ANDRIEVSKII.CH | Strategic Minerals (SML.L): Redmoor Drilling Raises the Stakes for Tungsten Project
Strategic Minerals Plc today, 17 September 2026, published an RNS update on its Redmoor tungsten-copper-tin project in Cornwall, reporting that more than 5,000 metres of infill drilling have been completed. The announcement, titled “5,000m Drilled on Time and on Budget, Supporting PFS Work Programme”, was classified by the company as inside information under the Market Abuse Regulation (MAR).
The company has completed nine drillholes across three pads, with all nine intersecting the full thickness of Redmoor’s Sheeted Vein System (SVS). Geologists identified visible wolframite, chalcopyrite and cassiterite — minerals associated with tungsten, copper and tin.
The programme remains on time and within budget, with three rigs operating and more than 17,500 metres still to be drilled.
The drill core is the key signal
The company released photographs from several drillholes showing coarse mineralisation.
Most interesting are samples CRD047 and CRD045, where visually large and very coarse wolframite is present — the principal tungsten-bearing mineral at Redmoor. However, the exact WO₃ grade will only be established through laboratory assays.
CRD048 also contains very coarse wolframite alongside massive chalcopyrite, while CRD049 highlights coarse cassiterite. The company cautions that the selected photographs are examples and are not necessarily representative of all mineralisation encountered.
Western Redmoor comes into focus
Two holes from Pad 5 are testing the western-most portion of the current Redmoor resource. Both intersected the full thickness of the SVS and the previously modelled North Tin Zone, with wolframite, chalcopyrite and cassiterite identified visually. Assay results are pending.
This does not yet increase the official Mineral Resource Estimate. Any resource expansion would require assays, geological modelling and a subsequent resource update.
Redmoor currently has a 17.4 million tonne Inferred Mineral Resource, containing tungsten, copper, tin and silver.
Tungsten prices strengthen the backdrop
Strategic Minerals reports a six-month average APT tungsten price of $2,960.09 per mtu and a 12-month average of $1,929.95 per mtu, both above the company's previous $1,800/mtu upside-case assumption.
At $1,800/mtu, the company's March 2026 economic sensitivity analysis indicated an NPV(8) of $2.71 billion and an IRR of 55%.
These figures are sensitivity estimates rather than a completed feasibility study and are based on an Inferred Resource. Nevertheless, sustained tungsten prices above the earlier assumptions could materially improve Redmoor's economics.
The next catalyst: assays
Strategic Minerals has analysed 696 samples, with another 196 samples from CRD044 being processed. Additional samples are being prepared for dispatch.
The next assay results will therefore be more important than the 5,000-metre milestone itself. The key question is whether the visually evident wolframite translates into strong and continuous WO₃ grades.
Strong results, particularly from Pad 5, could support the continuity of the mineralised system and potentially contribute to a future resource expansion or upgrade.
Andrievskii Verdict
The 17 September update is a positive signal for Strategic Minerals. The drilling programme is progressing on time and within budget, while the new core confirms tungsten-copper-tin mineralisation.
Most interesting are samples CRD047 and CRD045, where visually large and very coarse wolframite is present — the principal tungsten-bearing mineral at Redmoor. However, the exact WO₃ grade will only be established through laboratory assays.
As of 31 May 2026, Strategic Minerals had $10.76 million in cash and stated that this funding was sufficient to complete the PFS on Redmoor. Additional cash-flow support comes from the Cobre project in the United States, which continues to provide the company with sustainable revenue. In addition, the sale of Leigh Creek provides for A$750,000 in cash proceeds, of which A$500,000 is already held in escrow, with completion of the transaction subject to a number of conditions.
The main near-term catalyst is the assay results, particularly from the western Pad 5 area.
Aleksei Andrievskii | Advisory Board Member, Bendura Bank AG | Liechtenstein