Strategic Minerals plc (AIM: SML) has strengthened its financial position and advanced key development projects, reporting a cash balance of US$10.76 million at 31 May 2026, which the board believes is sufficient to fund operations through completion of the Pre-Feasibility Study for its flagship Redmoor tungsten-tin-copper project in Cornwall.
At Redmoor, drilling continues to make progress, with the first results from hole CRD042 successfully intersecting the Redmoor Sheeted Vein System. Follow-up holes CRD043 and CRD044 are targeting extensions to the mineralised structures as the company works towards expanding the project’s resource base and supporting future development studies.
Strategic Minerals is also progressing planning approvals for an expanded drilling programme and is awaiting the outcome of an ore sorting amenability study, which could enhance the project’s economics by improving processing efficiency and reducing operating costs.
Elsewhere, discussions regarding the proposed transaction at the Leigh Creek Copper Mine have advanced, with the parties agreeing a three-month extension to the transaction timetable while funding negotiations continue. The company said discussions remain positive.
At its Cobre magnetite operation in New Mexico, Strategic Minerals has invested in additional equipment, including a Caterpillar D6 bulldozer, reflecting management’s commitment to improving operational efficiency and supporting long-term production activities.
The company said its strong cash position provides flexibility to continue advancing its portfolio of critical minerals projects while maintaining momentum across development, exploration and operational initiatives.
