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Looks like Mr Coffee bought £3.3m of the £4.7m although that is not stated in RNS but likely.

See today RNS

If there are ( and it is likely) more further delayed trades today, at least , at the moment anyway buyers are outstripping sellers and we are again moving forward. SML will clearly be on many more institutional/large investor radars now and we could expect steady progress now in coming days and weeks with more positive news to come in the pipeline as the SML asset unfolds further.

Slow and Steady as we go.

Only thing I would observe is that if the buyers were outweighing sellers 2 to 1 then sp should " in theory " have moved up not down. So the volatility of the sellers was such that MM's had trouble balancing the book??? Or MM's were taking on inventory to sell at a much higher price once they can let the brakes off and make a killing for themselves. Too difficult to know unless you have access to the MM's themselves???

Well John

I am not for a minute suggesting that some "special dealing" goes on when big buyers and sellers are at play in AIM and the market makers make the prices fit the deals, hence there can be a disparity of buys and sells. MM's make it work for themselves as much as the buyers and sellers. After all that is their business and how they make their money. Sounds like you know that anyway but not everyone does .

Jfi for those that are interested.

The main four market makers handling SML share trades are HSBC, Zeus, IG and Sp Angel.

All are obliged to trade the shares as buyers and sellers approach the market. They must also manage and maintain volatility in the share which requires the spread to be set and the raising or lowering of share price in order to meet the current trend of buyers and sellers.

So in recent days the demand from sellers has outstripped buyers at times so in maintaining the volatility they have had to mark the price down so that the sellers shares can find willing buyers but only at a lower price. Whilst this situation prevails the sp will remain in the lower range it currently finds itself but once the large selling pressure reduces then it is likely that the sp will rise again reflecting the value of the project more as interest remains in buying shares but the heavy stream of sellers fades.

It seems likely our illustrious previous board members were offloading in big numbers but at the same time others were buying them in big numbers, which is encouraging.

Hopefully this situation will resolve shortly and normal service will be resumed. Perhaps that will coincide with further comment from Sp Angel and Zeus which may help propel sp back to numbers most of us expected and that reflect the state of viability of Redmoor project and SML as company driving.

In answer to the question of why there so many delayed share trades on 26th?

On March 26, 2026, Strategic Minerals (SML) experienced a high volume of delayed share trades, primarily driven by large sell orders, significant volatility, and market maker activity following recent positive news. Investors noted about 30 million delayed trades out of around 58-80 million shares traded, often in large blocks of £10k to £20k.

Several factors contributed to this:

Large Sell Orders: Market chat indicated that significant stockholders (specifically mentioning shares acquired in 2021/2022) were offloading large batches of shares, keeping the share price in check around 4p-5p after an earlier rise to 6p.

Market Maker Activity: Market Makers (MMs) were reportedly processing these large sells quickly while delaying the reflection of buy orders, which contributed to the high number of delayed transactions reported on the London Stock Exchange.

Volatility and "Profit Taking": The stock saw high volatility with the share price dropping from 5.42p in early trading to a low of 3.8p by the end of the day. Some investors were seen "hoovering up" these shares, creating a high volume of transactions.

Reactions to News: Despite positive Resource Estimation (MRE) news, the stock saw "unexpected" selling, leading to speculation about price manipulation or long-term holders taking profits.

Note: SML share prices fell by roughly 17% on this day.

Well Dennis Rowland seems pretty savvy.

Wonder if there are again delayed sells as per yesterday. Will see as day progresses. Still healthy buys coming through so something is holding it up and it is not the project or financial strength.

RNS couldn't have been clearer could it?

Strategic Minerals (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to announce it has raised gross proceeds of approximately £4.7 million through direct subscriptions for 134,285,712 new ordinary shares of 0.1 pence each in the Company ("Subscription Shares") at a price of 3.5 pence per new ordinary share ("Issue Price"), (the "Subscription").

The Subscription was led by a prominent international investor who approached the Company, which the Board views as a strategically important moment in the Company's development.

The word "subscriptions" and "was led by" make it pretty clear was more than one investor.

Yes John that could well be what is going on. MM's gathering the necessary shares to fill large institutional orders could well be the situation, in which case when they fill it and release it to the market there should be an upside sp movement.

Next few days could be interesting.

Total shares traded c80m today and yet c30m delayed trades.

If that is not a bit of a cooked book don't know what is????

Only one's that panic are those that are not convinced by the MRE facts and BoD actions and plans going forward. Those that are will still be holding or adding to their portfolio.

When was the last time we saw c30m delayed share trades on SML? Someone's cooking the books a bit I think.

JP and PW didn't BUY so many shares they continually awarded themselves freebies etc whilst they sat around doing very little else it would seem.

Agree with Bluegrass that the MM's are holding a lot of these sold shares, maybe some late delayed buys but don't think they will equate to the level of sells.

The good of that is that the MM's will still will want to offload that inventory next few days or even tomorrow if there are sufficient buyers. But hey!, will that mean we will have a bumper day tomorrow as MM's mark up the price and collect a tidy profit in the process, they wouldn't do that, would they ?

If as I suspect there are c600m shares to offload, at least, then this process may last few days but as the MM's hold decent inventory then we could see an sp rise as they make their profit and the sellers also get better price for their continued offload.

Say all this as am quite cynical about the MM's. They are always in it for themselves and whilst what they do is "always" within ethical trading they are like pigs at the trough when there is the chance. This may be one of them.

Let's see what tomorrow and the coming days bring. If these large sells continue the sp will lounge at lower level, if they dry up then we might get the day(s) that many thought today would be.

Onwards and upwards.

Just look at the number of shares being offloaded by the Mm's, 100k,200k, 300k even 1m at at time all delayed trades.

That is imho what is happening here today. Hopefully it will end but am not holding my breath as ex directors have 600m to sell between them so may take a while.

None of that alters the financial facts of SML nor the fact that the BoD will carry on making progress at speed. At some point the sp will reflect that. If you can't wait for it so be it, if you can then the rewards will come in the course of time.

Not so sure these large trade sells will stop today. Selling in £10k and £20k batches 200k and 300k at a time. Not many people have these kind of numbers of shares so we all know who the likely culprits will be. These guys have 300+m shares each to offload so process may take a while.

Mm's have to reflect trade of shares and at the moment the large offloads are keeping it in check so don't be surprised if it stays locked around 5p for much or all of the day. or even in days to come if they keep selling.

However, none of that can obscure the facts that are stated in the MRE so at some point the sp will begin to reflect that.

Maybe the webinar may help but tbh the sp at the moment is not that critical although we all want it to take a jump up, the longer term is what is important.

There seems to be a continuous supply of earlier chunky trades coming through, am guessing mostly sells but running into millions collectively so that may well be main reason for roller coaster staying in a down phase at the moment.