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Strategic Minerals PLC on Friday said sales from its Cobre magnetite operation ‘bounced back’ in the third quarter with revenue rising, and reported ‘significant interest’ in its Redmoor project. ‘The company intends to provide periodic trading updates going forward, offering greater transparency as it continues to increase its focus on exploration and development operations at Redmoor,’ Executive Director Mark Burnett also announced. Shares in Strategic Minerals were 16% higher at 1.00 pence each at around midday on Friday in London. The London-based mineral producer, which operates in the UK, US and Australia, said ore sales at Cobre in New Mexico totalled 16,098 tonnes in the third quarter, up 42% from 11,305 tonnes in the second quarter. However, the figure was down 17% from 19,375 tonnes the year before. Revenue for the quarter also jumped 32% on-quarter to $1.1 million from $818,000, but decreased 15% on-year from $1.3 million. Strategic Minerals’ cash balance, meanwhile, was around $830,000 at September 30, down from $1.6 million as of June 30. ‘Sales at Cobre have bounced back over the past quarter, making up for downtime as a result of regional wildfires in the first half of the year,’ commented Burnett. ‘This cash generative subsidiary is sustaining the group’s activities, in particular at Cornwall Resources where drilling and analysis is reinforcing the exceptional quality of the Redmoor Tungsten Tin Copper Project. ‘All six of the completed drillholes in the programme at Redmoor have intercepted the sheeted vein system, with standout assay results having been announced already from the first drillhole.’ He continued: ‘The success of the programme is generating significant interest in the market. Over the past two weeks the executive directors have undertaken more than 20 non-deal institutional and UHNW investor meetings...As a board we are enjoying bringing the attention of the wider market to this extraordinary and high-grade critical minerals opportunity. ‘As China tightens its grip on its own critical minerals, we have right here in the UK an opportunity to develop a world-class polymetallic tungsten resource.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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