First Results from Infill Drilling Programme

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.

 

 

14 September 2026

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

First Results from Infill Drilling Programme

 

Excellent first drilling results confirm Redmoor's high-grade nature, further supporting the structural and high-grade continuity of the Redmoor deposit

 

Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide updates on the first batch of drillhole results from the resource infill drilling programme alongside project progress at its Redmoor Tungsten-Tin-Copper Project ("Redmoor"), located in Cornwall, UK.

Highlights:

 

·    CRL has confirmed further high-grade tungsten-tin-copper mineralisation within the Redmoor Sheeted Vein System ("Redmoor SVS"), with multiple drillholes returning intervals in excess of 1.00% WO₃ over 1m and tungsten-equivalent grades ("WO₃. Eq*¹") exceeding 6.00% WO₃ Eq over 1m in certain intervals - among the highest-grade tungsten intercepts reported at Redmoor to date.

·    Additionally, CRL has intercepted multiple intervals of high-grade copper, with one interval returning 6.79% Cu over 0.65m from 333.03m in CRD042 - part of a wider interval returning 1.70% Cu over 12.06m from 322.72m.

·    The results provide additional confidence in the current model reported as part of the Redmoor Mineral Resource estimate ("MRE") update (see RNS dated 26 March 2026).

·     CRL has also identified a previously unmodelled style of copper-tin mineralisation at Redmoor*². Flat lying aplitic bodies within the roof zone of the granitic unit, below the currently modelled Redmoor SVS, contain strong Cu+Sn mineralisation, with one interval returning:

o  2.91 m @ 0.51% Sn, 0.01% WO₃, & 0.18% Cu (0.26% WO₃. Eq*¹) from 454.00 m Containing 1.00 m @ 1.10% Sn, 0.00% WO₃, & 0.37% Cu (0.55% WO₃. Eq*¹) from 455.91 m

·      Highlights of these analyses have returned further strong results from the Redmoor SVS, building on the success of the previous 2026 SPF Drilling Programme, including:

Highlights from CRD042

·     2.98 m @ 2.21% WO₃, 0.04% Sn,  & 1.95% Cu (2.56% WO₃. Eq*¹) from 322.72 m

§ Containing 1.03 m @ 5.90% WO₃, 0.05% Sn, & 3.68% Cu (6.54% WO₃. Eq*¹) from 324.67 m

·     1.63 m @ 3.38% WO₃, 0.03% Sn,  & 0.54% Cu (3.48% WO₃. Eq*¹) from 331.40 m

·     0.65 m @ 0.10% WO₃, 0.05% Sn,  & 6.79% Cu (1.22% WO₃. Eq*¹) from 333.03 m

·     4.50 m @ 1.01% WO₃, 0.07% Sn,  & 1.82% Cu (1.37% WO₃. Eq*¹) from 346.25 m

·     0.60 m @ 1.11% WO₃, 0.41% Sn,  & 3.53% Cu (1.91% WO₃. Eq*¹) from 388.10 m

Highlights from CRD043

·     3.75 m @ 1.06% WO₃, 0.02% Sn,  & 1.05% Cu (1.29% WO₃. Eq*¹) from 281.75 m

§ Containing 1.42 m @ 2.63% WO₃, 0.01% Sn, & 0.16% Cu (2.66% WO₃. Eq*¹) from 284.08 m

·     1.45 m @ 2.77% WO₃, 0.05% Sn,  & 0.77% Cu (2.93% WO₃. Eq*¹) from 318.30 m

·     3.30 m @ 2.24% WO₃, 0.08% Sn,  & 0.90% Cu (2.44% WO₃. Eq*¹) from 348.70 m

§ Containing 1.00 m @ 6.00% WO₃, 0.22% Sn, & 1.54% Cu (6.39% WO₃. Eq*¹) from 351.00 m

·     1.00 m @ 1.82% WO₃, 0.11% Sn,  & 2.37% Cu (2.33% WO₃. Eq*¹) from 382.50 m

·     0.94 m @ 2.07% WO₃, 0.01% Sn,  & 1.07% Cu (2.27% WO₃. Eq*¹) from 451.00 m

Highlights from CRD044_D1

·     1.00 m @ 5.14% WO₃, 0.00% Sn,  & 0.06% Cu (5.15% WO₃. Eq*¹) from 280.00 m

·     1.55 m @ 1.66% WO₃, 0.05% Sn,  & 0.48% Cu (1.77% WO₃. Eq*¹) from 343.55 m

·     1.17 m @ 3.24% WO₃, 0.09% Sn,  & 0.95% Cu (3.47% WO₃. Eq*¹) from 351.49 m

·     2.30 m @ 3.90% WO₃, 0.03% Sn,  & 0.80% Cu (4.06% WO₃. Eq*¹) from 376.80 m

§ Containing 1.02 m @ 6.16% WO₃, 0.03% Sn, & 0.91% Cu (6.34% WO₃. Eq*¹) from 378.08 m

·     1.38 m @ 1.24% WO₃, 0.02% Sn, & 0.73% Cu (1.38% WO₃. Eq*¹) from 419.00 m

 

Notes*¹: WO₃.Eq has been calculated using the following formula: (WO₃_%+(Sn_%*0.403) +(Cu_%*0.133) +(Ag_ppm*0.0046)). The calculation uses the same metal price, metallurgical recovery and payability assumptions as those applied in the 2026 Redmoor MRE, comprising metal prices of US$850/mtu APT, US$38,000/t Sn, US$11,000/t Cu and US$75/oz Ag; metallurgical recoveries of 86% WO₃, 67% Sn, 82% Cu and 59% Ag; and payabilities of 78% WO₃, 90% Sn, 90% Cu and 75% Ag. The Company considers that each of the metals included in the WO₃Eq calculation has reasonable potential to be recovered and sold based on the metallurgical testwork supporting the 2026 MRE.

Notes*²: This does not presently demonstrate current economic mineralisation but will be subjected to further geological and metallurgical testwork before any reasonable economic potential can be assessed and any potential inclusion in future MRE updates.  

 

Dennis Rowland, CRL Managing Director, said:

"These first results confirm strong continuity of structure and consistent high-grade results within the Redmoor SVS deposit, from the first holes of the programme. It is encouraging to see these results positively reinforce the existing deposit model, which adds confidence as we advance towards any future Mineral Resource Estimate updates."

"The Redmoor resource infill drilling programme is continuing at pace, with other aspects of the programme already underway, including the drilling and selection of metallurgical samples used to support Phase 1 of the planned metallurgical testwork. Additional samples have been collected from the recently drilled holes and will be sent to a dedicated geotechnical laboratory for geotechnical testwork, in line with requirements for a Prefeasibility Study ("PFS") and Feasibility Study ("FS")."

 

 

Mark Burnett, Strategic Minerals' Executive Director, said:

"With continuity of structure and additional high grades within the Redmoor SVS, we believe these results continue to demonstrate the world class nature of the deposit. Based on the Company's review of publicly reported Mineral Resources for CRIRSCO-compliant undeveloped tungsten projects in Europe, Redmoor remains the highest-grade undeveloped tungsten resource in Europe*."

"With 3 drill rigs on site, drilling is progressing well, with a further programme update to follow shortly. We expect a continuous stream of drill core samples to be sent to and processed at ALS Loughrae, Ireland, and updates to be provided to shareholders as appropriate."

 

Notes* The comparison is based on publicly available Mineral Resource statements reviewed by the Company as at March 2026 for undeveloped tungsten projects in Europe reported under CRIRSCO-aligned reporting codes. Comparison is based on the reported average WO₃ grade of the total Mineral Resource. Mineral Resource classifications, reporting cut-offs, estimation methodologies, metallurgical characteristics and project development stages differ between projects and may affect direct comparability.

Following the publication of the 2026 Redmoor MRE, CRL had initiated the PFS/FS Resource in-fill drilling programme, which has resulted in the successful identification of high-grade tungsten, tin and copper mineralisation at expected depths when reconciled with the previously modelled Redmoor Resource. The Redmoor Mineral Resource model (see RNS 26 March 2026) has formed the basis of the current PFS/FS resource infill drilling programme plan, which is designed to test and improve continuity of mineralisation and structure, which can then be used to inform any future MRE update.

Results are reported for CRD042 and CRD043, together with daughter hole CRD044_D1, which was wedged from parent hole CRD044 (See Figures 1-3 for drillhole cross sections). Assay results for the parent CRD044 hole remain pending. All holes successfully intersected modelled high-grade domains at broadly the expected positions within the Redmoor SVS when compared with the geological model, providing further support for the interpreted mineralised and structural continuity of these domains.

The current results indicate continuity of high-grade tungsten-tin-copper mineralisation within the Redmoor SVS (Figure. 1). Grades from multiple drillholes and intervals over 1m exceeding 1.00% WO_3, and tungsten equivalent grades exceeding >6.00% WO₃ eq. have been regularly identified. High-grade copper intervals were also encountered, with one interval returning 0.65 m @ 6.79% Cu, 0.10% WO₃ & 0.05% Sn (1.22% WO3. Eq) from 333.03 m in CRD042. Additionally, the results provide further evidence of silver mineralisation at Redmoor and its association with copper mineralisation, with grades up to 1.34 m @ 52.90g/t Ag with 1.84% Cu, 1.49% Sn and 0.50% WO₃ from 428.00 m in CRD044_D1.

Table 1: Drillhole collar data for CRD042, CRD043 and CRD044_D1.

Pad Number	Collar				Orientation at Collar		Final Depth (m)
	Drillhole ID	Easting (m)	Northing (m)	Elevation (m)	Azimuth (⁰)	Dip (⁰)
Pad 4	CRD042	236069.13	71209.035	192	192	81	464.4
	CRD043	236069.13	71209.035	192	210	85	505.65
	CRD044_D1	236069.13	71209.035	192	130	85	470.4

 

 

 

 

CRD042

Figure 1: Cross-sectional view of drillhole trace for CRD042, showing its relationship to high-grade domains (red for tungsten) intersected by CRD042 with granite body (pink) as background.

 

 

CRD043

Figure 2: Cross-sectional view of drillhole trace for CRD043, showing its relationship to high-grade domains (red for tungsten) intersected by CRD043 with granite body (pink) as background.

 

 

CRD044_D1

Figure 3: Cross-sectional view of drillhole trace for CRD044_D1, showing its relationship to high-grade domains (red for tungsten) intersected by CRD044_D1 with granite body (pink) as background.

 

Additionally, CRL has identified a previously unmodelled style of tin-copper mineralisation within the granitic body underlying the Redmoor SVS at its eastern extent through the drilling of CRD044_D1. This drillhole intersected the full extent of the SVS and was continued through the contact zone between the SVS and the granitic body, this extension of the drillhole ~50m into the granitic body intersected multiple, flat-lying aplitic bodies which contained coarse-grained cassiterite (tin) and disseminated chalcopyrite (copper). An example of this mineralisation is highlighted below:

·    2.91 m @ 0.51% Sn, 0.01% WO₃, & 0.18% Cu (0.26% WO₃. Eq*¹) from 454.00 m

§ with 1.00 m @ 1.10% Sn, 0.00% WO₃,  & 0.37% Cu (0.55% WO₃. Eq*¹) from 455.91 m

 

Overview of additional analytical results from drillhole CRD042

Drillhole CRD042 was successful in intersecting multiple modelled high-grade domains within the Redmoor SVS, providing further support for their interpreted continuity. Shallow mineralised structures were also encountered; these will be modelled and studied to identify depth extensions to determine their relationship with the SVS and whether the structures contain any mineralisation of economic significance that relates to the modelled Redmoor Resource.

Highlights from these results include:

·    12.06 m @ 1.15% WO₃, 0.04% Sn, 1.70% Cu & 11.70g/t Ag (1.45% WO₃. Eq) from 322.72 m in sample CRL07541-51;

o  which contains 1.03 m @ 5.90% WO₃, 0.05% Sn, 3.68% Cu & 29.50g/t Ag (6.54% WO₃. Eq) from 324.67 m in CRL07542.

·    7.10 m @ 0.69% WO₃ 0.06% Sn, 1.38% Cu & 14.66g/t Ag (0.97% WO₃. Eq) from 344.90 m in sample CRL07562-67;

o  which contains 2.00 m @ 1.88% WO₃, 0.06% Sn, 2.03% Cu & 24.10g/t Ag (2.28% WO₃. Eq) from 348.75 m in CRL07566.

See Table 2 for highlights of the downhole composites and Appendix 1 for a full breakdown of individual sample results that contribute to the highlighted intersections. Reported widths are downhole.

Sample Start	From (m)	To (m)	Interval (m)	WO3 %	Cu %	Sn %	Ag g/t	WO3. Eq. %	Comments
Zones of Mineralisation Outside Redmoor SVS
CRL007425-27	31.00	34.00	3.00	0.43	0.20	0.04	3.12	0.49	S.V.S Mineralisation
incl. CRL007426	32.00	33.00	1.00	1.25	0.17	0.05	3.40	1.31	S.V.S Mineralisation
CRL007445	132.10	134.10	2.00	0.24	0.04	0.01	0.27	0.25	S.V.S Mineralisation
CRL007453	163.00	163.84	0.84	0.27	0.15	0.06	1.74	0.32	S.V.S Mineralisation
Redmoor Deposit Mineralisation
CRL007482	241.20	242.40	1.20	0.08	1.03	0.03	7.41	0.26	High-Grade Domain 1009
CRL007502	273.00	274.00	1.00	0.01	0.97	0.02	20.90	0.25	High-Grade Domain 1002
CRL007506-08	279.00	283.07	4.07	0.07	0.50	0.02	6.54	0.17	High-Grade Domain 1002
incl. CRL007507	280.62	281.71	1.09	0.01	1.22	0.03	16.30	0.26	High-Grade Domain 1002
CRL007527-28	306.31	309.15	2.84	0.09	0.53	0.08	6.08	0.22	High-Grade Domain 1003
incl. CRL007528	308.15	309.15	1.00	0.21	0.77	0.11	8.46	0.40	High-Grade Domain 1003
CRL007535	315.00	316.00	1.00	0.03	1.12	0.02	8.59	0.23	Lode-Style Cu Mineralisation
CRL007538	320.00	321.38	1.38	0.00	0.26	0.69	4.49	0.34	Lode-Style Sn Mineralisation
CRL007541-51	322.72	334.78	12.06	1.15	1.70	0.04	11.77	1.45	High-Grade Domain 1001
incl. CRL007541-42	322.72	325.70	2.98	2.21	1.95	0.04	15.39	2.56	High-Grade Domain 1001
cont. CRL007542	324.67	325.70	1.03	5.90	3.68	0.05	29.50	6.54	High-Grade Domain 1001
incl. CRL007545-46	328.99	331.40	2.41	0.45	3.10	0.04	19.57	0.97	High-Grade Domain 1001
incl. CRL007547	331.40	333.03	1.63	3.38	0.54	0.03	4.18	3.48	High-Grade Domain 1001
and CRL007548	333.03	333.68	0.65	0.10	6.79	0.05	43.90	1.22	High-Grade Domain 1001
CRL007553-54	336.42	339.00	2.58	0.30	0.60	0.01	3.77	0.40	Lode-Style Cu Mineralisation
incl. CRL007553	336.42	338.00	1.58	0.35	0.45	0.00	3.07	0.43	Lode-Style Cu Mineralisation
CRL007558-59	342.00	344.00	2.00	0.65	0.86	0.02	7.07	0.80	S.V.S Mineralisation
incl. CRL007559	343.00	344.00	1.00	0.58	1.16	0.02	9.27	0.78	S.V.S Mineralisation
CRL007562-67	344.90	352.00	7.10	0.69	1.38	0.06	14.66	0.97	High-Grade Domain 1005
incl. CRL007564-66	346.25	350.75	4.50	1.01	1.82	0.07	19.53	1.37	High-Grade Domain 1005
cont. CRL007566	348.75	350.75	2.00	1.88	2.03	0.06	24.10	2.28	High-Grade Domain 1005
CRL007575	358.00	360.00	2.00	0.13	0.78	0.10	11.35	0.33	High-Grade Domain 1005
CRL007585-86	372.00	373.12	1.12	0.32	1.08	0.02	14.31	0.53	High-Grade Domain 2001
incl. CRL007586	372.55	373.12	0.57	0.53	1.74	0.03	20.70	0.87	High-Grade Domain 2001
CRL007594	379.10	379.93	0.83	0.21	0.02	0.02	0.28	0.22	S.V.S Mineralisation
CRL007601-02	387.00	388.70	1.70	0.39	1.48	0.16	15.38	0.73	S.V.S Mineralisation
incl. CRL007602	388.10	388.70	0.60	1.11	3.53	0.41	36.20	1.91	S.V.S Mineralisation
CRL007608-14	397.03	404.15	7.12	0.15	0.65	0.28	12.61	0.40	High-Grade Domain 1004
incl. CRL007611	398.00	399.70	1.70	0.02	1.71	0.93	37.20	0.79	High-Grade Domain 1004
incl. CRL007613-14	400.30	404.15	3.85	0.24	0.36	0.10	5.46	0.35	High-Grade Domain 1004
CRL007621	413.00	414.00	1.00	0.26	0.22	0.03	2.74	0.31	S.V.S Mineralisation
CRL007632	425.60	426.88	1.28	0.08	0.69	0.02	6.22	0.20	High-Grade Domain 1006
CRL007635	430.00	431.00	1.00	0.27	0.03	0.01	0.31	0.28	S.V.S Mineralisation

Table 2: Highlights of downhole composite sample intervals returned from recently received results from CRD042, updated composites and calculated WO₃% Eq. Composited values use a downhole length weighted average of grades. The numbered High-Grade domains refer to interpreted mineralised domains within the March 2026 Mineral Resource model and do not themselves represent separate Mineral Resource estimates.

Overview of additional analytical results from drillhole CRD043

Drillhole CRD043 was successful in intersecting multiple modelled high-grade domains within the Redmoor SVS, providing further support for their interpreted continuity, coupled with confirming the lateral continuity of mineralised structures as seen in CRD042. Modelled high-grade domains ranging from High-Grade Domain 1002 to High-Grade Domain 1006 and High-Grade Domain 1009 are traceable between holes CRD042 and CRD043, coupled with other mineralised structures outside the high-grade domains that may be splays of these zones or additional structures that can now be modelled with greater confidence.

Highlights from these results include:

·    12.00 m @ 0.79% WO₃, 0.07% Sn, 0.51% Cu & 5.40g/t Ag (0.91% WO₃. Eq) from 340.00 m in sample CRL07807-17;

o  which contains 1.00 m @ 6.00% WO₃, 0.22% Sn, 1.54% Cu & 20.50g/t Ag (6.39% WO₃. Eq) from 351.00 m in CRL07817.

·    5.80 m @ 0.47% WO₃ 0.04% Sn, 0.93% Cu & 13.65g/t Ag (0.67% WO₃. Eq) from 380.40 m in sample CRL07844-48;

o  which contains 1.00 m @ 1.82% WO₃, 0.11% Sn, 2.37% Cu & 31.70g/t Ag (2.33% WO₃. Eq) from 382.50 m in CRL07846.

See Table 3 for highlights of the downhole composites and Appendix 1 for a full breakdown of individual sample results that contribute to the highlighted intersections. Reported widths are downhole.

Sample Start	From (m)	To (m)	Interval (m)	WO3 %	Cu %	Sn %	Ag g/t	WO3. Eq %	Comments
Zones of Mineralisation Outside Redmoor SVS
CRL007679	33.55	35.00	1.45	0.08	0.27	0.07	3.26	0.16	Lode-Style Cu Mineralisation
CRL007687-88	203.55	205.88	2.33	0.04	0.12	0.24	1.51	0.16	Lode-Style Sn+Cu Mineralisation
incl. CRL007687	203.55	204.65	1.10	0.06	0.22	0.28	2.70	0.22	Lode-Style Sn+Cu Mineralisation
CRL007698	216.85	218.70	1.85	0.07	1.33	0.02	15.50	0.32	Lode-Style Cu Mineralisation
CRL007711-12	233.13	235.38	2.25	0.06	0.29	0.12	3.26	0.16	Lode-Style Sn+Cu Mineralisation
incl. CRL007711	233.13	234.36	1.23	0.07	0.24	0.20	4.16	0.20	Lode-Style Sn+Cu Mineralisation
Redmoor Deposit Mineralisation
CRL007721	249.00	250.50	1.50	0.19	0.40	0.01	2.26	0.26	High-Grade Domain 1009
CRL007746	264.94	266.27	1.33	0.96	0.13	0.01	1.37	0.99	S.V.S Mineralisation
CRL007754-63	275.00	289.00	14.00	0.40	0.39	0.02	5.48	0.48	High-Grade Domain 1002
incl. CRL007758-61	281.75	285.50	3.75	1.06	1.05	0.02	16.56	1.29	High-Grade Domain 1002
cont. CRL007761	284.08	285.50	1.42	2.63	0.16	0.01	1.78	2.66	High-Grade Domain 1002
incl. CRL007763	287.50	289.00	1.50	0.56	0.01	0.01	0.03	0.56	High-Grade Domain 1002
CRL007781-93	310.40	325.15	14.75	0.43	0.51	0.07	5.10	0.55	High-Grade Domain 1003
incl. CRL007783	311.90	312.75	0.85	0.95	0.92	0.10	9.10	1.16	High-Grade Domain 1003
incl. CRL007788	318.30	319.75	1.45	2.77	0.77	0.05	8.20	2.93	High-Grade Domain 1003
incl. CRL007792-93	321.75	325.15	3.40	0.35	0.90	0.13	9.24	0.57	High-Grade Domain 1003
cont. CRL007792	321.75	323.40	1.65	0.64	0.88	0.14	10.35	0.86	High-Grade Domain 1003
CRL007796	327.50	328.75	1.25	0.34	0.42	0.07	3.16	0.44	High-Grade Domain 1001
CRL007801	333.00	334.00	1.00	0.75	0.88	0.02	4.56	0.90	High-Grade Domain 1001
CRL007803-05	336.00	339.30	3.30	0.14	0.69	0.01	4.44	0.26	High-Grade Domain 1001
CRL007807-17	340.00	352.00	12.00	0.79	0.51	0.07	5.40	0.91	High-Grade Domain 1005
incl. CRL007811-12	343.46	346.60	3.14	0.52	0.60	0.15	4.73	0.68	High-Grade Domain 1005
incl. CRL007815-17	348.70	352.00	3.30	2.24	0.90	0.08	10.66	2.44	High-Grade Domain 1005
cont. CRL007817	351.00	352.00	1.00	6.00	1.54	0.22	20.50	6.39	High-Grade Domain 1005
CRL007819	353.00	354.50	1.50	0.49	0.33	0.02	3.90	0.56	High-Grade Domain 1005
CRL007823	357.70	359.00	1.30	1.09	0.86	0.05	11.20	1.27	High-Grade Domain 1005
CRL007825-27	360.00	363.88	3.88	0.38	0.28	0.02	4.38	0.44	S.V.S Mineralisation
incl. CRL007827	362.55	363.88	1.33	0.71	0.10	0.01	1.58	0.73	S.V.S Mineralisation
CRL007837	373.10	374.40	1.30	0.17	0.20	0.03	3.16	0.22	High-Grade Domain 2001
CRL007844-48	380.40	386.20	5.80	0.47	0.93	0.04	13.65	0.67	High-Grade Domain 2001
incl. CRL007846	382.50	383.50	1.00	1.82	2.37	0.11	31.70	2.33	High-Grade Domain 2001
CRL007861-62	397.25	399.53	2.88	0.17	0.30	0.03	9.33	0.26	High-Grade Domain 1004
CRL007873	409.87	411.00	1.13	1.26	0.38	0.02	10.30	1.36	High-Grade Domain 1004
CRL007893-94	430.91	434.00	3.09	0.11	0.27	0.01	2.06	0.16	High-Grade Domain 1006
CRL008001-03	441.00	445.00	4.00	0.51	0.28	0.02	2.19	0.56	S.V.S Mineralisation
incl. CRL008003	444.00	445.00	1.00	1.93	0.27	0.02	2.16	1.98	S.V.S Mineralisation
CRL008007-11	449.00	451.94	2.94	0.72	0.57	0.02	5.80	0.83	S.V.S Mineralisation
incl. CRL008011	451.00	451.94	0.94	2.07	1.07	0.01	10.35	2.27	S.V.S Mineralisation
CRL008015	456.00	457.93	1.93	0.63	0.04	0.01	0.54	0.64	S.V.S Mineralisation
CRL008019	461.00	462.00	1.00	0.26	0.06	0.00	0.47	0.27	S.V.S Mineralisation

Table 3: Highlights of downhole composite sample intervals returned from recently received results from CRD043, updated composites and calculated WO₃% Eq. Composited values use a downhole length weighted average of grades.

 

Overview of additional analytical results from drillhole CRD044_D1

Drillhole CRD044_D1 was successful in intersecting multiple modelled high-grade domains within the Redmoor SVS, providing further support for their interpreted continuity. Additionally, drilling of CRD044_D1 has resulted in the discovery of a new style of tin and copper mineralisation within aplitic structures contained in the granitic body underlying the Redmoor Resource. Cassiterite (tin) and chalcopyrite (copper) were identified in multiple, flat-lying aplitic units within the granite, confirming for the first time that the granitic body that underlies the SVS contains mineralisation. These mineralised structures will be subject to further study to assess their economic importance and determine their relationship to the current resource model.

Highlights from these results include:

·    1.00 m @ 5.14% WO₃, 0.00% Sn, 0.06% Cu & 0.88g/t Ag (5.15% WO₃. Eq) from 280.00 m

·    8.20 m @ 1.23% WO₃, 0.03% Sn, 0.77% Cu & 9.38g/t Ag (1.38% WO₃. Eq) from 376.80 m in sample CRL08464-71;

o  which contains 1.02 m @ 6.16% WO₃, 0.03% Sn, 0.91% Cu & 9.89g/t Ag (6.34% WO₃. Eq) from 378.08 m in CRL08465.

Mineralised intervals in the granitic body include:

·    2.91 m @ 0.51% Sn, 0.01% WO₃, 0.18% Cu & 5.10g/t Ag (0.26% WO₃. Eq) from 454.00 m in sample CRL08518-19;

o  which contains 1.00 m @ 1.10% Sn, 0.00% WO₃, 0.37% Cu & 11.15g/t Ag (0.55% WO₃. Eq) from 455.91 m in sample CRL08519.

See Table 4 for highlights of the downhole composites and Appendix 1 for a full breakdown of individual sample results that contribute to the highlighted intersections. Reported widths are downhole.

Sample Start	From (m)	To (m)	Interval (m)	WO3 %	Cu %	Sn %	Ag g/t	WO3. Eq. %	Comments
Redmoor Deposit Mineralisation
CRL008397	280.00	281.00	1.00	5.14	0.06	0.00	0.88	5.15	High-Grade Domain 1009
CRL008414-16	305.00	309.19	4.19	0.03	0.35	0.10	3.63	0.13	High-Grade Domain 1002
incl. CRL008416	307.95	309.19	1.24	0.04	0.96	0.04	8.07	0.22	High-Grade Domain 1002
CRL008422	316.40	317.90	1.50	0.25	0.65	0.03	7.53	0.38	High-Grade Domain 1002
CRL008427	325.14	327.14	2.00	0.31	0.13	0.03	2.42	0.35	S.V.S Mineralisation
CRL008439	343.55	345.1	1.55	1.66	0.48	0.05	5.88	1.77	High-Grade Domain 1003
CRL008445	351.49	352.66	1.17	3.24	0.95	0.09	15.30	3.47	High-Grade Domain 1003
CRL008454-57	362.00	369.00	7.00	0.15	0.35	0.02	4.46	0.23	High-Grade Domain 1001
incl. CRL008457	367.00	369.00	2.00	0.42	0.38	0.05	4.46	0.51	High-Grade Domain 1001
CRL008464-71	376.80	385.00	8.20	1.23	0.77	0.03	9.38	1.38	High-Grade Domain 1001
incl. CRL008464-65	376.80	379.10	2.30	3.90	0.80	0.03	9.17	4.06	High-Grade Domain 1001
cont. CRL008465	378.08	379.10	1.02	6.16	0.91	0.03	9.89	6.34	High-Grade Domain 1001
and CRL008468	383.00	384.00	1.00	0.28	2.24	0.03	25.10	0.70	High-Grade Domain 1001
CRL008474	388.00	390.00	2.00	0.59	0.65	0.05	9.06	0.74	S.V.S Mineralisation
CRL008477-79	394.00	399.00	5.00	0.13	0.41	0.24	7.50	0.32	High-Grade Domain 1005
incl. CRL008479	398.00	399.00	1.00	0.34	1.73	1.13	30.90	1.16	High-Grade Domain 1005
CRL008488	410.35	411.77	1.42	0.01	1.14	0.01	12.45	0.22	High-Grade Domain 1005
CRL008494-96	417.00	421.00	4.00	0.44	0.39	0.02	3.43	0.52	S.V.S Mineralisation
incl. CRL008495	419.00	420.38	1.38	1.24	0.73	0.02	6.28	1.38	S.V.S Mineralisation
CRL008498-99	423.00	426.00	3.00	0.06	0.82	0.04	10.31	0.23	S.V.S Mineralisation
CRL008502	428.00	429.34	1.34	0.50	1.84	1.49	52.90	1.58	S.V.S Mineralisation
Zones of Mineralisation Outside Redmoor SVS
CRL008503-05	429.34	434.14	4.80	0.12	0.35	0.09	9.23	0.24	Granitic Sn-Cu Mineralisation
incl. CRL008505	432.48	434.14	1.66	0.33	0.15	0.11	2.57	0.41	Granitic Sn-Cu Mineralisation
CRL008515	448.00	450.00	2.00	0.01	0.09	0.26	2.38	0.14	Granitic Sn-Cu Mineralisation
CRL008518-19	454.00	456.91	2.91	0.01	0.18	0.51	5.10	0.26	Granitic Sn-Cu Mineralisation
incl. CRL008519	455.91	456.91	1.00	0.00	0.37	1.10	11.15	0.55	Granitic Sn-Cu Mineralisation

Table 4: Highlights of downhole composite sample intervals returned from recently received results from CRD044_D1, updated composites and calculated WO₃% Eq. Composited values use a downhole length weighted average of grades.

 

Competent Person Statement:

The information in this announcement that relates to Sampling Techniques and Data and Exploration Results has been reviewed and approved by Mr Laurie Hassall, MSci (Geology), FIMMM, QMR, FGS, who is a full-time employee of Snowden Optiro. Mr Hassall holds a Master of Science degree in Geology from the University of Southampton and is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM), through which he is also accredited as Qualified for Minerals Reporting (QMR). He is also a Fellow of the Geological Society of London (FGS).

Snowden Optiro has been engaged by Cornwall Resources Limited to provide independent technical advice. Mr Hassall, a full-time employee of Snowden Optiro, is acting as the Competent Person and is independent of Cornwall Resources Limited. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and under the AIM Rules.

Mr Hassall consents to the inclusion in this announcement of the matters based on his information, in the form and context in which it appears. He confirms that, to the best of his knowledge, the Exploration Results reported herein do not materially affect the Mineral Resource estimate announced on 26 March 2026, and that the assumptions and technical parameters underpinning that Mineral Resource estimate continue to apply.

For further information, please contact:
Strategic Minerals plc		+44 (0) 207 389 7067
Mark Burnett
Executive Director
Website:	www.strategicminerals.net
Email:	[email protected]
Follow Strategic Minerals on:
X:	@StrategicMnrls
LinkedIn:	https://www.linkedin.com/company/strategic-minerals-plc
SP Angel Corporate Finance LLP		+44 (0) 20 3470 0470
Nominated Adviser and Broker
Matthew Johnson/Charlie Bouverat/Grant Barker   Zeus Capital Limited Joint Broker Harry Ansell/Katy Mitchell		+44 (0) 203 829 5000
Vigo Consulting		+44 (0) 207 390 0234
Investor Relations
Ben Simons/George Pope
Email:	[email protected]

 

Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing minerals company, actively developing strategic projects in the UK, United States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a Mineral Resource estimate reported in accordance with the JORC Code (2012).

Resource category	Domain	Tonnage (Mt)	NSR (US$/t)	WO3 Eq grade (%)	WO3 grade (%)	Sn grade (%)	Cu grade (%)	Ag grade (g/t)
Inferred	Tungsten HGDs	7.30	499	0.98	0.83	0.12	0.53	7.0
	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
The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

 

More information on Cornwall Resources can be found at: https://www.cornwallresources.com

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group.  Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia. In September 2026, the Company agreed a final sale of Leigh Creek Copper Mine to South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals providing upfront cash with ongoing copper exposure through layered consideration comprising shares, royalties and earn-out. Proceeds will be utilised to further advance the flagship Redmoor Project.

Appendix 1: Individual Sample Results Table for Composites

Individual Laboratory Results Per Sample used to form highlighted composite intervals in results from CRD042, CRD043 and CRD044_D1.

Sample ranges and numbers in bold represent those listed in Table 2, 3 and 4, above. Sample details include sample number, intersected depths and interval length. Results are reported for WO₃, Cu, Sn and Ag values, with a calculation to represent total metal on a WO₃ Equivalent (WO₃.Eq) basis.

Sample Start	From (m)	To (m)	Interval (m)	WO3 %	Cu %	Sn %	Ag g/t	WO3. Eq %
Drillhole CRD042
CRL007425-27
CRL007425	31.00	32.00	1.00	0.01	0.04	0.04	0.45	0.03
CRL007426	32.00	33.00	1.00	1.25	0.17	0.05	3.40	1.31
CRL007427	33.00	34.00	1.00	0.04	0.39	0.03	5.51	0.13
CRL007445	132.10	134.10	2.00	0.24	0.04	0.01	0.27	0.25
CRL007453	163.00	163.84	0.84	0.27	0.15	0.06	1.74	0.32
CRL007482	241.20	242.40	1.20	0.08	1.03	0.03	7.41	0.26
CRL007502	273.00	274.00	1.00	0.01	0.97	0.02	20.90	0.25
CRL007506-08
CRL007506	279.00	280.62	1.62	0.06	0.20	0.01	2.40	0.10
CRL007507	280.62	281.71	1.09	0.01	1.22	0.03	16.30	0.26
CRL007508	281.71	283.07	1.36	0.12	0.29	0.01	3.66	0.18
CRL007527-28
CRL007527	306.31	308.15	1.84	0.02	0.40	0.07	4.78	0.12
CRL007528	308.15	309.15	1.00	0.21	0.77	0.11	8.46	0.40
CRL007535	315.00	316.00	1.00	0.03	1.12	0.02	8.59	0.23
CRL007538	320.00	321.38	1.38	0.00	0.26	0.69	4.49	0.34
CRL007541-51
CRL007541	322.72	324.67	1.95	0.27	1.04	0.04	7.93	0.45
CRL007542	324.67	325.70	1.03	5.90	3.68	0.05	29.50	6.54
CRL007543	325.70	327.70	2.00	0.16	0.28	0.02	1.96	0.21
CRL007544	327.70	328.99	1.29	0.11	0.72	0.06	5.37	0.25
CRL007545	328.99	330.02	1.03	0.98	2.89	0.04	18.60	1.46
CRL007546	330.02	331.40	1.38	0.05	3.26	0.05	20.30	0.59
CRL007547	331.40	333.03	1.63	3.38	0.54	0.03	4.18	3.48
CRL007548	333.03	333.68	0.65	0.10	6.79	0.05	43.90	1.22
CRL007551	333.68	334.78	1.10	0.16	0.40	0.01	2.46	0.23
CRL007553-54
CRL007553	336.42	338.00	1.58	0.35	0.45	0.00	3.07	0.43
CRL007554	338.00	339.00	1.00	0.21	0.83	0.01	4.87	0.35
CRL007558-59
CRL007558	342.00	343.00	1.00	0.72	0.55	0.02	4.86	0.82
CRL007559	343.00	344.00	1.00	0.58	1.16	0.02	9.27	0.78
CRL007562-67
CRL007562	344.90	345.55	0.65	0.00	1.20	0.02	11.30	0.22
CRL007563	345.55	346.25	0.70	0.01	0.05	0.03	0.51	0.03
CRL007564	346.25	347.80	1.55	0.37	2.00	0.08	19.25	0.75
CRL007565	347.80	348.75	0.95	0.23	1.12	0.06	10.35	0.45
CRL007566	348.75	350.75	2.00	1.88	2.03	0.06	24.10	2.28
CRL007567	350.75	352.00	1.25	0.29	0.61	0.06	6.81	0.43
CRL007575	358.00	360.00	2.00	0.13	0.78	0.10	11.35	0.33
CRL007585-86
CRL007585	372.00	372.55	0.55	0.10	0.40	0.01	7.69	0.19
CRL007586	372.55	373.12	0.57	0.53	1.74	0.03	20.70	0.87
CRL007594	379.10	379.93	0.83	0.21	0.02	0.02	0.28	0.22
CRL007601-02
CRL007601	387.00	388.10	1.10	0.00	0.36	0.02	4.03	0.08
CRL007602	388.10	388.70	0.60	1.11	3.53	0.41	36.20	1.91
CRL007608-14
CRL007608	397.03	398.00	0.97	0.08	0.26	0.02	4.64	0.14
CRL007611	398.00	399.70	1.70	0.02	1.71	0.93	37.20	0.79
CRL007612	399.70	400.30	0.60	0.01	0.10	0.02	1.69	0.03
CRL007613	400.30	402.15	1.85	0.18	0.44	0.09	6.42	0.30
CRL007614	402.15	404.15	2.00	0.30	0.30	0.10	4.57	0.40
CRL007621	413.00	414.00	1.00	0.26	0.22	0.03	2.74	0.31
CRL007632	425.60	426.88	1.28	0.08	0.69	0.02	6.22	0.20
CRL007635	430.00	431.00	1.00	0.27	0.03	0.01	0.31	0.28
Drillhole CRD043
CRL007679	33.55	35.00	1.45	0.08	0.27	0.07	3.26	0.16
CRL007687-88
CRL007687	203.55	204.65	1.10	0.06	0.22	0.28	2.70	0.22
CRL007688	204.65	205.88	1.23	0.02	0.04	0.21	0.45	0.11
CRL007698	216.85	218.70	1.85	0.07	1.33	0.02	15.50	0.32
CRL007711-12
CRL007711	233.13	234.36	1.23	0.07	0.24	0.20	4.16	0.20
CRL007712	234.36	235.38	1.02	0.04	0.34	0.02	2.17	0.10
CRL007721	249.00	250.50	1.50	0.19	0.40	0.01	2.26	0.26
CRL007746	264.94	266.27	1.33	0.96	0.13	0.01	1.37	0.99
CRL007754-63
CRL007754	275.00	277.00	2.00	0.14	0.02	0.01	0.14	0.14
CRL007755	277.00	278.40	1.40	0.06	0.56	0.04	4.83	0.18
CRL007756	278.40	280.21	1.81	0.16	0.33	0.02	3.38	0.23
CRL007757	280.21	281.75	1.54	0.00	0.03	0.01	0.43	0.01
CRL007758	281.75	282.52	0.77	0.31	4.77	0.10	76.60	1.34
CRL007759	282.52	284.08	1.56	0.01	0.02	0.01	0.39	0.01
CRL007761	284.08	285.50	1.42	2.63	0.16	0.01	1.78	2.66
CRL007762	285.50	287.50	2.00	0.05	0.03	0.01	0.40	0.06
CRL007763	287.50	289.00	1.50	0.56	0.01	0.01	0.03	0.56
CRL007781-93
CRL007781	310.40	311.10	0.70	0.21	0.16	0.02	2.38	0.25
CRL007782	311.10	311.90	0.80	0.01	0.17	0.01	1.76	0.05
CRL007783	311.90	312.75	0.85	0.95	0.92	0.10	9.10	1.16
CRL007784	312.75	314.00	1.25	0.01	0.46	0.05	4.00	0.10
CRL007785	314.00	316.00	2.00	0.08	0.26	0.03	2.26	0.14
CRL007786	316.00	317.40	1.40	0.01	0.39	0.12	3.53	0.12
CRL007787	317.40	318.30	0.90	0.00	0.13	0.02	1.32	0.03
CRL007788	318.30	319.75	1.45	2.77	0.77	0.05	8.20	2.93
CRL007791	319.75	321.75	2.00	0.01	0.29	0.06	2.74	0.08
CRL007792	321.75	323.40	1.65	0.64	0.88	0.14	10.35	0.86
CRL007793	323.40	325.15	1.75	0.09	0.92	0.13	8.19	0.30
CRL007796	327.50	328.75	1.25	0.34	0.42	0.07	3.16	0.44
CRL007801	333.00	334.00	1.00	0.75	0.88	0.02	4.56	0.90
CRL007803-05
CRL007803	336.00	337.00	1.00	0.25	0.70	0.01	4.57	0.37
CRL007804	337.00	338.50	1.50	0.02	0.70	0.01	4.40	0.13
CRL007805	338.50	339.30	0.80	0.24	0.68	0.01	4.35	0.35
CRL007819	353.00	354.50	1.50	0.49	0.33	0.02	3.90	0.56
CRL007823	357.70	359.00	1.30	1.09	0.86	0.05	11.20	1.27
CRL007825-27
CRL007825	360.00	361.00	1.00	0.08	0.31	0.02	3.77	0.15
CRL007826	361.00	362.55	1.55	0.29	0.42	0.02	7.17	0.38
CRL007827	362.55	363.88	1.33	0.71	0.10	0.01	1.58	0.73
CRL007837	373.10	374.40	1.30	0.17	0.20	0.03	3.16	0.22
CRL007844-48
CRL007844	380.40	381.40	1.00	0.30	2.79	0.05	42.80	0.89
CRL007845	381.40	382.50	1.10	0.02	0.05	0.01	1.06	0.04
CRL007846	382.50	383.50	1.00	1.82	2.37	0.11	31.70	2.33
CRL007847	383.50	385.50	2.00	0.04	0.04	0.02	0.68	0.05
CRL007848	385.50	386.20	0.70	0.75	0.18	0.02	3.10	0.79
CRL007861-62
CRL007861	397.25	398.85	1.60	0.24	0.28	0.04	9.00	0.33
CRL007862	398.85	399.53	0.68	0.01	0.37	0.03	10.10	0.11
CRL007873	409.87	411.00	1.13	1.26	0.38	0.02	10.30	1.36
CRL007893-94
CRL007893	430.91	432.00	1.09	0.10	0.64	0.01	4.84	0.21
CRL007894	432.00	434.00	2.00	0.11	0.08	0.01	0.55	0.13
CRL007801-03
CRL008001	441.00	442.00	1.00	0.09	0.74	0.03	5.46	0.23
CRL008002	442.00	444.00	2.00	0.00	0.06	0.00	0.56	0.02
CRL008003	444.00	445.00	1.00	1.93	0.27	0.02	2.16	1.98
CRL007807-11
CRL008007	449.00	450.07	1.07	0.11	0.01	0.00	0.14	0.12
CRL008008	450.07	451.00	0.93	0.06	0.73	0.04	7.70	0.20
CRL008011	451.00	451.94	0.94	2.07	1.07	0.01	10.35	2.27
CRL008015	456.00	457.93	1.93	0.63	0.04	0.01	0.54	0.64
CRL008019	461.00	462.00	1.00	0.26	0.06	0.00	0.47	0.27
Drillhole CRD044_D1
CRL008397	280.00	281.00	1.00	5.14	0.06	0.00	0.88	5.15
CRL008414-16
CRL008414	305.00	307.00	2.00	0.03	0.12	0.18	2.52	0.13
CRL008415	307.00	307.95	0.95	0.00	0.02	0.02	0.18	0.02
CRL008416	307.95	309.19	1.24	0.04	0.96	0.04	8.07	0.22
CRL008422	316.40	317.90	1.50	0.25	0.65	0.03	7.53	0.38
CRL008427	325.14	327.14	2.00	0.31	0.13	0.03	2.42	0.35
CRL008439	343.55	345.10	1.55	1.66	0.48	0.05	5.88	1.77
CRL008445	351.49	352.66	1.17	3.24	0.95	0.09	15.30	3.47
CRL008454-57
CRL008454	362.00	363.35	1.35	0.15	0.58	0.01	8.61	0.27
CRL008455	363.35	365.00	1.65	0.00	0.11	0.02	1.17	0.03
CRL008456	365.00	367.00	2.00	0.01	0.39	0.01	4.36	0.08
CRL008457	367.00	369.00	2.00	0.42	0.38	0.05	4.46	0.51
CRL008464-71
CRL008464	376.80	378.08	1.28	2.10	0.72	0.03	8.60	2.25
CRL008465	378.08	379.10	1.02	6.16	0.91	0.03	9.89	6.34
CRL008466	379.10	381.00	1.90	0.04	0.05	0.01	0.36	0.05
CRL008467	381.00	383.00	2.00	0.30	0.77	0.05	11.45	0.48
CRL008468	383.00	384.00	1.00	0.28	2.24	0.03	25.10	0.70
CRL008471	384.00	385.00	1.00	0.11	0.63	0.05	7.12	0.24
CRL008474	388.00	390.00	2.00	0.59	0.65	0.05	9.06	0.74
CRL008477-79
CRL008477	394.00	396.00	2.00	0.15	0.12	0.02	2.51	0.18
CRL008478	396.00	398.00	2.00	0.02	0.05	0.01	0.80	0.03
CRL008479	398.00	399.00	1.00	0.34	1.73	1.13	30.90	1.16
CRL008488	410.35	411.77	1.42	0.01	1.14	0.01	12.45	0.22
CRL008494-96
CRL008494	417.00	419.00	2.00	0.02	0.20	0.02	1.76	0.07
CRL008495	419.00	420.38	1.38	1.24	0.73	0.02	6.28	1.38
CRL008496	420.38	421.00	0.62	0.00	0.28	0.01	2.46	0.06
CRL008498-99
CRL008498	423.00	425.00	2.00	0.09	0.32	0.03	4.86	0.16
CRL008499	425.00	426.00	1.00	0.01	1.81	0.06	21.20	0.37
CRL008502	428.00	429.34	1.34	0.50	1.84	1.49	52.90	1.58
CRL008503-05
CRL008503	429.34	431.00	1.66	0.00	0.54	0.08	17.4	0.19
CRL008504	431.00	432.48	1.48	0.00	0.36	0.07	7.55	0.11
CRL008505	432.48	434.14	1.66	0.33	0.15	0.11	2.57	0.41
CRL008515	448.00	450.00	2.00	0.01	0.09	0.26	2.38	0.14
CRL008518-19
CRL008518	454.00	455.91	1.91	0.02	0.08	0.20	1.94	0.11
CRL008519	455.91	456.91	1.00	0.00	0.37	1.10	11.15	0.55

Note:  W assays have been converted to WO₃ by multiplication by 1.26

Note: WO3.Eq has been calculated using the following formula: (WO3_%+(Sn_%*0.403) +(Cu_%*0.133) +(Ag_ppm*0.0046)). The calculation uses the same metal price, metallurgical recovery and payability assumptions as those applied in the 2026 Redmoor MRE, comprising metal prices of US$850/mtu APT, US$38,000/t Sn, US$11,000/t Cu and US$75/oz Ag; metallurgical recoveries of 86% WO₃, 67% Sn, 82% Cu and 59% Ag; and payabilities of 78% WO₃, 90% Sn, 90% Cu and 75% Ag. The Company considers that each of the metals included in the WO₃Eq calculation has reasonable potential to be recovered and sold based on the metallurgical testwork supporting the 2026 MRE.

Note: Difference in WO3.Eq values may vary due to rounding for presentation purposes.

 

 

JORC Code, 2012 Edition - Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·    Aspects of the determination of mineralisation that are Material to the Public Report. ·    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	CRL 2025-2026 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.
Drilling techniques	·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	CRL drilling ·    CRL drilling during 2026 was undertaken using diamond core drilling. Core diameters ranged from PQ, HQ3/HQ to NQ/BTW (approximately 85.0 mm to 42 mm). ·    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.
Drill sample recovery	·    Method of recording and assessing core and chip sample recoveries and results assessed. ·    Measures taken to maximise sample recovery and ensure representative nature of the samples. ·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	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.
Logging	·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ·    The total length and percentage of the relevant intersections logged.	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 and 2026 enabled separation of lithological, structural, alteration and mineralisation datasets. ·    For 2026 drilling campaign geological information was captured and recorded digitally using MX Deposit software. ·    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.
Sub-sampling techniques and sample preparation	·    If core, whether cut or sawn and whether quarter, half or all core taken. ·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ·    For all sample types, the nature, quality and appropriateness of the sample preparation technique. ·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ·    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. ·    Whether sample sizes are appropriate to the grain size of the material being sampled.	CRL 2025-2026 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.
Quality of assay data and laboratory tests	·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	CRL 2025-2026 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.
Verification of sampling and assaying	·    The verification of significant intersections by either independent or alternative company personnel. ·    The use of twinned holes. ·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·    Discuss any adjustment to assay data.	CRL 2025-2026 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.
Location of data points	·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·    Specification of the grid system used. ·    Quality and adequacy of topographic control.	CRL 2025-2026 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 during 2025 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 up hole. Aluminium extension rods were used to minimise magnetic error. ·    Downhole surveys during 2026 were undertaken using OMINx38- 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 up hole. ·    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.
Data spacing and distribution	·    Data spacing for reporting of Exploration Results. ·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·    Whether sample compositing has been applied.	CRL 2025-2026 drilling ·    The 2026 programme is principally designed to infill the existing Mineral Resource, test geological and grade continuity at closer drill spacing and provide additional data to support assessment of potential future upgrades in Mineral Resource classification. ·    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.
Orientation of data in relation to geological structure	·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	CRL 2025-2026 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. 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.
Sample security	·    The measures taken to ensure sample security.	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.
Audits or reviews	·    The results of any audits or reviews of sampling techniques and data.	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.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Mineral tenement and land tenure status	·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	·    The Redmoor Project is located immediately south of the village of Kelly Bray and approximately 0.5 km north of the town of Callington, Cornwall, United Kingdom. ·    In October 2012, NAE Resources (UK) Limited (subsequently renamed Cornwall Resources Limited ("CRL") on 14 November 2016) acquired a 100% interest in the Redmoor Project through an Exploration Licence and Option Agreement with the owner of the mineral rights. The licence area covers approximately 23 km² and includes the Redmoor deposit. CRL are a wholly-owned subsidiary of Strategic Minerals plc. ·    The Exploration Licence was granted for an initial term of 15 years, subject to modest annual payments. ·    Under the terms of the agreement, CRL has the option to enter into a 25-year Mining Lease, extendable by a further 25 years. This option can be exercised at any time during the term of the Exploration Licence. ·    The Mining Lease provides rights for commercial extraction of minerals, subject to obtaining the necessary planning permissions, environmental permits and regulatory approvals. ·    The agreement is subject to a 3% Net Smelter Return (NSR) royalty payable to the mineral rights owner upon commencement of commercial production. ·    CRL also retains a pre-emptive right over the sale of the mineral rights by the vendor. ·    Surface access rights for exploration drilling and mining over parts of the Redmoor deposit are included within the agreements. ·    The tenure is considered secure at the time of reporting. There are no known material impediments to maintaining the licence or progressing to a mining lease, other than the requirement to obtain standard planning, environmental and permitting approvals applicable to mining projects in the United Kingdom.
Exploration done by other parties	·    Acknowledgment and appraisal of exploration by other parties.	·    Historical exploration at Redmoor was undertaken primarily by South West Minerals (SWM) between 1980 and 1983. This work included diamond drilling and limited underground channel sampling from the Redmoor adit. ·    Data from the SWM programme form an important component of the current geological and assay database used in the Mineral Resource estimate. ·    Verification of the historical data has included laboratory check assays by Alfred H. Knight (1980), core resampling by SRK/NAE (2012-2013), and more recent twin-hole drilling by CRL under the supervision and review of Snowden Optiro (2025). ·    The Redmoor area also has a history of underground mining and processing from the 18th century through to approximately 1946. ·    Other than SWM and the historical mining activity, Snowden Optiro is not aware of any material exploration undertaken by other parties.
Geology	·    Deposit type, geological setting and style of mineralisation.	·    The Redmoor Project is located within the Cornubian metallogenic province, where tin, tungsten and sulphide mineralisation is spatially associated with granitic intrusions. ·    Mineralisation is interpreted to have formed from hydrothermal fluids related to granite emplacement, depositing tin (cassiterite), tungsten (wolframite) and copper sulphides along fractures, faults and vein systems in the surrounding country rock. ·    At Redmoor, mineralisation occurs both in discrete lodes (veins) and within a broader sheeted vein system (SVS), comprising numerous closely spaced quartz veins. ·    The SVS forms the principal mineralised domain and is associated with multiple high-grade vein sets and structural controls.
Drill hole Information	·    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. ·    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	·    Drillhole collar information for CRD042, CRD043 and CRD044_D1, including easting, northing, elevation, collar azimuth and dip, and final hole depth, is provided in Table 1 of this announcement. Cross-sections showing the drillhole traces and their relationship to the interpreted mineralised domains are provided in Figures 1 to 3. ·    Details of drillhole collar locations, including easting, northing, RL, azimuth, dip and total depth for material drillholes were reported in the CRL announcement dated 1 December 2025 and also provided below. ·    Drillhole collar and survey data for the 2018 programme were reported in the CRL announcement dated 24 January 2019. ·    Drillhole collar data and intercepts for the 2017 programme were reported in CRL announcements dated 7 September, 1 November and 11 December 2018. ·    Historical SWM drilling locations and orientations have been presented in earlier announcements, including the 26 November 2015 release, and have been incorporated into the current database. ·    The exclusion of full tabulated data in this release is not considered material, as the relevant information has been previously reported and remains publicly available.
Data aggregation methods	·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. ·    Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ·    The assumptions used for any reporting of metal equivalent values should be clearly stated.	·    Exploration intercepts are reported as length-weighted averages of individual sample intervals. ·    No top-cutting or high-grade capping was applied in the reporting of exploration results. ·    Internal dilution is included where a geological basis exists for reporting a broader mineralised interval, particularly within the SVS. ·    For previously reported 2025 drilling samples, results are also expressed as WO₃ equivalent (WO₃Eq) values were calculated as: ·    WO₃Eq = WO₃ + (Sn × 0.82) + (Cu × 0.27) ·    For the 2026 MRE and 2026 exploration results, all WO₃ equivalent (WO₃Eq) values were calculated as: ·    WO₃Eq = WO₃_% + (Sn_% × 0.403) + (Cu_% × 0.133) + (Ag_ppm × 0.0046) ·    The WO₃Eq formula used for previous 2025 exploration reporting differs from that used in the 2026 Mineral Resource Estimate, reflecting updated metal price assumptions, recoveries, and inclusion of Ag in the NSR-based formulation at the time. Metal Price Payability Recovery Sn US$38,000/t 90% 67% Cu US$11,000/t 90% 82% WO3 US$850/mtu (APT) 78% 86% Ag US$75/oz 75% 59%     ·    The assumptions for the 2026 MRE WO₃Eq calculation are:
Relationship between mineralisation widths and intercept lengths	·    These relationships are particularly important in the reporting of Exploration Results. ·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ·    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	CRL drilling ·    The SVS mineralisation is interpreted as a broad tabular body with an internal plunge component. ·    Drillholes are generally oriented to intersect the mineralisation at high angles; however, due to the presence of multiple mineralised orientations, not all intersections are perpendicular. ·    Reported intercepts are generally downhole lengths (apparent thicknesses) unless otherwise stated. True widths are not always known at this stage. SWM drilling ·    Historical intersections are considered to represent full mineralised zones, and no material sampling bias is considered present. ·    Differences between downhole and true widths were considered in previous evaluations (SRK) and in current geological interpretation.
Diagrams	·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	·    Appropriate maps, plans, cross-sections and longitudinal sections illustrating drillhole locations, mineralised zones and geological interpretation are included in the announcement.
Balanced reporting	·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	·    The announcement presents a balanced representation of exploration results, including both higher-grade and lower-grade intervals where relevant. ·    Where results are summarised, this is done in a manner that accurately reflects the overall tenor and variability of the mineralisation.
Other substantive exploration data	·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	·    All relevant and material exploration data, including geological interpretation, assay results and supporting technical information, have been presented in the announcement. ·    Additional technical studies, including metallurgical testwork, density data, geotechnical assessment and environmental considerations, are addressed elsewhere where relevant.
Further work	·    The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). ·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·    Ongoing and planned work includes further drilling to test extensions of the mineralisation along strike and down dip, improve geological and grade continuity confidence, and support future Mineral Resource updates. ·    Additional studies, including metallurgical, geotechnical, environmental and mining assessments, are also planned to support the project. ·    Exploration targeting will continue to focus on extensions to the SVS and associated high-grade domains.