17th Jun 2025 13:27
(Alliance News) - Strategic Minerals PLC on Tuesday reported a swing to profit during 2024, as revenue tripled and earnings compared to a one-off impairment charge in 2023.
The London-based miner with projects in South Australia, the US state of New Mexico, and the UK said it swung to pretax profit of USD2.1 million in 2024, from a loss of USD9.1 million in 2023.
Revenue more than tripled to USD4.7 million from USD1.6 million, and the firm reported no impairment expense compared to an USD8.9 million charge in 2023.
This was the strongest performance in revenue since 2017, Strategic Minerals said, "following the return of a major client to the Cobre magnetite operation".
Raw materials and consumables used increased to USD846,000 from USD262,000. Overhead expenses were up 13% to USD1.7 million from USD1.5 million.
"I look forward to progressing our key strategic goals in 2025 as we seek to maximise outputs from the fully funded activities at Redmoor including producing an updated [mineral resource estimate] with data flowing through to an updated economic model. By the time of our next annual report, we expect to have formed an investment ready business case for mining at Redmoor," said Non-Executive Chair Charles Manners.
"It is worth noting that the most recent MRE at Redmoor was completed in 2019, and the economic assessment, as part of CRL's internal Scoping Study, was undertaken in 2020. Since then, there have been significant shifts in global markets and commodity prices, with increased recognition of the importance of critical minerals. The company believes that Redmoor's resource stands out in comparison to most tungsten projects due to the high-grade of tungsten mineralisation, alongside the presence of tin and copper."
Shares in Strategic Minerals were up 4.9% at 0.30 pence in London on Tuesday afternoon. The stock has risen 66% over the past year.
Chair Manners continued: "With activities underway, we look forward to a significant increase in news output from Redmoor as well as a continued strong performance from Cobre."
By Emily Parsons, Alliance News reporter
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