Strategic Minerals (SML): Redmoor drilling and MRE update

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SML Strategic Minerals

£149m · 4.8p · +458% since the first step

24 Oct 2025 · Six holes drilled, assays and testwork ongoing · +50% until the next step A review of the geological and analytical data from twin boreholes is underway, with results to be announced shortly.

9 Jan 2026 · Nine holes drilled; assays from three received · +0% until the next step Exceptional drill results received from three of nine drill holes completed at the Company's Redmoor Tungsten-Tin-Copper Project

22 Jan 2026 · Funded; infill drilling expected to start this quarter · +100% until the next step Cornwall Resources Limited, the Company's wholly owned subsidiary, has reserved one of the drilling rigs used to complete the 2025 Redmoor drilling programme and will in due course seek to add additio

5 Feb 2026 · Pad 2 results in; Pad 3 results pending · +10% until the next step Final drillhole results from Pad 3 are expected to be delivered in the near term, ahead of the forthcoming MRE update.

26 Feb 2026 · Pad 3 final hole CRD041 reported; CRD039 delayed · +24% until the next step CRD039, the second last drillhole, has been delayed at the laboratory due to additional QAQC checks but is expected to be received shortly.

17 Mar 2026 · Infill drilling contracted, rig on site · +7% until the next step A planning permission application is expected to be submitted in early April, covering additional drill pads and for the expansion of drilling operations, subject to approval.

26 Mar 2026 · MRE delivered; infill drilling commencing, PFS next · +5% until the next step A fully funded infill drilling campaign to increase resource confidence for the conversion of inferred to indicated mineral resources is commencing and expected to scale up before the summer through t

26 Mar 2026 · Economic sensitivity analysis out; infill drilling starting; PFS next · +5% until the next step The Company is committed to advancing Redmoor at pace into and through feasibility, with the fully funded infill drilling campaign commencing, and further planned to ramp up shortly, with the aim to i

20 May 2026 · Funded for infill drilling; PFS to follow · +10% until the next step A further £8.7m ($11.7m) raised post year end through two equity placings in Q1 2026 to fund infill drilling and Pre-Feasibility Study at Redmoor.

2 Jun 2026 · Infill drilling under way; CRD043 done, CRD044 next · −18% until the next step The resource infill drilling programme at Redmoor is progressing well, with outputs planned to inform the project's prefeasibility study.

23 Jun 2026 · Infill drilling on CRD044; assays pending · +26% until the next step Drillhole CRD044 is advancing to schedule and is currently at 455.30 m of a 650.00 m planned drill depth.

25 Sep 2026 · Planning granted; 22,500m programme under way · +14% until the next step Post-Period end, planning permission granted for the largest continuous diamond drilling programme undertaken from surface in Cornwall this century: 22,500m, with three rigs now operating and completi

28 Sep 2026 · US$9.25m US funding awarded; PEP being finalised · −20% since CRL and the U.S. Government will update and finalise the provisionally accepted Project Execution Plan (“PEP”), including confirmation of the programme milestones, delivery timeline and associated awa

Project milestones

Redmoor drilling and MRE update

US$9.25m US funding awarded; PEP being finalised

Next: Finalise Project Execution Plan with milestones and payment schedule

Every step · 13

24 Oct 2025 Six holes drilled, assays and testwork ongoing – A review of the geological and analytical data from twin boreholes is underway, with results to be announced shortly. ↗
9 Jan 2026 Nine holes drilled; assays from three received – Exceptional drill results received from three of nine drill holes completed at the Company's Redmoor Tungsten-Tin-Copper Project ↗
22 Jan 2026 Funded; infill drilling expected to start this quarter – Cornwall Resources Limited, the Company's wholly owned subsidiary, has reserved one of the drilling rigs used to complete the 2025 Redmoor drilling... ↗
5 Feb 2026 Pad 2 results in; Pad 3 results pending – Final drillhole results from Pad 3 are expected to be delivered in the near term, ahead of the forthcoming MRE update. ↗
26 Feb 2026 Pad 3 final hole CRD041 reported; CRD039 delayed – CRD039, the second last drillhole, has been delayed at the laboratory due to additional QAQC checks but is expected to be received shortly. ↗
17 Mar 2026 Infill drilling contracted, rig on site – A planning permission application is expected to be submitted in early April, covering additional drill pads and for the expansion of drilling operations,... ↗
26 Mar 2026 MRE delivered; infill drilling commencing, PFS next – A fully funded infill drilling campaign to increase resource confidence for the conversion of inferred to indicated mineral resources is commencing and... ↗
26 Mar 2026 Economic sensitivity analysis out; infill drilling starting; PFS next – The Company is committed to advancing Redmoor at pace into and through feasibility, with the fully funded infill drilling campaign commencing, and further... ↗
20 May 2026 Funded for infill drilling; PFS to follow – A further £8.7m ($11.7m) raised post year end through two equity placings in Q1 2026 to fund infill drilling and Pre-Feasibility Study at Redmoor. ↗
2 Jun 2026 Infill drilling under way; CRD043 done, CRD044 next – The resource infill drilling programme at Redmoor is progressing well, with outputs planned to inform the project's prefeasibility study. ↗
23 Jun 2026 Infill drilling on CRD044; assays pending – Drillhole CRD044 is advancing to schedule and is currently at 455.30 m of a 650.00 m planned drill depth. ↗
25 Sep 2026 Planning granted; 22,500m programme under way – Post-Period end, planning permission granted for the largest continuous diamond drilling programme undertaken from surface in Cornwall this century:... ↗
28 Sep 2026 US$9.25m US funding awarded; PEP being finalised – CRL and the U.S. Government will update and finalise the provisionally accepted Project Execution Plan (“PEP”), including confirmation of the programme... ↗

What is happening

Strategic Minerals: Redmoor drilling and MRE update – US$9.25m US funding awarded; PEP being finalised. ['US$9.25m US funding awarded; PEP being finalised']

In short: 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.
Announced: 24 Oct 2025 · Six holes drilled, assays and testwork ongoing
Latest: 28 Sep 2026 · US$9.25m US funding awarded; PEP being finalised
Progress: 5,000m drilled to date, on time and on budget
Board view: Fully funded for 12+ months and substantially through the Pre-Feasibility Study
Funding: US$9.25m from US Department of War, non-dilutive, Firm Fixed Price, cost-shared prototype agreement, not equity or grant
Target: Complete infill, PFS, DFS and pre-site work towards FID within 32 months of programme initiation date
Next milestone: Project Execution Plan finalisation, expected within 60 days
Payment terms: Payments in arrears after agreed milestones are completed
Remaining costs: Met by the Company from cash and, if secured, further UK grant funding
Excluded: Programme does not include mine planning/permitting process; no guarantee of follow-on production funding

What comes next

Finalise Project Execution Plan with milestones and payment schedule.

From the company's own announcements. Not investment advice.

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