Strategic Minerals upbeat on UK critical minerals report

(Sharecast News) - Strategic Minerals was upbeat on Friday after news that tungsten and tin, key components of its wholly-owned Redmoor polymetallic tungsten deposit, retained their designation as 'critical minerals' in the 2024 UK Criticality Assessment. The AIM-traded company said the updated assessment identified 34 critical minerals, including 17 newly-designated materials, while retaining 17 of the 18 minerals identified in the 2021 report, with palladium removed.

Tungsten and tin remained central to the firm's Redmoor project, which holds a JORC 2012-compliant high-grade inferred resource of 11.7 million tonnes at 0.56% tungsten trioxide, 0.16% tin, and 0.50% copper.

Strategic Minerals said it was continuing to engage with the UK government to highlight Redmoor's potential contribution to both domestic and international supply chains.

The project's critical mineral resources aligned with the UK's objectives to strengthen its economic security and support allied nations in securing essential materials.

"Following the release of this report, it is clear there is significant potential to continue to push for increased support for the establishment of domestic sources of critical minerals for metals that the UK is naturally endowed in, such as tungsten and tin," said executive director Peter Wale.

"The CRL team continues to engage on this."

At 1028 GMT, shares in Strategic Minerals were up 1.24% at 0.25p.

Reporting by Josh White for Sharecast.com.