Strategic Minerals (LSE:SML) reported first-half 2026 revenue of US$1.59 million, compared with US$2.00 million in the corresponding period a year earlier, while its loss before tax was US$712,000.
The company said the loss primarily reflected a non-cash share-based payment.
Cash holdings increased to US$10.0 million following £8.7 million of equity fundraising, while net assets more than doubled during the period.
Cobre Reports 86% Gross Margin
Strategic Minerals’ Cobre magnetite operation in New Mexico recorded a gross margin of 86% during the period.
The company has also extended its access to the Cobre stockpile until 2031. Cobre has been in production since 2012 and generates revenue for the group from magnetite sales.
Redmoor Inferred Resource Increases 49%
At the Redmoor tungsten-copper-tin project in Cornwall, the inferred resource increased by 49%.
Strategic Minerals also reported improved metallurgical recoveries and economic analysis showing a base-case after-tax net present value of US$1.54 billion and an internal rate of return of 40%.
The company has described Redmoor as Europe’s highest-grade undeveloped tungsten project.
Strategic Minerals has started an infill drilling campaign at Redmoor and secured funding for pre-feasibility work as it continues to assess the project.
Leigh Creek Sale Agreed
The company has agreed to sell its Leigh Creek copper project in South Australia under an arrangement involving cash, equity and royalty consideration.
The transaction forms part of Strategic Minerals’ increased focus on the development and exploration of Redmoor.
During the period, the company also appointed an independent non-executive director.
About Strategic Minerals
Strategic Minerals plc is an AIM-listed mineral exploration and production company with assets in the UK, US and Australia.
Its portfolio includes the Redmoor tungsten-copper-tin project in Cornwall, held through wholly owned Cornwall Resources, and the Cobre magnetite operation in New Mexico.
The group has also agreed the sale of its Leigh Creek copper project in South Australia.
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