Strategic Minerals gets $9.2M Department of War funding for UK tungsten project
Redmoor is Europe’s highest-grade, undeveloped tungsten resource.
Strategic Minerals, a company trading on AIM as SML and USOTC as SMCDF, has secured $9.25 million in funding from the U.S. Department of War to advance its Cornwall Resources Limited (CRL) subsidiary's tungsten-copper-tin project in Cornwall, UK. The Redmoor project, recognized as Europe's highest-grade, undeveloped tungsten resource and one of the world's highest-grade tungsten projects, is crucial for various high-performance applications, including superalloys, turbine blades, and military ammunition.
The investment aims to accelerate the project through feasibility studies and secure a final investment decision (FID) for mining. Non-dilutive and unrestricted, the funding will enable CRL to surpass previous pre-feasibility milestones, conduct resource infill and expansion drilling, and expedite the route to underground mining.
The company's executive chairman, Charles Manners, expressed gratitude for the U.S. government's investment, highlighting its significance for securing a reliable allied tungsten supply. CRL's managing director, Dennis Rowland, emphasized the project's accelerated development potential through the funding, which will support advanced manufacturing, defense, and critical minerals supply chains.
Strategic Minerals' stock price rose by 14% on Monday following the announcement, with the company boasting a market capitalization of £168.6 million ($223 million).
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