Operational Update

Strategic Minerals PLC

02 June 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.

2 June 2026

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Operational Update

Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide an operational update on the group wide businesses.

Highlights:

·      Cash balance as at 31 May 2026: $10.76m (31 May 2025: $1.52m), which in the Board's view leaves the Company substantially funded through to completion of Pre-Feasibility Study ("PFS") on the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK.

Cornwall Resources Limited ("CRL")

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK

·      The resource infill drilling programme at Redmoor is progressing well, with outputs planned to inform the project's prefeasibility study. The first hole, CRD042, was completed on 6 May at a depth of 464.40 m, having intersected the full extent of the Redmoor Sheeted Vein System ("SVS"), and identifying mineralised vein structures containing wolframite (tungsten), cassiterite (tin) and chalcopyrite (copper). Drill core samples are in process at ALS, Loughrea, with results expected soon.

·      CRD043 commenced on 7 May and is due to be completed today (2 June) at a depth of c.500 m. Cornwall Resources Limited ("CRL") can confirm that CRD043 intersected the full extent of the mineralised SVS, with the drillhole further extended due to the continued presence of mineralised structures below the SVS.

·      CRD044 will commence imminently from the same drill pad orientation as CRD043, as a daughter hole of CRD043. CRD044 will intersect a deeper portion of the SVS, below CRD043.

·      Historical re-logging and sampling of drill core from the previous 2017-2019 drilling programme and infill sampling of the 2025 drill core continues, with samples currently undergoing analysis at ALS - these results will inform a further planned mineral resources estimate update.

·      Planning permission to expand the resource infill drilling programme is advancing, with CRL responding to comments from statutory consultees where necessary. Drilling notifications are complete and additional drill rigs are on standby for immediate mobilisation upon completion of the planning process.

·      CRL and Strategic Minerals will attend the UK Mining Conference in Cornwall from 9-12 June, with Mark Burnett and Dennis Rowland to present a detailed project update at the conference.

Leigh Creek Copper Mine Pty Ltd ("LCCM")

Leigh Creek Copper Project, South Australia

·      Agreed a 3-month extension to the existing transaction timetable, with funding and strategic discussions continuing to advance positively as the parties work towards completion of the proposed transaction.

Southern Minerals Group LLC ("SMG")

Cobre magnetite stockpile, New Mexico, USA

·      Substantial investment in new equipment, including a Caterpillar D6 bulldozer to support infrastructure works, reinforcing the Company's long-term operational commitment to the site whilst improving year-round capability and reducing reliance on equipment rentals.

Mark Burnett, Executive Director of Strategic Minerals, commented:

"We are pleased to report continued progress across our portfolio. At Redmoor, the successful completion of the first PFS drillhole and continued positive drilling outcomes mark important steps forward in unlocking the project's significant potential as Europe's highest-grade, undeveloped, tungsten resource. The programme is advancing through its next phase of technical work and we look forward to the expansion of drilling operations. At Cobre, our investment in additional operational equipment reinforces our commitment to long-term, efficient site operations, whilst the proposed Leigh Creek transaction continue to advance positively.

"We remain well positioned to accelerate development at Redmoor. Against a backdrop of increasing focus on supply chain security and the need for reliable sources of critical minerals, we believe Redmoor has the potential to become one of the most significant tungsten projects in Europe and an important future source of tungsten supply outside of China. We therefore remain focused on advancing the project through PFS and look forward to providing further updates to shareholders in due course."

CRL: additional sampling of historical drill core and programme updates

Resource infill drilling is progressing well at Redmoor. Through the purchase of a CoreWise rotary diamond blade core saw, CRL has been able to accelerate its sampling of historical drill core following the relogging process, with geological structures containing visible mineralisation sent to ALS Laboratories, Loughrea for analysis. Currently, 248 samples selected from CRD042, the first infill hole, are at ALS Laboratories undergoing analysis, with a further batch of 289 samples from historical drill core awaiting analysis, and a further 59 samples from CRD001 shipped to ALS on 1 June 2026. CRL geologists are currently re-logging drillhole CRD016, drilled during the 2017-18 drilling campaign, with additional intervals already identified and selected for sampling and analysis.

CRL is also awaiting analytical results relating to the recent ore sorting amenability study undertaken by TOMRA in Germany. The results from this analysis will inform CRL as to the effectiveness of ore sorting technology in relation to Redmoor's SVS mineralisation, and will form the basis for more comprehensive studies as part of the prefeasibility study programme.

CRL, in conjunction with its external advisor Snowden Optiro, is currently identifying and selecting drill core samples and planning additional drillholes to support the comprehensive metallurgical testwork that will be used in refining the previously developed mineral processing flowsheet. This programme will support the process of confirming the full processing route, including variability analysis of Redmoor's SVS mineralisation. Furthermore, Snowden Optiro is also advising and directing CRL's geotechnical sampling programme, whereby geotechnical samples will be taken in conjunction with geochemical samples during the logging process. This will develop a geotechnical database for the resource at Redmoor, which will subsequently be used in the engineering studies of a mine plan design. Through these integrated programmes, CRL endeavours to accelerate data collection to inform prefeasibility study topics.

CRL's second warehouse is currently being fitted with industry specific racking that will increase storage capacity and thereby improve the efficiency of the logging and sampling process. CRL is also undertaking a series of capacity building programmes, including hiring further technical staff to ensure effective and high-quality delivery of its drilling and feasibility programmes.

LCCM:

Further to previous announcements on 24 April, 23 May, 9 June, 18 June, and 22 December 2025, the Company has now agreed to provide Cuprum with a short 3-month extension until 31 August 2026, to complete the payment of A$1.75m (the "Second Instalment") in relation to the proposed acquisition of LCCM, reflecting ongoing progress toward completion.

The counterparty has advised that significant work has been undertaken, including engagement with international funding partners and offtake groups, with confidence that the required funding can be secured within the extended period.

The Company remains supportive of efforts to complete the transaction and will continue to update shareholders as material developments occur.

Unless otherwise defined, capitalised terms have the same meaning as in the announcement made on 22 December 2025.

Cobre Magnetite Tailings:

In line with the Company's continued commitment to long-term site operations under the lease, a decision has been taken to acquire a Caterpillar D6 bulldozer to support ongoing operational and infrastructure requirements.

The purchase follows recent engineering assessments relating to tailings dam maintenance and associated earthworks, including slope reprofiling, drainage remediation and haul road adjustments required ahead of the seasonal rains.

The Company expects the dozer to become a core operational asset, delivering both cost efficiencies versus historical equipment rental arrangements and enhanced capability to undertake year-round maintenance and development work on site.

Figure 1: Newly acquired Caterpillar D6 bulldozer onsite at the Cobre magnetite stockpile, New Mexico.

Competent Person Statement:

The information in this announcement that relates to Sampling Techniques and Data and Exploration Results has been reviewed and approved by Mr Laurie Hassall, MSci (Geology), FIMMM, QMR, FGS, who is a full-time employee of Snowden Optiro. Mr Hassall holds a Master of Science degree in Geology from the University of Southampton and is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM), through which he is also accredited as Qualified for Minerals Reporting (QMR). He is also a Fellow of the Geological Society of London (FGS).

Snowden Optiro has been engaged by Cornwall Resources Limited to provide independent technical advice. Mr Hassall, a full-time employee of Snowden Optiro, is acting as the Competent Person and is independent of Cornwall Resources Limited. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and under the AIM Rules.

Mr Hassall consents to the inclusion in this announcement of the matters based on his information, in the form and context in which it appears. He confirms that, to the best of his knowledge, there is no new information or data that materially affects the information contained in previous market announcements, and that the form and context in which the information is presented has not been materially modified.

For further information, please contact:
Strategic Minerals plc		[phone]
Mark Burnett
Executive Director
Website:	www.strategicminerals.net
Email:	[e-mail]
Follow Strategic Minerals on:
X:	@StrategicMnrls
LinkedIn:	https://www.linkedin.com/company/strategic-minerals-plc
SP Angel Corporate Finance LLP		[phone]
Nominated Adviser and Broker
Matthew Johnson/Charlie Bouverat/Grant Barker Zeus Capital Limited Joint Broker Harry Ansell/Katy Mitchell		[phone]
Vigo Consulting		[phone]
Investor Relations
Ben Simons/Seb Weller/Anna Sutton
Email:	[e-mail]

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.

 

END