Strategic Minerals - Redmoor Programme Update and Option Grant

Strategic Minerals

05/08/2026 07:00

RNS Number : 2923P
  
Strategic Minerals PLC
  
05 August 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.
 
 
5 August 2026
 
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Redmoor Programme Update and Option Grant
Commencement of the Largest, Continuous, 22,500m Diamond Drilling Programme Undertaken from Surface in Cornwall, and GB this Century*1
 
Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide an update on the ongoing infill drilling programme at its Redmoor Tungsten-Tin-Copper Project ("Redmoor") following mobilisation of two further drill rigs to expand the programme, located in Cornwall, UK. Redmoor is being developed by the Company's wholly owned subsidiary, Cornwall Resources Limited ("CRL").
Highlights - Programme
·   Following completion of pre-commencement submissions, the Local Planning Authority announced that CRL received final clearance for its drilling programme expansion:
o 22,500m of planned drilling which the Company aims to complete in Q2 2027- this programme is believed by the Company to be the largest, continuous, diamond drilling programme to be undertaken from surface in Cornwall.
·   Site setup and mobilisation of additional drill rigs to Redmoor have been completed.
Rig 2 and Rig 3 will drill multiple drillholes from each drill pad, with drillholes CRD046 and CRD047 underway. In total, the planning permission has permitted 7 drill pad locations, which will form the drilling locations for at least 44 planned resource infill drillholes, and an additional 9 metallurgical holes.









Figure 1: View looking West including Rigs 1-3 of the drilling programme, with pads fully established and drilling underway.




Dennis Rowland, CRL Managing Director, said:
"The CRL team have been consistent in their approach to delivering high-quality process and results. With the planning permission and pre-commencement complete, site preparation activities have been accelerated and two additional drill rigs from Priority Drilling UK Limited were mobilised to site. Drilling is underway and progressing on our three-drilling rig programme."
Mark Burnett, Strategic Minerals' Executive Director, said:
"Drilling is now underway across our three-drill rig programme, on the largest continuous diamond drilling campaign undertaken in Cornwall from surface, and which we believe is also the largest programme delivered in Great Britain, from surface, this century. The scale of this programme reflects the opportunity at Redmoor, and the Company's commitment to doing all we can to advance the project through feasibility studies and towards mining as expeditiously as possible."
Option Grant
The Company also announces it has granted share options over a total of 13,150,000 ordinary 0.1p shares in the Company ("Share Options") in recognition of significant contributions to recent progress for the benefit of shareholders, meeting certain Key Performance Indicators in the year 2025-26, and to support the long-term incentivisation and retention of key personnel as Redmoor advances towards development.
The Share Options have been granted to certain existing employees of CRL, the Company's wholly owned subsidiary, and to Directors of the Company.
The Share Options have an exercise price of 4 pence, representing an 11% premium to the closing mid market price of the Company's shares on 4 August 2026. The Share Options are valid for five years and will vest in two tranches, with 50% becoming exercisable after one year from the date of grant and 50% after two years, provided each recipient remains an employee of the Company at the time of vesting.
Schedule of Director Options




DIRECTOR


ROLE


DATE OF
GRANT


NO. OPTIONS GRANTED


TOTAL OPTIONS HELD




Charles Manners


Executive Chair


5 August 2026


2,200,000


77,200,000




Mark Burnett


Executive Director


5 August 2026


2,200,000


97,200,000




Philip Haydn-Slater


Non-Executive Director 


5 August 2026


750,000


10,750,000




 




For further information, please contact:


 














Strategic Minerals plc


+44 (0) 207 389 7067




Mark Burnett








Executive Director








Website:


www.strategicminerals.net




Email:


info@strategicminerals.net




 
 








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X:


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LinkedIn:


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+44 (0) 20 3470 0470




Nominated Adviser and Broker








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Joint Broker
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+44 (0) 203 829 5000




 


 




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Email:


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PDMR Notification
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them




1
 


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name


Mark Burnett




2
 


Reason for the notification
 




a)
 


Position/status
 


Executive Director




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 




a)


Name


Strategic Minerals Plc




b)
 


LEI
 
 


213800DICA5NPVOJT776




4
 


Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
 
 




a)
 


Description of the financial instrument, type of instrument


Options over new ordinary shares of 0.1 pence each in the Company














Identification code


ISIN: GB00B4W8PD74














b)
 


Nature of the transaction


Grant of options over new ordinary shares of 0.1 pence each in the Company




c)


Price(s) and volume(s)


Exercise price: 4 pence
Volume: 2,200,000
 




d)
 


Aggregated information


















- Aggregated volume


2,200,000 Share Options 














- Price


Exercise price: 4 pence














e)


Date of the transaction


 4 August 2026




f)


Place of the transaction


Off Market




 




1
 


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name


Charles Manners




2
 


Reason for the notification
 




a)
 


Position/status
 


Executive Chair




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 




a)


Name


Strategic Minerals Plc




b)
 


LEI
 
 


213800DICA5NPVOJT776




4
 


Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
 
 




a)
 


Description of the financial instrument, type of instrument


Options over new ordinary shares of 0.1 pence each in the Company














Identification code


ISIN: GB00B4W8PD74














b)
 


Nature of the transaction


Grant of options over new ordinary shares of 0.1 pence each in the Company




c)


Price(s) and volume(s)


Exercise price: 4 pence
Volume: 2,200,000
 




d)
 


Aggregated information


















- Aggregated volume


2,200,000 Share Options 














- Price


Exercise price: 4 pence














e)


Date of the transaction


4 August 2026




f)


Place of the transaction


Off Market




 




1
 


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name


Philip Haydn-Slater




2
 


Reason for the notification
 




a)
 


Position/status
 


Non-Executive Director




b)


Initial notification /Amendment


Initial Notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 




a)


Name


Strategic Minerals Plc




b)
 


LEI
 
 


213800DICA5NPVOJT776




4
 


Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
 
 




a)
 


Description of the financial instrument, type of instrument


Options over new ordinary shares of 0.1 pence each in the Company














Identification code


ISIN: GB00B4W8PD74














b)
 


Nature of the transaction


Grant of options over new ordinary shares of 0.1 pence each in the Company




c)


Price(s) and volume(s)


Exercise price: 4 pence
Volume: 750,000
 




d)
 


Aggregated information


















- Aggregated volume


2,200,000 Share Options 














- Price


Exercise price: 4 pence














e)


Date of the transaction


 4 August 2026




f)


Place of the transaction


Off Market




 
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

(Mt)


NSR

(US$/t)


WO3 Eq grade

(%)


WO3 grade

(%)


Sn grade

(%)


Cu grade

(%)


Ag grade

(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
In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group.  Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.
In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia.  The Company has entered into an exclusive Call Option with South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals to acquire 100% of the project.




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