Business
Results for the Year Ended 31 December 2021
Results for the Year Ended 31 December 2021.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n 10 June 2022\n \n \n \n \n \n \n \n \n \n STRATEGIC MINERALS PLC\n \n \n \n (\"Strategic Minerals\", \"SML\" or the \"Company\")\n \n \n Financial Results for the Year Ended 31 December 2021\n \n \n \n \n \n \n \n \n A full copy of the Company's annual report and accounts (including tables and/or diagrams referred to in this release) is available through the Investor Centre of the Company's website:\n \n \n (\n \n \n https://www.strategicminerals.net/investors/reports-and-circulars.html\n \n \n ).\n \n \n \n \n \n Copies of the Annual Report and accounts for the year ended 31 December 2021, will be posted today to shareholders who have elected to receive a hard copy. The Annual General Meeting is to be held on Wednesday, 6th of July 2022 at the Yellow Boardroom, Remark Events, 18 Leather Lane, London EC1N 7SU at 10:30 a.m.\n \n \n \n \n \n Financial Highlights\n \n \n ·\n 2021 Group before tax profit was $0.257m (2020 $0.450m)\n \n \n ·\n Net Cash generated from operating activities for 2021 was $0.610m (2020 $0.929m).\n \n \n ·\n The Company's wholly owned subsidiary, Southern Minerals Group (\"SMG\"), received a $0.050m Covid-19 government grant during the year (2020: $0.046m) which was used to partially offset direct payroll costs.\n \n \n ·\n During 2021, a capital raise was undertaken in October 2021 which produced $0.523m (2020: $2.256m), net of transaction costs The raise was predominately to assist with costs associated with the protracted Leigh Creek Copper Mine PEPR and to assist in working capital requirements associated with the Deep Digital Cornwall project. \n \n \n ·\n Unrestricted cash position of the Group on 31 December 2021 was $0.611m (2020: $0.833m).\n \n \n Operational Highlights\n \n \n ·\n Sales at Cobre were maintained during the first three quarters but dipped in the final quarter as our largest client reduced their demand to around 25% of previous levels. Despite this drop in demand, Cobre still produced respectable annual sales of $2.611m (2020: $3.025m). In February 2022, the largest client increased their demand to previous levels, and it is believed the fall in demand reflected a running down of the magnetite stockpile they had built up at their plant.\n \n \n ·\n Access to the Cobre magnetite stockpile was rol...