REG - Strategic Minerals - Trading Update

Strategic MineralsAnnouncement

24/10/2025 07:00

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RNS Number : 6605E  Strategic Minerals PLC  24 October 2025

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.

 

24 October 2025

 

Strategic Minerals plc

("Strategic Minerals", the "Company" or the "Group")

Trading Update

 

Quarter-on-quarter ore sales at Cobre up 42% - supporting accelerated
development programme at Redmoor

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, is pleased to provide the following update
on activities.

 

Highlights

 

·    Q3 2025 ore sales were up 42.4% versus the previous quarter at the
Cobre magnetite operation in New Mexico, USA ("Cobre") with 16,098 tons sold
(Q2 2025: 11,305 tons)

·    Q3 2025 revenue was up 31.9% to US$1.08m (Q2 2025: US$0.82m)

·    Cash balance was US$0.83m as at 30 September 2025 (30 June 2025:
US$1.59m)

·    Significant progress at the Redmoor Tungsten Tin Copper Project in
Cornwall ("Redmoor"), with drilling and analytical results reinforcing the
Company's belief that it is the highest-grade undeveloped tungsten resource in
Europe, and one of the highest-grade deposits globally

Mark Burnett, Executive Director of Strategic Minerals, commented:

"The Company intends to provide periodic trading updates going forward,
offering greater transparency as it continues to increase its focus on
exploration and development operations at Redmoor.

"Sales at Cobre have bounced back over the past quarter, making up for
downtime as a result of regional wildfires in the first half of the year. This
cash generative subsidiary is sustaining the Group's activities, in particular
at Cornwall Resources where drilling and analysis is reinforcing the
exceptional quality of the Redmoor Tungsten Tin Copper Project. All six of the
completed drillholes in the programme at Redmoor have intercepted the sheeted
vein system, with standout assay results having been announced already from
the first drillhole.

"The success of the programme is generating significant interest in the
market. Over the past two weeks the executive directors have undertaken more
than 20 non-deal institutional and UHNW investor meetings and have held an
extremely well attended and engaging retail investor presentation which has
generated very positive feedback. As a Board we are enjoying bringing the
attention of the wider market to this extraordinary and high-grade critical
minerals opportunity. As China tightens its grip on its own critical minerals,
we have right here in the UK an opportunity to develop a world-class
polymetallic tungsten resource."

 

Sales Update: Cobre Magnetite Tailings Operations

Cobre operations saw a recovery in Q3 2025 following the temporary shutdown
due to wildfires in the region during the first half of 2025. The Company
recorded sales volumes in Q3 2025 of 16,098 tons, equating to US$1.08m of
sales revenue.

Sales comparisons on quarterly periods, along with associated volume details,
are shown in the table below:

       Volume (tons)                                   Sales (US$'000)
 Year  3 months to Sep         3 months to June        3 months to Sep  3 months to June
 2025  16,098                  11,305                  1,079            818
 2024  19,375                  18,935                  1,273            1,296
 2023  4,592                   4,162                   404              367

Cash Balances

As at 30 September 2025, the Company's cash balance was US$0.83m.

Recent Redmoor Project Updates

Over the past several months, significant progress has been made at Redmoor,
with drilling and analytical results reinforcing its position as the
highest-grade undeveloped tungsten resource in Europe, and one of the
highest-grade deposits globally. Recent progress includes:

·    Exceptional high-grade results: Initial assays from drillhole CRD033
confirm exceptionally high tungsten grades and demonstrate multiple stacked
zones of mineralisation within the Sheeted Vein System ("SVS") deposit.
Importantly, these results align closely with existing high-grade models,
highlighting strong grade continuity across the deposit.

·      New mineralised zones identified: CRD033 also revealed new zones
of potentially economic mineralisation, which are expected to contribute to
the forthcoming Mineral Resource Estimate (MRE) update.

·      Data validation and upside potential: As a twin of a 1980s
borehole, CRD033 offers the opportunity to validate historical datasets and
strengthen the overall geological model, and potentially reduce future
drilling requirements. A review of the geological and analytical data from
twin boreholes is underway, with results to be announced shortly.

·      Accelerated drilling programme: The mobilisation of a second rig
has increased drilling momentum, with three additional holes completed for a
total of six to date. All have intersected the full thickness of the Redmoor
SVS, and sample batches are being regularly shipped for laboratory analysis.

·      Exploration model validation: Drill hole CRD037, the first to
test CRL's exploration target, successfully intersected SVS-style veins with
similar morphology to previous Redmoor intersections, supporting the
exploration model and indicating strong potential for resource growth.

·      MRE supporting programmes: New metallurgical and processing
testwork is underway to define flow sheet design and to refine recovery
assumptions for inclusion in the upcoming MRE update, expected to improve the
project's overall economic parameters.

Overall, Redmoor continues to deliver strong geological and operational
results, positioning it for enhanced resources and economics, with a strong
case for advancement through feasibility.

 For further information, please contact:

 Strategic Minerals plc                                                   +44 (0) 207 389 7067
 Mark Burnett
 Executive Director
 Website:                 www.strategicminerals.net (http://www.strategicminerals.net)
 Email:                   info@strategicminerals.net (mailto:info@strategicminerals.net)

 Follow Strategic Minerals on:
 X:                       @StrategicMnrls (https://x.com/StrategicMnrls)
 LinkedIn:                https://www.linkedin.com/company/strategic-minerals-plc
                          (https://www.linkedin.com/company/strategic-minerals-plc)

 SP Angel Corporate Finance LLP                                           +44 (0) 20 3470 0470
 Nominated Adviser and Broker
 Matthew Johnson/Charlie Bouverat/Grant Barker                            +44 (0) 203 829 5000

 Zeus Capital Limited

 Joint Broker

 Harry Ansell/Katy Mitchell

 Vigo Consulting                                                          +44 (0) 207 390 0234
 Investor Relations
 Ben Simons/Peter Jacob/Anna Sutton
 Email:                   strategicminerals@vigoconsulting.com
                          (mailto:strategicminerals@vigoconsulting.com)

 

Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing
minerals company, actively developing strategic projects in the UK, United
States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources
Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar
Valley Mining District in Cornwall, United Kingdom, with a JORC (2012)
Compliant Inferred Mineral Resource Estimate published 14 February 2019:

 Cut-off (SnEq%)          Tonnage (Mt)  WO(3)  Sn    Cu    Sn Eq(1)  WO(3) Eq

                                        %      %     %     %         %
 >0.45 <0.65              1.50          0.18   0.21  0.30  0.58      0.41
 >0.65                    10.20         0.62   0.16  0.53  1.26      0.88
 Total Inferred Resource  11.70         0.56   0.16  0.50  1.17      0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x
0.40. WO(3)(EQ)% = Sn% x 0.7 + WO(3) + Cu% x 0.28.  Commodity price
assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t.  Recovery
assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu
recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at:
https://www.cornwallresources.com (https://www.cornwallresources.com)

In September 2011, Strategic Minerals acquired the distribution rights to the
Cobre magnetite project in New Mexico, USA, through its wholly owned
subsidiary Southern Minerals Group.  Cobre has been in production since 2012
and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper
Mine situated in the copper rich belt of South Australia.  The Company has
entered into an exclusive Call Option with South Pacific Mineral Investments
Pty Ltd trading as Cuprum Metals to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared
Prosperity Fund.  Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of
Scilly Good Growth Programme (https://ciosgoodgrowth.com/) .

Cornwall and Isles of Scilly has been allocated £184 million for local
investment through the Shared Prosperity Fund
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus)
.  This new approach to investment is designed to empower local leaders and
communities, so they can make a real difference on the ground where it's
needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the
UK-government's five national missions: pushing power out to communities
everywhere, with a specific focus to help kickstart economic growth and
promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus)

For more information, visit https://ciosgoodgrowth.com
(https://ciosgoodgrowth.com)

 

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