Strategic Minerals plc (LSE:SML) generated revenue of $4.2 million in 2025 from its Cobre magnetite business, with operating margins improving to 85%. Profit before tax declined to $0.7 million, reflecting the impact of non-cash share-based payments, softer earnings from Cobre, costs linked to board restructuring and higher investment in the Redmoor project. Cash holdings at year-end increased to $777,000 and were subsequently reinforced by an £8.7 million fundraising completed in early 2026 to finance infill drilling and a pre-feasibility study at Redmoor.
Redmoor expansion and operational progress
The company stepped up activity at the Redmoor tungsten-tin-copper project during the year, completing more than 5,000 metres of drilling, improving site infrastructure and strengthening its technical workforce. These efforts contributed to a 49% rise in inferred resources and further established Redmoor as one of Europe’s highest-grade undeveloped tungsten assets.
At the same time, the Cobre operation recorded its third-strongest year for ore sales and secured continued access to stockpiles through to 2029. Strategic Minerals also progressed plans for the disposal of its Leigh Creek copper asset, supporting its strategy of redirecting operational cash flow and potential sale proceeds toward accelerating Redmoor into production.
Outlook and valuation considerations
Strategic Minerals’ outlook is supported by stronger financial performance in 2024 and favourable technical momentum indicators. However, the investment case remains constrained by valuation concerns, including a high price-to-earnings ratio and the absence of dividend yield data. Technical indicators suggesting overbought conditions also increase the potential for near-term volatility.
More about Strategic Minerals
Strategic Minerals plc is an AIM-listed mining and exploration company with operations and development projects across the UK, United States and Australia. Its principal assets include the Redmoor tungsten-tin-copper project in Cornwall, the Cobre magnetite operation in New Mexico and the Leigh Creek copper project in South Australia. The company focuses on strategic and critical minerals aimed at supporting European and international industrial supply chains.
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