Redmoor Drilling & Metallurgical Study Updates

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.

12 November 2025

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Redmoor Drilling & Metallurgical Study Updates

Further 2 drill holes completed, each intersecting the logged full thickness of the Sheeted Vein System

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide updates from its wholly owned subsidiary, Cornwall Resources Limited ("CRL"). CRL is actively undertaking a fully-funded diamond drilling programme, and related activities, at its wholly owned Redmoor Tungsten-Tin-Copper Project ("Redmoor"), in southeast Cornwall, which the company understands to be the highest-grade undeveloped tungsten resource in Europe.

Highlights

· 2 further drill holes have been completed since the last drill programme update (RNS: 20 October 2025), with the final drill hole of the programme well advanced.

· Rig 1, which has been on site since June 2025 will demobilise today, having completed drill hole CRD040 on 8 November 2025. Rig 1 completed 6 drill holes for a total of 3,213.10 m of diamond core drilling.

· Rig 2 completed drill hole CRD039 on 31 October 2025 and commenced drill hole CRD041, the final drill hole of the 9-hole programme, on 3 November 2025, which is advancing well.

· Significantly, CRD039, like CRD037 before it, intersected a key portion of Redmoor's JORC (2012) Exploration Target, designed to test the continuity of the Sheeted Vein System ("SVS") and evaluate areas with potential to contribute to future resource growth within the zone integral to the mining model in Redmoor's 2020 Scoping Study (RNS: 6 October 2020). Drill holes CRD039 and CRD040 both intersected the logged full thickness of the Redmoor SVS, with veining and mineralisation visually consistent with that typical of the deposit.

· To date, 4,392.77 m of drill core has been produced, logged and reviewed for sampling, with notable results from drill hole CRD033 reported (see RNS: 10 November 2025). Drill holes CRD034b and CRD035 are currently being processed and analysed by ALS Laboratories, Loughrea, with samples from CRD036 to be shipped imminently.

· CRL notes that the outcomes from Stage 1 metallurgical studies are encouraging with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ration. Full metallurgical study outcomes will be released when completed, including updated metal recovery assumptions, and will feed into the planned Mineral Resource Estimate ("MRE") update.

Figures 1-6, below highlight mineralisation within sheeted veins from CRD039 and CRD040, consistent with the style typical of the Redmoor SVS deposit and high-grade zones that form the Mineral Resource.

Metallurgical Study Update

Metallurgical testwork for full flowsheet design is progressing ahead of schedule. With the study testing the full flowsheet for tungsten, tin, and copper recovery, as well as analysis of other metal content and waste characterisation. Rowan Thorne, and CRL's external Competent Person Laurie Hassall, visited the Alfred H Knight Mineral Processing United Kingdom ("AHK-MP-UK") laboratory in Cornwall on 7 November 2025 to witness the progress and discuss the timeline for remaining testwork prior to completion. CRL expects to update the market of these work programmes in due course. Improvements in recoveries, compared to those used in the MRE and Scoping Study for Redmoor could produce upsides in project economics.

CRL is pleased to report that AHK-MP-UK has completed Stage 1 of the Redmoor metallurgical flowsheet testwork, which is being undertaken on representative SVS material from the project. Stage 1 comprised staged crushing and screening, comminution and crushability testing. Comminution energy requirements achieved were relatively low with "medium" grindability and "easy" crushability achieved with further reduction to values expected when evaluating pre-concentrated material. Stage 1 also included a comprehensive heavy liquid separation ("HLS") programme on all +1mm -10 mm material. A range of specific gravity ("SG") cut points were evaluated against mass and metal recoveries, with an optimal SG of 2.95 g/cm³ selected. The HLS sink fractions were subsequently combined with the -1 mm fraction, following fine gravity testwork, to produce the feed material for Stage 2 of the flowsheet, bulk sulphide and copper concentrate flotation trials (see Figure 8 of flotation trials).

CRL notes that the outcomes from Stage 1 are encouraging, with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ration (see Table 1).

Table 1: Stage 1 Metallurgical Test Results

Following completion and optimisation of the Stage 2 flotation trials, AHK-MP-UK will proceed to the bulk flotation phase, designed to produce a copper concentrate, as well as tungsten and tin pre-concentrate for further gravity and magnetic separation in Stage 3 of the metallurgical programme. Testing is continuing with floatation, gravity and magnetic separation testing targeting separate Cu, Sn and WO3 products. Testing will be completed early 2026.

Rowan Thorne, CRL Exploration Manager, said:

"We are happy to report that the 2025 exploration drilling programme at Redmoor is nearing completion. The geological team has maintained effective control of the drill programme, with core cutting and shipment of samples for analysis being the key remaining tasks once rig 2 completes its final drill hole.

"Drilling was planned to meet several key criteria, including twin drilling of 1980s drill holes, validation of short-spaced continuity of grade and structure within the SVS, and infill drilling of a key section of the Redmoor JORC Exploration Target. We believe, subject to analytical testwork confirmation, that we have met these goals, further derisking Redmoor and providing key information for the MRE update and future infill drilling campaigns.

"With metallurgical testworks advancing well, with positive early results and the aim of updating metal recoverability assumptions, we expect to provide updates on these in due course."

Charles Manners, Strategic Minerals' Executive Chairman, said:

"As the current drilling programme at Redmoor enters its final stages, we look forward to analytical test results, alongside the metallurgical study results. These datasets will feed into a new MRE for Redmoor, and an updated economic assessment of the Project. With exceptional results reported from CRD033, including significant tungsten equivalent values demonstrating Redmoor's high grades, we look forward to the receipt of further results.

"With metal prices for tungsten, tin, and copper all showing significant growth since the Scoping Study (2020), we anticipate that updated metal prices and metallurgical recoveries may have a positive influence on Redmoor's project economics, which is already the highest-grade undeveloped tungsten resource in Europe. We expect all outputs to be completed within the timeline of the UK Shared Prosperity Fund programme, and therefore prior to the end of Q1 2026."

Exploration Programme Update

Rig 1 on Pad 2 (see Figure 1):

· Drill hole CRD040 has been completed, with a final depth of 464.20 m, concluding drilling at Pad 2 (Table 2), and

· Rig 1 has now been demobilised and will leave the Redmoor site today.

Rig 2 on Pad 3:

· Drill hole CRD039 has been completed, with a final depth of 580.37 m, and

· Drill hole CRD041, the final drill hole, has now commenced and is advancing well.

· CRD039 and CRD041 were designed to test the Redmoor JORC (2012) Exploration Target.

Figure 7: Drone image of CRL drill pads & Rig 1 and Rig 2, prior to completion and demobilisation of Rig 1.

Alongside CRL's JORC (2012) Inferred MRE of 11.7Mt @ 0.56% WO₃, 0.16% Sn & 0.50%Cu (1.17% Sn.eq / 0.82% WO₃.eq), Redmoor has a JORC (2012) Exploration Target of 4-8Mt @ 1.0-1.4% Sn.eq.

CRD039 was successful in intersecting the full extent of the SVS, within the Exploration Target zone, intersecting numerous SVS-style veins, within the full expected thickness of the SVS system, enriched in wolframite (tungsten), chalcopyrite (copper) and cassiterite (tin), coupled with other mineralised structures (Figure 1-4). This demonstrates the validity of the Exploration Target and the potential for resource growth, subject to analysis, from these holes and potential future drilling of the Exploration Target. Rig 2 has commenced drill hole CRD041, the final drill hole of the 9-hole programme, and is advancing well through the hole.

CRD040 has been successful in intersecting the SVS, and other mineralised structures. Prominent vein structures were intersected that contained visible, coarse-grained cassiterite (tin) (Figure 5), and SVS veins containing coarse wolframite (tungsten) (Figure 6), and chalcopyrite. With CRD040 complete, Rig 1 has completed its planned 6 drill holes and has been demobilised.

Analysis results of samples from CRD034b are due to be completed shortly, with analysis of CRD035 also underway, and CRD036 to be shipped to ALS Laboratories, Loughrea, this week. Further cutting of remaining drill hole core is progressing with additional sample batches to be shipped at regular intervals. All analysis will be completed, and reported, prior to the MRE update in Q1 2026.

Table 2: Drill hole collar details for drill holes from Pad 1, 2 and 3, and hole status.

* Planned final depth of CRD041, subject to change depending on progress of drill hole.

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, there is no new information or data that materially affects the information contained in previous market announcements, and that the form and context in which the information is presented has not been materially modified.

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 JORC (2012) Compliant Inferred Mineral Resource Estimate published 14 February 2019:

1 Equivalent metal calculation notes: Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO3(EQ)% = Sn% x 0.7 + WO3 + Cu% x 0.28. Commodity price assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and payability assumptions of 81%, 90% and 90% respectively

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. The Company has entered into an exclusive Call Option with South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared Prosperity Fund. Cornwall Council is responsible for managing projects funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of Scilly Good Growth Programme.

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it's needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the UK-government's five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For more information, visit https://ciosgoodgrowth.com