Redmoor Project Sees Increase in Mineral Resource Estimate

Cornwall’s push to become a world-class region for metal mining has taken a significant step forward, following a major update on the Redmoor tungsten-tin-copper-silver project near Callington.

Cornwall Resources Limited (CRL) has announced a ‘transformational’ uplift in its latest Mineral Resource Estimate (MRE), revealing a substantial increase in mineral ore and a much longer potential mine life for the site near Kelly Bray.

Major increase in mineral estimates

The updated 2026 MRE shows that Redmoor now contains 17.4 million tonnes of tungsten ore. This represents a 49% increase compared to the previous estimate in 2019.

The findings also suggest the potential mine life could extend from 12 years to 29 years.

Alongside the increase in ore, the study highlights significant growth in contained metals:

• Tungsten trioxide (WO3) increased by 31%
• Tin (Sn) increased by 55%
• Copper (Cu) increased by 30%

For the first time, the estimate also confirms the presence of silver at the site, with around 3,231 koz of contained silver identified underground.

A decade of exploration work

The updated estimate follows 10 years of detailed exploration work in and around Redmoor, including borehole drilling, soil sampling, geophysics and aerial surveys.

The site itself has a long history of mining, with activity dating back to Roman times and continuing through to the mid-1940s.

Analysis carried out by the company has also identified the potential for improvements in metallurgical recovery for tungsten, which could strengthen the overall economics of the project.

£1.54bn valuation and next steps

In a separate announcement on Thursday 26th March, CRL’s parent company Strategic Minerals plc revealed an updated economic sensitivity analysis.

This places the Redmoor project at an estimated value of US $1.54 billion based on after tax net present value.

Charles Manners, Strategic Minerals’ Executive Chairman, said: “I cannot speak highly enough about the exemplary project design and delivery by the CRL team. It is hard to find any comparable project that has delivered so much, in such a short time, for the amount spent, and with such positive results. We are also deeply grateful to the many people who worked tirelessly to deliver this transformational piece of work.

“The Company is also enormously grateful to Cornwall Council and the Shared Prosperity Fund for their support with a grant in April 2025. This unlocked private sector investment and enabled the highly successful work over the last 12 months that has led to this transformational result that positions Redmoor and the UK to become a leading Western World source of tungsten.”

Moving towards the next phase

Mark Burnett, Strategic Minerals’ Executive Director, said: “The significant increases in tonnages, contained tungsten and other metals, and the inclusion of silver have provided a transformational uplift in Redmoor’s MRE and presents the potential for a 29-year life of mine, compared with a 12-year life of mine previously. The Company will now rapidly progress to prefeasibility study (PFS) to test these new production scenarios and optimise the model.

“Redmoor is Europe’s highest grade, undeveloped, tungsten resource compared to other CRIRSCO-compliant projects, and amongst the highest grade globally. The Company is committed to advancing Redmoor at pace, with today’s results highlighting the contained metal potential of the Project. A fully funded infill drilling campaign to increase resource confidence for the conversion of inferred to indicated mineral resources is commencing and expected to scale up before the summer through the addition of more drill rigs, with the Company fully focussed on the delivery of the PFS work programme.”

Dennis Rowland, CRL Managing Director, added: “Through the UK Shared Prosperity match grant funded project each £1 of match grant funding spent has seen a c.100:1 increase in market capitalisation in a 12-month period.

“From the outset we established clear aims to confirm previous exploration of the structure and grade of the resource and to incorporate new datasets to establish the potential presence of additional zones of mineralisation. We have been successful in these aims and the effects of each of these is reflecting in the robust improvements in the MRE. These results alongside the significant improvements in metallurgical recovery for tungsten, and confirmation of recoverability of silver, have directly contributed to improved project economics.

“I would like to thank the team at CRL for their hard work and performance, the Shared Prosperity team at Cornwall Council, the Strategic Minerals Board for their guidance and support, and our consultants for their efforts. I look forward to continuing to move Redmoor forward towards mining.”

Backed by public funding

The project has received support from the Cornwall and Isles of Scilly Good Growth Programme, funded by the UK Government’s UK Shared Prosperity Fund and managed locally by Cornwall Council.

This backing is aimed at helping unlock Cornwall’s critical minerals sector, supporting both economic growth and the future supply of materials needed for modern technologies and the clean energy transition.

Further information

Further details can be found in the official announcements:

• Redmoor – 2026 Mineral Resource Estimate
• Redmoor – Updated Economic Sensitivity Analysis