Strategic Minerals (SML) Trading update summary

Financial and operational highlights

• Share price surged 470% in 2025, ranking among AIM's top performers.

• Cobre magnetite operation achieved its third highest annual ore sales in 14 years, with 61,279 tons sold and $4.23 million in revenue.

• Cash balance at year-end was $0.78 million after significant investment in Cornwall Resources.

• Cuprum Metals exercised its option to acquire Leigh Creek Copper Mine, with $0.25 million received and up to $9 million total consideration expected.

Redmoor project progress

• Exceptional drill results from three of nine holes, including some of the highest-grade samples ever at Redmoor.

• Positive metallurgical results: 43.9% mass recovery to flotation feed, with metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper.

• Updated Mineral Resource Estimate expected before end of Q1 2026.

• Re-analysis of historical samples led to a 9.2% average increase in tungsten grades.

• Redmoor confirmed as one of the highest-grade undeveloped tungsten deposits in Europe.

Cobre and Leigh Creek operations

• Cobre sales increased sequentially through 2025, with Q4 up 4% on Q3 and H2 volume up 15.2%.

• Leigh Creek Copper Mine sale progressing, with further payments due and both parties confident in restarting operations.