14th Jul 2025 12:56
(Alliance News) - Strategic Minerals PLC on Monday reported a quarterly sales volumes decrease after the "Trout Fire" caused a ten-day shutdown, although it is "confident of making up [the] shortfall".
The mineral explorer and producer, which has projects in New Mexico, South Australia and the UK, reported sales volumes of 11,305 tonnes for the second quarter of 2025.
This was down 40% from 18,934 tonnes the previous year, due to a ten-day shutdown at its Cobre magnetite operation in New Mexico, US, between June 17 and June 27 due to the "Trout Fire" wildfires.
Consequently, Strategic Minerals reported, second-quarter revenue decreased 36% on-year to approximately USD820,000 from USD1.3 million.
The company said there was no impact to its site or workforce and that shipments have returned to normal, and that it is "confident of making up [the] shortfall" in the quarter ending September 30.
Strategic Minerals also reported a cash balance of USD1.6 million as of June 30, up from around USD280,000 one year prior.
"Even with that [ten-day shutdown], revenues in the first half of 2025 are only marginally below the strong performance of the first half of 2024," commented Executive Director Mark Burnett.
He continued: "With our expectation of making up revenues that were lost during the shutdown, we're confident of a strong outturn across the year and a continued strengthening of the Cobre operation which provides an attractive and sustainable revenue stream as we focus our exploration efforts on the Redmoor tungsten-tin-copper project in Cornwall where drilling began last month."
Shares in Strategic Minerals were trading 1.6% lower at 0.32 pence in London on Monday afternoon.
By Emma Curzon, Alliance News reporter
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