Business
Leigh Creek Copper Mine - Call Option Exercised
Strategic Minerals plc has announced that Cuprum Metals has exercised its call option to acquire the Leigh Creek Copper Mine, with a minor variation to the terms. Cuprum will pay an initial A$150,000 by December 24, 2025, followed by a A$1,750,000 payment by May 31, 2026, or upon completion of the definitive agreement, whichever is earlier. Both parties are optimistic about restarting operations in 2026, supported by strong copper market fundamentals, and the initial payment will provide additional cash flow for Strategic Minerals' exploration activities in Cornwall. Disclaimer*
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.\n \n22 December 2025\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\nLeigh Creek Copper Mine - Call Option Exercised\n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, provides the following updates regarding its wholly owned subsidiary, Leigh Creek Copper Mine Pty Ltd (\"LCCM\").\nFurther to the grant of an exclusive call option to Axis Mining & Minerals Pty Ltd, which was subsequently novated to South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals (\"Cuprum\") as announced on 14 August 2025, Strategic Minerals is pleased to confirm that Cuprum has exercised the option, with a minor variation to the terms.\nCuprum will now pay the Company the sum of A$150,000 (\"First Instalment\") by no later than 24 December 2025. Following the payment of the First Instalment, the parties will enter into an agreement (\"Definitive Agreement\") by which Cuprum will acquire LCCM from the Company and will make a payment of A$1,750,000 (\"Second Instalment\") on the earlier of (i) completion of the Definitive Agreement, or (ii) 31 May 2026. The Definitive Agreement and Cuprum's right to acquire LCCM will lapse if the Second Instalment has not been paid to the Company by 31 May 2026. All other terms of the transaction first announced on 24 April 2025 remain unchanged. \nBoth parties are now confident in restarting LCCM in 2026, supported by strong copper market fundamentals.\nMatthew Salthouse, Executive Director of Cuprum, commented:\n\"Cuprum wishes to thank and acknowledge the ongoing collaboration with Strategic Minerals to close the acquisition of LCCM. The Directors continue to view the acquisition of LCCM as a highly value accretive opportunity and look forward to further progress in 2026.\"\nCharles Manners, Executive Chair of Strategic Minerals, commented:\n\"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. We look forward to working...