Business
FY & Q4 2024 Magnetite Sales and Cash Balances
FY & Q4 2024 Magnetite Sales and Cash Balances.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\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.\n20 January 2025\nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\nDecember Quarter 2024 and Full Year 2024 Sales and Cash Balances\nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company, is pleased to provide the following update on the Company's ore sales at the Cobre magnetite operation in New Mexico, USA (\"Cobre\") for the quarter ended 31 December 2024 and the full year 2024.\nHighlights\n· December quarter sales volumes of 19,952 tonnes (December quarter 2023: 4,478 tonnes).\n· Full year sales volumes of 70,658 tonnes (Full year 2023: 17,965) exceeding prior management guidance.\n· December quarter revenue of US$1.33m (December 2023: US$0.39m).\n· Full year revenue US$4.7m (Full year 2023: US$1.5m) and exceeding guidance.\n· Group cash balance of US$0.62m as at 31 December 2024 (US$0.10m as at 31 December 2023).\n· In November the Company announced an extension of its access to the Cobre Magnetite stockpile from 31 March 2027 to 31 March 2029 and a new significant purchase order for 2025, underpinning the revenue profile of the Company going forward.\n· In December, the Company's 100% subsidiary Cornwall Resources Limited (\"CRL\"), announced relogging and sample of its existing diamond drill core at the Redmoor, leveraging a positive environment for critical minerals as designated by the EU Critical Raw Materials Act and the UK 2024 Criticality Assessment.\n \nSales update: Cobre magnetite tailings operations\nThe Company posted record sales volumes in the December quarter 2024 at 19,952 tonnes, and the largest annual sales volumes for the full year since 2017 at 70,658 tonnes, equating to US$4.7m of sales revenues, exceeding management guidance and representing a significant increase relative to 2023 annual sales revenue.\nThe Company continues to benefit from the return of Cobre's major client in the 2024 operational year and the in-country team have consistently delivered when scaling operations to meet demand.\nOn 28 No...