Strategic Minerals (SML) Trading update summary

Operational performance

• Q3 2025 ore sales at Cobre rose 42.4% quarter-on-quarter to 16,098 tons, with revenue up 31.9% to $1.08m.

• Cash balance at 30 September 2025 was $0.83m, down from $1.59m at 30 June 2025.

• Cobre operations recovered after wildfire-related downtime earlier in the year.

Redmoor project progress

• Drilling and assays confirm Redmoor as the highest-grade undeveloped tungsten resource in Europe.

• Initial assays from drillhole CRD033 show exceptionally high tungsten grades and multiple stacked mineralised zones.

• New mineralised zones identified, expected to enhance the upcoming Mineral Resource Estimate.

• Accelerated drilling with a second rig; all six completed holes intersected the target vein system.

• Metallurgical testwork underway to refine recovery assumptions for the next resource update.

Market and investor engagement

• Over 20 institutional and UHNW investor meetings held, plus a well-attended retail investor presentation.

• Strong market interest in Redmoor’s critical minerals potential as global supply concerns rise.