Strategic Minerals (SML) Investor update summary

Strategic and Operational Progress

• Published an updated mineral resource estimate and financial assessment for Redmoor, showing a 49% increase in resource tonnage to 17.4 Mt and a post-tax NPV of $1.54 billion at base case assumptions.

• Raised £8.7 million in early 2024, strengthening the financial position to accelerate project development.

• Profitable operations at Cobre generated $4.23 million in 2025, and the planned sale of Leigh Creek provides additional financial flexibility.

• Redmoor is now the main focus, with other assets providing optionality and cash flow.

Resource and Economic Highlights

• Redmoor confirmed as Europe's highest-grade undeveloped tungsten project, with a 2026 MRE of 17.4 Mt at 0.49% WO3 (0.65% WO3 Eq), and significant increases in contained tungsten, tin, copper, and silver.

• Life of mine extended to 29 years, a 2.4x increase, with co-product credits from tin, copper, and silver.

• Economic assessment shows a post-tax NPV8 of $1.54 billion at $1,200/MTU tungsten, with a 40% IRR; upside case at $1,800/MTU yields $2.71 billion NPV and 55% IRR.

• CapEx remains low at $110 million despite inflation, supporting rapid development.

Technical and Development Updates

• Drilling and metallurgical work improved recovery rates and expanded high-grade zones; 9 drillholes in 2026 confirmed mineralisation continuity.

• Inclusion of historical data and higher metal prices brought previously sub-economic blocks into the resource, increasing contained metals.

• Fully funded infill drilling and PFS work are underway to upgrade resource confidence and optimise development scenarios.

• All processing options, including regional and global facilities, are under review to optimize CapEx and development speed.