Redmoor Drilling & Programme Updates

Further 3 drill holes completed with all intersecting the logged full thickness of the sheeted vein system; new programme activities initiated

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide an update from its wholly owned subsidiary, Cornwall Resources Limited ("CRL"). CRL is actively undertaking a diamond drilling programme, and related activities, at its wholly owned Redmoor Tungsten-Tin-Copper Project ("Redmoor"), in east Cornwall - which the Company understands to be the highest-grade undeveloped tungsten resource in Europe.

Highlights

• 3 further drill holes have been completed since the last drill programme update (RNS: 11 September 2025), with a 4th well advanced, and another commencing today.
• All 3 drill holes intersected the logged full thickness of the Redmoor sheeted vein system, with veining and visible mineralisation consistent with the high-grade Redmoor deposit, with some drill holes extending beyond their planned depth following the intersection of additional mineralisation.
• Drill hole CRD037 targeted a portion of the Redmoor 2019 Exploration Target. This drill hole intersected veining and mineralisation consistent with the Redmoor sheeted vein system ("SVS"), with visually logged wolframite, cassiterite, and chalcopyrite, providing initial validation of the Exploration Target and potential for resource growth (subject to analytical results and modelling).
• Figures 1-5 and 7, below, highlight mineralisation within sheeted veins, consistent with the style typical of the Redmoor SVS deposit and high-grade zones that form the resource, from drill holes recently completed as part of the ongoing drilling campaigns. Logging is complete, with samples selected for analysis.
• To date, 3,661.70 m of drill core has been produced, logged and reviewed, with initial exceptional tungsten results from drill hole CRD033*1 reported (see RNS: 13 October 2025).
• New metallurgical studies are underway to test ore sorting amenability, and ore processing flow sheet design, aimed at updating and improving metal recoverability assumptions and process economics ahead of the forthcoming mineral resource estimate ("MRE") update expected in Q1 2026.

Note *1: Tin assays are outstanding from the laboratory pending further check sample and ore grade analysis

Figure 7: Example SVS-style mineralisation with quartz-greisen veins containing wolframite (tungsten) and minor chalcopyrite (copper) mineralisation in exploration drill core from drill hole CRD036. The core photograph shown is a selected example of logged drill core and is not necessarily representative of all mineralisation encountered. Core is to be sampled and laboratory assays will provide quantitative results.

Dennis Rowland, CRL Managing Director, said:

"The drilling programme has accelerated following the mobilisation of Rig 2 to Redmoor, with a further 3 drill holes complete, having intersected the full logged thickness of the Redmoor SVS, with sample batches now being shipped for analysis at regular intervals.

"We are pleased to announce that drill hole CRD037, the first drill hole to test CRL's exploration target, intersected veins consistent with SVS style mineralisation and a similar vein morphology as those previously drilled at Redmoor, further validating the exploration model and potential for resource growth.

"We are happy to report the initiation of further work programmes to support the forthcoming MRE update, with the results from metallurgical and processing testworks expected to update the recovery assumptions used in Redmoor's 2019 MRE."

Figure 8: Drone photograph of Redmoor, looking towards Kit Hill, showing Rig 1 on Pad 2, and Rig 2 on Pad 3 of the ongoing Redmoor 2025 drilling programme, as well as the location of Pad 1.

CRL Redmoor Drill Programme Update and Highlights

CRL's exploration drill hole programme at Redmoor continues at pace following the mobilisation of a second drill rig to site during September (RNS: 11 September 2025). Since then, drill holes CRD036 and CRD038 have been completed from Pad 2, and CRD037 from Pad 3 (see Figure 8). A further two drill holes are actively being drilled, with CRD039 (Pad 3) having passed its halfway point, and CRD040 (Pad 2) commencing drilling today, with the final drill hole, CRD041, of the 2025 programme planned from Pad 3.

The nine drill holes planned for the 2025 drilling programme serve several purposes:

• Testing a section of the Redmoor 2019 Exploration Target reported in accordance with JORC (2012), with potential to add resource upside. Redmoor has an Exploration Target of 4-8Mt @ 1.0 to 1.4% Tin equivalent (comprising tungsten, tin and copper).
• Testing short-range continuity of grade, geology, and structure to define appropriate infill drilling spacing for future drilling programmes aimed at potentially upgrading parts of the current Mineral Resource to the Indicated category (subject to other technical criteria) and supporting prefeasibility study inputs.
• Twinning selected 1980s South West Minerals ("SWM") drillholes to validate historical data for potential inclusion in the forthcoming MRE update, thereby increasing confidence in the MRE and potentially reducing future drilling requirements.
• Testing the potential for identification of additional mineralisation outside of the SVS.

CRD036, CRD037 and CRD038 intersected the full logged apparent width of the Redmoor SVS at different localities within the Redmoor deposit. Geological logging of the three drill holes indicates the presence of visible wolframite (the chief tungsten-bearing mineral at Redmoor), chalcopyrite (a copper-bearing mineral), and cassiterite (primary tin-bearing mineral), consistent with mineralisation previously identified and reported at Redmoor.

Importantly, CRD037 was planned as the first of several holes to test a portion of the Redmoor 2019 Exploration Target JORC (2012). With an aim to confirm the presence of SVS veining and mineralisation and therefore filling in a key section of the exploration target integral to the project's Scoping Study (2020) mine design. CRD037 successfully intersected logged SVS from 490.00 m - 592.70 m (downhole depth) with geological logging confirming visible wolframite, cassiterite and chalcopyrite mineralisation (see Figure 3 and 4). CRD037 and CRD039 additionally intersected logged mineralised structures outside the Redmoor SVS (see Figure 6), highlighting further growth potential, subject to analysis and modelling.

Table 1: Drill hole collar details for drill holes from Pad 1, 2 and 3, and hole status.

Programme Updates

Additional work activities are underway to support the completion of the programme, part-funded by the UK Government through the UK Shared Prosperity Fund, with final outputs to be reported before the end of Q1 2026.

Alfred H. Knight (formerly Grinding Solutions Limited, Cornwall) is undertaking metallurgical testwork and flowsheet design necessary to identify the preferred processing methodologies for Redmoor's ore, and to establish and update metal recovery assumptions for the key metals within the Redmoor deposit.

TOMRA has been engaged to undertake initial ore sorting amenability testing. It is expected that the utilisation of ore sorting could potentially improve any eventual mining process and efficiently recover high-grade ore material whilst discarding waste material to produce a preconcentrate prior to metallurgical processing. Examples from other deposits in southwest England have shown significant reductions in ore feed for a small loss of contained metal.

These activities aim to improve the understanding of processing design, concentrate recoverability, and grades at an early stage in the project. All datasets from the 2025 drilling and related studies, as well as the relogging and sampling of CRL historical core, will feed into an updated Redmoor MRE to be reported in accordance with the JORC Code (2012 Edition). This updated MRE is expected to be completed in Q1 2026.

The current MRE, reported in accordance with the JORC Code (2012 Edition) in 2019, is 11.7 Mt at 1.17% tin equivalent (0.56% WO₃, 0.16% Sn, 0.50% Cu (or 0.82% WO₃ Equivalent)). This highlights the high tungsten grade of the Redmoor deposit relative to many other global tungsten projects with a CRIRSCO compliant Mineral Resource, based on comparable cut-off grades, modifying factors, style of mineralisation and tonnages, or other notable projects with historical*2 designated resources. CRL is therefore confident in its high-grade status, and in the Company's opinion Redmoor's position as the highest-grade, undeveloped, tungsten resource in Europe, and one of the highest-grade deposits globally.

Note*2: "Historical resources" are estimates prepared outside current reporting standards, or for which data quality is insufficient to qualify for reporting under CRIRSCO-aligned codes (e.g., the JORC Code (2012) or CIM (2014).

Sampling and QA/QC Procedures

The sampling, logging, and QA/QC protocols applied in the 2025 drilling programme are consistent with those used for the 2019 MRE, which was reported in accordance with the JORC Code (2012 Edition). These procedures have since been reviewed and updated under the direction of the current Competent Person, Mr Laurie Hassall, to further strengthen data quality and alignment with industry best practice. The programme incorporates certified reference materials, blanks, and laboratory duplicates at regular intervals, as well as umpire assays. Full details are provided in the JORC (2012) Table 1 included in the RNS released on 13 October 2025.

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

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it's needed the most.