REG - Strategic Minerals - Leigh Creek Copper Mine - Call Option Exercised

Strategic MineralsAnnouncement

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RNS Number : 3807M  Strategic Minerals PLC  22 December 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.

 

22 December 2025

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Leigh Creek Copper Mine - Call Option Exercised

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral
exploration and production company, provides the following updates regarding
its wholly owned subsidiary, Leigh Creek Copper Mine Pty Ltd ("LCCM").

Further to the grant of an exclusive call option to Axis Mining & Minerals
Pty Ltd, which was subsequently novated to South Pacific Mineral Investments
Pty Ltd trading as Cuprum Metals ("Cuprum") as announced on 14 August 2025,
Strategic Minerals is pleased to confirm that Cuprum has exercised the option,
with a minor variation to the terms.

Cuprum will now pay the Company the sum of A$150,000 ("First Instalment") by
no later than 24 December 2025. Following the payment of the First Instalment,
the parties will enter into an agreement ("Definitive Agreement") by which
Cuprum will acquire LCCM from the Company and will make a payment of
A$1,750,000 ("Second Instalment") on the earlier of (i) completion of the
Definitive Agreement, or (ii) 31 May 2026. The Definitive Agreement and
Cuprum's right to acquire LCCM will lapse if the Second Instalment has not
been paid to the Company by 31 May 2026. All other terms of the transaction
first announced on 24 April 2025 remain unchanged.

Both parties are now confident in restarting LCCM in 2026, supported by strong
copper market fundamentals.

Matthew Salthouse, Executive Director of Cuprum, commented:

"Cuprum wishes to thank and acknowledge the ongoing collaboration with
Strategic Minerals to close the acquisition of LCCM. The Directors continue to
view the acquisition of LCCM as a highly value accretive opportunity and look
forward to further progress in 2026."

Charles Manners, Executive Chair of Strategic Minerals, commented:

"It has been a pleasure to work with Cuprum over the past six months as both
sides have worked diligently to move the transaction to this final stage. We
look forward to working with Cuprum in 2026 as we move to realise value in
other parts of our business, and the First Instalment will provide useful
additional cash flow for our primary exploration activities in Cornwall."

 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.

 

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