Announcement • Jun 03
Strategic Minerals Provides Operational Update on Redmoor Tungsten-Tin-Copper Project and Cobre Magnetite Stockpile
Strategic Minerals provided an operational update on the group wide businesses. 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 on 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. 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. 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 (USD/t) WO3 Eq grade (%) WO3 grade (%) Sn grade (%) Cu grade (%) Ag grade (g/t) Inferred Tungsten HGDs 7.304 990 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. 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.
