Strategic Minerals (SML): Leigh Creek sale to Cuprum
This situation live
SML Strategic Minerals
9 Jan 2026 · Option exercised; A$0.25m received · +207% until the next step
Cuprum's right to acquire LCCM will lapse if the Second Instalment has not been paid to the Company by 31 May 2026
20 May 2026 · Option exercised; definitive agreement pending · +10% until the next step
The Company continues to engage with Cuprum to progress the transaction towards completion and realisation of value for the Leigh Creek Copper Project.
2 Jun 2026 · Payment deadline extended three months · +7% until the next step
the Company has now agreed to provide Cuprum with a short 3-month extension until 31 August 2026, to complete the payment of A$1.75m (the "Second Instalment") in relation to the proposed acquisition o
3 Sep 2026 · Definitive Agreement signed; awaiting FIRB approval · −3% until the next step
Definitive Agreement signed, with completion subject to conditions, including Australian Foreign Investment Review Board ("FIRB") approval.
25 Sep 2026 · Definitive Agreement signed; awaiting FIRB approval · −9% since
Post-Period end, Definitive Agreement signed in September 2026 for the sale of Leigh Creek Copper Mine, subject to conditions including Australian FIRB approval.
Leigh Creek sale to Cuprum
Definitive Agreement signed; awaiting FIRB approval
Next: FIRB approval and completion of the Definitive Agreement
Every step · 5
- 9 Jan 2026 Option exercised; A$0.25m received – Cuprum's right to acquire LCCM will lapse if the Second Instalment has not been paid to the Company by 31 May 2026 ↗
- 20 May 2026 Option exercised; definitive agreement pending – The Company continues to engage with Cuprum to progress the transaction towards completion and realisation of value for the Leigh Creek Copper Project. ↗
- 2 Jun 2026 Payment deadline extended three months – the Company has now agreed to provide Cuprum with a short 3-month extension until 31 August 2026, to complete the payment of A$1.75m (the "Second... ↗
- 3 Sep 2026 Definitive Agreement signed; awaiting FIRB approval – Definitive Agreement signed, with completion subject to conditions, including Australian Foreign Investment Review Board ("FIRB") approval. ↗
- 25 Sep 2026 Definitive Agreement signed; awaiting FIRB approval – Post-Period end, Definitive Agreement signed in September 2026 for the sale of Leigh Creek Copper Mine, subject to conditions including Australian FIRB approval. ↗
What is happening
Strategic Minerals: Leigh Creek sale to Cuprum – Definitive Agreement signed; awaiting FIRB approval. ['Definitive Agreement signed; awaiting FIRB approval']
- In short
- 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.
- Announced
- 9 Jan 2026 · Option exercised; A$0.25m received
- Latest
- 25 Sep 2026 · Definitive Agreement signed; awaiting FIRB approval
- Earn-out
- 20% of half-yearly Operating Cash Flows from commercial production, up to A$4.0m
- Equity
- Shares equal to 19.9% of the listed vehicle, up to A$3m, on an ASX listing
- Buyer's progress
- Engaging international funding partners and offtake groups; funding not yet secured
- Cash
- A$750,000 in total, of which A$500,000 is in escrow pending FIRB approval
- Shares
- Up to 19.9% of a new entity intended to be listed, targeting A$3.0m; any shortfall added to the earn-out
- Royalty
- 2% NSR on first 24,900 tonnes of copper; Cuprum 1% buy-out option for A$1.5m
- Conditions
- Completion subject to conditions, including Australian FIRB approval
- Use of money
- All proceeds will be used to support Redmoor
What comes next
FIRB approval and completion of the Definitive Agreement.
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Also at Strategic Minerals 1 open
Project milestonesRedmoor drilling and MRE update – US$9.25m US funding awarded; PEP being finalised
Strategic Minerals – company page →