Member Info for london_

It's the OPEX that might decrease (due to the grindability and crushability of the mined materials). Apologies.

I read that CAPEX was expected to be £60 million to get the mine into production.

But also, I'm sure I read, that recent results showed potential for lower CAPEX.

Can anyone confirm, or am I dreaming?

There's no placing needed for this exploration as far as I know. SML is making money. And hopefully LC disposal.

£60 million CAPEX needed to set up the mine - is that right? Or did I read recently that the CAPEX estimation had decreased?

A board with skin in the game is also a good sign.

Surely, the UK government will have to look at this site as the figures are made more concrete - critical minerals in our own country should be a diamond asset!

The formula IMO here is:

Confidence in what is the ground * confidence that what's in the ground can be economically mined * steps to financing

Where it is and based on the critical nature, IMO significantly lowers risks on the location and planning.

MRE in Q1 26 is the next big step.

Current NPV from SP Angel: $400 million (£300 million)

25% NPV = ~3.2p

50% NPV = ~6.4p

So if the NPV stays as is and they sure up the resource, those should be the SP we could expect in the next 3-6 months.

If the NPV increases as commodity prices do and/or the MRE shows a much bigger resource, then the SP could surpass those numbers.

As always, DYOR.

The board seem to be adding much confidence to this project and company, but there is always a lot of risk at this stage.

Strategic Minerals* (SML LN) 1.68p, Mkt Cap £40m – Redmoor drilling nears completion as metallurgical testing shows >90% recoveries for tungsten, tin & copper

• As its current drilling campaign at the Redmoor project in Cornwall nears completion, Strategic Minerals has issued a progress report.

• The company confirms that “To date, 4,392.77 m of drill core has been produced, logged and reviewed for sampling” and that after completing a total of 6 holes (3213.1m), including the latest, CRD-040 completed at a depth of 424.20m, on 8th November, “Rig 1 … will demobilise today”.

• The remaining rig is currently drilling the final hole of the campaign, CRD-041 “which is advancing well”.

• The company highlights that hole CRD-039, in common with hole CRD-037, “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”.

• Pending receipt of assay results from the latest drilling, today’s announcement includes photographs of mineralised drill core which illustrate coarse grained wolframite (tungsten) mineralisation, cassiterite (tin) and the presence of “massive sulphides dominated by chalcopyrite (copper) in drill core”.

• We consider the presence of coarse-grained mineralisation as positive as it offers the potential for relatively coarse grinding to liberate economic minerals which should help to contain power costs required for future mineral processing.

• Exploration Manager, Rowan Thorne, described the objectives of the drilling campaign as “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”.

• He said that … “subject to analytical testwork confirmation … we have met these goals, further derisking Redmoor and providing key information for the MRE update and future infill drilling campaigns”.

• In today’s announcement, Strategic Minerals also describes progress with metallurgical test work “for full flowsheet design … for tungsten, tin, and copper recovery … [which] … is progressing ahead of schedule”. • The testing uses “representative SVS material from the project” including encouraging tests on crushing and grindability which are expected to deliver improved results “when evaluating pre-concentrated material”. • The metallurgical work also included “a comprehensive heavy liquid separation ("HLS") programme on all +1mm 10 mm material” to determine the optimal specific gravity for “mass and metal recoveries”.

• Overall, the metallurgical test results so far are described as “encouraging, with mass recovery to flotation feed of approximately 43.9

Strategic Minerals* (SML LN) 1.68p, Mkt Cap £40m – Redmoor drilling nears completion as metallurgical testing shows >90% recoveries for tungsten, tin & copper • As its current drilling campaign at the Redmoor project in Cornwall nears completion, Strategic Minerals has issued a progress report. • The company confirms that “To date, 4,392.77 m of drill core has been produced, logged and reviewed for sampling” and that after completing a total of 6 holes (3213.1m), including the latest, CRD-040 completed at a depth of 424.20m, on 8th November, “Rig 1 … will demobilise today”. • The remaining rig is currently drilling the final hole of the campaign, CRD-041 “which is advancing well”. • The company highlights that hole CRD-039, in common with hole CRD-037, “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”. • Pending receipt of assay results from the latest drilling, today’s announcement includes photographs of mineralised drill core which illustrate coarse grained wolframite (tungsten) mineralisation, cassiterite (tin) and the presence of “massive sulphides dominated by chalcopyrite (copper) in drill core”. • We consider the presence of coarse-grained mineralisation as positive as it offers the potential for relatively coarse grinding to liberate economic minerals which should help to contain power costs required for future mineral processing. • Exploration Manager, Rowan Thorne, described the objectives of the drilling campaign as “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”. • He said that … “subject to analytical testwork confirmation … we have met these goals, further derisking Redmoor and providing key information for the MRE update and future infill drilling campaigns”. • In today’s announcement, Strategic Minerals also describes progress with metallurgical test work “for full flowsheet design … for tungsten, tin, and copper recovery … [which] … is progressing ahead of schedule”. • The testing uses “representative SVS material from the project” including encouraging tests on crushing and grindability which are expected to deliver improved results “when evaluating pre-concentrated material”. • The metallurgical work also included “a comprehensive heavy liquid separation ("HLS") programme on all +1mm 10 mm material” to determine the optimal specific gravity for “mass and metal recoveries”. • Overall, the metallurgical test results so far are described as “encouraging, with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% t

What about the 90% recovery rate stated in the RNS?

And the talks with TOMRA to look at test sorting the mined material before it enters the main crushers?

- The metals are critical.

- The price of Tungsten alone has improved the economics of the site. The price continues to increase.

- Redmoor is in England. It's a safe jurisdiction. Surely planning shouldn't be a problem if this is one of the few mines outside of China that has a good supply of Tungsten.

- The drills are proving the SVS. The recovery rates are high. There might be more 'out there'.

One question: is there any sign of how funding for production might happen? Hopefully there's a non-dilutive route.

CRD039 intersected the full thickness of the sheeted vein system. And intersected outside the logged mineralised main sheeted vein system, showing potential for future growth.

CRD040 also intersected full thickness of SVS.

Onto the full results from those drills!

Adding confidence to what they think is in the ground and adding more to what could be in the ground also.

Is that at production?

Agreed. Happy to sit on this until MRE is released early next year.

Hopefully the remaining drill results and future drilling can create a hefty MRE. Would be lovely to see the SP Angel research be met. SP could triple from here if so IMO.

It's crazy to think that those couple of drills could be opening up hundreds of millions of value.

Good to see someone backing up a post with evidence.

Roll on the next 6 weeks.

If there is a plant within reasonable range that is willing to take on the materials mined at Redmoor, then that's a massive win.

I keep saying, this is all about confidence levels.

The last drill has increased that, along with the price of Tungsten. Upcoming and future drills results along with MRE should, hopefully, see the value increase. Critical metals are more critical than ever - world governments aware of this.

Safe jurisdiction. Critical nature of the metals should make it easier for planning approval.

Sale of JC.

Lot's of drill results due before year end. Q1 2026 MRE, if positive results from drills, should see the value in the ground increase.

The confidence in the resource will increase over the next 3-4 months (drilling results + MRE). Hopefully that's a positive confidence.

With the critical nature of these metals and the location of the mine, I cannot foresee planning and financing to be a problem whatsoever if it moves towards production.

Stagnant is good whilst things go quiet IMO.

Lot's of drill results to come before year end.

And a MRE in Q1 2026.

If the drills show more positive, then this could rise nicely. And if the MRE shows a considerable tungsten, copper and tin asset then the price should re-rate massively.

Of course DYOR and risk assessment.

After yesterday's drop (which was back to Friday's close), to see a rise back up today is good. The sentiment is positive.

Lot's of drill results to come.

Of course, they could be negative.

But sentiment is that they will be positive.

In all the shares I've followed, I've never seen so many UT's as with SML