Redmoor: Positive Results from Exploration Target

Results from CRD037 confirm presence of the SVS and continued high-grade tungsten-dominant and tin-dominant mineralisation with associated copper within a high-priority section of the previously untested Redmoor Exploration Target

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, announces that its wholly owned subsidiary, Cornwall Resources Limited ("CRL"), has received assay results from drillhole CRD037 - the first hole from Pad 3 - from the Redmoor Tungsten-Tin-Copper Project ("Redmoor") in southeast Cornwall.

CRD037 successfully intersected the central portion of a high-priority section of the 2019 Redmoor JORC (2012) Exploration Target (the "Exploration Target"), identifying the presence of Sheeted Vein System ("SVS") within this section and confirming the continuation of high-grade mineralisation containing tungsten, tin, and copper with silver within tungsten- and tin-dominant zones.

Highlights

• Successful identification of SVS and Lode-style mineralisation within the high priority section (see Figure 1) of the current Redmoor Exploration Target, supporting:

o The inclusion of this section in the forthcoming Mineral Resource Estimate ("MRE") update, with potential to contribute to Mineral Resources, subject to further modelling, estimation and application of Reasonable Prospect of Eventual Economic Extraction ("RPEEE"); and

o The potential for any future expansion drilling at Redmoor to test and potentially convert additional portions of the 4-8 Mt Exploration Target from the 2019 MRE to Mineral Resources, subject to further drilling and estimation.

• CRD037 intersected multiple high-grade zones of significant width, detailed in the Downhole Intersections Highlights below. As well as a continuous zone of mineralisation of 51.30m at 0.11% WO3, 0.13% Sn & 0.40% Cu (0.33% WO3.Eq) from 520.00 m, which contains numerous higher-grade intervals.
• CRD037 intersected multiple higher-grade intervals within high-grade tungsten-dominated or high-grade tin-dominated structures, including copper, with results including:

o 2.06% WO3 over 0.85m from 522.00m

o 2.00% Sn over 0.53m from 469.77m

o 2.57% Cu over 1.00m from 548.00m

Downhole Intersections Highlights

High-grade tungsten, tin and copper from both Lode-style and SVS-style mineralisation:

• 2.23m @ 0.48% Sn & 0.02% Cu (0.40% WO3.Eq) from 469.77 m, including:

o 0.53m @ 2.00% Sn & 0.04% Cu (1.66% WO3.Eq) from 469.77 m

• 1.64m @ 0.25% WO3, 0.26% Sn & 0.74% Cu (0.67% WO3.Eq) from 489.00 m, including:

o 0.64m @ 0.56% WO3, 0.63% Sn & 1.80% Cu (1.56% WO3.Eq) from 490.00 m

• 2.85m @ 0.71% WO3, 0.15% Sn & 0.38% Cu (0.94% WO3.Eq) from 520.00 m, including:

o 0.85m @ 2.06% WO3, 0.19% Sn & 0.58% Cu (2.37% WO3.Eq) from 522.50 m

• 0.95m @ 0.48% WO3, 0.18% Sn & 0.58% Cu (0.78% WO3.Eq) from 530.55 m
• 2.00m @ 0.07% WO3, 0.49% Sn & 0.58% Cu (0.63% WO3.Eq) from 542.50 m
• 1.00m @ 0.01% WO3, 0.53% Sn & 2.57% Cu (1.13% WO3.Eq) from 548.00 m
• 1.20m @ 0.70% WO3, 0.28% Sn & 1.40% Cu (1.30% WO3.Eq) from 564.25 m

Continuation of elevated silver mineralisation*1 associated with higher-grade copper mineralisation within the sheeted vein system confirmed with results including 1m @ 52.90 g/t Ag, 2.57% Cu, 0.53% Sn and 0.01% WO3 from 548.00m.

Figure 1: Long section looking south of the 2019 SVS model (gold), showing the trace of CRD037 coloured on Sn. Also showing the updated granite model surface (pink) at depth and other drillholes (black). Trace of CRD037 shown to pass through the high-priority section, representing a gap within the existing SVS model.

Dennis Rowland, CRL Managing Director, said:

"Previous results from CRD038 provided the first drilling evidence of sheeted vein mineralisation within the margins of the current Exploration Target. Results from CRD037 intersected the core of a high-priority section of the Exploration Target, demonstrating the continuation of SVS high-grade mineralisation through this previously untested section."

"This section was deemed high priority as it was considered within the footprint of the Redmoor Mining Scoping Study (2020) design and was incorporated as development only, given no Mineral Resource had been modelled in this area at the time."

"The results also provide additional support for the continuity of the geological model within this section, highlighting the presence of high-grade tungsten- and tin-dominant zones, and therefore additional confidence when designing the upcoming infill drilling programme. These results are expected to inform the forthcoming MRE update, subject to completion of estimation work."

Mark Burnett, Strategic Minerals Executive Director, said:

"Results from CRD038 and CRD037 provide further support for the continuity of mineralisation within the Exploration Target area and indicate potential for additional Mineral Resources, subject to modelling, estimation and demonstration of RPEEE.

With results from the remaining two 2025 drillholes outstanding and the results of the metallurgical testworks to come, we are quickly advancing towards the production of the new MRE for Redmoor, which we expect to further highlight, in the Company's opinion, Redmoor's place as the highest-grade, undeveloped tungsten resource in Europe."

Detail of analytical results from CRD037

Table 1: Drillhole collar data for CRD037.

Figure 2: Plan (top-down) view of the previously modelled high-grade domains (gold) used in the 2019 Redmoor MRE, showing CRD037 (red) and other CRL and SWM drillhole traces (black).

At the outset of the 2025 drilling campaign, the Company established several key objectives, including confirmation of continuity of structure and grade within the resource, verification of validity of the 1980s drillhole datasets, and testing a portion of the Redmoor JORC Exploration Target.

CRD037 (see Table 1 and Figure 2) was the first drillhole drilled from Pad 3 at Redmoor between September and October 2025. CRD037 was aimed at testing the highest-priority section of previously un-drilled portion of the Redmoor deposit, at the centre of the Exploration Target, which forms a resource gap within the deposit. CRD037's objective was to identify the presence and continuity of SVS mineralisation containing high-grade tungsten, tin, and copper.

As shown in Figure 1, CRD037 passed through the centre of the gap in modelled mineralisation. The results indicate that the objective has been achieved with CRD037 identifying SVS mineralisation containing zones of high-grade tungsten-dominant mineralisation, and high-grade tin-dominant zones, both containing copper (with associated silver mineralisation) within this section of the Exploration Target. The results support the interpreted westward continuation of the SVS along strike from historical drillholes such as RM80_16B (see Figure 2).

The SVS intersection in CRD037 occurs within a portion of the Sheeted Vein System that had not previously been modelled as part of the 2019 MRE. The results provide additional geological information on the continuity of the SVS and associated higher-grade domains in this area. This information has been obtained as a result of drilling at CRD037.

An updated SVS geological model was completed prior to drilling CRD037, as announced by the Company on 29 January 2026.. The results from CRD037 will be incorporated into a subsequent update of the model to reflect the newly intersected SVS mineralisation and associated grade domains.

Based on results from CRD037, and supporting drillholes, this part of the deposit is expected to be included in the forthcoming MRE, whereas it was previously outside the scope of estimation and classified as an Exploration Target. Any change in classification will be subject to further geological evaluation and resource estimation in accordance with the JORC Code (2012).

Figure 2: Cross-sectional view of the updated model, showing high-grade domains (red and green) identified during historical drilling and CRD037 showing the mineralised continuity of these structures' westwards.

CRD037 is located within the high-grade, tin-dominant portion of the Redmoor deposit, with high-grade tungsten-dominant and high-grade tin-dominant intersections highlighted above and detailed in Table 2, below. Results from the remaining drillholes from Pad 3, CRD039 and CRD041 are expected shortly. CRD039 also intersects the Exploration Target, and CRD041 intersected visible mineralisation as part of the SVS within the western portions of the resource and identified potential new tin-dominant mineralisation separate from and in the hanging wall, north of, the SVS.

Table 2: Highlights of downhole composite sample intersections returned from recently received results from drillhole CRD037 showing interval lengths and subsequent assay results for WO3, Sn & Cu. A tungsten equivalent result has also been calculated*2. Composited values use a downhole length weighted average of grades.

Note*2 Tungsten Equivalent (WO3.Eq) Calculation: WO₃ (EQ)% = WO₃%+(Sn% x 0.82) + (Cu% x 0.27)

Commodity price assumptions: WO₃ US$ 43,000/t, Sn US$ 32,525/t, Cu US$ 9,429/t. Using the 12-month average to September 2025. Recovery assumptions: total WO₃ recovery 72%, total Sn recovery 68% and total Cu recovery 85%. Payability assumptions of 81%, 90% and 90% respectively.

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.