Redmoor - Updated Economic Sensitivity Analysis

CRL 2025 drilling

·    Diamond drill core was oriented and aligned prior to sampling and cut longitudinally using a diamond core saw. Half-core samples were collected, with the remaining half retained for reference. Sampling was undertaken based on geological boundaries and mineralisation style, with typical sample lengths of approximately 1 m, extending up to 2 m in zones of lower mineralisation.

·    Unmineralised intervals were generally not sampled; however, selected drillholes (e.g. CRD033) were sampled in full to support geochemical characterisation of the broader mineralised system.

·    Drillhole orientation was designed to intersect the sheeted vein system (SVS) as close as possible to perpendicular in order to obtain representative sample widths.

CRL 2017-2018 drilling

·    Diamond drill core was oriented, aligned and halved using a core saw, with sampling conducted based on geological boundaries. Sample intervals were typically 1 m, extending up to 2.5 m in less mineralised zones.

·    Unmineralised intervals were generally not sampled. Sampling protocols are considered appropriate for the style of mineralisation.

·    Drillholes were oriented where possible to intersect mineralisation at high angles. Due to the presence of multiple mineralised orientations and access constraints, not all drillholes achieved optimal orientation.

SWM 1980-1983 drilling

·    Historical diamond drilling completed by South West Minerals (SWM) between 1980 and 1983 forms part of the Redmoor database and split core samples have been incorporated into the current 2026 Mineral Resource estimate.

·    Historical sampling was undertaken on diamond drill core, with samples collected for both assay and density determination.

·    Drillholes were generally oriented to intersect mineralisation at high angles; however, some lodes (e.g. Johnson's Lode), which dip in an opposing direction to the main SVS, were intersected at lower angles.

·    Historical assay data were subject to verification through check sampling programmes undertaken by Robertson Research International, Alfred H. Knight, and subsequent resampling by SRK/NAE. Additional validation has been provided through Snowden Optiro's 2025 data review and twin-hole comparisons, supporting the reliability of the dataset for Mineral Resource estimation.

CRL drilling

·    All CRL drilling (2017, 2018 and 2025) was undertaken using diamond core drilling. Core diameters ranged from HQ3/HQ to NQ/BTW (approximately 63.5 mm to 42 mm).

·    Core orientation was undertaken using Reflex ACT tools (ACT II, ACT III and ACTx depending on campaign), with orientation achieved for the majority of the core, particularly within mineralised zones.

SWM drilling (1980-1983)

·    Historic drilling by SWM was completed using HQ, NQ and BQ diamond core.

·    Drillholes were primarily oriented to intersect the northerly dipping SVS; however, some holes targeted southerly dipping lodes, resulting in variable intersection angles.

CRL drilling

·    Core recovery was recorded on a run-by-run basis, typically within 24 hours of drilling, by measuring recovered core lengths against drilled run lengths and reconciling with core blocks. Core recovery was generally high, typically exceeding 90-95% across all campaigns, including within mineralised zones.

·    Broken ground, voids and zones of poor recovery were clearly logged. Triple-tube drilling was used where possible (2017 campaign) to maximise recovery in fractured zones.

·    No material relationship between core recovery and grade has been identified, and no evidence of sampling bias due to preferential loss or gain of material is considered present.

SWM drilling

·    All historic drillholes were completed using HQ, NQ or BQ diamond core.

·    Core recovery was recorded in historical logs and is generally reported as high (typically 80-100%), with lower recoveries associated with poor ground conditions.

·    Where poor recovery occurred, holes were commonly re-drilled. There is no evidence of a systematic relationship between recovery and grade.

CRL drilling

·    All drill core was geologically, structurally and geotechnically logged to a level of detail suitable for Mineral Resource estimation. Logging included lithology, alteration, mineralisation, structure (including alpha and beta angles), and geotechnical characteristics.

·    Logging was undertaken digitally, supported by structural measurements using a Kenometer. Improvements to logging templates in 2025 enabled separation of lithological, structural, alteration and mineralisation datasets.

·    Core was photographed in full and linked to downhole geology within Leapfrog software.

·    Logging is both qualitative and quantitative in nature, and 100% of drilled intervals were logged.

·    Selected samples were submitted for petrographic analysis to support mineralogical interpretation.

SWM drilling

·    Historical core was logged in detail, with qualitative mineralogical and geological descriptions recorded. Logs remain available for review and include all relevant mineralised intersections.

CRL 2025 drilling

·    Core was cut longitudinally using a diamond saw, with half-core samples submitted for analysis and the remaining half retained in the core trays as a reference record. Sampling was consistently undertaken from the same side of the orientation line to maintain representivity.

·    Half-core samples were submitted to ALS Loughrea for preparation and analysis. Sample weights were typically in the range of 2-7 kg. Samples were dried and crushed to better than 95% passing 2 mm, after which a 1,000 g split was taken and pulverised to better than 85% passing 75 µm.

·    QAQC procedures included the insertion of certified reference materials (for all analytes estimated in the 2026 MRE), blanks, coarse duplicates, pulp duplicates and umpire checks at independent laboratory. Internal laboratory QC data, including particle size checks, were reviewed to confirm preparation quality.

·    Sample preparation techniques and sample sizes are considered appropriate for the style, grain size and variability of the Redmoor mineralisation.

CRL 2017-2018 drilling

·    Core was cut longitudinally using a diamond saw, with half-core samples submitted for analysis and the remaining half retained in the core trays as a reference record. Sampling was consistently undertaken from the same side of the orientation line.

·    Half-core samples were submitted to ALS Loughrea for preparation and analysis. Sample weights were typically in the range of 3-7 kg.

·    For holes CRD001 to CRD013, samples were dried and crushed to better than 70% passing 2 mm. A split of up to 250 g was then taken and pulverised to better than 85% passing 75 µm.

·    For holes CRD014 onwards, samples were dried and crushed to better than 95% passing 2 mm. A 1,000 g split was then taken and pulverised to better than 85% passing 75 µm.

·    QAQC procedures included insertion of blanks, standards and coarse duplicates. Internal laboratory QC data, including particle size checks, were reviewed, and duplicate sample results were assessed to confirm that sample preparation was not introducing material bias or unacceptable imprecision.

·    Sample preparation techniques and sample sizes are considered appropriate for the style, grain size and variability of the Redmoor mineralisation.

SWM drilling

·    Historic SWM core was generally sampled at approximately 2 m intervals using both split-core and geochemical chip sampling methods. Chip samples, interpreted to comprise material washed from the core barrel, are considered non-representative and were excluded from Mineral Resource estimation. Only split-core samples were retained for verification and modelling purposes.

·    Sample-type codes in the database distinguish split-core samples, chip samples, and mixed sampling approaches. Contemporary QAQC procedures such as certified reference materials, blanks and duplicates were not routinely implemented during the 1980-1983 drilling campaigns.

·    Robertson Research International undertook retrospective checks with Alfred H. Knight (c.10% of samples) and re-assayed Redmoor submissions following identification and correction of an analytical issue, providing reasonable confidence in the WO₃ data. SRK/NAE later performed limited core resampling.

·    2025 CRL drilling twinned three historic SWM holes, and Snowden Optiro undertook a detailed comparative review of lithology, structure and assay results, and is satisfied that the historical data are reliable for use in Mineral Resource estimation.

CRL 2025 drilling

·    Analysis by method ME-MS61 was carried out using a HF-HNO3-HClO4 acid digestion, HCl leach, and analysed with a combination of ICP-MS and ICP-AES, including Sn, Cu, and W. The upper and lower detection limits have previously been tested and predetermined by CRL and confirmed acceptable for the target elements of Sn, Cu, and W. A limited number of samples were also analysed for Cu, Pb and Zn by method OG62.

·    Where grades by method ME-MS61 exceed 0.30% W, as previously determined by internal review, an additional assay for high grade W by method ME-XRF15b was subsequently carried out. These results replace relevant W values for ME-MS61. Where grades by method ME-MS61 exceed 500 ppm Sn, an additional assay for high grade Sn was carried out using ME-XRF15b.

·    The laboratory shared their internal QC data on blanks, pulp duplicates and CRMs. CRL also inserted 7.5% CRMs to test WO₃, Sn and Cu analyses and 5% blanks along with 5% coarse and pulp duplicates, as a further control.

·    CRM standards were reproducible and within analytical ranges as certified; CRL's blanks show no significant contamination issues and the assays of the laboratory standards, which cover a range of metal values for each of Sn, Cu, WO₃, show no evidence of material bias.

·    2.5 % of samples are selected for umpire assays at an independent laboratory and project-specific CRMs for WO₃ and Sn to maintain long-term analytical confidence.

CRL 2017-2018 drilling

·    Analysis by method ME-ICP81x was carried out using a sodium peroxide fusion for decomposition and then analysed by ICP-AES for 34 elements, including Sn, Cu, and W. The upper and lower detection limits are considered acceptable for the target elements of Sn, Cu, and W. A limited number of samples were also analysed for silver by method Ag-ICP61.

·    Assay method selection (2017-2018): Where WO₃ by ME-ICP81x exceeded 0.50% WO₃, samples were re-analysed by XRF (ME-XRF15b) and the XRF results replaced the corresponding ICP values for reporting and resource evaluation.

·    Pulp re-assay and updated trigger (2024/2025): Following a review, the XRF trigger was lowered to 0.30% WO₃. CRL re-assayed 73 pulps by XRF at ALS; results showed an ~9% average increase in WO₃ relative to the original ICP assays (with the majority returning higher grades). This work confirms XRF as the preferred method for samples ≥0.30% WO₃ and supports its use for future estimation and reporting.

·    The laboratory shared their internal QC data on blanks, pulp duplicates and standards. CRL also inserted 5% each of blanks, standards and coarse duplicates, as a further control.

·    While there was some spread in the repeatability of the 2017 coarse rejects the results are acceptable and to industry guidelines; CRL's blanks show no significant contamination issues and the assays of the laboratory standards, which cover a range of metal values for each of Sn, Cu, W, show no bias subject to the protocol above being used.

SWM drilling

·    Historic SWM drill core was predominantly sampled at ~2 m intervals using two methods: split half-core and geochemical chip sampling. Chip samples are interpreted to comprise material washed from the core barrel and are concentrated in low-grade or unmineralised zones; due to representativity limitations they are not recommended for use in grade estimation. Snowden Optiro have only used the split core samples for modelling and estimation.

·    Historical SWM assay data were generated by RRI using XRF and colorimetric methods; subsequent check work by Alfred H. Knight provide a basis for confidence in the original WO₃ results.

·    No additional information is available on the quality control programmes used for the historic drilling.

·    SRK/NAE re-sampled selected SWM core in 2012-2013 for verification. Snowden Optiro reviewed these results and concluded that the quarter-core versus quarter-core methodology was sub-optimal for the coarse, nuggety wolframite mineralisation at Redmoor. Future verification was recommended to employ half-core versus half-core resampling to maintain equivalent sample support, or through twin hole verification.

CRL 2025 drilling

·    All assay and QAQC data were internally reviewed by CRL geologists and the Exploration Manager, and independently reviewed by Snowden Optiro.

·    CRL had previously undertaken analytical checks on historical pulp samples, confirming the need to reduce the high-grade WO₃ re-assay trigger from 0.5% to 0.3%. This updated threshold was applied to the assay database used in the 2026 MRE.

·    Sn trigger levels were also tested and the 500 ppm threshold was retained.

·    2025 CRL drilling twinned three historic SWM holes, and Snowden Optiro undertook a detailed comparative review of lithology, structure and assay tenor, and is satisfied that the historical split core data are sufficiently reliable for use in Mineral Resource estimation.

CRL 2018 drilling

·    Geologica UK previously validated the 2018 drilling database against laboratory certificates.

·    In 2025, Snowden Optiro completed an additional independent review of the 2017-2018 assay data against original laboratory files.

·    CRL also undertook targeted pulp re-assays in 2024-2025 to confirm WO₃ grades using XRF. Snowden Optiro considers the resulting dataset fit for Mineral Resource estimation.

CRL 2017 drilling

·    SRK previously reviewed the database and laboratory certificates and confirmed significant intersections.

·    In 2025, Snowden Optiro re-reviewed the 2017 data as part of the full MRE data assessment and confirmed the earlier conclusions regarding data integrity.

·    Snowden Optiro reviewed copies of CRL's assay database and laboratory certificates and compared significant intercepts.

·    SRK conducted a site visit and audit in 2017. Snowden Optiro completed multiple site visits in 2025 / 2026 and reviewed data entry, chain-of-custody and verification procedures. CRL maintains routine off-site backups, and Snowden Optiro recommended migration to a secure relational database and standardisation of historical and modern datasets.

·    Within significant intercepts, values at detection limits were replaced with half the detection limit. Where duplicate assays existed, the primary assay result was used unless otherwise justified.

SWM 1980-1983 drilling

·    Historical SWM drilling pre-dates routine modern QAQC insertion; however, records indicate that RRI undertook internal check analyses and submitted approximately 10% of samples for Alfred H. Knight check assay. All Redmoor samples since April 1980 were re-assayed due to an issue with a faulty x-ray tube. Snowden Optiro considers this an appropriate historical verification step providing reasonable confidence in the WO₃ data.

·    SRK re-sampled selected SWM core in 2012-2013 for verification. Snowden Optiro reviewed this work and concluded that quarter-core versus quarter-core resampling was not ideal for coarse, nuggety wolframite mineralisation.

·    Snowden Optiro therefore recommended twin-hole drilling as a more appropriate verification approach. This was implemented by CRL in 2025.

·    Snowden Optiro and CRL jointly planned a programme of twin-hole drilling to verify SWM data through direct comparison of lithology, structure and grade tenor. All three twin holes presented the same principal mineralised zones and did not indicate any systematic grade bias.

·    Snowden Optiro also completed side-by-side sectional review and statistical checks, including Q-Q plots, depth-aligned paired analyses and grade-threshold comparisons, as part of its independent verification.

·    Collar locations for selected SWM holes were verified in the field using handheld GPS. Downhole survey data and the applied −8° magnetic-to-grid correction were also reviewed and confirmed as appropriate.

·    Snowden Optiro independently checked relevant original logs against the currently digitised database and considers that no material transcription errors are evident in the geological capture.

CRL 2025 drilling

·    Planned collar locations were recorded as six-figure grid references with RL in metres, in the British National Grid (OSGB) coordinate system.

·    Final collar coordinates were recorded using a Reach RS2 GPS receiver. Variation from planned position was generally within 10 m.

·    Collar RL's were draped on the 5 m resolution Lidar topographic surface.

·    Downhole surveys were undertaken using Reflex EZ-Trac at a minimum of every 30 m downhole. Multi-shot surveys were also collected when drill diameter was reduced from HQ to NQ and at end of hole, with readings taken every 3 m uphole. Aluminium extension rods were used to minimise magnetic error.

·    Data were synchronised to IMDEX HUB-IQ, with survey QAQC checks undertaken by CRL geologists.

·    Initial collar set-up used an optical sighting compass for azimuth and inclinometer for inclination, with azimuth checked prior to and after rig set-up.

CRL 2018 drilling

·    Planned collars were recorded in British National Grid (OSGB) coordinates with RL in metres.

·    Collar surveys were completed using real-time corrected DGPS by 4D Civil Engineering Surveying Ltd, with final hole position generally within 5 m of the planned location.

·    Downhole surveys were conducted using Reflex EZ-Trac at minimum 50 m intervals. Aluminium rods were used to reduce magnetic interference.

·    Initial collar orientation used an optical sighting compass and inclinometer.

CRL 2017 drilling

·    Collar coordinates were recorded in British National Grid (OSGB) with RL in metres and surveyed using real-time corrected DGPS by a professional survey company.

·    Downhole surveys were collected using Reflex EZ-Trac at a minimum of every 50 m downhole, using aluminium rods to minimise magnetic error.

·    Initial collar orientation used an optical sighting compass and inclinometer.

SWM 1980-1983 drilling

·    Historic collar locations are recorded on drill logs as six-figure grid references in British National Grid (OSGB).

·    Where RL data were absent, SRK projected collars onto 2005 LiDAR topographic survey data.

·    Downhole surveys were typically collected using acid tube tests or single-shot survey cameras at approximately 50 m intervals.

·    Historic plans and drillhole traces were digitised, and Snowden Optiro reviewed collars against georeferenced plans and is satisfied that coordinate positions are adequate for Mineral Resource estimation.

CRL 2025 drilling

·    The 2025 programme aimed to extend previously identified mineralisation, verify the validity of the SWM drilling dataset through twin-hole drilling, and test mineralisation within the 2019 Exploration Target.

·    Twinned holes were typically spaced approximately 10-25 m from the corresponding historic holes and were drilled at similar azimuth and dip where practicable, in order to intersect the SVS at the same intersection point.

·    Samples were composited to 2 m for continuity analysis and grade estimation.

CRL 2018 drilling

·    The 2018 programme was designed primarily to extend previously identified mineralisation.

·    Hole spacing is typically of the order of 70-150 m, locally closer.

·    This spacing is considered sufficient to support geological and grade continuity appropriate for an Inferred Mineral Resource classification.

·    Samples were composited to 2 m for continuity analysis and estimation.

CRL 2017 drilling

·    The 2017 programme aimed to extend and improve continuity of previously identified mineralisation, as well as confirm the presence of the SVS, which was first discovered by SWM.

·    Within the SVS, drill spacing is typically around 100-150 m and locally less, depending on target geometry and access.

·    Compositing was applied on a length-weighted basis in support of intercept calculations and later resource estimation workflows.

SWM 1980-1983 drilling

·    Historic drillholes and sample intersections are typically around 100-150 m apart within the main lodes and lode systems, including the SVS, Johnson's Lode and Great South Lode.

·    This spacing provided an early indication of geological continuity.

·    All individual sample assays remain available for review and modelling.

CRL 2025 drilling

·    Drillholes were primarily designed to test the SVS, with some secondary targeting of ancillary lodes such as Johnson's Lode.

·    The holes were oriented as close as practicable to perpendicular to the SVS to maximise representivity of geological and mineralised widths.

·    The drilling confirmed continuity of previously defined high-grade zones and associated geological structures. Twin-hole drilling also confirmed continuity of WO₃, Sn and Cu tenor within the corresponding mineralised zones.

CRL 2018 drilling

·    Drillholes targeted the SVS and ancillary lodes such as Kelly Bray Lode.

·    Some holes were drilled oblique to mineralisation in order to minimise the impact on local residents and accommodate access constraints.

·    Notwithstanding this, the SVS is interpreted as a broad tabular mineralised zone and the drilling orientation is considered appropriate for evaluation of the geometry as currently understood.

CRL 2017 drilling

·    Drillholes targeted the SVS, Johnson's Lode, Great South Lode and Kelly Bray Lode, which have differing dips and orientations.

·    Because some holes intersected more than one target, they could not be perpendicular to all mineralised structures.

·    Some holes were also drilled oblique to mineralisation in order to minimise disturbance to nearby residents.

·    Despite this, the SVS mineralisation is interpreted to be a broad tabular zone with an internal plunge component, and the drilling orientation is considered appropriate for evaluation of this geometry as presently understood.

·    Reported intercepts are generally downhole widths unless otherwise stated.

SWM 1980-1983 drilling

·    Historic holes were generally oriented to intersect the SVS and Great South Lode at angles between approximately 45° and 90°.

·    In some cases, two or three holes were drilled from a single site to reduce the number of drill pads, and this resulted in shallower than optimum intersection angles for structures such as Johnson's Lode.

·    Full mineralised intersections are available and no material bias is considered to have been introduced. Differences between intersected and true widths were accounted for in previous evaluations and in the current geological interpretation.

CRL drilling

·    All CRL drill core is stored at CRL's secure warehouse/office facility in Kelly Bray, Callington, with no public access.

·    Core is stored on racking, catalogued and available for future review. Historical pulps and coarse rejects are also retained by CRL where available.

SWM drilling

·    Remaining SWM drill core is in CRL's custody and stored on private land to which CRL has continued access.

CRL drilling

·    Snowden Optiro audited CRL's sampling, logging, and QAQC procedures during a comprehensive review in 2025 and found them to meet industry best practice.

·    Snowden Optiro undertook a total of nine site visits to CRL's Redmoor Project to review and audit drilling, logging, density measurement and sampling practices, as well as standard operating procedures and is satisfied that CRL is performing all activities to a high standard.

·    SRK previously audited CRL's 2017 drilling programme (June 2017) and identified no significant issues.

SWM drilling

·    No external audit of the historical SWM QAQC is known other than those undertaken by SRK and Snowden Optiro.