Strategic Minerals plc has moved closer to focusing solely on its Redmoor tin-tungsten project in Cornwall, following the exercise of an exclusive call option over its Australia copper subsidiary.
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The potential buyer, trading as Cuprum Metals, is due to pay the first instalment of A$150,000 (£74,000) to Strategic by no later than 24 December 2025.
Cuprum will acquire Strategic’s subsidiary, Leigh Creek Copper Mine Pte Ltd, and pay A$1,750,000 (£853,000) on completion of a definitive agreement or by 31 May 2026.
“It has been a pleasure to work with Cuprum over the past six months as both sides have worked diligently to move the transaction to this final stage,” said executive chairman Charles Manners.
“We look forward to working with Cuprum in 2026 as we move to realise value in other parts of our business, and the first instalment will provide useful additional cash flow for our primary exploration activities in Cornwall.”
Strategic’s UK subsidiary is Cornwall Resources Ltd, which is currently undertaking a drilling campaign at Redmoor, ahead of a revised mineral resource estimate due during the first quarter of 2026.