Strategic Minerals
SML · AIM · Basic Resources · mcap £149m · 4.8p 2 open situations →
Open · 2
Redmoor drilling and MRE update
Redmoor drilling since Oct 2025 found a new North Tin Zone; the March 2026 MRE of 17.4Mt is 100% Inferred. Planning permission for 22,500m was granted and three rigs are operating. On 28 Sep 2026 the US Department of War awarded US$9.25m non-dilutive funding, extending the plan beyond the PFS to a definitive feasibility study and a final investment decision within 32 months of programme initiation. The finalised plan sets payment terms.
- Progress
- 5,000m drilled to date, on time and on budget 25 Sep 2026 ↗
- Board view
- Fully funded for 12+ months and substantially through the Pre-Feasibility Study 25 Sep 2026 ↗
- Funding
- US$9.25m from US Department of War, non-dilutive, Firm Fixed Price, cost-shared prototype agreement, not equity or grant 28 Sep 2026 ↗
- Target
- Complete infill, PFS, DFS and pre-site work towards FID within 32 months of programme initiation date 28 Sep 2026 ↗
- Next milestone
- Project Execution Plan finalisation, expected within 60 days 28 Sep 2026 ↗
- Payment terms
- Payments in arrears after agreed milestones are completed 28 Sep 2026 ↗
Next: Finalise Project Execution Plan with milestones and payment schedule
- 28 Sep 2026 US$9.25m US funding awarded; PEP being finalised
- 25 Sep 2026 Planning granted; 22,500m programme under way
- 23 Jun 2026 Infill drilling on CRD044; assays pending
- 2 Jun 2026 Infill drilling under way; CRD043 done, CRD044 next
Leigh Creek sale to Cuprum
Cuprum exercised its call option over Leigh Creek in December 2025 and paid A$250,000 for the option and first instalment. The timetable slipped in June while Cuprum arranged funding. A Definitive Agreement was signed on 3 September 2026 with lower cash of A$750,000, plus shares, a royalty and an earn-out. Completion needs FIRB approval; proceeds go to Redmoor. The half-year report restates the terms.
- Earn-out
- 20% of half-yearly Operating Cash Flows from commercial production, up to A$4.0m 25 Sep 2026 ↗
- Equity
- Shares equal to 19.9% of the listed vehicle, up to A$3m, on an ASX listing 2 Jun 2026 ↗
- Buyer's progress
- Engaging international funding partners and offtake groups; funding not yet secured 2 Jun 2026 ↗
- Cash
- A$750,000 in total, of which A$500,000 is in escrow pending FIRB approval 25 Sep 2026 ↗
- Shares
- Up to 19.9% of a new entity intended to be listed, targeting A$3.0m; any shortfall added to the earn-out 25 Sep 2026 ↗
- Royalty
- 2% NSR on first 24,900 tonnes of copper; Cuprum 1% buy-out option for A$1.5m 25 Sep 2026 ↗
Next: FIRB approval and completion of the Definitive Agreement
- 25 Sep 2026 Definitive Agreement signed; awaiting FIRB approval
- 3 Sep 2026 Definitive Agreement signed; awaiting FIRB approval
- 2 Jun 2026 Payment deadline extended three months
- 20 May 2026 Option exercised; definitive agreement pending
Company filings. Not investment advice.