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Very good (if not the best so far) assay result update. I say that because there seems to be tungsten, tin and copper in parts previously known to be tin-dominant.

The updates on X are more exciting than the formal RNS. Have a look yourself: https://x.com/Geo_Critical/status/2026566343714115597

I particularly like the tone in the last post: "Final drillhole results incoming soon and then final results of the metallurgical testworks. All in time for the run up to MRE!"

Management can barely hide their excitement.

Zeus on the same point: We also expect the resource to grow from some of the veins outside of the defined SVS which may be thick and continuous enough to trace along strike and depth and create additional exploration upside. We can’t yet determine by how much the resource will grow after the new drill data is combined into the updated MRE, and the tungsten price used will be all important, but we do expect an increase in resource size (Mt) and contained tungsten.

Next we'll test 5p by the end of the first week of March.

Beware, the Zeus update has (your) name on the bottom left corner

Too pessimistic here

"The company still needs to complete a pre-feasibility study and definitive feasibility study before securing regulatory permits and planning permission. This process could take years. And even with perfect execution, first production likely won’t start until as early as 2032."

Part of me (looking at the Hammersmith Bridge example) is even more pessimistic than that... But what MF has ignored in the analysis is the US Exim interest in CM & TW. How could you miss that and call yourself an analyst, I don't know tbh... Anyway, back to the US point: look at how Trump has taken a stake in critical industries* in the US. Which to me suggests they are not coming to the UK to F.A.

MP Materials Rare Earth Minerals 15% To secure the only scaled U.S. producer of rare earth magnets used in EV motors and defense.

Lithium Americas Battery Materials 5% Part of a deal to secure the supply chain for the Thacker Pass lithium deposit in Nevada.

Trilogy Metals Critical Minerals 10% Aimed at securing domestic supplies of copper, cobalt, and germanium in Alaska.

Korea Zinc Mineral Smelting 10% Funding for a major new refinery in Tennessee to reduce reliance on Chinese smelting.

U.S. Steel Steel / Industry "Golden Share" As part of the Nippon Steel deal, the U.S. holds a special share giving it veto power over plant closures or job cuts.

Whether SML stays a UK company or acquired by Americans, it will have to bring the production timetable forward very significantly. It will be done. And frankly, this is the investment decision here... If you think the UK will stay socialist under the Uniparty, sell your SML shares. If you think Reform or another new party will come to power and realign the UK with MAGA, hold your SML shares (I am in the latter camp).

Added 1m at 3.56 just now. Don’t expect to see sp weakness for long so took the opportunity. If it goes lower I’ll add more💪

I have read the 5/2 RNS more carefully and have revised my views on this. @Tungstenman I hereby retract my earlier push-back. You may be right. If Pad 2 drillhole assay results can do this (4p as I type this post) then further positive results from Pad 3 will explode the SP as these would be seen as confirmation that the resource update is due.

Agree bluegrass. SML is in a speculative stage and almost no institutional will buy speculatively, very normal. HNWI and FOs are very different of course and the placement was with that type of investor. Again very normal. Also I doubt very much IIs will ever be able to buy into SML. Judging by the US government interest in our neighbour, SML is likely destined for other (bigger and swifter) developments.

On another note, I started to feel uneasy about the frequency of updates from SML. I’d thought the need for high visibility had diminished after the very successful placement.

That's not going to happen. Please keep expectations realistic. We may even see 25p one day but extremely unlikely we see that on "news" of a good MRE. A much more realistic expectation would be to see

- first: the gov't grant (and with the Starmer premiership collapsing a delay is almost certain),

- second: the project being kicked off (contractors being chosen, etc, the "project outline" to come out)

If I'm wrong and this goes to double-digits before any of the above then I'll deem the share overbought and would sell to buy back in after the correction.

Just added 600k @ 2.86

plan to add another 1m at every -0.2p interval if the window opens

Excellent news keep coming! Inconsequential downward SP move this morning. Will likely turn blue by close. All investors other than day-traders have their eyes on the updated MRE due in Q1. Also in response to another thread, yes absolutely, some of the reports are priced-in. If you expect the SP to jump to 10p on the day of the MRE, you'll be disappointed. That's a process. We'll get there but there'll be ups and down along the way. Patience!

Positive drill results Strategic today released the latest drill results from the recently completed Redmoor drill programme. In addition to further high‑grade tungsten and tin intervals, these results are particularly encouraging as they confirm that the mineralised sheeted vein system (SVS) extends into an Exploration Target beyond the current resource envelope. Results from two holes — CRD038 and CRD040 — are reported. CRD038, drilled to test an Exploration Target (projected extensions to the resource), and CRD040, a twin hole designed to validate historical data, both returned high‑grade tungsten and high-grade tin mineralisation. Drill hole CRD038 intersected multiple high‑grade tungsten, tin, and copper intervals across both lode and SVS styles within the Redmoor Exploration Target including a continuous intersection of 18.8m grading 0.38% WO3, 0.15% Sn & 0.32% Cu (0.59% WO3.Eq) from 444.5m being highlighted. This has the potential to allow for resource growth subject to the outcomes of the upcoming mineral resource estimate update, and importantly validates the exploration target, which could see further potential resource expansion subject to future expansion drilling. Drill hole CRD040 intersected the high‑grade SVS zone as modelled, providing further validation of the current geological interpretation, and model. A continuous zone of 14.11m grading 0.35% Sn, 0.03% WO3, & 0.02% Cu (0.33% WO3.Eq) from 312m is highlighted. This alignment with historical records strengthens confidence in the quality and reliability of legacy data. An interval with high silver values was also reported - 0.80m grading 1.46% Sn, 0.01% WO3, & 2.31% Cu (1.83% WO3.Eq) and 43.6g/t Ag from 410.2m. Zeus view: While additional drilling is required to determine the full resource potential of the Exploration Target, confirmation of the high‑grade SVS in this area is a significant positive, indicating clear potential for resource growth and reinforcing the robustness of the deposit model. For context, the Exploration Target targeted by CRD038 is estimated at 4–8 Mt, a meaningful scale relative to the current 11.7 Mt inferred resource. Results from CRD037, expected shortly, will give further clarity on resource potential. Validation of historical drilling also supports inclusion of those datasets in the forthcoming Mineral Resource Estimate, offering both cost and time savings. Overall, the results reported to date are highly encouraging. The combination of high grades, strong commodity prices, deposit continuity, and emerging zones with meaningful tonnage potential suggests that the upcoming Mineral Resource Estimate could deliver a material upgrade. We will continue to monitor results as they are reported. Our assessed fair value remains 4.8p per share.

Forgot to say..... I benefited A LOT from this RKH board. Some legends here!

Supra3 well done buddy! Very happy to hear a fellow investor did well. I am in a similar position although much less diversified as my sipp provider is extremely risk averse and won't let me touch any of the shares you mentioned save for SML. Which I'm in love with atm (knock knock) nearly trebled the investment I put there at 1p! My target is 6p (brokers' FV of 4.8). Having said that, as numbers grow, I now lose some sleep on the fear of a general market downturn. RKH would be relatively shielded but would still take a hit. I now put 10% of my portfolio in cash for such scenario. I'd happily buy the dip in RKH as I'm in for the divvies during retirement...

While I'm at it :) a word for younger investors: Start running your pension pot yourself! I am superstitious about counting my beans but in the last 12 years I more than 10x'ed my pot with a long-only, medium term, UK equity strategy (what the SIPP rules allow anyway).

My investment principles are:

- Picked one sector (Oil and gas) for life.

- Did A LOT of reading. Average 2hrs/day, every day. Doesn't make me an expert (the 10k hrs rule) but I feel I am not far off. If you start early, say 30, then by 45 you could be an expert. Not bad.

- Long only, Medium-term trades only.

- Picked 5-10 markets to constantly monitor. One being the flagship (RKH for me), a few other oilies, Brent, and S&P500. In time I started feeling I am in tune with the graph (i.e. knew what each move was down to).

- Mcap rule: never invested in extremely small companies (e.g. SML now) until I had the luxury to be potentially stuck. If the buy/sell margin is >5% that's a shallow market and you may not exit when you want.

- Look out for politically driven trends and have the balls to go in if you believe you get it. E.g. Israel started playing big in oil post Tamar discovery in 2009. Within 15 years they were in RKH. That's lightspeed in oil terms. Buy buy buy! I topped up my RKH at 10-12p for example. Hint: I am eyeing the collapse of the Labour government. When Reform come in, American and Israeli firms will come for the North Sea. I like Serica a lot (Harbour are being silly, they can't read the trends). I posted here on the subject 3-4 months back. In relation to the political point: if Bigly points to something. Listen and you'll benefit.

- Finally: The big money is not in the buying and the selling, but in the waiting (Charlie Munger). 6 months absolute minimum investment horizon. If you trade, like in gambling, in a long enough time period, it's a mathematical certainty you'll lose money.

And the only Oilie in my portfolio not making gains today, you guessed it, RKH!

And someone here was FFS'ing me the other day for suggesting broker shenanigans happening in the 70-75p range..

Note is issued to my name so I can't share it sorry.. copy+pasted the key bits here

As I expected, Zeus have upped their FV assessment

Strategic Minerals - uplift in fair value The Strategic Minerals share price is now above our previous fair value prompting us to revisit out numbers. The final assays from the recent drilling campaign are still expected and, based on visual observations, we feel sure they will show a continuation of the previous high-grade tungsten results. Todays RNS concerned a twinned hole with one drilled in the 1980s and was aimed at a higher tin grade part of the resource. We results inline with expectations and expect the company to update us on its twinning programme soon. As a reminder if the results of the twin holes match those previously drilled then SML can use the drill hole data from the previous campaign which will be a huge cost saving on infill drilling. We had originally wanted to wait for the updated resource and new scoping study numbers but simply must react to the extraordinary interest we see in the critical minerals market and the large increase in the tungsten price to unheard of highs. So, with that in mind we increase the long term price of tungsten (APT price) from $400/t to $600/t we use in our DCF and our risk rating for the project to include 40% of NAV (vs 25% previously) – we see little risk in the resource. We therefore raise our fair value to 4.8p/sh from 1.9p/sh (Exhibit 1).

[...]

Zeus view. We raise our fair value today to 4.8p (from 1.9p) which we view as only a stepping stone. We look to properly revalue Strategic Minerals on the release of a new Mineral Resource Estimate and updated scoping study. We expect Strategic to fast-track its Feasibility study. There are many new tungsten projects being discussed in the junior exploration world, but none have such a high-grade potential as Redmoor has in our view. Redmoor continues to deliver on its promise and we have no doubt the remaining five drill holes from the 2025 drilling programme will continue to show elevated, high-grade tungsten assays.

I'm hoping we hoover here for a while.. Just sold something else to free up capital to double my SML holdings next week!

Conclusion: The latest drilling results from Redmoor continue to demonstrate the continuity of mineralisation and help to validate historic 1980s era drilling which may provide an opportunity to include the old data in the forthcoming updated MRE and PFS. We infer that the recently announced 16,000m drilling campaign and acceleration of the project’s pre-feasibility study in 2026 is a signal of the company’s confidence in the project which it describes as “the highest grade, undeveloped tungsten resource in Europe”. *SP Angel acts as Nomad and broker to Strategic Minerals

Agh I already have the II account so the link wouldnt count, sorry LUFC.. But thank you sou much, I'll go with II. Much appreciated!

Oh yes I forgot all about gov't involvement, which is a 200%.. Labour is so unpopular and desperate for wins. The moment the positive MRE is out we may even see Keith himself at the site - at which point I'm deffo selling :D

From AI:

Yes, UK government ministers and senior officials have made several high-profile remarks recently regarding mining in Cornwall, specifically focusing on lithium, tin, and tungsten. These minerals are frequently grouped together under the "Critical Minerals" banner rather than just "rare earths."

The most significant recent activity occurred in November 2025, when the government launched its refreshed UK Critical Minerals Strategy directly from Cornwall.

Key Ministerial Remarks and Actions

Chris McDonald (Minister for Industry): In November 2025, McDonald visited the Camborne School of Mines and Cornish Lithium to launch the new strategy. He stated that Cornwall is "fundamental" and "crucial" to the UK’s national security and economic growth. He specifically highlighted that the UK aims to produce 50,000 tonnes of lithium annually by 2035, with Cornwall as the primary source

Keir Starmer (Prime Minister): During the strategy launch, the PM described critical minerals as the "backbone of modern life." He emphasized that Cornwall’s lithium deposits—among the largest in Europe—are vital to ending the UK’s over-reliance on foreign imports (particularly from China) for electric vehicles and wind turbines

Rachel Reeves (Chancellor of the Exchequer): In late 2025, the Chancellor visited Cornish mining sites and spoke about the "Cornish-Celtic Tiger." She confirmed significant government-backed investment via the National Wealth Fund, including:

£31 million into Cornish Lithium.

£28.6 million into Cornish Metals (to help reopen the South Crofty tin mine).

Angela Rayner (Deputy Prime Minister): As Communities Secretary, she designated Cornish Lithium’s Trelavour Hard Rock plant as a "Nationally Significant Infrastructure Project," a move intended to fast-track its development

So the path here is SP momentum >> £100m mcap >> MRE >> Re-rating >> PFS >> re-rating >> IIs