Strategic Minerals Provides Updates on Leigh Creek Copper Mine and Redmoor Project
Why we think this is neutral
The RNS provides positive updates on the company's progress in monetizing the Leigh Creek Copper Mine and advancing the Redmoor Project through a drilling program. However, the lack of financial information and details on the Cobre magnetite project, as well as the potential risks associated with the Redmoor Project, temper the overall sentiment.
Key Points
- LCCM to receive A$100,000 call option payment
- CRL secures drilling contract for Redmoor Project
- Redmoor drilling program part-funded by UK Shared Prosperity Fund
- Drilling program to inform new JORC (2012) resource estimate for Redmoor
Summary
Strategic Minerals plc has provided updates on its wholly owned subsidiaries, Leigh Creek Copper Mine Pty Ltd (LCCM) and Cornwall Resources Limited (CRL). LCCM has received confirmation that the Purchaser will make a A$100,000 payment for an exclusive call option to acquire 100% of the Leigh Creek Copper Mine. CRL has signed a drilling contract to commence a fully-funded drilling program at the Redmoor Project in Cornwall on 23 June 2025, as part of its UK Shared Prosperity Fund project. The drilling program is aimed at informing a new JORC (2012) compliant Mineral Resource Estimate for the Redmoor Project.