Cornwall Resources Ltd has received a US$9.25 million (£7m) investment to progress towards a feasibility study for its Redmoor tungsten-copper-tin project, ahead of a final investment decision for mining.
The project’s drilling programme, which has expanded over two years, has become the “largest, continuous, diamond drilling programme from surface” drilled in the county.
Funds will advance ongoing resource infill and expansion drilling, geotechnical and metallurgical drilling, site investigations for feasibility studies, mineral resource estimates and reserve conversion.
The company will additionally prepare prefeasibility and definitive feasibility studies, metallurgical, processing and engineering studies, and pre-site development activities.
Discussions continue on supply chain and offtakes, linked to the US, while a FID is expected within 32 months of the start of agreed work.
The investment is from the US Department of War*, supported by the industrial base analysis and sustainment (IBAS) programme, and delivered through the defense industrial base consortium (DIBC).
Cornwall Resources, which has been a DIBC member since 2024, has assessed Redmoor as Europe’s “highest-grade, undeveloped tungsten resource, and one of the highest-grade tungsten projects globally”.
“We believe the strengths and investment case for Redmoor have been clearly demonstrated through this investment,” said Charles Manners, executive chairman of parent company Strategic Minerals plc.
“The US Government has in recent weeks made significant investments to support allied, western world tungsten supply chains.”
Cornwall will have to meet the remaining costs for the project through its own resources and/or UK investment.
Managing director Dennis Rowland added: “It has been our intention to pursue all means to accelerate Redmoor towards full feasibility and then into mining, as quickly and efficiently as possible.
“This transformational funding to CRL will add significant momentum and support for Redmoor’s accelerated development.
“It helps eliminate funding uncertainty and risk between Redmoor’s feasibility development stages and positions the project for rapid development through integrated workstreams.
“Whilst there is no guarantee of follow-on production funding, subject to the proper completion of the programme’s milestones, we further look forward to potential discussions on follow-on funding support for mine development at Redmoor.”
The company expects to complete the agreement within 60 days.
*Strategic noted: “The Department of Defense currently uses ‘US Department of War’ as an authorised secondary title in public communications and non-statutory documents.”