Highlights
- Significant share price appreciation by 2025 – up 470% and one of the best performing companies listed on AIM
- Exceptional drilling results obtained from three of nine drill holes completed at the company’s Redmoor Tungsten-Tin-Copper Project
- Positive metallurgical work from Phase 1 studies with mass recovery to flotation feed of approximately 43.9% and phase metal recovery of 94.3% tungsten, 95.6% tin and 90.7% copper to an average upgrading ratio of 2.1x
- On track to release an updated mineral resource estimate before the end of Q1 2026
- Renewed investor and stakeholder engagement, including a non-deal institutional roadshow, a webinar presentation with approximately 1,000 registered views and participation in the Critical Minerals Association and Resourcing Tomorrow conferences in London
- Cobre magnetite operation recorded its 3rd highest annual ore sales in 14 years with 61,279 tonnes sold to a diverse customer base, generating revenues of approximately US$4.23 million
- Exercise of exclusive call option by Cuprum Metals (“Cuprum”) to acquire the Company’s wholly owned subsidiary, Leigh Creek Copper Mine, with A$0.25 million received to date through the call option payment of A$0.1 million and the payment of the first installment of A$0.15 million. A further A$1.75 million is due on May 31, 2026, whichever is earlier, or upon the signing of a definitive agreement between the company and Cuprum. Together with a subsequent earn-out from production of A$4 million and receiving 19.9% of the shares of each entity that Cuprum plans to list on the Australian Securities Exchange, this brings the total consideration to A$9 million.
- Strategic Minerals’ cash as at 31 December 2025 was US$0.78 million following continued substantial investment in Cornwall Resources’ development program and pending a further cut from the UK Shared Prosperity Fund
Operational highlights (per subsidiary)
Cornwall Resources
Redmoor Tungsten-Tin-Copper Project, Cornwall, UK (“Redmoor”)
- Awarded approximately £764,000 UK Government grant from the UK Shared Prosperity Fund, which together with matched funds from the company’s April 2025 placement will support the program to accelerate Redmoor towards pre-feasibility
- The first drilling since 2018 began in June, with 5048.70 m completed in December 2025 ahead of schedule, on budget, and with exceptional results reported to date
- Inclusive 1.10m @ 7.19% WO30.02% and 1.11% Cu (7.51% WO3.Eq) And 0.97 m at 7.52 WO3, 0.03% Sn and 0.87% Cu (7.78% WO3.Eq)including one of the top 10 highest quality sample results recorded at Redmoor from all previous drilling campaigns
- Multiple mineralized intervals and broad zones of mineralization have been identified within the Redmoor vein system, reinforcing Redmoor’s status as one of the highest-grade undeveloped tungsten deposits in the world
- Reanalysis of historical samples confirmed previous under-reporting of certain samples and an average increase of 9.2% in tungsten grades, further strengthening Redmoor’s position as Europe’s highest-quality undeveloped tungsten deposit
- Strategic Minerals invested in improved facilities and team expansion to support the program
Southern Mineral Group
Copper magnetite deposit, New Mexico, USA
- Continued strong operating performance in 2025, despite a 10-day closure due to bushfires
- Sales of magnetite increased during the year
- Fourth quarter sales were 4% higher than Q3, and third quarter sales were 45% higher than Q2
- In terms of volume, the second half saw an increase of 15.2%
- Total revenue of approximately US$4.23 million (2024: US$4.75 million) generated from 61,279 tonnes of ore sold to customers (2024: 70,659 tonnes)
Sales comparisons by quarterly and annual periods, along with associated volume data, are shown in the table below:
Volume (ton) | Sales (USA) Leigh Creek Copper Mine (“LCCM”) Leigh Creek Copper Project, South Australia
*Cuprum’s right to acquire LCCM will expire if the second installment is not paid to the company by May 31, 2026 Mark Burnett, Executive Director of Strategic Minerals, commented: “2025 has been a year of transformation for Strategic Minerals. We have successfully restructured and reorganized the business, positioning it to generate higher near-term revenues from Cobre and long-term value creation from the Redmoor Tungsten-Tin-Copper Project. We are leveraging sustainable cash flows from Cobre to unlock Redmoor’s full potential, with a clear opportunity to develop the company and the surrounding area into a leading source of tungsten, tin and copper to build resilience supply chains in the western world has gone exceptionally well to date and we expect further resource growth and added efficiencies for future infill drilling as part of a pre-feasibility programme.” |
Notes for editors
About Strategic Minerals plc and Cornwall Resources Limited
Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-listed company that produces minerals and actively develops strategic projects in the United Kingdom, the 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 located in the historically important Tamar Valley mining district of Cornwall, United Kingdom, with a JORC (2012) compliant derived mineral resource estimate published on February 14, 2019:
Cut-off value (SnEq%) | Tonnage (Mt) | WO3 % | sn % | Cu % | Sn-cf1 % | WO3 Cf % |
>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 derivative source | 11.70 | 0.56 | 0.16 | 0.50 | 1.17 | 0.82 |
1 Notes for equivalent metal calculations; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO3(EQ)% = Sn% x 0.7 + WO3 + Cu% x 0.28. Commodity price assumptions: WO₃ US$33,000/ton, Sn US$22,000/ton, Cu US$7,000/ton. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and affordability assumptions of 81%, 90% and 90% respectively
More information about 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, located in South Australia’s copper-rich belt. South Pacific Mineral Investments Pty Ltd, trading as Cuprum Metals, has exercised an exclusive call option to acquire 100% of the project.
About the CIOS Good Growth Fund and VK 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.
Cornwall and the Isles of Scilly have been allocated £184 million for local investment through the programme Shared Prosperity Fund. This new investment approach aims to empower local leaders and communities so they can make a real difference where it is needed most.
The UK Shared Prosperity Fund proactively supports the achievement of the UK Government’s five national missions: spreading power to communities around the world, with a specific focus on boosting economic growth and promoting opportunity in all parts of the UK.
For more information, visit
https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
For more information, visit https://ciosgoodgrowth.com
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