Strategic Minerals is accelerating development of its Redmoor tungsten-tin-copper project in Cornwall after securing £8.7m in fresh funding, as the company sharpens its focus on building a domestic source of critical minerals for European supply chains.

The AIM-listed company said revenue from its Cobre magnetite operation in New Mexico reached $4.2m in 2025, with operating margins improving to 85%, helping fund ongoing work at Redmoor. Profit before tax declined to $700,000 due to non-cash share-based payments, lower earnings from Cobre, board restructuring costs and increased investment in the Cornwall project.

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Held through subsidiary Cornwall Resources, Redmoor covers 23.6km² near Callington in Cornwall’s historic Tamar Valley mining district under long-term mineral rights agreements that include an option to mine for up to 50 years. Strategic Minerals has positioned the project as a potential cornerstone asset in efforts to strengthen Western critical minerals supply chains.

The company expanded activity at Redmoor during the year, completing more than 5,000m of drilling, upgrading site infrastructure and expanding its technical team. The work contributed to a 49% increase in inferred resources and supported advancement of the project towards preliminary feasibility study stage in 2026.

Redmoor currently hosts a JORC (2012) inferred mineral resource estimate of 11.7 million tonnes grading 0.56% tungsten, 0.16% tin and 0.50% copper within the Redmoor Sheeted Vein System. Strategic Minerals said the project could potentially supply around 30% of Europe’s tungsten requirements if developed.

Tungsten is increasingly viewed as a strategically important metal because of its use in defence systems, aerospace and advanced manufacturing, while tin and copper are both linked to energy transition and electronics supply chains.

Exploration activity at Redmoor resumed in 2025 with support from match funding provided through the UK Shared Prosperity Fund and managed by the Cornwall & Isles of Scilly Good Growth Programme. The company said the latest funding will support infill drilling and technical studies aimed at advancing the project towards development readiness.

Strategic Minerals also expanded its regional footprint in 2024 after Cornwall Resources signed an agreement with the Duchy of Cornwall extending mineral rights around Redmoor by a further 64.35km². The additional ground includes historical mine workings that the company believes could support future satellite developments.

Meanwhile, the company’s Cobre operation recorded its third-strongest year for ore sales and secured continued stockpile access through to 2029, extending its role as a cash-generating asset. Strategic Minerals is also progressing plans for the disposal of its Leigh Creek copper project in South Australia, with proceeds expected to support further advancement of Redmoor.