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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Strategic Minerals Plc | LSE:SML | London | Ordinary Share | GB00B4W8PD74 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | 0.20 | 0.25 | 0.235 | 0.225 | 0.225 | 2,285,274 | 08:00:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Iron Ores | 2.46M | 84k | 0.0000 | N/A | 4.44M |
TIDMSML
RNS Number : 5040F
Strategic Minerals PLC
16 July 2021
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
16 July 2021
Strategic Minerals plc
("Strategic Minerals" or the "Company")
June Quarter 2021 Magnetite Sales and Cash Balances
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable producing mineral company , is pleased to provide the following update on the Company's cash position and ore sales at the Cobre magnetite operation in New Mexico, USA ("Cobre") for the quarter ended 30 June 2021.
Highlights
-- Strong annual Cobre sales continue at US$2.89m for the 12 Months to 30 June 2021 -- Group cash balance of US$0.734m as at 30 June 2021
Sales update: Cobre magnetite tailings operations
Annual Cobre sales for the year to 30 June 2021 continue to be maintained at around US$3m. The moderate decline is considered to be mainly attributed to a spike in sales last year linked to an increased demand for reinforced concrete, for which magnetite is an input.
Sales comparisons on quarterly and annual periods to 30 June 2021, along with associated volume details, are shown in the table below:
Tonnage Sales (US$'000) ---------------------------- ----------------------------- Year 3 months to 12 months to 3 months to 12 months to June June June June 2021 12,130 48,964 740 2,890 2020 14,733 52,593* 881 3,114* 2019 8,139 38,846 466 2,251
* For comparison purposes, the US$0.75m of deposits forfeited by CV Investments LLC ("CV") has been excluded.
The Company's wholly owned subsidiary, Southern Minerals Group LLC ("SMG"), is in contact with the Receiver appointed by the US Securities Exchange Commission in relation to the previously notified US$21.9m arbitration claim against CV Investments LLC ("CVI"). The Receiver has, to date, identified over US$8m in liquid assets relating to its receivership of CVI, although there can be no certainty of what proportion of this could be attributable to SMG if any at this time. The Company will update the market with details as and when they are provided by the Receiver.
Financials and Operations
At 30 June 2021, the Group's non-restricted cash balance was US$0.734m (31 March 2021: US$0.686m).
Cash flows have been consistent with budgets and the moderate increase in cash at bank over the quarter reflects the reduced investment in projects, notably in the Leigh Creek Copper Mine ("LCCM"), as the Company awaited the approval of a Programme for Environmental Protection and Rehabilitation ("PEPR") in relation to planned mining at LCCM's Paltridge North deposit.
A conditional PEPR approval for the Paltridge North Deposit has just been received and the Company anticipates updating the market on project timing at the start of August. In the interim, the Company continues to seek the funding required to re-commence operations at LCCM. In anticipation of funding and to ensure that production is not delayed, John Speck was appointed as LCCM's Mine Manager and has begun the process of delineating works, tendering contracts and appointing contractors as well as assisting in meeting the conditions associated with the PEPR approval.
Commenting, John Peters, Managing Director of Strategic Minerals, said:
"Cobre sales remain strong with its cash flows providing a valuable revenue stream for the Company.
"Currently, it is not believed that the conditions associated with LCCM's PEPR approval will have a significant effect on timing of planned production and the Company intends providing clarification on this at the beginning of August.
"The Company continues seeking debt style funding for the LCCM project and believes its economic attractiveness will result in securing such funding. "
For further information, please contact: +61 (0) 414 727 Strategic Minerals plc 965 John Peters Managing Director Website: www.strategicminerals.net Email: info@strategicminerals.net Follow Strategic Minerals on: Vox Markets: https://www.voxmarkets.co.uk/company/SML/ Twitter: @SML_Minerals LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc +44 (0) 20 3470 SP Angel Corporate Finance LLP 0470 Nominated Adviser and Broker Matthew Johnson Ewan Leggat Charlie Bouverat
Notes to Editors
Strategic Minerals plc is an AIM-quoted, profitable operating minerals company actively developing projects tailored to materials expected to benefit from strong demand in the future. It has an operation in the United States of America along with development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals likely to be highly demanded in the future.
In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012 and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in development projects aimed at supplying the metals and minerals likely to be highly demanded in the future.
In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. This was followed in 2018 with a 12-hole 2018 drilling programme has now been completed and the resource update that resulted was announced in February 2019. In March 2019, the Company entered into arrangements to acquire the balance of the Redmoor Tin/Tungsten project which was settled on 24 July 2019 by way of a vendor loan which was fully repaid on 26 June 2020.
In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Austra lia and brought the project temporarily into production in April 2019. The project has been granted a conditional approval by the South Australian Government for a Program for Environmental Protection and Rehabilitation (PEPR) in relation to mining of its Paltridge North deposit and processing at the Mountain of Light installation.
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July 16, 2021 06:49 ET (10:49 GMT)
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