Redmoor Programme Update and Option Grant
Strategic Minerals plc has commenced its largest continuous diamond drilling program to date at the Redmoor Tungsten-Tin-Copper Project in Cornwall, aiming for 22,500 meters of drilling by Q2 2027. The company also announced the grant of 13,150,000 share options to employees and directors at an exercise price of 4 pence, representing an 11% premium to the previous day's closing price, with vesting over two years. This significant drilling expansion and the option grants are intended to advance the Redmoor project towards feasibility studies and potential mining operations.
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Commencement of the Largest, Continuous, 22,500m Diamond Drilling Programme Undertaken from Surface in Cornwall, and GB this Century*1
Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide an update on the ongoing infill drilling programme at its Redmoor Tungsten-Tin-Copper Project ("Redmoor") following mobilisation of two further drill rigs to expand the programme, located in Cornwall, UK. Redmoor is being developed by the Company's wholly owned subsidiary, Cornwall Resources Limited ("CRL").
Highlights - Programme
- Following completion of pre-commencement submissions, the Local Planning Authority announced that CRL received final clearance for its drilling programme expansion:
o 22,500m of planned drilling which the Company aims to complete in Q2 2027- this programme is believed by the Company to be the largest, continuous, diamond drilling programme to be undertaken from surface in Cornwall.
- Site setup and mobilisation of additional drill rigs to Redmoor have been completed.
Rig 2 and Rig 3 will drill multiple drillholes from each drill pad, with drillholes CRD046 and CRD047 underway. In total, the planning permission has permitted 7 drill pad locations, which will form the drilling locations for at least 44 planned resource infill drillholes, and an additional 9 metallurgical holes.
Figure 1: View looking West including Rigs 1-3 of the drilling programme, with pads fully established and drilling underway.
Dennis Rowland, CRL Managing Director, said:
"The CRL team have been consistent in their approach to delivering high-quality process and results. With the planning permission and pre-commencement complete, site preparation activities have been accelerated and two additional drill rigs from Priority Drilling UK Limited were mobilised to site. Drilling is underway and progressing on our three-drilling rig programme."
Mark Burnett, Strategic Minerals' Executive Director, said:
"Drilling is now underway across our three-drill rig programme, on the largest continuous diamond drilling campaign undertaken in Cornwall from surface, and which we believe is also the largest programme delivered in Great Britain, from surface, this century. The scale of this programme reflects the opportunity at Redmoor, and the Company's commitment to doing all we can to advance the project through feasibility studies and towards mining as expeditiously as possible."
Option Grant
The Company also announces it has granted share options over a total of 13,150,000 ordinary 0.1p shares in the Company ("Share Options") in recognition of significant contributions to recent progress for the benefit of shareholders, meeting certain Key Performance Indicators in the year 2025-26, and to support the long-term incentivisation and retention of key personnel as Redmoor advances towards development.
The Share Options have been granted to certain existing employees of CRL, the Company's wholly owned subsidiary, and to Directors of the Company.
The Share Options have an exercise price of 4 pence, representing an 11% premium to the closing mid market price of the Company's shares on 4 August 2026. The Share Options are valid for five years and will vest in two tranches, with 50% becoming exercisable after one year from the date of grant and 50% after two years, provided each recipient remains an employee of the Company at the time of vesting.
Schedule of Director Options
| DIRECTOR | ROLE | DATE OF GRANT | NO. OPTIONS GRANTED | TOTAL OPTIONS HELD | |||
| Charles Manners | Executive Chair | 5 August 2026 | 2,200,000 | 77,200,000 | |||
| Mark Burnett | Executive Director | 5 August 2026 | 2,200,000 | 97,200,000 | |||
| Philip Haydn-Slater | Non-Executive Director | 5 August 2026 | 750,000 | 10,750,000 | |||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||
| a) | Name | Mark Burnett | |||||
| 2 | Reason for the notification | ||||||
| a) | Position/status | Executive Director | |||||
| b) | Initial notification /Amendment | Initial Notification | |||||
| a) | Name | Strategic Minerals Plc | |||||
| b) | LEI | 213800DICA5NPVOJT776 | |||||
| a) | Description of the financial instrument, type of instrument | Options over new ordinary shares of 0.1 pence each in the Company | |||||
| Identification code | ISIN: GB00B4W8PD74 | ||||||
| b) | Nature of the transaction | Grant of options over new ordinary shares of 0.1 pence each in the Company | |||||
| c) | Price(s) and volume(s) | Exercise price: 4 pence Volume: 2,200,000 | |||||
| d) | Aggregated information | ||||||
| - Aggregated volume | 2,200,000 Share Options | ||||||
| - Price | Exercise price: 4 pence | ||||||
| e) | Date of the transaction | 4 August 2026 | |||||
| f) | Place of the transaction | Off Market | |||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||
| a) | Name | Charles Manners | |||||
| 2 | Reason for the notification | ||||||
| a) | Position/status | Executive Chair | |||||
| b) | Initial notification /Amendment | Initial Notification | |||||
| a) | Name | Strategic Minerals Plc | |||||
| b) | LEI | 213800DICA5NPVOJT776 | |||||
| a) | Description of the financial instrument, type of instrument | Options over new ordinary shares of 0.1 pence each in the Company | |||||
| Identification code | ISIN: GB00B4W8PD74 | ||||||
| b) | Nature of the transaction | Grant of options over new ordinary shares of 0.1 pence each in the Company | |||||
| c) | Price(s) and volume(s) | Exercise price: 4 pence Volume: 2,200,000 | |||||
| d) | Aggregated information | ||||||
| - Aggregated volume | 2,200,000 Share Options | ||||||
| - Price | Exercise price: 4 pence | ||||||
| e) | Date of the transaction | 4 August 2026 | |||||
| f) | Place of the transaction | Off Market | |||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||
| a) | Name | Philip Haydn-Slater | |||||
| 2 | Reason for the notification | ||||||
| a) | Position/status | Non-Executive Director | |||||
| b) | Initial notification /Amendment | Initial Notification | |||||
| a) | Name | Strategic Minerals Plc | |||||
| b) | LEI | 213800DICA5NPVOJT776 | |||||
| a) | Description of the financial instrument, type of instrument | Options over new ordinary shares of 0.1 pence each in the Company | |||||
| Identification code | ISIN: GB00B4W8PD74 | ||||||
| b) | Nature of the transaction | Grant of options over new ordinary shares of 0.1 pence each in the Company | |||||
| c) | Price(s) and volume(s) | Exercise price: 4 pence Volume: 750,000 | |||||
| d) | Aggregated information | ||||||
| - Aggregated volume | 2,200,000 Share Options | ||||||
| - Price | Exercise price: 4 pence | ||||||
| e) | Date of the transaction | 4 August 2026 | |||||
| f) | Place of the transaction | Off Market | |||||
| 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 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.