicate sample identifiers within the
assay table, which required review and correction.
· Snowden Optiro undertook a review of the compiled drill database and
associated source documentation. The database was considered suitable for use
in Mineral Resource estimation; however, consolidation of SWM and CRL datasets
into a single standardised relational database is recommended for future
studies.
· The CRL 2025 drilling data were reviewed by Snowden Optiro on an
ongoing basis throughout the drilling programme as new data were generated.
· A final validation of the dataset was undertaken once all drilling,
logging, survey and assay data had been compiled prior to use in the MRE.
Similar to the historic SWM and CRL datasets, the 2025 drillhole data were
provided to Snowden Optiro in Microsoft Excel spreadsheet format. Assay data
were manually transcribed by CRL from laboratory assay certificate
spreadsheets into the project database. Due to the manual transcription
process, Snowden Optiro undertook detailed verification of the compiled
dataset. This included checking all assay values against the original
laboratory certificates for every sample, together with database validation
checks within Leapfrog Geo and Datamine Studio RM.
· During validation, a small number of assay discrepancies (16 samples)
were identified as transcription errors during data compilation. These were
corrected by CRL and independently verified by Snowden Optiro against original
laboratory certificates. Following correction, the dataset was confirmed to be
accurate and suitable for Mineral Resource estimation.
· Additional validation checks identified minor issues including small
sample interval overlaps, duplicate entries and the absence of survey
measurements at collar for some holes. These issues were reviewed and
corrected by CRL prior to the finalisation of the dataset.
· Snowden Optiro recommends that all drilling data be migrated to and
maintained within a secure relational database to improve data integrity,
auditability and version control for future exploration and resource
estimation work.
Site visits · Comment on any site visits undertaken by the Competent Person and the · The Competent Person (CP), Mr Laurie Hassall, conducted multiple site
outcome of those visits. visits to the Redmoor Project during the period of drilling. In total, Mr
Hassall visited the project site on nine separate occasions between June 2025
· If no site visits have been undertaken indicate why this is the case. and February 2026, including visits prior to the commencement of the 2025
drilling programme, during active drilling operations, and following
completion of drilling.
· During these visits, Mr Hassall undertook inspection and review of
the drilling operations and sampling protocols implemented by CRL. This
included direct observation of diamond drilling activities, inspection of
drill core and core handling procedures, and verification of core logging,
sampling and core cutting practices.
· Site visits also included review of the geological logging
procedures, inspection of sampled and unsampled core intervals, and
confirmation that sampling procedures were consistent with the protocols
described by CRL. Discussions were held with CRL geological staff regarding
geological interpretation, drillhole targeting and the development of the
geological model.
· The site visits provided the CP with confidence that drilling,
sampling, logging and data management practices implemented during the 2025
drilling programme were appropriate for the purposes of Mineral Resource
estimation.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · The mineralisation model used in the 2019 Mineral Resource Estimate
interpretation of the mineral deposit. (MRE) was reviewed by Snowden Optiro. While the previous model was considered
appropriate given the geological understanding and drilling information
· Nature of the data used and of any assumptions made. available at the time, Snowden Optiro determined that a complete re-modelling
of the geological and mineralisation interpretation was warranted for the
· The effect, if any, of alternative interpretations on Mineral current MRE update. This re-modelling incorporated additional geological
Resource estimation. understanding as well as the inclusion of validated historical SWM drilling
data and new CRL drilling completed in 2025.
· The use of geology in guiding and controlling Mineral Resource
estimation. · Snowden Optiro undertook the development of the updated geological
and mineralisation models in Leapfrog Geo 2025.1, with technical input and
· The factors affecting continuity both of grade and geology. geological review provided by CRL. While a mineralisation model from the 2019
MRE was available for reference, no comprehensive geological model had
previously been constructed for the deposit. As such, the current geological
model represents the first fully integrated geological interpretation for the
Redmoor deposit.
· Detailed review of drilling data, drill core observations, historical
logging information and structural measurements confirmed that the previously
interpreted High Grade Domains (HGDs) were generally valid. However,
reinterpretation of the data demonstrated that some HGDs are tungsten-dominant
while others are tin-dominant. The updated model therefore differentiates
these domains based on individual metal grades and geological observations
rather than the use of a metal equivalent grade.
· High-grade veins were modelled as narrow structures within the
broader Sheeted Vein System (SVS). Domain interpretation incorporated assay
data, structural measurements and geological logging information. A nominal
minimum modelling width of 1.5 m was applied together with guide cut-off
grades of approximately 0.3% WO₃ for tungsten-dominant domains and 0.3% Sn
for tin-dominant domains. Veins were interpreted on a section-by-section basis
using Leapfrog vein modelling tools following interval selection based on
geological and assay criteria.
· A key enhancement to the updated model is the incorporation of
geological logging and assay data from historical SWM drilling, which had not
previously been used to inform the mineralisation model. This enabled the
interpreted mineralised structures and geological units to be extended beyond
the limits of the 2019 model where supported by the historical data.
· In addition to the high-grade veins, the updated interpretation
incorporates a low-grade mineralised envelope associated with the broader SVS
as well as a distinct copper-dominant domain within the SVS that is separate
from the tungsten and tin high-grade structures. These domains were
interpreted using combinations of assay data, metal-equivalent grade
thresholds and geological logging criteria. The copper-dominant domain was
generated using an indicator-based modelling approach within Leapfrog.
· The interpretation also incorporates historically mined Sn-Cu
dominant lodes identified from limited intercepts in historical SWM and CRL
drillholes. These structures reflect known mineralised trends within the
broader Kit Hill mining district.
· The geological model incorporates the principal lithological units
and intrusive bodies recognised within the Redmoor area. These include the Kit
Hill granite, granite dykes, elvan quartz porphyry rhyolites, aplites, mafic
or tuffaceous interbeds, and the surrounding pelitic country rocks. Geological
interpretation was informed by drillhole logging data, structural
measurements, regional geological understanding and recent gravity geophysical
surveys which assist in constraining the geometry of the granite intrusion.
· Weathering surfaces including the Base of Complete Oxidation (BOCO)
and Top of Fresh Rock (TOFR) were interpreted based on weathering information
recorded during geological logging.
· Geological interpretation of the deposit is considered robust and
well supported by the available drilling data and regional geological
knowledge. Redmoor lies within the historically mined Kit Hill district where
tin, copper and arsenic mineralisation were exploited during the nineteenth
and early twentieth centuries. The regional geology is well documented by the
British Geological Survey and supported by extensive geological mapping, GIS
datasets and geophysical data across the licence area.
· Continuity of mineralised structures has been further supported by
the 2025 drilling programme, which targeted gaps within the previous 2019
model interpretation. The updated mineralisation model was initially
constructed prior to the completion of the 2025 drilling and subsequently
updated to incorporate the new data. Only minor modifications to the
interpreted structures were required following incorporation of the new
drilling results, supporting the robustness of the interpretation.
· Based on the available geological, geochemical and structural data,
Snowden Optiro considers the geological and mineralisation interpretations to
have a moderate to high level of confidence in the overall geological
framework, with local uncertainty remaining due to drill spacing and
geological complexity. No materially different alternative interpretations are
currently considered likely to significantly impact the MRE.
· Continuity of mineralisation and grade within the principal
structures is considered good and is supported by drilling density and
geological understanding of the SVS mineralisation style. The current
drillhole spacing is considered sufficient to support the interpreted
continuity of both geology and grade for the purposes of the MRE.
Dimensions · The extent and variability of the Mineral Resource expressed as · The principal mineralised system at Redmoor is the Sheeted Vein
length (along strike or otherwise), plan width, and depth below surface to the System (SVS), which forms the main component of the Mineral Resource. The SVS
upper and lower limits of the Mineral Resource. has been interpreted to extend for approximately 1,000 m along strike and to a
down-dip vertical extent of approximately 760 m below surface, equivalent to
approximately 560 m below the crown safety pillar. The SVS strikes
approximately 070° and dips at approximately 70° to the north. The overall
thickness of the mineralised SVS envelope varies along strike and down dip but
averages approximately 80 m.
· Sixteen High Grade Domains (HGDs) have been modelled within and
largely enveloped by the broader SVS mineralised system. These HGDs follow the
same general structural orientation as the SVS, with similar strike and dip,
although individual veins exhibit variability in their interpreted strike and
down-dip continuity.
· The HGDs collectively form a package of narrow veins within the SVS
and generally extend along the same structural trend. In some areas,
individual HGDs extend slightly beyond the interpreted limits of the SVS
envelope by up to approximately 40 m down dip.
· The HGDs also exhibit a subtle down-plunge continuity towards the
west, broadly reflecting the geometry of the underlying Kit Hill granite
intrusion which dips beneath the mineralised structures.
· Individual HGDs are typically narrow, with an average true thickness
of approximately 2 m, although thickness varies both between veins and along
the length of individual structures.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Mineralisation modelling was conducted in Leapfrog Geo 2025.1. HGDs
and key assumptions, including treatment of extreme grade values, domaining, as described were modelled individually and interpretations were performed on
interpolation parameters and maximum distance of extrapolation from data a section by section basis. A 1.5 m nominal minimum width was used and the
points. If a computer assisted estimation method was chosen include a tungsten HGDs were modelled using geological, structural and grade data. A
description of computer software and parameters used. nominal 0.3% WO3 grade was implemented as a modelling cutoff. A similar
technique was used for the tin dominant HGDs, whereby a 0.3% Sn grade was
· The availability of check estimates, previous estimates and/or mine used. The low grade SVS has been modelled in a similar manner, using a 0.3%
production records and whether the Mineral Resource estimate takes appropriate WO3 Eq grade to ensure all anomalous mineralisation was captured. The medium
account of such data. grade copper dominant domain was modelled using the Indicator modeling
technique in Leapfrog Geo and using a 0.3% WO3 Eq cut-off.
· The assumptions made regarding recovery of by-products.
· Mineralisation models were used as mineralisation domains for
· Estimation of deleterious elements or other non-grade variables of estimation and the full list is provided below. A total of 11 tungsten HGDs, 5
economic significance (eg sulphur for acid mine drainage characterisation). tin HGDs, a medium grade SVS domain (8001), a low grade SVS envelope (9001)
and 3 tin/copper lodes.
· In the case of block model interpolation, the block size in relation
to the average sample spacing and the search employed.
· All estimation was performed in Datamine Studio RM 3.1.381 and
· Any assumptions behind modelling of selective mining units. geostatistics and variography was performed in Datamine Supervisor v9.2. The
grades estimated included WO3, Sn, Cu, Ag and As.
· Any assumptions about correlation between variables.
· Drillhole raw sample statistics were interrogated and then coded
· Description of how the geological interpretation was used to control with the mineralisation, geology and weathering domains. Raw coded drillhole
the resource estimates. interval lengths were interrogated and it was determined that the most
appropriate composite length was 2 m, with over 40% of raw lengths at 2 m
· Discussion of basis for using or not using grade cutting or capping. overall and 30% within the HGDs only. This is compared to 1 m raw lengths at
18% overall and 35% within the HGDs.
· The process of validation, the checking process used, the comparison
of model data to drill hole data, and use of reconciliation data if available. · Following statistical review of raw sample data, any samples with
0 grades, negative grade and below detection limit values were reset to
appropriate values based on detection limits and statistical review, using
standard industry practice to ensure unbiased estimation.
· All samples were assayed for WO₃, Sn and Cu (7,247 samples),
while 5,211 samples were analysed for As and 4,360 for Ag. Correlation
analysis undertaken on all analytes confirmed a strong relationship between Ag
and Cu, consistent with observations from historical CRL datasets. On this
basis, a linear regression of Ag against Cu was applied to estimate Ag values
where assays were absent. The regression relationship was reviewed and
considered sufficiently robust for use in estimation, with no material bias
introduced at a global scale. This approach ensures a more robust and unbiased
dataset, noting that historical 2017-2018 CRL drilling preferentially assayed
Ag only in intervals with elevated Cu grades. No backfilling was applied to
As, as it did not demonstrate a reliable correlation with other analytes.
· Compositing was performed at 2 m using the Datamine mode tool =
1, which forces all samples to be included in the composites by adjusting the
target composite length, while keeping its length as close as possible to 2 m.
This avoided the creation of very short length remnant intervals that may have
an undue affect on the grade estimate.
· Raw and composite statistics were reviewed for each domain and
analyte to ensure appropriate statistical representation and suitability for
geostatistical analysis and estimation.
· Boundary/contact analysis was undertaken for all high-grade
domains (HGDs) in contact with the surrounding medium- and low-grade SVS
domains to determine the most appropriate estimation approach. This assessment
was completed for all estimated analytes and indicated that hard domain
boundaries are appropriate across all domains and variables.
· Top-cut analysis was carried out for all analytes, including
assessment on grouped domains (e.g. all tungsten HGDs) where sample
populations were limited. The analysis was undertaken in Supervisor and
supported by review of log probability plots, histograms, mean and variance
plots, and cumulative metal curves. Statistical top-cutting was applied to all
analytes, with selected top-cut values and their impact on mean grades
detailed below. The influence on coefficients of variation was also reviewed
for each analyte.
· Variography was undertaken for all analytes on a grouped domain
basis (e.g. combined tungsten HGDs) due to limited sample support within
individual domains. Across all analytes, a consistent principal continuity
direction was identified, plunging down-dip to the west, broadly reflecting
the geometry of the underlying granite contact. WO₃ displayed a particularly
strong but more discrete down-dip continuity within the HGDs. Variogram
modelling was completed in Supervisor, with principal, semi-major and minor
directions defined using continuity fan analysis. Nugget effects were high for
WO₃ and moderately high for Sn, Cu, Ag and As. Variogram ranges varied by
analyte and domain; however, typical ranges included 380 m (major) and 240 m
(semi-major) for WO₃ in tungsten HGDs, 390 m and 240 m respectively for Sn
in tin HGDs, and 330 m and 240 m for Cu within the SVS Cu domain, all
reflecting a strong down-dip westerly plunge other than WO₃.
· Block model parent cell dimensions were defined based on
drillhole spacing and supported by Kriging Neighbourhood Analysis (KNA) of
WO₃ within the tungsten HGDs. A parent cell size of 30 m (X) × 15 m (Y) ×
15 m (Z) was adopted. Subcelling to a minimum of 2.5 m × 1.25 m × 1.25 m was
implemented to adequately represent the geometry and continuity of the
narrower HGDs. Volume reconciliation between wireframes and the block model
was completed for all domains, with an average variance of approximately
0.01%, indicating a high level of volumetric consistency.
· True dip and strike orientations were estimated into the block
model using planar mid-surface wireframes for each domain. This enabled the
application of Dynamic Anisotropy (DA) during estimation, whereby the search
ellipse is locally oriented according to the geometry of each block.
· Grade estimation was undertaken using Ordinary Kriging (OK)
within Datamine Studio RM (COKRIG). Each domain was estimated independently
using hard boundaries, with only composites from within each domain used for
estimation to prevent sample sharing between HGDs. Estimation parameters were
generally derived from grouped domain analyses, although some domains required
locally optimised parameters. All search ellipses were oriented using DA.
Search distances were applied progressively, with the first pass set at
approximately one-third of the variogram range, increasing to 1.5×, 2.5× and
~5× for subsequent passes to ensure full model coverage. Only search passes 1
to 3 were classified as Inferred. Minimum and maximum sample numbers, as well
as maximum samples per hole, were primarily informed by KNA and varied by
analyte and domain. A secondary, distance-based soft cap was applied to WO₃
within the tungsten HGDs to limit the local influence of high-grade values
(3%). One domain (1011) contained insufficient data to support estimation and
was therefore assigned a mean grade and excluded from the Mineral Resource.
· The grade estimates were statistically validated for each analyte
and domain through comparison of composite means, declustered means, and block
model means. Additional validation included histogram and QQ plot analysis.
Local validation was undertaken using swath plots in all principal directions
to assess smoothing and identify any potential grade bias. All estimates were
also visually validated against drillhole composites within Datamine.
· Density data, comprising 2,068 measurements across mineralised
domains, was reviewed and processed in Supervisor. Samples averaged
approximately 0.23 m in length. A length-weighted mean density was assigned to
each mineralised domain and lithological domain. Data density was insufficient
to support spatial estimation or regression of density.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · All tonnages are reported as dry tonnes
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · The Mineral Resource is reported above a Net Smelter Return (NSR)
applied. cut-off of US$110/t and constrained within underground Mineable Shape
Optimiser (MSO) stope shapes. This approach ensures that only material with
reasonable prospects for eventual economic extraction (RPEEE) is reported.
· NSR values were calculated on a block-by-block basis using estimated
grades for WO₃, Sn, Cu, Ag and As, incorporating metal prices, metallurgical
recoveries, concentrate payabilities, treatment and refining charges,
royalties, and penalties. This multi-element NSR approach reflects the
polymetallic nature of the Redmoor deposit and provides a consistent economic
basis for reporting.
· The NSR calculation includes contributions from WO₃, Sn, Cu and Ag,
with Cu and Ag recovered to a copper concentrate stream. An arsenic penalty is
applied to the copper concentrate based on arsenic content, and negative Cu
contributions are constrained to zero to ensure that penalty-dominated
material does not artificially reduce block value.
· The NSR calculation is as follows:
US$NSR/t=((WO₃_%x550)+(Sn_%x222)+MAX(((Cu_%x73)+(Ag_ppmx1.02)-(As_%x25)),0)
· Metal price assumptions include US$850/mtu for WO₃ (APT),
US$38,000/t for Sn, US$11,000/t for Cu and US$75/oz for Ag. Metallurgical
recoveries and payabilities are derived from recent (2025-2026) testwork and
reflect a conventional processing flowsheet producing WO₃, Sn and Cu
concentrates. Cu recoveries were previously assumed but are now based on
recent metallurgical testwork.
· The selected NSR cut-off of US$110/t reflects estimated operating
costs, including underground mining, processing, water treatment and general
and administrative costs. The cut-off is considered reasonable for reporting
the Mineral Resource and has been supported by grade-tonnage sensitivity
analysis.
· The use of an NSR cut-off, rather than a single metal grade, ensures
that all payable metals and penalty elements are appropriately accounted for
in the economic assessment.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · The Mineral Resource has been reported assuming underground mining,
dimensions and internal (or, if applicable, external) mining dilution. It is with sublevel open stoping (SLOS) considered the most appropriate mining
always necessary as part of the process of determining reasonable prospects method. This assumption is based on the geometry of the mineralisation, which
for eventual economic extraction to consider potential mining methods, but the comprises moderately to steeply dipping, laterally continuous sheeted vein
assumptions made regarding mining methods and parameters when estimating systems and discrete high-grade domains with sufficient thickness to support
Mineral Resources may not always be rigorous. Where this is the case, this bulk underground extraction. This is also the method assumed in the 2020
should be reported with an explanation of the basis of the mining assumptions Scoping Study.
made.
· RPEEE has been demonstrated through the generation of optimised
underground stope shapes using the Datamine MSO algorithm. The optimisation
incorporates both economic parameters (via NSR) and practical mining
constraints to define potentially mineable volumes.
· Key mining parameters applied during optimisation include a minimum
mining width of 3 m, minimum stope panel dimensions of approximately 10 m
(strike length) by 20 m (height), a minimum mining dip of 40°, and a pillar
dimension of 6 m. These parameters are consistent with typical SLOS operations
and reflect the expected geotechnical and operational constraints of the
deposit.
· An allowance for internal dilution of 1 m has been applied during
optimisation to account for overbreak and practical mining considerations. A
mining recovery factor of 95% has also been assumed. These parameters are
considered reasonable for a conceptual underground operation but have not yet
been validated by detailed geotechnical or mine design studies.
· A 200 m crown pillar has been applied below surface (above −20 mRL)
to reflect potential planning and permitting constraints associated with
underground mining beneath surface dwellings. This constraint ensures that
reported Mineral Resources are limited to areas where there is a reasonable
expectation that underground mining could be permitted. Previous Mineral
Resources for Redmoor have been reported to surface.
· Mineral Resources are reported on an undiluted basis within MSO
shapes; however, dilution and recovery assumptions have been incorporated into
the optimisation process to support the RPEEE assessment. A diluted inventory
is presented for context but is not reported as part of the Mineral Resource.
· The mining assumptions are based on scoping-level studies and
conceptual design parameters. While considered appropriate for Mineral
Resource reporting, these assumptions are not yet supported by detailed mine
design, scheduling, or geotechnical assessment and are expected to be refined
in future studies.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Metallurgical assumptions applied in the MRE are based on a
amenability. It is always necessary as part of the process of determining comprehensive metallurgical testwork programme completed in February 2026. The
reasonable prospects for eventual economic extraction to consider potential results of this programme underpin the recovery, payability and processing
metallurgical methods, but the assumptions regarding metallurgical treatment assumptions used in the NSR calculation and are considered appropriate for the
processes and parameters made when reporting Mineral Resources may not always current level of study.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made. · This testwork represents the first integrated, lab-scale flowsheet
developed for the Redmoor deposit, focusing on SVS mineralisation, which
constitutes the majority of the Mineral Resource. The programme provides an
initial basis for understanding metallurgical performance across the primary
mineralisation style.
· Testwork was undertaken on a composite sample designed to be
representative of the overall Redmoor deposit, incorporating average grades of
the key payable metals (WO₃, Sn, Cu and Ag) and deleterious metals (As).
While this provides a robust indication of overall metallurgical performance,
it does not yet capture potential variability between domains or grade ranges
within the deposit.
· The flowsheet evaluated includes conventional processing stages
comprising crushing and screening, heavy liquid separation (HLS), comminution
testing, flotation (targeting Cu and Ag recovery and removal of deleterious
elements such as As), followed by gravity and magnetic separation to recover
WO₃ and Sn into saleable concentrates.
· The testwork demonstrated that WO₃, Sn and Cu can be recovered into
separate concentrate streams using conventional processing techniques,
supporting the assumptions applied in the NSR calculation.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · Environmental and permitting requirements for the Redmoor Project are
disposal options. It is always necessary as part of the process of determining governed by UK regulatory authorities, including Cornwall Council (Mineral
reasonable prospects for eventual economic extraction to consider the Planning Authority), the Environment Agency and the Health and Safety
potential environmental impacts of the mining and processing operation. While Executive. Mining operations will require appropriate permits and ongoing
at this stage the determination of potential environmental impacts, monitoring to manage potential impacts such as water discharge, noise, dust
particularly for a greenfields project, may not always be well advanced, the and vibration.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be · A 200 m crown pillar has been applied below surface (above −20 mRL)
reported with an explanation of the environmental assumptions made. to reflect potential environmental, social and planning constraints associated
with underground blasting beneath surface dwellings. This constraint ensures
that reported Mineral Resources are limited to areas where there is a
reasonable expectation that mining could be permitted.
· The project is located within a historic mining district and the
Cornwall and West Devon Mining Landscape (UNESCO World Heritage Site). While
this does not preclude development, it requires appropriate management of
heritage and environmental impacts.
· Baseline environmental information is available from historical
studies and limited recent work; however, additional data collection and
updated studies will be required to support future environmental impact
assessment and permitting.
· The site includes previously disturbed ground associated with
historical mining and is not located within an Area of Outstanding Natural
Beauty, although such designations occur nearby.
· Community engagement to date indicates general support, with key
concerns including subsidence, vibration and traffic.
· Environmental assumptions are considered appropriate for Mineral
Resource reporting; however, further detailed studies, permitting and
stakeholder engagement will be required to support future project development.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density values were determined from drill core measurements and
assumptions. If determined, the method used, whether wet or dry, the frequency applied on a domain basis within the block model. A total of 2,068 density
of the measurements, the nature, size and representativeness of the samples. measurements were available across mineralised domains, with an average sample
length of approximately 0.23 m.
· The bulk density for bulk material must have been measured by methods
that adequately account for void spaces (vugs, porosity, etc), moisture and · Density measurements were undertaken using the water immersion method
differences between rock and alteration zones within the deposit. (Archimedes' principle), whereby dry, saturated surface-dry, and submerged
weights are measured to calculate bulk density. This method is considered
· Discuss assumptions for bulk density estimates used in the evaluation appropriate for competent, low-porosity drill core and provides an accurate
process of the different materials. determination of in-situ density.
· Core samples were oven dried prior to measurement to remove moisture
and ensure consistency. For porous, weathered or friable samples where water
ingress could bias results, an alternative wax-coating method was applied to
prevent water penetration and ensure representative density values.
· Sample selection for density measurement was undertaken to ensure
representation across all geological domains, including mineralised zones,
host lithologies and alteration types. Measurements were taken across a range
of depths and grades to avoid bias and to capture variability within each
domain.
· QAQC procedures included routine calibration of balances using
certified standards, measurement of density standards at the start of each
session, and duplicate measurements at a rate of approximately 10% to assess
precision and reproducibility.
· The density determination methods account for void spaces and
porosity through the use of appropriate measurement techniques (standard
immersion or wax coating), and by ensuring samples are representative of the
in-situ material.
· Density data were reviewed and processed in Supervisor, and
length-weighted mean densities were assigned to each geological domain. Due to
the available data density, bulk density was not estimated spatially within
the block model, and no regression relationships with grade or other variables
were applied.
· The adopted domain-based density values are considered appropriate
for the current level of study; however, additional density measurements are
recommended to further improve spatial confidence and support future Mineral
Resource updates.
Classification · The basis for the classification of the Mineral Resources into · The Mineral Resource has been classified as entirely Inferred. The
varying confidence categories. classification is based on a combination of geological confidence, drillhole
spacing, data quality, and continuity of mineralisation and grade, and has
· Whether appropriate account has been taken of all relevant factors been applied on a domain-by-domain basis.
(ie relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality, quantity · The Inferred classification reflects the current level of confidence
and distribution of the data). in the geological interpretation and grade estimation, with mineralisation
defined by drilling at approximate spacings of 100-200 m along strike and
· Whether the result appropriately reflects the Competent Person's view 60-120 m down dip. While this drilling supports the overall continuity of the
of the deposit. mineralised system, it is insufficient to support higher-confidence
classifications due to local geological complexity and grade variability.
· Appropriate account has been taken of all relevant factors at the
Mineral Resource stage, including the reliability and quality of the input
data, which comprises a combination of historic and recent drilling supported
by QAQC procedures and validation of assay data. The estimation methodology,
including domaining, variography, and kriging parameters, has been applied
consistently and is considered appropriate for the style of mineralisation.
· The classification also reflects uncertainty in the estimation of
tonnage and grade arising from variable drill spacing and localised grade
variability within high-grade domains. These factors contribute to uncertainty
in the continuity of both geometry and grade at a local scale.
· The quantity, quality and spatial distribution of the data are
considered sufficient to support an Inferred Mineral Resource classification,
but are not yet adequate to demonstrate the level of confidence required for
Indicated classification. Additional infill drilling and further data
collection, particularly to improve spatial continuity and density confidence,
would be required to support any future upgrade in classification.
· The Competent Person considers that the classification appropriately
reflects their view of the deposit, the available data, and the level of
confidence in the geological interpretation and grade estimation.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · No independent third-party audits of the Mineral Resource estimate
have been completed, other than internal reviews by Snowden Optiro and
previous reviews of historical data by SRK.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · No quantitative assessment of estimation uncertainty has been
level in the Mineral Resource estimate using an approach or procedure deemed undertaken, and confidence is expressed qualitatively, consistent with the
appropriate by the Competent Person. For example, the application of Inferred classification.
statistical or geostatistical procedures to quantify the relative accuracy of
the resource within stated confidence limits, or, if such an approach is not · The relative accuracy and confidence of the Mineral Resource estimate
deemed appropriate, a qualitative discussion of the factors that could affect are considered appropriate for an Inferred Mineral Resource classification
the relative accuracy and confidence of the estimate. under the JORC Code (2012). The estimate is considered reliable at a global
scale for the purposes of strategic evaluation, but not at a local scale for
· The statement should specify whether it relates to global or local detailed mine planning or grade control.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include · The level of confidence in the estimate reflects the current
assumptions made and the procedures used. drillhole spacing (typically 100-200 m along strike and 60-120 m down dip),
which is sufficient to demonstrate overall geological continuity but does not
· These statements of relative accuracy and confidence of the estimate adequately constrain local variability in geometry and grade.
should be compared with production data, where available.
· Key factors that may impact the relative accuracy of the estimate
include the variability in vein thickness and grade distribution within
high-grade domains, and the variable spatial distribution of drilling across
the deposit. Additional uncertainty arises from the use of domain-based
density values rather than spatially estimated density.
· The estimation approach, including geological domaining, variography,
ordinary kriging, and the application of dynamic anisotropy, is considered
appropriate for the style of mineralisation. Validation of the estimate was
undertaken through comparison of composite, declustered and block model means,
as well as visual validation and swath plot analysis, which indicate that the
estimate is globally unbiased.
· The Mineral Resource has been constrained using an NSR-based cut-off
and reported within MSO stope shapes, providing additional confidence that the
reported tonnes and grades reflect material with reasonable prospects for
eventual economic extraction.
· The estimate is not suitable for detailed mine planning and should
not be used for production forecasting. Additional infill drilling, improved
data density, and further refinement of geological and density models would be
required to improve confidence and support higher classification categories.
· No production data are available for reconciliation, and therefore no
quantitative assessment of accuracy against production has been undertaken.
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