Leigh Creek – Completion of Sale
Summary by AI BETAClose X
4 November 2026
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Leigh Creek - Completion of Sale
Transaction closed following FIRB approval; layered consideration retains copper upside to support continued advancement of the Redmoor Tungsten-Copper-Tin Project
Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to announce that Australian Foreign Investment Review Board ("FIRB") approval has been received and the sale of Leigh Creek Copper Mine Pty Ltd ("LCCM") to South Pacific Minerals Investments Pty Ltd, trading as Cuprum Metals ("Cuprum"), has now completed.
As announced on 3 September 2026, the consideration comprises:
· Cash: A$750,000 in total, including A$500,000 previously held in escrow, which has now been released to the Company.
· Shares: up to 19.9% of the ordinary shares in a new company which Cuprum intends to list on a recognised stock exchange, capped at a value of A$3,000,000. If such shares are not issued within 3 years of or are less than the value of A$3,000,000, any shortfall is to be added to earn-out payments.
· Royalty: a 2% Net Smelter Royalty on the first 24,900 tonnes of copper produced, with a 1% buy-back option for Cuprum on payment of A$1,500,000.
· Earn-out: 20% of half-yearly operating cash flows from the start of commercial production, up to a value of A$4,000,000.
Proceeds will support the continued advancement of the Company's flagship Redmoor Tungsten-Copper-Tin Project in southeast Cornwall.
Charles Manners, Executive Chairman of Strategic Minerals, commented:
"We are pleased to have completed the sale of Leigh Creek. Through our equity, royalty and earn-out interests, Strategic Minerals will be a significant stakeholder in a future copper mine, and we look forward to continuing to work closely with the Cuprum team as they advance the project. We consider the prospects for Leigh Creek to be very positive in the current market environment for copper. The cash now released from the project together with potential future payments from our various retained interests in the project will be used to further accelerate activities at our Redmoor project in Cornwall which remains our key focus. "
Matthew Salthouse, Director of Cuprum, commented:
"Cuprum Metals is pleased to have concluded the acquisition of the Leigh Creek Copper Mine asset from Strategic Minerals. We look forward to restarting Leigh Creek and having Strategic Minerals as a cornerstone investor, and especially to their continuing support as Cuprum moves down the pathway to production."
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For further information, please contact: |
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Strategic Minerals plc |
+44 (0) 207 389 7067 |
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Mark Burnett |
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Executive Director |
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Website: |
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Email: |
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Follow Strategic Minerals on: |
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X: |
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LinkedIn: |
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SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
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Nominated Adviser and Broker |
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Matthew Johnson/Charlie Bouverat/Grant Barker
Zeus Capital Limited Joint Broker Harry Ansell/Katy Mitchell |
+44 (0) 203 829 5000 |
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Vigo Consulting |
+44 (0) 207 390 0234 |
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Investor Relations |
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Ben Simons/George Pope |
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Email: |
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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").
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:
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Resource category |
Domain |
Tonnage |
NSR |
WO3 Eq grade |
WO3 grade |
Sn grade |
Cu grade |
Ag grade |
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Inferred |
Tungsten HGDs |
7.30 |
499 |
0.98 |
0.83 |
0.12 |
0.53 |
7.0 |
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Tin HGDs |
1.95 |
208 |
0.44 |
0.14 |
0.50 |
0.50 |
7.6 |
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Cu Domain SVS |
8.02 |
196 |
0.40 |
0.28 |
0.13 |
0.34 |
4.3 |
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Low Grade SVS |
0.12 |
125 |
0.25 |
0.17 |
0.10 |
0.16 |
2.7 |
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Total Inferred |
17.40 |
324 |
0.65 |
0.49 |
0.17 |
0.44 |
5.8 |
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Total Mineral Resources |
17.40 |
324 |
0.65 |
0.49 |
0.17 |
0.44 |
5.8 |
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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. |
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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. In November 2026, the Company completed a sale of Leigh Creek Copper Mine to South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals providing upfront cash with ongoing copper exposure through layered consideration comprising shares, royalties and earn-out. Proceeds will be utilised to further advance the flagship Redmoor Project.
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