Half-year Results

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), an international mineral exploration and production company, is pleased to announce its unaudited interim results for the half year ended 30 June 2025 ("H1 2025" or the "Period").

Financial Highlights

Revenues: US$2,001,000 (H1 2024: US$2,136,000)

o 10-day shutdown of Cobre operations due to New Mexico wildfires caused a slight reduction in revenues, which are expected to be more than offset in H2 2025

• Pre-tax profit: US$568,000 (H1 2024: US$950,000)
• Post-tax profit: US$151,000 (H1 2024: US$667,000)

o Profit impacted by one-off costs associated with Board restructuring, settling in full overdue US tax liabilities from the prior year, and increased investment in exploration activities as the Company entered a new operational phase at the Redmoor Project

Investments in development projects: US$480,000

o Redmoor Project: US$378,000

o Leigh Creek Copper Mine US$38,000

o Southern Minerals Group US$64,000

• Unrestricted cash at 30 June 2025: US$1,532,000 (31 Dec 2024: US$621,000)
• Oversubscribed £1.0 million placing in April 2025 to advance the Redmoor Project

Operational Highlights (By Subsidiary)

Cornwall Resources

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK

• Significant upscaling of headcount and facilities as drilling commenced for the first time since 2018
• Awarded c.£764,000 UK Government grant funding - together with funds from the Company's April 2025 placing, this fully funds the ongoing exploration programme to accelerate Redmoor towards pre-feasibility
• Re-analysis of historical samples confirmed previous underreporting of certain samples and higher tungsten grades - already Europe's highest grade undeveloped tungsten deposit
• Drilling and sampling of nine boreholes progressing on schedule

o Completion of first three boreholes announced post Period-end with all intersecting the full thickness of the sheeted vein system with assay results currently pending

Southern Minerals Group

Cobre Magnetite Stockpile, New Mexico, USA

• Continued strong operational performance in H1 2025 despite 10-day shutdown due to wildfires

o Sales volumes: 28,467 tons (H1 2024: 31,327 tons)

• Strong Q3 sales expected to more than offset lost sales during the 10-day shutdown

Leigh Creek Copper Mine

Leigh Creek Copper Project, South Australia

• Granted a six-month call option in April 2025 for A$100,000 to a potential purchaser of Leigh Creek Copper Mine

o If exercised, the transaction would deliver up to A$5.9 million in cash payments and shares equivalent to 19.9% in the acquiring company

Board Changes

• Philip Haydn-Slater was appointed as independent Non-Executive Director in January 2025
• Peter Wale stepped down as Executive Director in March 2025

Charles Manners, Executive Chair, commented:

"Strategic Minerals entered a new phase in H1 2025. The turnaround of the Cobre magnetite operation in New Mexico last year provided a springboard for the Company to accelerate development of the Redmoor Tungsten-Tin-Copper Project in Cornwall. We have in Redmoor the opportunity to develop a leading source of critical and strategic minerals to provide resilience to western world supply chains. Now that the Cobre magnetite operation is performing strongly, we are focused on accelerating the development of Redmoor to unlock its true value."

1 Equivalent metal calculation notes; 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/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

CHAIRMAN'S STATEMENT

Introduction

Strategic Minerals entered a new phase in H1 2025. The turnaround of the Cobre magnetite operation in New Mexico last year, and associated 200% revenue increase, provided a springboard for the Company to accelerate development of the Redmoor Tungsten-Tin-Copper Project in Cornwall ("Redmoor"). With match grant funding and strong investor demand to support the opportunity, Strategic Minerals was able to commission a £1.5 million, 12-month exploration programme including the first borehole drilling since 2018. This programme is in full swing.

Financial Results

The Cobre magnetite operation in New Mexico is the sole revenue generating engine of the Group. It sustains Strategic Minerals and its main operating subsidiary, Cornwall Resources. The strong recovery in magnetite sales which drove the 200% revenue increase in FY 2024 held firm in H1 2025. A 10-day shutdown due to wildfires caused a slight reduction in sales of 6% in the Period to US$2,001,000 (H1 2024: US$2,136,000) which would otherwise have been consistent with the first half of 2024. We are confident of more than offsetting that lost revenue in the second half of this year, with Q3 2025 sales already looking very healthy.

Moving into an intense operating phase at Redmoor, upscaling headcount and facilities, naturally resulted in an increase in costs which impacted profitability in the Period. Furthermore, a number of one-off costs were incurred in the Period in connection with the restructuring of the Company's Board and the settlement in full of historical taxation due to the IRS in the USA. Pre-tax profit for H1 2025 was therefore US$568,000 (H1 2024: US$950,000) and post-tax profit was US$151,000 (H1 2024: US$667,000). This is a new regime, with a transformed Cobre operation and an accelerated development programme at Redmoor in motion. While the Company is appropriately deploying more investment into Redmoor, we remain committed to keeping Board costs lean.

Bolstered by an oversubscribed placing to raise gross proceeds of c.£1.0 million which completed in May 2025, the Company ended the Period with US$1,532,000 of cash as at 30 June 2025 (31 Dec 2024: US$621,000). The strong investor demand reflects growing recognition of Redmoor's potential.

Cornwall Resources Limited ("CRL")

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK ("Redmoor")

In April 2025, the Company announced that CRL was awarded c.£764,000 in match funding from the UK Shared Prosperity Fund under the Cornwall & Isles of Scilly Good Growth Programme. Together with the Company's oversubscribed placing, this has provided the c.£1.5m budget for a 12-month exploration project titled: "Exploration Drilling and Associated Activities to Enable Accelerated Development of the Redmoor Critical Minerals Project". Within the 12-month Project timeframe which began in April 2025, the Company aims to:

• Undertake c.5,000m of new diamond core drilling and other associated activities
• Complete the ongoing relogging programme of historical CRL core
• Combine the results of new drilling and relogging with the aim to produce a new, upgraded and enlarged Mineral Resource Estimate ("MRE")
• Update the economic model, using the updated MRE and incorporating the significantly increased commodity prices since the 2020 Redmoor Scoping Study was produced
• Formulate an investment-ready business case and delivery plan, before the end of March 2026, for moving Redmoor into prefeasibility

By May 2025, drilling pre-commencement and enabling activities were well advanced, with drilling starting just before the end of the Period in late June 2025 - the first since 2018.

Nine new boreholes were planned for a total of approximately 5,300 metres of diamond core drilling over six months. Post-Period end, in September 2025, the first three boreholes were completed at Pad 1, intersecting the full thickness of the Redmoor sheeted vein system and confirming visible wolframite and chalcopyrite consistent with historic mineralisation. A second drill rig was mobilised to site, accelerating the programme with multiple boreholes planned from Pads 2 and 3. Analytical results from these boreholes, together with ongoing relogging and sampling work, will feed into the planned MRE update expected in Q1 2026.

In parallel with the drilling, the historical core relogging and sampling programme is ongoing, with additional drillcore and soil samples being analysed to strengthen the geological dataset. Results from re-analysis of historical tungsten samples confirmed an average 9.2% increase in tungsten grades, validating upside potential within the existing 2019 MRE, reported in accordance with the JORC Code (2012 Edition). Additional re-analysis of historical drillcore identified significant silver mineralisation associated with copper within the sheeted vein system, further enhancing Redmoor's economic and strategic value.

In support of the accelerated development programme at Redmoor, Strategic Minerals is investing in upgrading CRL's facilities and expanding its technical team. Since the initiation of the match grant funded activities, the team at Redmoor has increased to nine full time, permanent staff, with seven geologists, ensuring the smooth delivery of the exploration drilling programme and other exploration activities. To further support the effective and high-quality delivery of the programme, site upgrades include a significant improvement in core logging facilities and equipment available to the geological team, as well as new long term storage facilities for the existing exploration drill core with capacity for future programmes.

Southern Minerals Group LLC ("SMG")

Cobre magnetite stockpile, New Mexico, USA

Cobre continued to deliver a strong operational performance in H1 2025 with sales volumes of 28,467 tons (H1 2024: 31,327tons). With the benefit new and returning customers last year, and an extension of access to the Cobre magnetite operation's stockpile through to 31 March 2029, this revenue-generating subsidiary of the Company is in very good health. Revenues in H1 2025 were only marginally below H1 2024 as a result of a 10-day shutdown due to wildfires and we expect SMG to make this back up in the second half of this year.

Leigh Creek Copper Mine Pty Ltd ("LCCM")

Leigh Creek Copper Project

In April 2025, Strategic Minerals signed a non-binding Heads of Agreement granting an exclusive call option for A$100,000 to Axis Mining & Minerals Pty Ltd (subsequently novated to South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals ("Cuprum")) to acquire 100% of LCCM. Under the terms of the option, Cuprum may acquire LCCM for an initial cash payment of A$1.9 million and the issue of shares in Cuprum equivalent to 19.9% ownership up to a maximum value of A$3 million. Cuprum intends to list on the Australian Securities Exchange. Additionally, Cuprum will pay a cash earn-out of A$4.0 million from future production. In the event of the share issuance to Strategic Minerals being less than A$3 million as a result of the 19.9% limit, the Earn-Out Consideration shall be adjusted to a higher level to reflect the difference in value from the A$3 million maximum limit.

If the option is exercised, this deal structure will enable Strategic Minerals to divest a non-core asset, direct further non-dilutive funds toward the development of Redmoor, and retain the upside of a potential future copper development through a substantial shareholding in Cuprum.

Board Changes

In January 2025, Philip Haydn-Slater was appointed as an independent Non-Executive Director. Philip brings over 35 years of City experience, primarily in institutional sales and corporate broking. He co-founded HD Capital Partners and previously led Corporate Broking at WH Ireland in London, managing IPOs and secondary placings for resource-focused companies. Shortly after, in March 2025, Executive Director Peter Wale retired from the Board.

Post-Period end in August 2025, I transitioned from Non-Executive Chair to Executive Chair, reflecting my ongoing contributions to rationalising the Group and refocusing its strategy.

Safety

The Company maintains a strong safety culture across all operations. I am pleased to report that no significant safety incidents were recorded during the reporting period.

Outlook

Our overarching strategy is to grow the Company's value by unlocking the potential of the Redmoor Project, utilising sustainable cash flows from the Cobre operation to advance the project. We have in Redmoor the opportunity to develop a leading source of critical and strategic minerals to provide resilience to western world supply chains. Redmoor is already the highest-grade tungsten deposit in Europe and the second highest globally, with the potential to supply approximately 30% of Europe's tungsten needs before considering future upside from a potential upgrading of the MRE. The price of tungsten is soaring, reflecting ongoing shifts in the market, such as the closure of some previously subsidised Chinese operations and a growing emphasis on supply security for defence and high-technology applications. Having got the Cobre magnetite operation into sustainably good health last year, we are focused on accelerating the development of Redmoor to unlock its true value.

Charles Manners

Executive Chair

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Profit/ (loss) per share attributable to the ordinary equity holders of the parent:

All comprehensive income is attributable to the owners of the parent Company.

NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

General Information

Strategic Minerals Plc ("the Company") is a public company incorporated in England and Wales. The consolidated interim financial statements of the Company for the six months ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the "Group").

Significant accounting policies

Basis of preparation

These financial statements have been prepared in accordance with International Financial Standards and UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006.

Going concern basis

The Directors have considered the Group and Parent Company's (together "the Group") ability to continue as a going concern through review of cash flow forecasts prepared by management for the period to 31 December 2026 and a review of the key assumptions on which these are based and sensitivity analysis.

The Company forecasts that to have sufficient funds to meet all operating costs until December 2026, the Group is reliant on cash being generated from the Cobre asset in line with forecast.

As outlined by the Board, it is intended that any funds required to progress either the Redmoor project or Cobre will be sourced either at the asset or Group level. Management are actively pursuing such funding.

The Directors have reasonable expectation that the Group will have access to sufficient resources by way of debt or equity markets should the need arise. Consequently, the consolidated financial statements have been prepared on a going concern basis.

The financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.

New standards, interpretations, and amendments effective 1 July 2025:

Investment in joint arrangements

The group classifies its interests in joint arrangements as either:

• Joint ventures: where the group has rights to only the net assets of the joint arrangement.

In assessing the classification of interests in joint arrangements, the Group considers:

• The structure of the joint arrangement
• The legal form of joint arrangements structured through a separate vehicle
• The contractual terms of the joint arrangement agreement
• Any other facts and circumstances (in any other contractual arrangements).
• Critical accounting estimates and judgements

Estimates

Carrying value of intangible assets

Management assesses the carrying value of the exploration and evaluation assets for indicators of impairment based on the requirements of IFRS 6 which are inherently judgemental. This includes ensuring the Group maintains legal title, assessment regarding the commerciality of reserves and the clear intention to move the asset forward to development.

The Redmoor projects are early-stage exploration projects and therefore Management have applied judgement in the period as to whether the results from exploration activity provide sufficient evidence to continue to move the asset forward to development. There are no indicators of impairment for the Redmoor project in the period to 30 June 2025.

Share based payments

The fair value of share-based payments recognised in the statement of comprehensive income is measured by use of the Black Scholes model after taking into account market-based vesting conditions and conditions attached to the vesting and exercise of the equity instruments. The expected life used in the model is adjusted based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The share price volatility percentage factor used in the calculation is based on management's best estimate of future share price behaviour based on past experience.

• Carrying value of amounts owed by subsidiary undertakings.
• Carrying Value of Development Assets

The following are the key assumptions used in this assessment of Carrying value.

• Mineable reserves over life of project
• Forecasted Copper pricing
• Capital and operating cost assumptions to deliver the mining schedule
• Foreign exchange rates
• Discount rate
• Estimated project commencement date.
• Determination of incremental borrowing rate for leases

Judgements

Investments in subsidiaries

Investment in subsidiaries comprises of the cost of acquiring the shares in subsidiaries.

If an impairment trigger is identified and investments in subsidiaries are tested for impairment, estimates are used to determine the expected net return on investment. The estimated return on investment takes into account the underlying economic factors in the business of the Company's subsidiaries including estimated recoverable reserves, resources prices, capital investment requirements, and discount rates among other things.

Contingent consideration as part of Asset acquisition

Judgement was required in determining the accounting for the contingent consideration payable as per of the CRL acquisition. The group has an obligation to pay A$1m on net smelter sales arising from CRL production reaching A$50m and a further A$1m on net smelter sales arising from CRL production reaching A$100m.

Whilst a possible obligation exists in relation to the consideration payable, given the early stage of the project it was concluded that at reporting date it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation

Segment information

The Group has four main segments during the period:

Factors that management used to identify the Group's reportable segments.

Measurement of operating segment profit or loss, assets, and liabilities

Revenues by key customers

Revenues from Customer A totalled $281,740 (2024: $323,163), which represented 14% (2024: 15%) of total domestic sales in the United States, Customer B totalled $907,679 (2024: $1,022,442) which represented 45% (2024: 48%) Customer C totalled $633,012 (2023: $ 404,104) which represented 32% (2024: 19%), and Customer D totalled $184,547 (2024: 334,977) which represented 9% (2024: 16%).

Operating Loss

Leases

The Group has leases for an office, plant and machinery and a vehicle. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment.

Dividends

No dividend is proposed for the period.

Earnings per share

Earnings per ordinary share have been calculated using the weighted average number of shares in issue during the relevant financial year as provided below.

During the period, in May 2025 the Company issued 333,333,333 Ordinary shares of 0.1pence each at a price of 0.3 pence per share to raise gross proceeds of £1,000,000.

Share options and warrants

The following Warrants were in issue during the period. No Warrants or Options were issued, lapsed or expired during the period.

Post balance date events

Subsequent to 30 June 2025, on 15 August 2025 options over 145 million new ordinary shares of £0.001 each in the Company were issued. These Options have an exercise price of £0.004 per share and expire on 15 August 2035. The options carry certain vesting rights, with 50% becoming exercisable upon the share price trading above 0.5p per share for a 30-day VWAP, and 50% become exercisable upon publication of a new Mineral Resource Estimate.

Copies of this interim report will be made available on the Company's website, www.strategicminerals.net.